Shares of some casino operators surged Monday, after Macau tentatively renewed their casino licenses, after the company pledged to make investments in attractions not related to gambling, as the Associated Press reported. Las Vegas Sands Corp. shares climbed 3.7% toward a nine-month high in premarket trading, Wynn Resorts Ltd.’s stock jumped 5.7% toward a near eight-month high and MGM Resorts International’s stock rallied 2.9%, as those companies had their licenses renewed. The license renewals will take effect on Jan. 1, after final terms are negotiated with regulators. The stocks have been rallying on hopes of a renewals, helping offset concerns over COVID-related lockdowns given China’s zero-COVID policy. Over the past three months, shares of Las Vegas Sands have hiked up 13.8%, Wynn have run up 20.2% and MGM have gained 6.4%, while the S&P 500 has slipped 0.8%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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