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(Hosting-NewsWire.com, February 19, 2013 ) San Francisco, CA -- Mainland casinos have seen a surge of interest and traffic in the new year, with Melco Crown Entertainment Ltd seeing the largest jump in casino stock. The rise is due to the surge of visitors to Macau during the Lunar New Year holiday in the country.
Melco jumped 5.7% to HK$54.25, which is the largest jump since the start of the year. MCE was not the only one to experience a jump, as Wynn Macau rose 2.2%, while Galaxy Entertainment Group Ltd. Rose a full 3%
Tourism for the mainland jumped by 36% for the early holiday, while the third day of the festival saw the largest jump overall, according to data from the Government's tourist office numbers. Day Three set a record for mainland visits during a holiday period, according to Gran Govetsen, who is an analyst for the Union Gaming company.
“As we’ve walked casino floors over the past 24 hours, it has been clear to us that casinos are experiencing record levels of customers,” Govertsen said in the note dated February 13.
Local billionaire Sheldon Adelson's Sands China Ltd. Gained a 2.2%, with SJM Holdings Ltd. Nabbing a 1.2% increase in the same period.
The mainland visitors climbed another 30% on February 11, according to data supplied by the government. Macau had over 404,000 visitors since the beginning of the Lunar New Year began.
Sands China reportedly has 9,210 hotel rooms in Macau, which accounts for nearly 40% of the city's hotel room supply. Galaxy has more than 2,700 hotel rooms in all.
The Sands, which operates in Venetian, is the largest casino resort in Macau. The company has stated it plans to invest nearly $2.5 billion (minimum) in order to build a fifth integrated resort.
Macau overall casino revenue jumped 14% to 304 billion patacas (equivalent to $38 billion) in 2012.
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