Sumary of Why Macao Casinos Are Tumbling for a Second Straight Day:
- What happened Shares of casino operators in Macao, China, were tumbling hard for a second day on Wednesday after the Chinese government said it would begin imposing tough new regulations on the gambling halls.
- So what The government recently announced it would open a 45-day public comment period on revising Macao’s gambling laws.
- It has always been something of a ticking time bomb for operators because of the way the original concessions were issued.
- Although it always seemed likely western operators including MGM, Las Vegas Sands (NYSE:LVS), and Wynn Resorts (NASDAQ:WYNN) would have their licenses renewed, there was the chance more operators would be allowed in, diluting their current stranglehold on the market.