MGM China and Galaxy leads casino gains
MGM China surged 8.75 % to us$ 1.85, the largest gain since Oct. 27, at the close of Hong Kong trading. Galaxy Entertainment rose 5.5 %, its biggest gain since Dec. 1, to us$ 16.76. The benchmark Hang Seng Index advanced 1.3 %.
The week-long Lunar New Year holiday kicks off on Jan 23 and tourists from mainland China tend to boost gambling and shopping revenue in Hong Kong and Macau during that period.
“Investors are expecting the footfall in Macau casinos to rise during the Chinese New Year,” said Edwin Fan, an analyst with Bank of China International in Hong Kong.
Casino revenue in Macau, the world’s largest gambling hub, rose 25 % in December to us$2.95 billion, as Chinese tourists spent more. Chinese gamblers have fueled growth in the former Portuguese colony, where gambling sales have more than tripled in the past four years.
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