Macau casinos are having a rise on their shares according to reports.
According to Bloomberg, the Macau casino shares increased in the Hong Kong trading after it was reported that mainland visitors to the world's largest gambling hub rose during China's Golden Week holiday.
As an added good news, there are reports that China's nation may move to support the gambling city's economy; however, as for the ways how the Chinese government will do that remain unclear.
Fox Business reported that this is actually the first time China directly voiced its support for Macau in quite some time. In addition, the gambling region also said its intention to expand its tourism by also trying its hand on the entertainment industry.
For the specifics, Galaxy Entertainment Group Ltd. rose 5.3 percent to close at HK$22.85, the highest level since Sept. 21. Sands China Ltd. gained 3.4 percent, with Wynn Macau Ltd. and MGM China Holdings Ltd. up more than 2 percent. SJM Holdings Ltd. climbed 1 percent. The benchmark Hang Seng Index rose 1.6 percent.
However, in a report by Forbes, the gaming revenue in Macau reportedly fell to its lowest level in five years this September. The Casino revenue has an estimated figure of 17.13 billion Macau patacas, down by 33 percent compared to September last year.
This dip in revenue was noted to be Macau's sixteenth consecutive monthly decline. Among those that contributed to the loss was last month's theft incident. According to reports, junket promoter Dore Group allegedly fell victim to a HK$700 million theft.
A Dore employee allegedly ran off with money from the cage at Wynn Macau, which did not lose any money from the incident. The news resulted into dozens of protesters in front of Wynn claiming to be defrauded Dore investors. This incident, in turn, exposed the informal nature of junket capital raising from individuals.
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