Macau casino shares rise on New York Stock Exchange
This comes after authorities in the Chinese enclave released favorable results from public hearings.
As reported by Bloomberg this morning, the stocks of several of Macau’s largest casino operators have risen, including brands with large US influence such as Wynn Resorts, MGM Resorts International and Sands.
Casino operator’s shares rose by a reported 4.8% on Friday, the largest increase seen in the region since December 7, when Wynn Macau and Sands China saw their stocks boosted by 6%.
According to reports, this boost comes after the release of favorable results from public hearings centering on the renewal of casino licenses. These results were collected during a tumultuous period in Macau gaming, running from September 15 to October 29, 2021.
The public hearings focused on whether casino licenses should be renewed for operators whose offerings did not originate in China. Results revealed that most people are happy with the current situation, according to Sanford C. Bernstein & Co.
An analyst for Bernstein said: “We still believe the government is wholly set on finalizing the new concessions prior the June expirations. We do not view anything in the report that raises issues.”
This report has been released amid a crackdown on the influence of casino operators in the former-Portuguese colony that led to the arrest of one of Macau’s most influential men, Alvin Chau, head of Suncity.
While this is positive news for US-based operators in Macau, the decision is not final. It is likely that authorities will still place checks and balances on the casino industry, with a Singapore style system the most likely outcome.
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