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Post by Blitz on May 13, 2024 7:15:40 GMT -5
JP Morgan: Macau sees post-Labor Day slowdown but China IVS sentiment positive by Newsdesk Mon 13 May 2024 at 19:26 www.asgam.com/index.php/2024/05/13/jp-morgan-macau-sees-post-labor-day-slowdown-but-china-ivs-sentiment-positive/Macau’s daily gross gaming revenue fell from an estimated MOP$910 million (US$113 million) during the Labor Day Golden Week to MOP$578 million (US$72 million) in the seven days since, a decline described by investment bank JP Morgan as “a bit weaker” than preferred but within post-holiday expectations. In a Monday note, analysts DS Kim, Mufan Shi and Selina Li said the past week’s result put GGR for the first 12 days combined at an estimated MOP$8.6 billion (US$1.07 billion) or MOP$716 million (US$89 million) per day, with mass GGR remaining at around 120% of pre-COVID levels. The investment bank’s May GGR forecast remains unchanged at MOP$19.5 billion to MOP$20 billion (US$2.42 billion to US$2.48 billion), potentially making it the best month since borders reopened in January 2023. JP Morgan also highlighted Saturday’s news that Beijing has added another eight cities to the list eligible for Individual Visit Scheme (IVS) visas for travel to Macau and Hong Kong, taking the total number of eligible cities to 59. While the cities in Question – Taiyuan, Hohhot, Harbin, Lhasa, Lanzhou, Xining, Yinchuan and Urumqi – are not expected to significantly impact Macau visitation, the analysts noted that the favorable policy support from the central government is positive in nature. “We think it is always the thought that counts, when it comes to China policy,” they wrote.
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Post by Blitz on May 13, 2024 7:16:49 GMT -5
China adds eight more cities to Individual Visit Scheme for travel to Macau and Hong Kong by Pierce Chan Sun 12 May 2024 at 07:18 www.asgam.com/index.php/2024/05/12/china-adds-eight-more-cities-to-individual-visit-scheme-for-travel-to-macau-and-hong-kong/Following the addition of Xi’an and Qingdao to the Individual Visit Scheme (IVS) on 6 March, the State Council of the People’s Republic of China announced Saturday the addition of eight new cities to the IVS for Hong Kong and Macau. The eight new cities are Taiyuan, Shanxi Province; Hohhot, Inner Mongolia Autonomous Region; Harbin, Heilongjiang Province; Lhasa, Tibet Autonomous Region; Lanzhou, Gansu Province; Xining, Qinghai Province; Yinchuan, Ningxia Hui Autonomous Region; and Urumqi, Xinjiang Uygur Autonomous Region. China’s Exit and Entry Administration will provide endorsements to Hong Kong and Macau for people from these eight cities as of 27 May. Together with the recent addition of Xi’an and Qingdao, the Individual Visit Scheme will now cover 59 cities across mainland China. After the policy was announced, Macau Chief Executive Ho Iat Seng noted that this would bring further economic benefits to Macau’s retail and tourism sectors. “The SAR Government will endeavor to promote the hosting of more international events, enriching the content of MICE (Meetings, Incentives, Conventions and Exhibitions), as well as cultural and sports activities, so as to create a diversified travel experience for visitors,” he said. Since the implementation of the IVS to Hong Kong and Macau in 2003, the number of mainland visitors to Macau has increased significantly, driving the growth of the city’s tourism industry and related business activities. At present, IVS endorsement for Macau is divided into three-month and annual endorsements, with each stay not to exceed seven days.
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