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Bright day setting up for casino stocks

  • Shares of MGM Resorts (NYSE:MGM) shoot up in premarket trading after Starboard Value takes a stake in the company.
  • The New York Post says Starboard is pushing MGM to separate the Macau business and merge MGM Growth Properties (NYSE:MGP) with Vici Properties (NYSE:VICI).
  • The broad casino sector could see a good day after Hong Kong-listed stocks rallied, including a 6% gain for Wynn Macau (OTCPK:WYNMF, OTCPK:WYNMY, WYNN) as well as a 3% jump for MGM China (OTCPK:MCHVY, OTCPK:MCHVF) and Galaxy Entertainment (OTCPK:GXYEF). A few analysts have been out with notes this week maintaining that the sector is oversold.
  • In premarket action in the U.S., MGM Resorts is up 2.6% and Las Vegas Sands (NYSE:LVS) is 1% higher.
  • Previously: Starboard Value takes stake in MGM Resorts (Sept. 19)
  • Related ETF: BJK.

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