Shares of Macau casino operators including Wynn Macau and MGM China surged on Tuesday after authorities announced eased coronavirus-related border restrictions with neighbouring Guangdong province. That’s a welcome reprieve for the world’s largest gaming hub – gambling revenue slid 97% year-on-year in June. Nearly half of Macau’s Chinese visitors came from Guangdong last year, Morgan Stanley analysts reckon.
Obstacles remain. Visas for individual visits, which account for 73% of Guangdong arrivals in Macau, remain on hold. A mooted travel bubble between Hong Kong and Macau looks less likely as the financial hub grapples with a resurgence of Covid-19 cases. With operators paying an estimated $15 million in daily operating expenses, according to Morgan Stanley, the news is nonetheless welcome. Ocado investors have received another mixed bag from the online grocer.
Mainland China’s importance to Swatch has grown since pro-democracy protests in the former British colony kicked off in 2019. Hong Kong accounted for an estimated 10%-12% of net sales in 2018, but that slumped to 6%-7% at the end of last year, when luxury groups started pulling down the shutters. By contrast, analysts reckon Swatch sales on the mainland accounted for a quarter of total revenue last year. With Hong Kong’s woes showing few signs of easing, the shift is starting to look permanent.
Reuters sharonlamhk ReutersFlasseur We were in Macau on January 9-10 this year and casinos were already doing temperature checks on every person walking into the gaming area. They were ahead of the game from the early days.
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