Billions wiped from Macau casino stocks as city eyes gambling review

billions wiped from macau casino stocks as city eyes gambling review

Sumary of Billions wiped from Macau casino stocks as city eyes gambling review:

  • Macau casino operators saw billions wiped off their value Wednesday as their shares collapsed after officials in the world’s biggest gambling city unveiled plans for a crackdown that would tighten their grip on the already beleaguered industry.
  • Hong Kong-listed operators Sands China and Wynn Macau both plunged around 30 percent;
  • SJM Holdings and MGM China lost 25 percent while Melco and Galaxy Entertainment both shed around 20 percent.
  • Bloomberg News estimated the combined losses for the six big operators amounted to some $14 billion.
  • The sell-off came after the Macau government announced a 45-day public consultation that included a proposal for direct supervision over the gambling industry, which has faced increasing scrutiny from authorities in recent years.
  • Officials are looking to put government representatives on licensed operators’ boards to oversee their operations, and to criminalise underground banking in the industry.
  • The move comes as the government in mainland China embarks on a crackdown on a wide range of industries — including tech and private education firms — as it looks to tighten its grip on the world’s number two economy.
  • “The casino issues are a continuation of what’s been a pretty big crackdown,” said Jason Ader, of New York-based investment manager SpringOwl Asset Management.

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