By Dave Sebastian

Shares of Wynn Resorts Ltd. (WYNN) climbed more than 7% to $132.73 in Monday trading after Macau's gambling regulator reported better-than-expected revenue growth last month.

The Macau Gaming Inspection and Coordination Bureau reported a 5.9% increase in casino gross gaming revenue, or GGR, in June from a year earlier. Nomura Instinet analysts, in a note Monday, said they predicted growth in Macau's gaming revenue to be flat to up 5% for the month.

The movement in Wynn's shares also comes after U.S. President Trump and Chinese President Xi Jinping at the Group of 20 summit agreed to put off additional tariffs on Chinese goods indefinitely.

"Accelerating GGR growth in June and the U.S.-China trade truce that was announced overnight should be viewed as strong positives for the Macau Gaming stocks," Nomura Instinet analysts said.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

July 01, 2019 12:27 ET (16:27 GMT)

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