Macau Casino Stocks Surge After Macau Announces It Will Relax COVID Measures
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Macau casino shares experienced a positive boost after the chief executive of Macau, Ho Lat-Seng, announced that Macao is going to accept tourist groups from mainland China again starting in November.
SJM Holdings and Sands China gained 12% on September 26. Macau's casino stocks have surged by 8%. Macaese authorities have allowed tourist groups from mainland China again. The expectation is that Macao will accept around 40,000 visitors per day. The current rules require visitors to spend 7 days in a hotel quarantine and 3 days of health monitoring. China will reintroduce the issuance of electronic visa’s. However, in case there is a surge in COVID cases again, China may restrict traveling again and restrict the travel again for Macuaese.
Hong Kong is abolishing the requirement for a hotel quarantine for travelers entering the city. Visitors will not be allowed to go into bars and restaurants for three days. Due to China’s rigid COVID policy and restrictions Hong Kong has experienced a great decrease in the population during the past year. Businesses have also moved to other countries that relaxed restrictions much sooner.
