Chinese tourists are returning to Macau in hordes after Beijing lifted its restrictions on travel to the world's biggest gambling hub, lifting stocks and bonds of casino operators as investors bet on a boom in their revenues.
The award of new 10-year licences to incumbent operators in November also removed a major risk that had concerned investors, said Christy Lee, Asian credit portfolio manager at AXA Investment Managers.
Spreads over comparable U.S. Treasuries have narrowed to 526 basis points from a record high of 1,127 in October, reflecting the decline in risk premium.
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