Wynn Macau and Sands China lost a quarter of their value on Wednesday after local policymakers kickstarted a consultation on rules and regulation. Shareholders may be miscalculating the odds however, says KatrinaHamlin:
Macau begins a 45-day public gaming consultation on Sept. 15 to gauge consensus ahead of a closely watched rebidding process for casino concessions.
At a press briefing on Sept. 14, Lei Wai Nong, Macau’s secretary for economy and finance, detailed nine areas for the consultation. These include the number of licenses to be given, increased regulation and protecting employee welfare, as well as introducing government representatives to supervise day-to-day operations at the casinos. The government also noted the need to review policies concerning the distribution of dividends.
Macau's casino operators Sands China, Wynn Macau, Galaxy Entertainment, SJM Holdings, Melco Resorts and Entertainment and MGM China are all required to rebid for their casino licenses when they expire in June 2022. There has been no clarity yet on the process from the government on what is required. Shares in both Wynn Macau and Sands China fell as much as 25% in morning trading in Hong Kong on Sept. 15. Galaxy Entertainment, MGM China, SJM Holdings and Melco International shares dropped more than 10%.Related Links
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