UPDATE 4-Billions blown as Macau casino investors fold amid gambling review

update 4 billions blown as macau casino investors fold amid gambling review

Sumary of UPDATE 4-Billions blown as Macau casino investors fold amid gambling review:

  • Sands China skids 28%Shares dive as HK market roiled by broader Beijing crackdownSlide after announcement of 45-day consultation on licencesConsultation to discuss licence terms, government involvementJ.
  • Morgan downgrades all Macau casino stocksHONG KONG, Sept 15 (Reuters) – Macau casino operator stocks plummeted by as much as a third on Wednesday, losing around $14 billion in value, as the government kicked off a regulatory overhaul that could see its officials supervising companies in the world’s largest gambling hub.
  • With Macau’s lucrative casino licences up for rebidding next year, a government proposal to revise the city’s gaming law spooked a Hong Kong market already slammed hard into the red by a broad Beijing regulatory crackdown, across sectors from technology to education and property, that has sliced hundreds of billions of dollars off asset values.
  • Wynn Macau (1128.HK) led the plunge, falling as much as 34% to a record low, followed by a 28% tumble for Sands China (1928.HK).
  • The slump came after Lei Wai Nong, Macau’s secretary for economy and finance, late on Tuesday gave notice of a 45-day consultation on the gambling industry starting Wednesday, saying there were still some deficiencies in industry supervision.
  • Beijing, increasingly wary of Macau’s acute reliance on gambling, has not yet indicated how the licence rebidding process will be judged.
  • S. Kim said the bank was downgrading all Macau gaming names from overweight to neutral or underweight due to heightened scrutiny on capital management and daily operations ahead of licence renewals.
  • read more The government is also proposing increasing Macau permanent residents’ voting shares in the gaming concessionaires, as well as additional rules on the transfer and distribution of profits to shareholders.

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