But such expectations risk running ahead of reality with the timeline of a meaningful return in mainland tourists uncertain. While there is little doubt that the sector will be a key beneficiary if China relaxes border curbs, Morgan Stanley analysts expect the “first full year of fully normalized travel” for the city to only come in 2024.
A sizzling rally in Macau casino operators appears to have hit a wall, as investors await signs of business recovery and shares approach technical hurdles.
A Bloomberg gauge tracking six operators including Wynn Macau and MGM China Holdings has jumped more than 60% in the past three weeks, compared with a 10% gain in the Hang Seng Index. The near-vertical move has come as an array of positive news — including the new license approval and China’s faster-than-expected Covid reopening — ignited hopes of a revival in the gaming hub.
