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Wynn Jumps on China’s Macau Plans

Investing.com

Investing.com - Wynn Resorts (NASDAQ:WYNN) rose sharply Thursday as investors cheered idea of casino capital Macau also becoming a major financial center.

Chinese President Xi Jinping is planning on building out the island’s financial infrastructure and diversifying its gambling-dependent economy as a reward for it avoiding the protests that have gripped Hong Kong, Reuters reported.

Wynn (NASDAQ:WYNN), which could benefit from the influx of new money, rose 6.4% midday.

Included in the plans will be a yuan-denominated stock exchange and acceleration of a renminbi settlement center that’s been started, Reuters said.

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Land would also be allocated for Macau to develop on the mainland.

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