NEW YORK (TheStreet) -- Shares of Wynn Resorts (WYNN) - Get Report got a nice boost from China Tuesday after the government there loosened regulations on Macau visas, making it easier to visit and keep gambling at Wynn's and other casinos.
Now local tourists holding passports from mainland China can stay in the gambling region for seven days, up from the previous five-day limit. Chinese officials had cut the permitted stay to five days from seven as of July 1, 2014. In August 2008, China shortened the transit period for mainland visitors to seven days from 14. Macau is the only region in China where gambling is legal.
Chinese officials have been trying to gain better control over the region as part of the country's anti-corruption initiatives. However, these efforts and new regulations -- including a full smoking ban in casinos -- has kept many high-stakes players away from the gambling tables at a time when the Macau district suffered a year of consecutive monthly revenue declines.
Wynn Resorts, which has operations in Las Vegas and Macau, finished the regular session up 5.1% to $98.67 on heavy volume, making it one of the top-performing S&P 500 components on the day.