China Residents Can Now Travel To Macau Using e-Visa, Casino Stocks Gain

  • Shares of Casino operators, including Melco Resorts & Entertainment Ltd MLCOWynn Resorts Limited WYNNLas Vegas Sands Corp LVS, and MGM Resorts International MGM rose after China's e-visa system for Macao travel.
  • China's immigration bureau has permitted mainland residents to travel to Macao from November 1, 2022, using an online visa system rather than in-person applications, CNBC reported.
  • The move is expected to boost tourism travel in the world's largest gambling hub.
  • In-person applications have been required for the past two and a half years due to the COVID-19 restrictions.
  • The report cited a notice posted on the Chinese government's official WeChat account that the bureau would "launch exit-entry management policies and measures to promote economic and social development."
  • The latest development comes in the wake of the Macao government's reinstatement of curbs due to a resurgence in COVID-19 infection.
  • Price Action: MLCO shares are trading higher by 1.79% at $5.42 on the last check Monday.
  • Photo Via Company
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