macau casino stocks continued their recent uptrend, as of the time of publication, melco int'l dev (00200) rose by 7.93%, closing at 5.58 Hong Kong dollars; mgm china (02282) rose by 6.77%, closing at 13.24 Hong Kong dollars.
According to the Zhongtong Financial APP, macau casino stocks continued their recent uptrend, as of the time of publication, melco int'l dev (00200) rose by 7.93%, closing at 5.58 Hong Kong dollars; mgm china (02282) rose by 6.77%, closing at 13.24 Hong Kong dollars; galaxy ent (00027) rose by 5.89%, closing at 41.35 Hong Kong dollars; sands china (01928) rose by 4.67%, closing at 20.85 Hong Kong dollars.
On the news front, the Macau Gaming Inspection and Coordination Bureau announced that the gross gambling revenue in September was 17.253 billion Macau patacas, a year-on-year increase of 15.5%, exceeding Citigroup's previous expectations. From January to September, the cumulative gross gambling revenue was 169.355 billion Macau patacas, a year-on-year increase of 31.3%. Citigroup believes that although the latest gambling revenue has rebounded, it is believed that some players have postponed their trips to Macau until the National Day golden week in early October. Looking ahead, the bank expects Macau's gambling revenue to reach 20.5 billion yuan in October, indicating a recovery to about 78% of the same period in 2019, a 5% year-on-year increase.
Additionally, according to reports, when interviewed by the Acting Director of the Macau Government Tourism Office, Cheng Weidong, temporary data showed that over 25 million visitors arrived in Macau in the first three quarters of this year. It is expected that over 8 million visitors will come to Macau in the fourth quarter of this year, reaching the target of 33 million visitors set at the beginning of the year. Cheng Weidong revealed that the provisional data collected by the authorities from the industry showed that the occupancy rate during the Golden Week exceeded 80%. Dahua Jixian stated that considering the strong number of visitors from mainland China during the golden period, the bank expects to boost gambling revenue recovery. Daiwa believes that the fundamentals of Macau casino stocks still retain their resilience. Recent stimulus economic policies in China favor investor sentiment, which is believed to also benefit Macau casino stocks.