Wynn Resorts Ltd. (NASDAQ: WYNN) rose 2.8 percent on Monday after Brokerage Sanford C. Bernstein said Wynn is gaining market share in Macau as gaming sector rebounds, CNBC reported.
The report said its channel checks show that Wynn have gained share on a month-over-month basis against its rivals. The report also said the casino gaming revenue has increased since China’s chairman of the National People’s Congress, Zhang Dejiang, visited Macau earlier this month.
"Revenue has increased post Zhang's visit," Bernstein said. "With dragon boat festival holidays coming, GGR may continue to show strength into the month end."
Revenue from casino gaming have declined sharply since the central government launched a crackdown on junket business in 2014. Macau is the largest gambling Centre in the world.
Wynn shares rose as much as 2.82 percent to $125.15 per share on Monday. The stock has gained 44.6 percent this year.
Macau’s gross gaming revenue rose 16.3 percent in April, beating analysts’ forecast of 15 percent advance. Bernstein now estimates Macau's May monthly GGR will rise between 14 to 16 percent compared with a year ago.