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I guess Beijing isn’t satisfied with zero growth in Macau. Travel agents are reporting that visitation from Guandong to Macau is now limited to once every 3 months, down from once every 2 months. A Beijing official claims to be still evaluating the visa situation but I’m willing to believe the travel professionals.

Recent visa restrictions have had a material impact on mass market visitation to Macau, essentially removing all growth out of the market in September. Why would Beijing take it a step further and potentially throw the Macau gaming market into a recession? Beijing is a black box, no doubt, but I would surmise that the central government remains unhappy with Macau’s Chief Executive, Edmund Ho. Punishment for Mr. Ho’s public comments regarding Beijing’s continued influence? Possibly.

It could’ve been worse. Seemingly credible rumors of a 6 month visa restriction surfaced last month and pummeled the Macau gaming stocks.