Macau casino stocks slid on Friday after the territory’s tourism board said visitor numbers during the first four days of China’s Golden Week holiday had fallen 2 per cent from the previous year.
Shares in Galaxy Entertainment, Sands China fell and Wynn Macau fell more than 4 per cent while MGM China and SJM Holdings dipped as much as 2.9 per cent and 1.8 per cent respectively.
The number of visitors to the Chinese territory – the only place in the country where casino gambling is legal – between October 1 and October 4 fell to 468,628. The number of mainland Chinese tourists fell 5.1 per cent year on year to 363,435.
One of two “Golden Weeks” in China, the National Day holiday sees a flood of tourists across China and internationally. It has been given a boost this year by the addition of an extra day for the Mid-Autumn Festival . The country’s tourism body forecast about 710m trips would be made during the break between October 1 and October 8.
Macau was hit last month by a deadly typhoon that caused power outages and forced some of the casino resorts to close parts of their facilities. Despite the impact of the typhoon, gaming revenue climbed for a fourteenth consecutive month in September, rising 16.1 per cent year on year.