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Casino stocks rise on report of relaxed Macau visa rules

Wednesday, July 1, 2015 - 06:32
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Wynn Resorts, MGM Resorts International and Las Vegas Sands rose on reports that China is easing restrictions on local tourists visiting Macau.

[MACAU] Wynn Resorts, MGM Resorts International and Las Vegas Sands rose on reports that China is easing restrictions on local tourists visiting Macau.

Travellers holding mainland China passports can now stay seven days in Macau, up from five days currently, the official Xinhua News Agency reported.

The government shortened the permitted stay last year in response to what was believed to be widespread cheating on the part of visa holders who claimed to be visiting another destination while only staying in Macau.

Wynn Resorts rose four per cent to US$97.70 at 11.50 am in New York (11.30pm Singapore time). MGM Resorts gained 3.6 per cent and Las Vegas Sands added 3.6 per cent.

BLOOMBERG