Macau casino stocks gain after China pledges support for Macau economy
Macau casinos rallied Friday after Beijing’s top representative in the regional gambling hub signaled the central government is mulling measures to "support Macau’s economy in all aspects".
Hang Seng Index component Galaxy Entertainment leapt 10 per cent in the afternoon session, with a turnover of HK$715 million, making it the biggest gainer among blue-chips. Sands China, also a constituent of the Hang Seng Index, surged 7.1 per cent. Wynn Macau shares surged 8.4 per cent, MGM China jumped 6.8 per cent, and Melco International Development climbed 4.9 per cent.
The Chinese central government is working on plans to boost Macau’s growth "in all aspects", including a possible approval of the enclave’s maritime expansion plans by the end of this year, the Macau Daily News quoted Li Gang, head of Chinese government’s liaison office in Macau, as saying in a report Friday.
The move would be "a great help" to Macau’s shipping, maritime transportation, and tourism industry, Li was cited as saying.Meanwhile, latest official statistics showed Macau’s gambling revenue contracted 33 per cent in September from a year earlier, making the 16th straight-monthly decline, although the drop narrowed from 35.5 per cent on year decrease in August.
