MGM China leads rally in Macau casino stocks following new licenses

Sands China

03/01/2023 04:13

** MGM China  2282.HK  leads rally in Macau casino
operators as they begin operations under their new licences,
surging as much as 13.6% to HK$9.77 ($1.25), their highest since
July 2021
  
    ** Stock on course for the biggest daily pct rise since Dec.
5 if gains hold; the biggest pct gainer in the Hang Seng
Composite Index  .HSCI  
    ** Casinos in Macau begin new licenses with shorter 10-year
contracts to operate in the world's biggest gambling hub on Jan.
1, along with the recent easing of coronavirus restrictions in
mainland China and Macau in December  urn:newsml:reuters.com:*:nL4N33J0YZ
    ** Macau said December gambling revenue fell 56.3% from a
year earlier and was down 51.4% year-on-year for 2022
 urn:newsml:reuters.com:*:nAZN0W3E9U
    ** UBS says the December gross gaming revenue (GGR) was in
line with consensus, with the fear of COVID-led near-term
impediments to visitor traffic and GGR 
    ** "However, the rapid relaxation of COVID policy in the
mainland should drive a fundamental recovery through 2023," UBS
wrote in a research note on Tuesday 
    ** Stocks of Galaxy  0027.HK , SJM  0880.HK , Melco
International  0200.HK , Sands China  1928.HK  ad Wynn Macau
 1128.HK  rise between 4.8% and 9.5% 
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  all climb 1%
($1 = 7.8082 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))