NEW YORK ( TheStreet) -- The casino sector is in the red, on mixed news in the casino industry.
Macau, which has become a gambling hub in China, said visitation to the area grew 5.2% in October.
That fact bodes well for casino operators like Wynn Resorts (WYNN - Get Report) and Las Vegas Sands (LVS - Get Report), which are looking to Macau to boost business, as U.S. gambling demand remains weak.
Over the weekend Sands raised $2.5 billion in its Hong Kong initial public offering, pricing 1.87 billion shares at HK$10.38 each ($1.34), below its expected range of HK$10.38 to HK$13.88."We think the lower end of the range is more a functioning of timing than anything else, as we believe institutional investors were smaller in size than normal given the quickly approaching year end," J.P. Morgan analyst, Joseph Greff, wrote in a note. "That being said, we believe some upside was left on the table." Shares of Sands are slipping 1.6% to $15.78 in afternoon trading. One of the biggest movers of the day is Empire Resorts (NYNY - Get Report), which is plunging 11.2% to $2.14 this afternoon.