The LVS stock (NYSE:LVS) is going up as a result of Macau’s decision to ease Covid-Era Gaming Visit Restrictions.
Beginning in November, visitors will be able to travel to Macau, the largest gambling hub in the world and a significant source of revenue for owners of casinos in the United States.
Effect on Gambling Industry
LVS stock (NYSE:LVS) led the way higher for U.S. casino operators on Monday after authorities in Macau, the largest gambling center in the world, agreed to let mainland Chinese tour for the first time in in three years, in groups. This was the first time mainland Chinese tour groups had been allowed into Macau.
Macau, which is located in the People’s Republic of China and serves as a Special Administrative Region, recently announced that it would resume allowing group outings in November. These excursions had been heavily restricted due to the SARS pandemic in both 2020 and this year.
As part of the first phase of Beijing’s new restrictions, travelers coming from the provinces of Guangdong, Shanghai, Zhejiang, Jiangsu, and Fujian will no longer be required to go through a complicated e-visa process in order to travel to Macau, which is the only city in Beijing that has legally sanctioned gambling.
Before the outbreak, the gambling industry in Macau brought in about $37 billion in annual sales, which was nearly five times as much as the total take on the Las Vegas strip. Macau contributes more than 70 percent of the total revenue for Wynn Resorts (WYNN), whereas the same market contributes around 62 percent of the total revenue for Las Vegas Sands.
Effect on LVS Stock
In early trading, LVS stock (NYSE:LVS) increased by 13.7% to reach a price of $40.29 a share. This brings the LVS stock (NYSE:LVS) gain for the year to date to approximately 3.7%. In the meantime, Wynn Resorts saw its share price increase by 14.4% to $68.22.
MGM Resorts International (MGM) shares increased by 3.6% to $31.121 per share, which brought the casino and hotel group’s loss for the year to date to approximately 31%.
Featured Image – Megapixl © Mghasforing
Author Okoro Chinedu 
