Macao casino stocks nose-dive on looming government crackdown

macao casino stocks nose dive on looming government crackdown

Sumary of Macao casino stocks nose-dive on looming government crackdown:

  • In the U.S. market, Wynn Resorts closed down 6.3% on Wednesday and Las Vegas Sands ended the day 1.7% lower.
  • Entertainment tumbled 13.8% while MGM Resorts International slipped 2.5%.
  • The release hinted at a shorter licensing period from the current maximum of 25 years, along with a higher mandated shareholding ratio by Macao residents.
  • Chinese officials have long been watchful of money laundering operations and capital outflows that use casinos as channels.

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