Studio City's Strong Performance Amid Macao's Gambling Revival
Studio City Stock Rally: Macao's Gambling Recovery Boosts Investor Confidence
The gambling business in the Chinese enclave of Macao continues on its path to recovery. This week, Studio City International (NYSE: MSC) handsomely rewarded investors who placed bets on its stock. The company saw its share price rise by nearly 15% across the five trading days, according to data compiled by S&P Global Market Intelligence.
Macao crowds are coming back
Studio City operates a large casino resort in the Cotai section of Chinese gambling enclave Macao. Happily for the company, official statistics showed a dramatic rise in gambling revenue for Macao recently that topped expectations.
Still in recovery mode
This is the kind of good news Studio City investors have been craving. At the end of February, the company published its fourth-quarter and full-year 2023 earnings. While it showed very robust growth on the top line as it continues to emerge from the pandemic years, it was still well in the red on the bottom line in both periods.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.