Investors Business Daily reports
Las Vegas Sands, Wynn Resorts Extended Steep Losses As China Mulls Tighter Rules For Macau Casinos
Casino operator stocks with major exposure to Macau continued to sell off Wednesday, including Las Vegas Sands (LVS), Wynn Resorts (WYNN) and MGM Resorts (MGM), as China eyes tougher regulations. But they did pare losses.
The proposed rules call for the removal of current sub-concession system, the appointment of government delegates to oversee gaming operators and the creation of an illegal deposit crime, according to a macaubusiness.com report.
In 2002, Macau granted only three gaming concessions. One each to: SJM Resorts, a subsidiary of SJM Holdings; Wynn Resorts (Macao), a subsidiary of Wynn Resorts; and Galaxy Casino, connected to Galaxy Entertainment Group.
Local authorities eventually allowed each concessionaire to have a sub-concession. They included MGM China Holdings, Melco Resorts and Entertainment and Sands China.
Read more at https://www.investors.com/news/las-vegas-sands-wynn-resortsdive-as-china-mulls-tighter-rules-for-macau-casinos/
