Thursday, October 3, 2013
Macau Casino Stocks Up; Solid Traffic During Holiday
HONG KONG (NQN)--Shares in Sands China Ltd. and other shares in the gambling sector are hitting record highs in Hong Kong on Thursday. Las Vegas Sands Corp. unit Sands China briefly rose 1.60 Hong Kong dollars, or 3.3%, to 50.30 Hong Kong dollars, hitting a record high since it listed in November 2009. Galaxy Entertainment Group Ltd. and MGM China Holdings Ltd. also hit all-time highs.
Customer traffic in Macau casinos is solid halfway through a weeklong holiday that started on Oct. 1, China's National Day. That has fueled investor hopes for higher earnings for casino operators.
According to the Macau government, the number of tourists visiting the special administrative region was down 6% on the year on Oct. 1, but the number of Chinese tourists rose 16%. Many tourists visited just before the start of the holiday, on the last weekend of September. The number of tourists in Macau from Sept. 27-30 rose 30% on the year.