MACAU – News of visitor visa scheme cheers up casinos
Individual visit visas for Zhuhai residents to be renewed from tomorrow
News given by Macau’s Secretary for Social Affairs and Culture Elsie Ao Ieong U, that, both IVS visas and group visas, would be available for Zhuhai residents, reflected in the local stock exchange with shares in Macau’s six casino operators sharply moving higher yesterday Monday 10th. The Macau government also announced that individual visit scheme visas would be renewed from Wednesday August 12th.
The visa relaxation extends only to Zhuhai residents and not the entire province of Guangdong. Zhuhai has a population of 1.7 million and neighbours Macau. The province of Guandong as a whole accounts for about 30 percent of Macau’s visitors.
The Individual Visit Scheme (IVS), which was suspended in January, allows mainland residents from 49 cities to visit Macau and Hong Kong and accounted for half of all mainland visitors to Macau last year. Although Macau has been gradually easing border restrictions since mid-July with Guangdong, travel was only permitted for business or family reasons and had done little to push the needle when it comes to improving gross gambling revenue figures.
After Monday’s close of business, Galaxy Entertainment shares gained more than 5 percent, while Wynn Resorts was up over 3 percent in Hong Kong SE trading. SJM Holdings was up 4.8 percent, while MGM China gained 2.7 percent. Sands China was up 1.8 percent after the news. Shares of the U.S.-listed operators are also gaining in pre-market trading.
Despite the positive share price reaction, Ao Leong warned that the quarantine conditions would immediately be reimposed if another coronavirus outbreak flared up. No local Covid-19 cases have been reported in Macau for 45 consecutive days.
