Stock Track | MGM China Soars on Robust Golden Week Visitor Arrivals in Macau

Stock Track10-07

Shares of MGM China surged by 5.91% on Monday, October 7, 2024, as the company rode the wave of a broad rally in Macau gaming stocks following robust visitor arrivals during China's National Day holidays, also known as Golden Week.

According to data from the Macao Tourism Office, the gaming hub received a total of 916,301 visitors between October 1st and October 6th, representing a daily average of 152,716 visitors – an impressive 32.3% increase compared to the same period last year. Notably, mainland Chinese visitor arrivals amounted to 773,985 during the six-day period, reflecting a daily average of 128,997 visitors, a staggering 47.2% year-over-year increase.

UBS analysts believe the robust visitor traffic "reflects Macau's attractiveness as a tourist attraction," which bodes well for the gaming and tourism industry in the region. MGM China's stock surge was part of a broader rally among Macau gaming operators, with Galaxy Entertainment Group leading the pack with a 10.6% jump to reach its highest level since February 26. Other major players in the sector, including Sands China, Melco International, SJM, and Wynn Macau, also saw substantial gains, ranging from 4.4% to 8.1%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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