Macau casino stocks rise at end of the concession submission process
Analysts at JP Morgan also attributed the rise in Macau’s casino shares to the resumption of Macau-Shenzhen ferry services.
Macau.- Macau gaming stocks rose by 2 per cent to 7 per cent yesterday (September 13). JP Morgan attributed the rise to the resumption of the Macau-Shenzhen ferry, which had been suspended on August 12, and the fact that operators have submitted bids for new gaming concessions.
On the former, according to Asian Gaming Brief, analysts said: “This news doesn’t seem meaningful to us, despite the Bloomberg Finance L.P. headline, since the SZ-MO ferry only accounted for about 3 per cent of Macau’s visitors since the Covid-19 outbreak, while the restrictive border or visa policy is likely to continue to weigh on cross-border travel or gambling demand, in our view, including the upcoming National Day holiday.”
