NEW YORK (TheStreet) -- Shares of Wynn Resorts (WYNN) are getting a boost today as revenue out of China's Macau gaming hub increased for the third consecutive month in October. Gross gaming revenue was up 8.8% to $2.73 billion in the only area in China where gambling is legal.
A Bloomberg survey of seven analysts forecast a rise of only 5.5% in October Macau revenue. That was due in part to China's Golden Week holidays, which brought more visitors to the region, as well as the opening of new billion dollar resorts.
Wynn develops, owns and operates casino resorts all over the world.
"This could be an auspicious sign for Wynn Resorts ahead of the company's report tomorrow," BloombergTV's Abigail Doolittle reported on "Bloomberg Daybreak: Americas" this morning. The company will release its third quarter earnings results on Wednesday.
Looking at the Bloomberg chart for Wynn Resorts it "suggests that near term strength could continue," Doolittle said. "This is a six month chart, we see the stock trading in a range, a bit of a tug of war between the bears and the bulls. But we also have a bullish consolidation pattern, which suggests shares of Wynn Resorts could go right back up to the top of that range. Somewhere between $105 and $110 per share."
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