Casino and Gaming stocks are on the move after Morgan Stanley made a bullish call on Wynn Resorts, Limited (NASDAQ:WYNN) today, suggesting that the stock price could double as its market share grows in Macau. Wynn Resources own two casinos in Macau. The Wynn Macau opened in 2006 while the Wynn Palace opened more recently in 2016.
Wynn Resorts is up almost 5% today and has penetrated long-term resistance at $103. This could be a very bullish sign for Wynn if the stock price manages to stay above $103.
Casinos and Gaming Subindustry
The GICS Casinos and Gaming subindustry has been on a run since the start of 2016, up 48% as shown in the aggregate performance of Casino and Gaming Stocks chart below.