CASINO STOCKS FALL ON MACAU VISA-RESTRICTION NEWS marketwatch.com
Concerns over visitation caused Macau casino stocks to trade down sharply in Hong Kong today. A report was released by The Mao Ping newspaper suggesting that, since October 1, authorities in Guangdong have tightened visa restrictions for its residents traveling to the gaming hub. The change in policy reverses the recent easing of travel restrictions that has been a key factor in Macau’s recent revival in the wake of the financial crisis. Visitation from Guangdong, according to the report, has been scaled back to one visit every two months from one visit per month.
ACCOR SEES STRONG GROWTH IN CHINA scmp.com
Accor Asia-Pacific chairman Michael Issenberg said that the company expects revenue per available room on the mainland to drop by 20-to-30% this year. A large amount of new supply is the most important factor behind this decline. The company is expecting a strong improvement in the performance of its hotels in China in 2010. Issenberg said that in 2009, while there was growth in demand, you had more supply coming in.