Eased travel rules boost Macao casinos

It has been a while since investors had reasons to buy Macao casino stocks.

A surprise move by the Macao government to ease mainland's traveling rules and the smaller-than-expected slump in June casino revenue have given hope that the industry might finally be due for a recovery. Casino stocks surged by a degree not seen in more than three years.

Sands China Ltd, Wynn Macao Ltd and MGM China Holdings Ltd soared as much as about 16 percent, the biggest intraday gain since October 2011. Galaxy Entertainment Group Ltd rose 13 percent and SJM Holdings Ltd 9.4 percent. The benchmark Hang Seng Index was up 0.8 percent.