Macau casino stocks rise on news of return of Chinese package tours
According to chief executive Ho Iat Seng, package tours from mainland China will return to Macau in November.
Macau.- Casino stocks have reacted swiftly after Ho Iat Seng, Macau’s chief executive, announced that tour packages from mainland China will resume in November. Seng also announced the return of electronically-issued exit visas for Chinese residents, including the Individual Visit Scheme (IVS)
The city’s six licenced casino operators saw gains of more than 10 per cent on Monday (September 26). Among the top performing stocks, Sands China shares rose by nearly 18 per cent, SJM Holdings by 14 per cent and Wynn Macau by 10 per cent.
According to Ho, tour group rules will be eased first for Guangdong, followed by Shanghai, Zhejiang, Jiangsu, and Fujian. Macau hopes the move will see the number of daily visitors rise to 40,000, compared with just 11,000 in August.
Analysts at Sanford C. Bernstein Ltd have predicted that further travel restrictions in China could cause Macau’s GGR to come in at 80 per cent under pre-pandemic levels in September. Macau has reopened its borders to 41 countries, but mainland China remains the main source of tourism for Macau as it is the only place that has a largely quarantine-free travel arrangement with the city,
