
Investors folded on Macau casino shares after Suncity Group, the spot’s biggest VIP junket business, reportedly warned its employees to take extra caution when moving money to the Chinese enclave where video gaming is permitted.
Billionaire Steve Wynn was one of several casino magnates whom destroyed money on Monday, as Macau casino stocks dipped on continued uncertainty about the continuing future of VIP junket operators. (Image: Vincent Yu/Associated Press)
Wynn Macau, traded on the Hong Kong Stock Exchange, lost nearly five % of its share cost in the news. Galaxy Entertainment was down more than three percent, and MGM China, Sands China, and SJM Holdings all saw their valuations dip by at least two %.
According to Barron’s, a financial newspaper, investors are fleeing on issues that China’s anti-corruption campaign is soon to target VIP junket operations, for decades a critical part of drawing high-stakes players to various Chinese casinos. President Xi Jinping has been trying to stop the movement of cash from the mainland to Macau, a previous Portuguese territory that is today a tax haven where casinos regularly focus on the elite that is asian.
‘Investors are worried that the Suncity warning could preclude another crackdown on the industry,’ Barron’s columnist Daniel Shane had written.
Suncity Group warned workers recently to simply take extra precautions whenever money that is moving an Continue reading “Macau Casino Stocks Plunge with VIPJunket Ops in Beijing’s Anti-Corruption Crosshairs”