HONG KONG: Chinese tourists are returning to Macao in hordes after Beijing lifted its restrictions on travel to the world's biggest gambling hub, lifting stocks and bonds of casino operators as investors bet on a boom in their revenues.
The outlook could improve further, analysts said, given the surge of visitors had raised the"table drop" - the money exchanged for chips at each gaming table - back to 2019 levels before COVID-19 hit China. Spreads over comparable US Treasuries have narrowed to 526 basis points from a record high of 1,127 in October, reflecting the decline in risk premium.
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