Thu, Oct 04, 2018 - Page 10 News List

Macau casinos see flood of Chinese as Golden Week starts

Bloomberg

There is a ray of hope in the gloomy outlook for Macau casinos as early numbers show a healthy stream of visitors into the world’s biggest gambling hub during Golden Week, helping to alleviate investor fears that the holiday would be a major disappointment.

Chinese visitor arrivals on Monday and Tuesday jumped 27 percent from a year earlier, according to data from the Macau Government Tourist Office.

That is the best two-day start to China’s Golden Week holiday in at least six years.

The Bloomberg Intelligence gauge of Macau casino stocks yesterday closed 1.2 percent higher, after rising as much as 2.5 percent.

The benchmark gauge has slumped 36 percent since May amid a parade of bad news for the industry.

It slipped 2.8 percent on Tuesday after data showed Macau’s gross gaming revenue rose at the slowest pace in two years last month, weighed down by Typhoon Mangkhut, which temporarily shut casinos, and a pullback by high-stakes bettors.

With a slowing Chinese economy and trade tensions with the US contributing to softening gaming revenue growth since the second quarter, expectations for Golden Week have been muted.

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