From Casino.org: 2024-05-13 11:30:48

China announced the addition of eight more cities to its Individual Visit Scheme (IVS) program, allowing residents in those cities to easily travel to Macau and Hong Kong without needing business visas or group tours. This move is expected to boost Macau’s economy and increase tourism to the region. Shares of US-traded casino stocks operating in Macau saw a positive spike following the news, with Las Vegas Sands, MGM Resorts, Wynn Resorts, and Melco Resorts all showing increases. Analysts view this development as a sign of China’s continued support for Macau and its gaming industry, with the IVS program now including 59 cities. The expansion of IVS comes at a time when both Macau and Hong Kong are navigating economic recoveries post-COVID, with Macau also undergoing changes in its gaming environment. The six casino companies in Macau are investing heavily in nongaming projects at their resorts, as they adapt to new economic realities and market demands. The IVS program allows residents of qualifying cities to apply electronically for visas to travel to Macau or Hong Kong, with permits valid for up to a year and allowing for multiple trips throughout the year. The Macau SAR Government is optimistic about the influx of visitors to the region, with potential to surpass pre-pandemic traveler numbers.



Read more at Casino.org: Macau Casino Stocks Climb After China Adds Cities to IVS