Casino Stocks Steady As Macau Announces Another Crackdown – Investor's Business Daily

Shares of Las Vegas Sands (LVS), Wynn Resorts (WYNN) and MGM Resorts (MGM) were little changed Thursday even as Macau announced yet another crackdown.

This time Macau’s Gaming Inspection and Coordination Bureau (DICJ), is increasing its audits of the junket industry, over worries of money laundering. Junkets are middlemen bring high rollers to casinos with offers of credit and later settle any debts. The industry accounts for 53% of total casino revenue from Macau, a special administrative region of China and the only part of the nation where gambling is legal.

Wynn shares fell 0.2% to 122.42 on the stock market today. Las Vegas Sands shares rose 1 cent to 56.85, but found resistance at their 50-day line after falling below that level on Wednesday. MGM Resorts (MGM) shares retreated 0.6% to 30.96, closing above a 30.72 buy point. Melco Resorts & Entertainment (MLCO) shares dipped 1.3% to 20.99.

“We have done 40 junkets, some are good, some need some improvement, we have told them to improve their accounting system,” said Paulo Chan, director of the DICJ.

Earlier this month casino stocks fell after Macau had tried to limit ATM withdrawals and require facial recognition technology at ATMs in another attempt to stop money laundering.


Casino Stocks Rise As Macau April Gaming Revenue Up 16%

Read More Here...

This entry was posted in Casino Gambling Stocks News. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Trackbacks are closed, but you can post a comment.