Tag: Macau

Macau casinos see deepening losses as virus slams China travel

By Farah Master

HONG KONG (Reuters) – Casinos in the world’s biggest gambling hub Macau are staring at heavy losses for the second quarter, with “not much hope” for a near-term recovery as a resurgence in coronavirus cases muddies the outlook for when China will reinstate travel visas.

Visitors from greater China make up for over 90% of Macau’s tourists, but given travel has dried up amid the health crisis, Morgan Stanley warns casinos in the special administrative region could rack up losses of $1 billion over April to June.

The Las Vegas Sands unit, Sands China, said it flipped

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Casino Shares Surge After Easing of Macau Travel Restrictions

(Bloomberg) — Casino stocks rallied as the easing of some Chinese travel restrictions for Macau sparked optimism of a revival in the world’s largest gambling hub.

China’s Guangdong province agreed to lift quarantine requirements for travelers returning from neighboring Macau, making it easier for gamblers to cross the border. Galaxy Entertainment Group and Sands China Ltd. rose more than 4% in Hong Kong on Tuesday, leading gains on the Hang Seng Index. Wynn Macau Ltd. was up as much as 16%, set for its best day since 2011. SJM Holdings Ltd. and Melco International Development Ltd. increased at least 6%

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