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Casino Stocks Surge Midday as Gaming Revenue Jumps in Macau

Investing.com
Updated

Investing.com - The gambling industry in China is weathering the trade war storm.

The Macau gaming authority reported a jump in revenue in June, even as the Chinese economy weakened from trade war tariffs.

Gross gaming revenue in Macau rose 5.9% last month from the year-ago period, the agency said, which was well above expectations. The strong numbers follow subdued growth in May.

A report overnight showed that China's factory activity unexpectedly fell in June, as its manufacturing sector remains under pressure from the trade war. U.S. President Donald Trump and Chinese President Xi Jinping agreed to a trade truce over the weekend,

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Casino stocks surged after the report, with Wynn Resorts (NASDAQ:WYNN) up 7.2%, Las Vegas Sands (NYSE:LVS) rising 4.6% and Caesars Entertainment (NASDAQ:CZR) rising 1%.

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