MLCO - Macau stocks gain on hopes travel visa policy will be less restrictive

Wynn Resorts (WYNN +1.9%), Las Vegas Sands (LVS +1.2%), Melco Resorts & Entertainment Limited (NASDAQ:MLCO +8.8%), and MGM Resorts International (MGM +0.9%) traded higher on Monday after COVID restrictions were eased slightly in Shanghai and Beijing. In Macau, Chief Executive Ho Iat Seng stated that he believed issuance terms for visas to travel to Macau would be eased later this summer once the pandemic situation in the Mainland was more under control. He also said that it is his understanding most of Macau’s satellite casinos would stay in business, which is crucial for SJM Holdings (OTCPK:SJMHF) and Galaxy Entertainment Group (OTCPK:GXYEF). Jefferies said its latest Macau gross gaming revenue check is marginally positive with GGR higher than the past two-month average. Analyst David Katz warned that the recovery should remain slow and gradual unless and until the proposed medical quarantine period is reduced further from the suggested seven to ten

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Macau stocks gain on hopes travel visa policy will be less restrictive