MGM Resorts (MGM) Soars 7.27% as Macau Gaming Revenues Surge

MGM Resorts International (NYSE:MGM) is one of These 10 Stocks Went Bulletproof.

MGM Resorts extended its winning streak to a third straight day on Tuesday, adding 7.27 percent to close at $36.89 apiece as investors cheered higher-than-expected gaming revenues in Macau.

According to data released by Macau’s Gaming Inspection and Coordination Bureau, gross gaming revenues (GGR) increased by 19 percent in June to 21.06 billion patacas ($2.6 billion), or a $417-million difference from the same period last year.

Part of the surge was attributed to the series of concerts by Cantopop icon Jacky Cheung, which began in mid-June and will continue until early July. According to Macao Daily, GGR from June 15 to 22 alone reached an average of 685 million patacas per day.

MGM Resorts (MGM) Soars 7.27% as Macau Gaming Revenues Surge

Aerial shot of an entertainment resort, its buildings and gaming amenities sprawling along the seafront.

Following the news, shares of casino operators such as MGM Resorts International (NYSE:MGM), Las Vegas Sands (NYSE:LVS), and Wynn Resorts (NASDAQ:WYNN) all surged.

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Disclosure: None. This article is originally published at Insider Monkey.