On another brutal day for the markets, casino stock Wynn Resorts (NASDAQ: WYNN) was defying gravity, up an impressive 12.8% as of 1:45 p.m. ET.
The reason all comes down to China, where officials in the special administrative region of Macau said the government would begin easing COVID-19 restrictions on Chinese citizens beginning in November. Wynn gets an outsized portion of its revenue and earnings from Macau, so it's no surprise its struggling stock is rallying in response.
On Monday, Macau officials said Chinese tour groups would soon be approved to visit the island beginning in November. This is a very big deal, since Chinese citizens account for an overwhelming majority of visitors to Macau. Since 2020, Chinese citizens have been restricted from traveling to Macau to varying degrees, often requiring special visas, interspersed with outright lockdowns.
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Why Wynn Resorts Rocketed Higher Today