TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio pointed out during CNBC "Stop Trading" segment this morning that there is speculation about a possible merger between and MGM Resorts and Wynn Resorts (WYNN).
In addition, shares rallied following reports that analysts at Credit Suisse see signs of improvement in Macau, the only region in China where gambling is legal, according to Barron's.
Analysts at the firm see better figures for May revenue and April traffic trends in Macau, Barron's noted.
Shares of Wynn Resorts also closed higher, up 7.24% to $109.44 on heavy volume.
About 15.17 million shares of Wynn Resorts have exchanged hands as of 4:18 p.m. ET today, compared to its average trading volume of about 10.63 million shares a day.
Las Vegas-based MGM Resorts International is a holding company with its primary business in the ownership and operation of casino resorts, which includes offering gaming, hotel, convention, dining, entertainment, retail and other resort amenities.
Separately, TheStreet Ratings team rates MGM RESORTS INTERNATIONAL as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate MGM RESORTS INTERNATIONAL (MGM) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, increase in net income and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself."