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.