Hong Kong-listed gaming stocks took a beating on Wednesday as official data showed mainland visitor arrivals to Macao plummeting during the Lunar New Year holiday period.
Mainland Chinese visitor arrivals to Macao during this year's Spring Festival Golden Week from Jan. 24 to 28 plunged 79.2% compared to last year's Golden Week holiday, according to provisional government data. Macao is a special administrative region of China and a major gambling hub in Asia. Visitors from mainland China make up the majority of Macao's tourists.in the country.
"The Chinese economy has already been slowing significantly since late 2018 and the services sector, I can't stress how important it is for the Chinese economy now," Darren Tay, Asia country risk analyst at Fitch Solutions, told CNBC's "Capital Connection" on Wednesday. "Besides the fact that it is now 62% ... of GDP in China, it is also the main growth engine throughout China's slowdown in the past five quarters ... or so."
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