Officials Not Aware of Change to China's Visa Policy; Watch Casino Stocks (LVS) (MGM) (WYNN) (MPEL)
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Traders should watch Casino stocks Wednesday morning amid reports the visa tightening ado in Hong Kong might have been falsified.
According to the Macao Government Tourist Office, they received no indication of further visa restrictions being implemented by the Chinese government. Comments were made in an email to Bloomberg. Bank of America also did some scouring, calling several offices of China's Division of Exit and Entry Administration Department. The firm found no indications of a rule change.
Shares of Sands China and Galaxy Entertainment slipped Monday and Tuesday as investors showed concern mainland visitors to the gambling meccas may have slowed as a result of the new restrictions.
About 16 million mainland residents visited Macao in 2011, driving revenue up 42 percent for the year.
Due to each region's special administrative status, visitors from mainland China are required to have a visa in order to enter Macao and/or Hong Kong.
In addition to Sands and Galaxy Entertainment, investors should keep an eye on Wynn Resorts (Nasdaq: WYNN) as well as MGM Resorts (NYSE: MGM) and Melco Crown Entertainment (Nasdaq: MPEL), all of which have a presence in the region.
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According to the Macao Government Tourist Office, they received no indication of further visa restrictions being implemented by the Chinese government. Comments were made in an email to Bloomberg. Bank of America also did some scouring, calling several offices of China's Division of Exit and Entry Administration Department. The firm found no indications of a rule change.
Shares of Sands China and Galaxy Entertainment slipped Monday and Tuesday as investors showed concern mainland visitors to the gambling meccas may have slowed as a result of the new restrictions.
About 16 million mainland residents visited Macao in 2011, driving revenue up 42 percent for the year.
Due to each region's special administrative status, visitors from mainland China are required to have a visa in order to enter Macao and/or Hong Kong.
In addition to Sands and Galaxy Entertainment, investors should keep an eye on Wynn Resorts (Nasdaq: WYNN) as well as MGM Resorts (NYSE: MGM) and Melco Crown Entertainment (Nasdaq: MPEL), all of which have a presence in the region.
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