A week of holidays in China are continuing to support strength in Macau casino stocks on Wednesday.
China is currently celebrating what is known as its “Golden Week”, following the October 1 National Day that commemorates the establishment of the modern communist Chinese state in 1949. The week typically marks the peak travel season in the country.
Cheng Wai Tong, Deputy Director of the Macau Government Tourism Office, had forecast between 20K and 25K visitors to the special administrative region during the week, picking up from a pandemic-driven lull. Per Macau business , 37K visits were recorded on October 1, exceeding expectations and providing a “gratifying” feeling to regulators that recently relaxed some restrictions. By Tuesday, the daily average of visitors during the holiday week reached about 30.5K individuals.
While Wednesday’s gains were largely modest, 5-day gains for Las Vegas Sands ( NYSE: LVS ), Melco Resorts & Entertainment ( NASDAQ: MLCO ), Wynn Resorts ( NASDAQ: WYNN ), and MGM Resorts International ( NYSE: MGM ) each reached 8% or better, The gains have edged many of the stocks into positive territory year to date.
Other Macau-specific casino stocks: Wynn Macau ( OTCPK:WYNMF ) ( OTCPK:WYNMY ), Sands China ( OTCPK:SCHYY ) ( OTCPK:SCHYF ), MGM China ( OTCPK:MCHVF ) ( OTCPK:MCHVY ), Galaxy Entertainment (OTCPK:GXYEF), SJM Holdings ( OTCPK:SJMHF ) ( OTCPK:SJMHY ), and Studio City International ( MSC ).
Read more on recent regulatory moves in the region .
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Macau casino stocks continue ‘Golden Week’ rally