Dollar bonds of Macau casino operators like Melco and Studio City rallied by over 2 points after data showed that gambling revenues in Macau surged 82.5% YoY to MOP 11.6bn ($1.4bn) in January. This came after Macau saw about 500,000 visitor arrivals over the week-long Lunar New Year holiday. The jump in revenues comes after the removal of travel restrictions by China. Analysts expect revenues to improve further during the new year.
Melco’s 5.625% 2027s were up 2.1 points to 91.13, yielding 8.51%. Studio City’s 6.5% 2028s were up 2.6 points to trade at 86.5, yielding 10.06%.
For the full story, click here
