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Bond Market News
Macau Casino Bonds Jump on Tourism Revival
September 27, 2022
Dollar bonds of Macau’s casino operators like Melco, Wynn Macau and MGM saw a jump of 2-4 points yesterday as the city’s leader Ho Iat Seng said that China would resume an e-visa scheme for mainland travelers and permit group tours. The city will be open for mainland tour groups from November, the first time in roughly three years due to the pandemic induced restrictions. While the border between Macau and mainland China has been open for two years, tourism has been muted due to the lack of e-visas used to make instant bookings. Guangdong will first resume group tours, followed by Shanghai, Zhejiang, Jiangsu and Fujian – these cities accounted for ~60% of the mainland visits to Macau in 2019. The latest announcement comes after Macau’s government said that it would collect more data to study the feasibility of shortening quarantine period for arrivals.
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