Macau casino shares go up during China Lunar New Year holiday

Tuesday, February 12, 2019

Macau casino shares soared after China’s Lunar New Year holiday witnessed tourism growth double to the world’s biggest gaming hub.

The Macau tourism office said that China mainland visitors to Macau reached almost 900,000 during the week-long Chinese New Year holiday, going up by 26 percent from last year’s festive holiday.

The tourism numbers during the lunar holiday made a bright spot amid concerns that high rollers are staying away from the gaming tables in the territory as China’s economic slowdown and trade tensions create tension over consumer spending. Monthly casino revenue in Macau fell in January for the first time in more than two years.

Tourism from China got a major drive since October after the opening of a bridge linking Zhuahai on the mainland to Macau and Hong Kong.

“The Chinese New Year holiday season was decent this year, but definitely not as strong as the visitation number shows,” said Grant Govertsen, a Union Gaming Securities Asia Ltd. analyst.

Govertsen said that many mainland visitors to Macau are day trippers who travel to see the new bridge and leave after stopping at the territory’s casinos or spending money in the city.

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