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Las Vegas Sands (LVS) Stock Higher as Casino Sector Rallies

NEW YORK (TheStreet) -- Shares of Las Vegas Sands (LVS - Get Report) are rising by 3.01% to $47.52 on Tuesday morning, as the casino sector gets a boost from the unexpected rise in revenue out of China's Macau gambling district.

Gross gaming revenue in Macau was 9.1 billion patacas for the first 11 days of October, or $1.1 billion, Bloomberg reports. That is roughly 827 million patacas a day, better than the 750 million to 800 million patacas Credit Suisse was anticipating.

Las Vegas Sands is a Las Vegas-based resort and casino company with operations in the U.S. and parts of Asia.

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Macau has been struggling with over a yearlong consecutive monthly decline in revenue following the Chinese government's anticorruption crackdown. The government's initiative had been keeping high stakes and VIP players away from Macau's tables.

Macau is still dealing with the impact from the crackdown and casino receipts so far in October...


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