Golden Week, China’s twice-a-year seven-day holiday, sees one of the world’s largest human migrations, as hundreds of millions of Chinese take a vacation all at once. While many cross the country to see family, a sizeable minority prefer to get away and try their luck in Macau’s casinos.
However, as Macau’s tourism board reported visitor numbers fell by two percent compared with the previous year, the territory’s casino stocks slid on Friday 6 October. It seems more Chinese chose to spend their state-sanctioned time off elsewhere.
Shares in MGM China and SJM Holdings fell by 2.9 per cent and 1.8 percent, respectively, while Galaxy Entertainment, Sands China and Wynn Macau saw shares dip by more than four percent.
The number of visitors to the Chinese territory between 1 October and 4 October fell to 468,628, with the number of mainland Chinese tourists falling by 5.1 percent year on year to 363,435.
The numbers will come as a disappointment to Macau, which expected to attract more mainlanders as this year’s Golden Week was boosted by an extra day by the Mid-Autumn Festival, which fell on 4 October.