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Monday, 21 November 2011
China relaxes visa rules, increases flow of tourists to Macau
China has eased restrictions on its citizens traveling to Macau, sending casino stocks soaring today as industry executives bet on record October earnings in the world's fastest-growing gambling market.
Shares of two firms, Galaxy Entertainment and Melco International, soared nearly 9 percent, and SJM Holdings was up more than 6 percent. This happened even while the broader Hang Seng stock index fell 0.7 percent.
Shares of two firms, Galaxy Entertainment and Melco International, soared nearly 9 percent, and SJM Holdings was up more than 6 percent. This happened even while the broader Hang Seng stock index fell 0.7 percent.
Shares of U.S. casino companies were mixed, with Wynn Resorts up 1.2 percent at $70.02 in early morning trading. Las Vegas Sands was down a bit at 1.7 percent at $18.53, and MGM Mirage was down a tad at 1.2 percent at $13.06.
Worried that some Beijing area residents were wagering too much in neighboring Macau, China last year imposed new rules limiting them to two trips a year there.
Government officials started easing up on the rule as recently as two months ago, and noticeably loosened the restriction at the start of this month, said top executives at two of Macau's six casino licensees. This was clearly reflected in the sales figures, which have increased.
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