China relaxes Macau visa rules

City of Macau, which is famous for its fabulous hotels and casinos, is likely to see an increase in the number of visitors as the Chinese government has relaxed visa rules in order to make it easy for the citizens to travel to Macau.

The concerned new sent casinos' shares up in Macau, which is one of the hottest gambling markets around the globe.

Shares in Melco International soared 9 per cent, while shares in SJM Holdings jumped over 6 per cent.

Previous year China had imposed restrictions on traveling to Macau in order to prevent people from too much gambling.

Speaking on the issue, a casino executive said that Casinos could see record revenues in October owing to eased visa rules.

On the other hand, the Las Vegas-based Wynn Macau Ltd. Has plans to sell off its 1.25 billion shares, in a move that will fetch company around HK$12.6 billion.

In 2008, Macau fetched around HK$105.6 billion in gross gaming revenues.