International edition
January 22, 2018 | Edition Nº3408

Galaxy worst performer

Casino shares go down as Golden Week numbers disappoint

Casino shares go down as Golden Week numbers disappoint
Numbers of visitors did not turn into revenue success that casino operators had expected for the week
Macau | 10/10/2017

In an official statement released Sunday, the Macau Government Tourism Office (MGTO) said the former Portuguese enclave recorded 844,522 visitor arrivals during the National Day Golden Week holiday that lasted from October 1-7, representing an increase of 11.6% compared to the same period last year.

T

his time the so called “Golden Week” included the Mid-Autumn Festival, with the holiday lasting eight days instead of the usual seven.

Figures also showed that 76.6 percent of the visitors came from mainland China with the number of Chinese tourists increasing by 9.6 percent.

Still, numbers did not turn into revenue success that casino operators had expected for the week.

According to Bloomberg, Galaxy Entertainment Group was the worst perfomer on Hong Kong’s Hang Seng Index while Sands China Ltd. dropped 2.7 percent last week. It's not that people didn't step into casinos. They just did not gamble that much.

“Gaming revenue for the holiday was flat compared with last year, or only grew slightly,” President of the Power Macao Gaming Association Stephen Lau reportedly said.

Meanwhile, the Macau Daily Times reported that Galaxy shares fell 1.9 percent Monday while Sands China dropped 2.7 percent, the biggest decline since June 1, at the close in Hong Kong.

Yogonet.com
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