Macau casino shares rise after Chinese government announcements
The six casino concessionaires saw shares rise by 2.32 per cent to 12.77 per cent.
Macau.- The shares of Macau’s six casino operators rose after the Chinese government’s announcement of a major stimulus package to revitalise the economy. Share prices were up by between 2.32 per cent to 12.77 per cent by the end of trading.
The measures announced included increased funding, interest rate cuts and a reduction in the banking system’s reserve ratio. The measures are intended to boost confidence in the Chinese economy after recent slowdown. Following the announcement, Chinese stocks and bonds, especially those with Asian markets, hit a two-and-a-half-year high. The Chinese Yuan also reached a 16-month high against the US dollar.
Brokerage Seaport Research Partners said the new monetary policies “are likely to enhance sentiment surrounding both China and Macau.”
Visitor arrivals up 13% in August
The Statistics and Census Service (DSEC) has reported that 3,651,731 people visited Macau in August. The figure was up 13 per cent in year-on-year terms and up 20.9 per cent when compared to the previous month. It was up 0.8 per cent compared to the pre-pandemic figure from 2019.
Same-day visitors (2.04 million) rose by 23.4 per cent year-on-year and overnight visitors (1.61 million) by 2.7 per cent. The average length of stay shortened by 0.1 days in year-on-year terms to 1.1 days, with that of overnight visitors rising by 0.1 days to 2.3 days.
See also: Tourism in Macau: MGTO now expects over 100,000 visitors a day for October Golden Week
Mainland Chinese tourists accounted for the majority of arrivals at 92,752,322. That’s a rise of 18.5 per cent year-on-year. When compared to 2019 levels, the figure was up 4 per cent. Visitors from Hong Kong reached 663,449, over 99 per cent of 2019 levels but down 6.8 per cent year-on-year.
International visitor arrivals reached 162,331, over 74 per cent of 2019 levels. In year-on-year terms, the figure was up 25.5 per cent. South Korea made up the biggest share, followed by the Philippines.
