Macau casino to open doors after three years
China’s new e-visa regulations record strong influence, with shares in casino operators soaring 13%.
Recently, Macau’s leader announced that China is making some adjustments about e-visa allowing tourists to travel to China. So today (September 26) Macau’s casino shares increase by 13%.
China has a special administrative region that legally allows to gamble. According to the CEO of Macau the region’s doors for tourists will be open during November after being closed for nearly 3 years.
Throughout the last 3 years Macau had strict coronavirus rules which greatly affected the casino industry.
In accordance with the analysts the announcement about opening the mainland came sooner than expected. It is important to note that Mainland gamblers produce almost 90% of the casino income.
“Even though fast benefits are difficult to assess, we are sure that the e-visas changes are going to ease the friction when traveling to Macau, and also serve as a signal for people to come to Macau. Finally, we are able to talk about getting back to normal life.”
commented JP Morgan analyst.
At the moment Chinese tourists who are willing to go to Macau have to book an appointment for a visa with the approval process lasting a whole week.