One of the casino stocks to watch this week is the MGM stock trading at $33.24 as of 02:03 PM EDT
The surge in Macau casino equities on Wednesday is being supported by a week of holidays in China. China is presently commemorating its “Golden Week,” which began after the October 1 National Day, which marks the founding of the modern communist Chinese state in 1949. Usually, the week corresponds to the country’s busiest travel period.
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Between 20,000 and 25,000 visitors were expected to arrive in the special administrative region throughout the week, Cheng Wai Tong, Deputy Director of the Macau Government Tourism Office, predicted. This is a recovery from a pandemic-driven slump. Macau Business reports that on October 1, 37,000 visits were registered, exceeding expectations and giving regulators who recently loosened some limits a “gratifying” sensation. By Tuesday, there had been around 30,500 visitors per day over the vacation week.
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While Wednesday’s gains were largely modest, 5-day gains for Las Vegas Sands (NYSE:LVS), Wynn Resorts (NASDAQ:WYNN), MGM Resorts International (NYSE:MGM), and Melco Resorts & Entertainment (NASDAQ:MLCO) each reached 8% or better. These gains have pushed many of the stocks into positive territory for the year as a whole.
Loosened Constraints
Last week local Macao government officials relaxed some of the restrictions they had put in place since the pandemic’s early 2020 onset. In order to obtain the documents required to access the Asian entertainment destination, tour group travelers from mainland China had to go through a long complicated process. Chinese tourists from five coastal provinces, including Shanghai, will be able to enter Macao without having to go through that process under a phased-in policy that will begin in November.
As Hong Kong, which is next door, carried out its plans to abolish the necessity that foreign tourists stay in hotels for a period of quarantine, Macao did the same. Due in large part to the Chinese mainland’s implementation of the zero-COVID policy, the local economies of both special administrative zones have suffered severe blows.
Featured Image- Unsplash @ Kvnga
Author Jowi Kwasu