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Shares of casino stocks were rising sharply Monday after analysts at J.P. Morgan published a note saying that the pro-democracy protests in Hong Kong won't have a material impact on gross gaming revenue in Macau. 

Las Vegas Sands (LVS - Get Report) shares rose 4.42% to $54.72, while MGM Resorts (MGM - Get Report)  gained 2.4% to $28.99 and Wynn Resorts (WYNN - Get Report)  climbed 6.8% to $112.74. 

"Chinese visitors via Hong Kong ferry are typically package tourists or (very) low-end players anyway," Monday's note said, leading the firm to conclude that "Actual impact on [Macau's] gaming demand should be smaller than on visitation."

Las Vegas Sands, which has five gaming properties in Macau, has fallen more than 18% year to date, while Wynn, which has two properties in the Chinese gaming hub, has declined more than 20% this month. 

"We thus guestimate the Hong Kong protests may hurt Macau GGR by about mid-single-digit (i.e., half of maximum visitation exposure), which should fade away gradually as people will find alternative ways to visit Macau," wrote analysts' DS Kim, Jeremy An and Chistine Wang. 

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