Macau casino stocks have amped up as neighbouring Guangdong province lifts travel restrictions ban over the coronavirus that contributed to massive losses in revenue within the world’s biggest gambling town. Visitors crossing must have green health codes and should be tested negative for covid-19 for seven days. A necessary quarantine requirement set by the province for the Guangdong-Macau border.
JPMorgan Chase & Co. expects gaming revenue to improve to 20%-25% in 2019 levels with the border reopening with travel relaxation expected. On Tuesday, Galaxy Entertainment rose to 11.1 percent to HK $33.55 and Sands China, which is along Macau’s Cotai strip rose to *.9 percent to HK $33.55.
Macau has become known worldwide because the “Gambling capital of the world” or “Monte Carlo of the East“. Gambling tourism is Macau’s biggest source of revenue, which makes upto 50% of the economy. Visitors are largely of Chinese nationals from mainland China and Hong Kong. With the entry of huge foreign casinos from Las Vegas and Australia, Macau overtook the Las Vegas Strip in gambling revenues in 2007.
The easing of restrictions should provide much-needed relief to Macau’s casino industry, which saw their gaming revenue decrease by 90% since March as the widespread of the corona virus caused countries to shut their borders. The lifting of quarantine requirements will now allow high-roller Chinese gamblers to return freely.
“The casino takings could recover gradually to about 15% to 25% of the pre-Covid level within the near germ, given only Guangdong , which accounts for about 40% travelers into Macau, are going to be reopened and no re-issuance of the travel visa yet” said an analyst.
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