Shares of Wynn Resorts (WYNN) rallied to finish Tuesday’s regular trading session up in the green following the Chinese government’s looser regulations on Macau visas, making it TheStreet’s Move of the Day. Along with other casino stocks, Wynn shares rallied after the Chinese government said local tourists holding passports from mainland China can now stay in the gambling region for seven days, up from the current five day limit. Macau is the only region in the country where gambling is legal. Chinese officials have been trying to gain better control over the region amid its anti-corruption initiatives. However, these efforts and new regulations including a full smoking ban in casinos has kept many high stakes players away from the gambling tables as the Macau district faces a year of consecutive monthly revenue declines. Las Vegas-based Wynn Resorts is a developer, owner and operator of destination casino resorts with two segments: Las Vegas and Macau operations. Wynn Resorts shares finished the regular session up more than 5% to $98.67 on heavy trading volume, making it one of the top performing S&P 500 components on the day. TheStreet’s Kurumi Fukushima reports in New York.
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