Macau’s Gaming Inspection and Coordination Bureau said gross gaming revenue rose 19% in June to 21.06 billion patacas (about US$2.6 billion), the strongest year-on-year gain this year. The figure reached 88% of the market’s pre-pandemic level for June 2019 and exceeded analyst projections by as much as nine percent, helped by a heavy entertainment calendar that drew higher-spending visitors. The surprise rebound sent US-listed casino operators with large Macau exposure sharply higher on 1 July. Las Vegas Sands and Wynn Resorts each closed up almost 9%, while MGM Resorts added nearly 6%, making the trio among the day’s top performers in the S&P 500. Melco Resorts extended the rally, climbing about 15% by 3 July. Analysts said the stronger traffic and rising bets point to improving fundamentals for the enclave’s six concessionaires, though questions remain about profit conversion. Reflecting that caution, Citigroup on 9 July cut its rating on Wynn to Neutral even as it lifted the target price to US$114, arguing that second-quarter EBITDA growth may lag revenue gains because of an unfavourable mix.