Melco leads rise in Macau casino stocks as China eases COVID curbs

Melco International Development

28/12/2022 02:28

** Melco Internatonal  0200.HK  leads rise in Macau casino
stocks, rising as much as 8.5% to HK$8.98 to be on course for
the biggest daily pct rise since Dec 8, if gains hold
    ** China will resume issuing visas for mainland residents to
travel overseas from Jan. 8, the country's immigration authority
said on Tuesday, raising hopes of a revival of businesses
relying on outbound tourism from the mainland  urn:newsml:reuters.com:*:nB9N336009
    ** Travel platform Ctrip's data showed that within half an
hour of the news, searches for popular cross-border destinations
had increased 10-fold. Macau, Hong Kong, Japan, Thailand and
South Korea were the most sought-after, Ctrip said  urn:newsml:reuters.com:*:nL8N33H034
    ** China was the world's largest outbound tourism market
before COVID-19 shut down global travel, with its overseas
visitors spending $127.5 billion on travel in 2019  urn:newsml:reuters.com:*:nL1N33H0ES
    ** Macau is heavily reliant on Chinese visitors. Tourists
from greater China, including Hong Kong and Taiwan, account for
more than 90% of the total footfall
    ** Shares of Sands China  1928.HK , Galaxy Entertainment
 0027.HK , SJM  0880.HK , MGM China  2282.HK , Wynn Macau
 1128.HK  rise between 0.6% and 4.1%
    ** The Hang Seng Commerce & Industry Index  .HSNC  surges
2%, the Hang Seng Composite Index  .HSCI  climbs 1.7% and the
Hang Seng Index  .HSI  rises 1.8%
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))