Macau casino stocks tumble as city proposes gambling industry crackdown

macau casino stocks tumble as city proposes gambling industry crackdown

Sumary of Macau casino stocks tumble as city proposes gambling industry crackdown:

  • Macau casino stocks collapsed on Wednesday, as officials unveiled plans for a crackdown on the gambling industry in the city known as China’s Las Vegas.
  • Hong Kong-listed operators Sands China and Wynn Macau both suffered over 24 percent drops, while Melco Entertainment, SJM Holdings, MGM China and Galaxy Entertainment fell between 13 percent to 17 percent.
  • The Macau government is looking to put its representatives in licensed casino operators’ boards to oversee their operations and criminalise underground banking in the industry.
  • The companies that could face tighter restrictions as a result of the proposals own the six licenses permitted to run casinos in Macau — the only place in China where gambling is allowed.
  • As the only place in China where gambling is allowed, Macau’s casinos account for about 80 percent of government revenue, and over 55 percent of the city’s GDP.

Want to know more click here go to source.

From -

Close
Generic selectors
Exact matches only
Search in title
Search in content

Site Language


By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close