Melco Resorts & Entertainment Limited (+8.8%), Wynn Resorts (+1.9%), Las Vegas Sands (+1.2%), and MGM Resorts International (+0.9%) traded higher on Monday in New York stock exchanges after Covid restrictions were eased slightly in Shanghai and Beijing.
The upward trend also reflects Chief Executive Ho Iat Seng’s remarks that he believed issuance terms for visas to travel to Macau would be eased later this summer once the pandemic situation in the mainland was more under control.
He also said that it was his understanding that most satellite casinos would stay in business, which is crucial for SJM Holdings and Galaxy Entertainment Group, according to analysts.
Financial services firm, Jefferies Group, said its latest Macau gross gaming revenue check “is marginally positive, with GGR higher than the past two-month average.”
Analyst David Katz warned that the recovery should remain slow and gradual unless and until the proposed medical quarantine period is reduced further from the suggested seven to ten days.
That change, when implemented, “would meaningfully drive the visitor recovery” as the compulsory quarantine period would be more balanced with the average length of stay, Katz pointed out. MDT
