So far today, 8.59 million shares of Las Vegas Sands have exchanged hands as compared to its average daily volume of 5.40 million shares.
One factor driving casinos higher this afternoon is Credit Suisse's belief that the Macau gaming hub in China is starting to show some improvements, Barron's reports.
For the month of May Macau posted a 37% decline in gaming revenue. The gambling district is still struggling one year after the Chinese government's anticorruption crackdown began, which resulted in VIP players avoiding the tables.
However, Credit Suisse conducted a detailed review of Macau's May revenue data and noticed "some green shoots," Barron's added.
In May VIP gaming grew by 3% from April, VIP rolling gained by 7%, and mass gaming spiked by 9%.
"We highlighted in our earlier piece that Macau was hurt by the slower visitation in Hong Kong. We believe the impact is gradually fading. In fact, recent data shows that the Chinese visitation also improved 7.2% year-over-year during 1-24 May in Hong Kong," Credit Suisse said in an analyst note, according to Barron's.
"As the mainland Chinese visitation trend between Hong Kong and Macau has strong correlation, we believe a better trend in Hong Kong should bode well for Macau," the note continued.