Macau casino investors fold amid review

macau casino investors fold amid review

Sumary of Macau casino investors fold amid review:

  • Farah Master and Donny KwokAAPCamera IconShares of Macau casino operators have dived as the government kicks off a regulatory overhaul.
  • Credit: APShare to FacebookShare to TwitterEmail UsCopy the LinkShares of Macau casino operators have plummeted as much as a third, losing about $US18 billion ($A24.5 billion) in value, as the government kicks off a regulatory overhaul that could see its officials supervising companies in the world’s largest gambling hub.
  • With Macau’s lucrative casino licences up for rebidding next year, the plan spooked a Hong Kong market already deep in the red after Beijing’s regulatory crackdown on sectors from technology to education and property that sliced hundreds of billions of dollars off asset values.
  • Some Hong Kong stock analysts wasted little time in downgrading their view of near-term prospects for casino operators in the Chinese special administrative region, who must all rebid for licences when current permits expire in June 2022.J.
  • Morgan is downgrading to neutral or underweight all Macau gaming names from overweight, because of the tougher scrutiny on capital management and daily operations ahead of licence renewals, said analyst D.
  • At a news briefing on Tuesday, Lei detailed nine areas for the consultation, such as the number of licences, better regulation and employee welfare, as well as having government representatives to supervise daily casino operations.
  • Discussions over the future of Macau’s casino licences come amid rocky US-China relations, leaving some investors fearing an edge for domestic players over US-based casino operators.
  • The government has not singled out any US players, but companies have moved to beef up the presence of Chinese or local executives as they position themselves more as Macau operators than foreign ones.

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