Casino Stocks Jump After Macau Unveils Reopening Plans
After many delays due to Covid, Macau has finally announced they will be reopening their doors for tourism from mainland China in November, the first time since restrictions were placed in early 2020. Concluding the announcement, Macau casino stocks jumped as investors hope for a promising return. Sands China (SCHYY) was the top mover up +15.7% and Galaxy Entertainment (GXYYY) followed up +7.2%. The reopening could be the start rebound as before Covid began, Macau saw around 92% of their visitors came from greater China and Taiwan.