Hong Kong-Listed Casino Shares Rise Amid Better-Than-Expected China Data
Friday 17th April 2020
Hong Kong-listed casino shares rose to their highest levels since March amid better-than-expected first-quarter economic data from China.
There is optimism on the cards as China's economy is showing nascent signs of recovery and lockdowns are lifted across Chinese cities, said Vitaly Umansky, a senior research analyst at Sanford C. Bernstein.
The brokerage said gross gaming revenue could recover in May and June as travel restrictions loosen, according to a recent note. May typically draws a high volume of visitors due to China's Labor Day holidays.
Wynn Macau led the gains, surging 9.6%. Sands China also gained 7.7%, while MGM China added 7.6%.
The city has banned foreign visitors except those from Hong Kong, Taiwan and China. Tourists from China make up a majority of Macau's tourist arrivals.