HK Stock Market Move | Gambling stocks continue to rise, with Macau gambling revenue in May increasing by 6.7% year-on-year. Media tycoon may spend $18 billion US dollars to acquire MGM.

The gambling stocks continue to rise. As of the time of publication, MGM CHINA (02282) is up 6.19% at HK$11.66, WYNN MACAU (01128) is up 4.95% at HK$5.94, MELCO INT'L DEV (00200) is up 3.9% at HK$4, and GALAXY ENT (00027) is up 1.31% at HK$32.4. On the news front, on June 1st, the Macau Gaming Inspection and Coordination Bureau announced that the gross gaming revenue in Macau for May was MOP 22.61 billion, a year-on-year increase of 6.7% and a month-on-month increase of 13.7% from April's MOP 19.89 billion. In the first five months of this year, Macau's cumulative gaming revenue was MOP 108.38 billion, a year-on-year increase of 10.9%. It is worth noting that media reports indicate that American media and entertainment tycoon Barry Diller has proposed to acquire the gambling giant MGM Resorts International for $18 billion, including debt, representing a premium of approximately 64%. MGM Resorts International's stock price has risen due to this acquisition offer. MGM Resorts International is a globally renowned hotel and casino operator, with businesses in gambling, hotels, entertainment, dining, and conference services.