Casino stocks soared in Macau yesterday after authorities announced plans to gradually welcome back tour groups from the Chinese mainland, the demographic that makes up the vast majority of punters.
Macanese Chief Executive Ho Iat Seng (賀一誠) on Sunday said Macau would start allowing group tours from mainland provinces, as well as easier e-visa rules for mainlanders, from November.
Gaming stocks surged the most in six months yesterday morning, with a Bloomberg Intelligence gauge of the territory’s six licensed casino operators showing overall gains of more than 10 percent.
Photo: AFP
Sands China Ltd (金沙中國) led the pack, soaring more than 18 percent, SJM Holdings Ltd (澳門博彩控股) rose more than 14 percent while Wynn Macau Ltd (永利澳門) was up 10 percent.
Ho said tour group rules would initially be eased for the neighboring mainland province of Guangdong, followed by other major population centers including Shanghai, as well as Zhejiang, Jiangsu and Fujian provinces.
Daily visitation numbers could rise to 40,000, compared with just 11,000 last month, he added.
However, Macau would not, for now, follow Hong Kong, which last week announced that it was finally scrapping mandatory hotel quarantine for international travelers.
Instead, Macau is to remain largely closed to overseas visitors, maintaining a seven-day hotel quarantine policy.
Even if COVID-19 pandemic measures are fully lifted it is unlikely Macau’s casinos would see a return to their headiest, freewheeling days.
Chinese President Xi Jinping (習近平) has spearheaded an anti-corruption campaign that has seen increased scrutiny of the high-rollers and officials who travel to gamble in Macau, where cases of money laundering are common.
Macau’s six operating concessions are currently up for renewal. Earlier this month all the current operators made bids alongside a seventh newcomer, a company controlled by Malaysian tycoon and Genting Group chairman Lim Kok Thay (林國泰).
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