China Crackdown: Tighter Control of Macau Casinos, Shares Lose $18 Billion in Market Value
17th September 2021 | Hong Kong
China crackdown continues with announcement of tighter control of casinos in Macau, causing share prices of the biggest Macau casinos to lose $18 billion in market value (15/9/21) after the day of announcement (14/9/21). China government had announced plans to tighten restrictions on casino operators, including appointing state officials to supervise the companies. Shares in Sands China, Wynn Macau, Galaxy Entertainment Group, SJM, Peers MGM China and Melco Entertainment fell by between 20% to 32% (15/9/21).
“ Tighter Control of Macau Casinos, Shares Loses $18 Billion in Market Value “
Macau, World’s Largest Casino & Gambling Hub
Macau is the world’s largest casino & gambling hub, and is the only place in China where gambling is licensed and legal. China government has began a 45 days public public consultation period (15/9/21) to discuss the legal revisions. The key topics include the number of licenses, term of licenses, level of supervision, local & foreign shareholding ownership.
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