SJMHY - Golden Week traffic in Macau disappoints

Traffic in Macau fell 85.7% during Golden Week to fall well short of most expectations within the industry. Of the 139,280 visitors to enter during the holiday week, 97,126 came via the Gongbei Border Gate, 4,190 by ferry and 7,149 by plane.JPMorgan reset expectations on a Macau recovery after the Golden Week disappointment. "Choppy demand and dwindling hope of  'return to normalcy in 2021' make us acknowledge the sector's risk-reward isn't as attractive as we had envisioned, despite seemingly undemanding valuation (on 2022, not 2021)," updated the firm.Earlier this week, the Macau sector received some good news when Bernstein Research predicted that all six casino operators will retain their licenses, although the government is likely to impose additional economic conditions. The firm doesn't think the current the tension between Washington and Beijing will prevent U.S. operators from staying in Macau.Sector watch: Wynn Macau ([[WYNMF]], [[WYNMY]]), Wynn Resorts (WYNN), Sands China

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Golden Week traffic in Macau disappoints