Macau casino stocks plunge as gov’t kicks off consultation
Al Jazeera
A gov’t proposal to revise the city’s gaming laws spooked investors already slammed by Beijing’s recent crackdown.
Macau casino operator stocks have plummeted by as much as a third, losing about $14bn in value, as the government kicked off a public consultation that investors fear will lead to tighter regulations in the world’s largest gambling hub.
With Macau’s lucrative casino licences up for rebidding next year, a government proposal to revise the city’s gaming law spooked a Hong Kong market already slammed hard into the red by a broad Beijing regulatory crackdown, across sectors from technology to education and property, that has sliced hundreds of billions of dollars off asset values.
Wynn Macau led the plunge, falling as much as 34 percent to a record low on Wednesday, followed by a 28 percent tumble for Sands China. Peers MGM China, Galaxy Entertainment, SJM and Melco Entertainment all fell heavily, bringing the drop to 109 billion Hong Kong dollars ($14bn).
