Macau sector gains on positive Hong Kong development

|About: Wynn Resorts, Limited (WYNN)|By:, SA News Editor

Macau names are higher in premarket trading after showing some strength in Hong Kong earlier in the day.

The Hang Seng index finished 3.90% higher after Hong Kong leader Carrie Lam announced the withdrawal of a contentious extradition bill. The positive development followed a day after Macau GGR was reported to be down 8.6% in August due in part to slower VIP traffic.

Wynn Resorts (NASDAQ:WYNN) is 3.82% higher in the early session and Las Vegas Sands (NYSE:LVS) is up 2.10%. MGM Resorts (NYSE:MGM) is 1.70% higher. Melco Resorts & Entertainment (NASDAQ:MLCO) is inactive at the moment, but likely to open with a gain.

Analysts are calling today's development just another twist and turn for the sector, with most expecting the protests in Hong Kong to restart at some point.

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