Galaxy Entertainment slumps amid visa restrictions
Published: 05 Oct 2008 22:54:42 PSTHONG KONG, Oct 6 - Macau casino operator Galaxy Entertainment <0027.HK> shares slid nearly 8 percent on Monday on reports that the Chinese government was imposing further travel restrictions to the gambling haven, threatening growth at casinos.
The stock was down 7.8 percent to HK$1.41 as of 0241 GMT.
The latest restriction, which took effect on Oct 1, limits Guangdong residents to only one visit to Macau every three months, instead of once every two months, according to local and Chinese media reports.
Macau's annual gross gaming revenues fell 3 percent in September from the year-ago period, the first annual drop since January 2006, according to a Citigroup report.
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