After credit fears led to significant losses on October 3, Macau casino stocks rebounded after a report revealed gambling revenues grew 39% in September. US-based Sands China posted the biggest gain, up 26%, while Wynn Macau and MGM China both jumped more than 20%. Galaxy Entertainment (up 18%), Melco International Development (15%) and SJM Holdings (16%) also recorded increases. Hong Kong’s benchmark Hang Seng Index rose more than 4% to 18,131.
In addition to a rebound in Macau casino stocks, junket operator (a tourist agency that provides travel packages and loans to gamblers) Asia Entertainment and Resources announced that revenues soared 189% to $1.92 billion. Chairman Lam Man Pou told CalvinAyre: “While we are aware of recent concerns that have been raised about the Macau VIP business, we can firmly say we have not seen any decrease in demand or growth in terms of the VIP market.”