Sands China leads rise in Macau casinos stocks on Lunar New Year rush

Sands China

26/01/2023 02:45

** Sands China  1928.HK  leads rise in Macau casinos stocks,
rising as much as 5.2% to HK$31.55, the highest since July 2021 
    ** Stock is the sixth biggest pct gainer in Hang Seng
Commerce & Industry Index  .HSNC  
    ** Las Vegas Sands  LVS.N  on Wednesday reported quarterly
results that fell short of Wall Street estimates, but it expects
a broad recovery, including at its property in Macau
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    ** Tourists swarm gambling hub Macau over Lunar New Year
after COVID curbs dropped, with more than 71,000 visitors on
Monday, the highest single day record since the pandemic
 urn:newsml:reuters.com:*:nL1N34A080
    ** Citi says it is a strong start to Lunar New Year with
mainland visitors up 163% year-on-year or 31% of 2019 level  
    ** "We believe this encouraging visitation trend will bode
well for a solid GGR (gross gaming revenue) recovery in
January," Citi said
    ** "The Macau sector will continue to be driven by positive
data points rather than valuation as we expect recovery into
2H23 and 2024," Jefferies wrote
    ** SJM  0880.HK , MGM China  2282.HK , Wynn Macau  1128.HK ,
Galaxy  0027.HK  rise between 0.4% and 1.6%, while Melco
International  0200.HK  slips 0.7%   
    ** Hang Seng Commerce & Industry Index  .HSNC  rises 1.9%
and Hang Seng Index  .HSI  climbs 1.7%
($1 = 8.0650 patacas)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))