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Macau casinos plunge as Golden Week visitor numbers disappoint
[HONG KONG] Macau casino operators sank after visitor arrivals from mainland China over the Golden Week holidays disappointed.
Galaxy Entertainment Group Ltd tumbled as much as 5 per cent, the most in three months, while Sands China Ltd fell 4.4 per cent, poised for its biggest loss since December. The stocks were the biggest losers on the Hang Seng Index, which rose 0.4 per cent.
Mainland tourist arrivals fell 5.1 per cent in the first four days of the holidays, according to Macau's tourism office. That compared with analyst estimates for mid-high single digit growth, said Alfred Lau, Hong Kong-based analyst at Bocom International.
"Valuations for those stocks are very high, so any minor disappointment could trigger a big sell-off in the sector," Mr Lau said.