It was Easter, not Christmas, but gaming stock investors had visions of sugar plums on Monday as the Macau-related gaming stocks broke through their 52-week highs.
Most popular was Wynn Resorts Ltd. (WYNN) with a more than $3 jump to an intra-day high of $81.09 in early trading on Monday.
Las Vegas Sands Corp. (LVS) moved upward to $22.57, about $1 higher than Thursday’s closing. And even Melco Crown Entertainment Ltd. (MPEL) zoomed up to $5.08 a share, an increase of more than 7 percent for the day.
Macau stocks have shown improvement since an announcement last week that the authorities in that Chinese enclave will restrict the growth of gaming by limiting the number of new gaming tables to 500.
This guarantees that the current operators, including gaming mogul Stanley Ho’s 16 casinos, and those of Galaxy and MGM MIRAGE/Pansy Ho, will face limited competition in the immediate future.
Last year at this time, WYNN shares were trading at $30 each but in October, 2007, the share price had reached $160.
LVS was selling at $4.50 a share on March 31, 2009, and has a high record of $135 in October, 2007.
One reason for Monday’s boost of MPEL shares was a rating upgrade from J.P. Morgan. The previous "neutral" rating was raised to "overweight."