Sumary of Two beaten-down gambling stocks could be poised to rebound, traders say:
- Las Vegas Sands, Wynn, Caesars, Penn National Gaming and MGM Resorts have all surged in recent days, getting a big boost Tuesday after gambling destination Macao eased restrictions for visitors from mainland China.
- “The easy play is Las Vegas Sands,” Tatro told CNBC’s “Trading Nation” on Tuesday.
- “It was March of just this year we were on here speaking about their abrupt shift and their sale of all their Las Vegas properties to basically double down and focus on their Asia exposure.
- “The benefits of that strategy now make more sense to Tatro in light of China’s reopening and Macao’s rebound.
- Las Vegas Sands announced in the first quarter that it would sell its Vegas properties including its Venetian Resort for a total of $6.25 billion.
- “If this [rebound] is legit and we start to see a resurgence in the casino space, I think Las Vegas Sands is the play here.