Sunday, May 19, 2024

Macau Gambling Revenue Jumps As China Eases Travel Restrictions

Must read

After regaining its perch as the world’s top casino destination, Macau is now set to welcome even more visitors from the Chinese mainland. China recently expanded the country’s visa program for Hong Kong and Macau, which could attract even more high-stakes gamblers.

MarketWatch notes that over the weekend, China’s National Immigration Administration announced that residents in eight additional mainland cities are eligible to receive approval for personal and group travel to the two islands as of May 27.

This would produce significant travel to Macau, raising the island’s gambling revenue even more. Earlier this year, Chinese government officials already approved travel to the island for citizens in several other cities.

More Visitors

Citizens of 59 Chinese cities can now gamble in Macau. The island has long been the only Chinese region legally allowing gambling and casinos. News of expanding visitation had a positive impact last week on the stock prices of gaming companies operating in Macau.

That included a 5% increase for Wynn Macau, a jump of more than 3% for MGM China, and growth of more than a 5% for SJM Holdings, which operates several casinos on the island.

JP Morgan analysts reported that the island was still seeing “a 75-percent recovery versus pre-Covid.”

Along with returning visitors and gaming revenue, Macau has also seen the return of tournament poker. Now a few properties have announced major tournaments, including Wynn Macau hosting the World Poker Tour in June.

 

 

 

Latest article