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China has eased restrictions on its citizens traveling to Macau, sending casino stocks soaring today as industry executives bet on record October earnings within the world's fastest-growing gambling market.
Shares of 2 firms, Galaxy Entertainment and Melco International, soared nearly 9 percent, and SJM Holdings was up greater than 6 percent. This happened even while the wider Hang Seng stock index fell 0.7 percent.
Shares folks.. casino companies were mixed, with Wynn Resorts up 1.2 percent at $70.02 in early morning trading. Las Vegas Sands was down a little bit at 1.7 percent at $18.53, and MGM Mirage was down a tad at 1.2 percent at $13.06.
Worried that some Beijing area residents were wagering an excessive amount of in neighboring Macau, China last year imposed new rules limiting them to 2 trips a year there.
Government officials started easing up at the rule as recently as two months ago, and noticeably loosened the restriction in the beginning of this month, said top executives at two of Macau's six casino licensees. This was clearly reflected within the sales figures, that have increased.
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