Why Wynn Resorts Rocketed Higher Today

On another brutal day for the markets, casino stock Wynn Resorts (NASDAQ: WYNN) was defying gravity, up an impressive 12.8% as of 1:45 p.m. ET. The reason all comes down to China, where officials in the special administrative region of Macau said the government would begin easing COVID-19 restrictions on Chinese citizens beginning in November. Wynn gets an outsized portion of its revenue and earnings from Macau, so it's no surprise its struggling stock is rallying in response.