Stock Track | Galaxy Entertainment Soars as Macau Visitor Arrivals Surge During Golden Week

Stock Track10-07

Shares of Galaxy Entertainment Group, a leading casino operator in Macau, soared by 10.23% on October 7, 2024, as the gaming and tourism hub witnessed a significant influx of visitors during China's Golden Week holiday period.

Macao Tourism Data revealed that the city received a total of 916,301 visitors between October 1 and October 6, representing a daily average of 152,716 visitors, an increase of 32.3% compared to the same period last year. Notably, mainland Chinese visitors accounted for 773,985 arrivals, with a daily average of 128,997, reflecting a remarkable 47.2% year-on-year surge.

Analysts attribute the robust visitor traffic to Macau's growing appeal as a tourist destination and the pent-up demand for travel and entertainment among Chinese tourists after the COVID-19 restrictions were lifted. UBS, in a research note, stated, "We believe the robust visitor traffic in Golden Week reflects Macau's attractiveness as a tourist attraction."

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