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Shares of casino operators were climbing higher during mid-morning trading on Monday after the gaming-focused investment bank Union Gaming Group LLC published a bullish note on the outlook for Macau.

Macau is an autonomous region in China and the world's top casino market. Union Gaming Group's positive outlook on the region has propelled the shares of Wynn Resorts (WYNN) - Get Wynn Resorts, Limited Report  Las Vegas Sands (LVS) - Get Las Vegas Sands Corp. Report and MGM Resorts International (MGM) - Get MGM Resorts International Report

Shares of Wynn were spiking over 3%, while shares of both MGM and LVS were higher by nearly 1% during mid-morning trading on Monday.

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"We believe shares will continue to respond to strong levels of gross gaming revenue growth in the market despite all of the recent noise surrounding capital controls, which have not had a measurable impact on Macau," Union Gaming Group analyst Grant Govertsen said.

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