Investors folded on Macau casino shares after Suncity Group, the location’s VIP junket company that is biggest, reportedly warned its employees to take additional caution when moving money to your Chinese https://lightninglinkslots.com/ enclave where 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 per cent of its share price on 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 per cent.
According to Barron’s, a newspaper that is financial investors are fleeing on concerns that China’s anti-corruption campaign is quickly to target VIP junket operations, for years a vital element of drawing high-stakes players to various Chinese casinos. President Xi Jinping has been trying to stop the flow of money from the mainland to Macau, a former Portuguese territory that is today a tax haven where casinos routinely focus on the Asian elite.
‘Investors are concerned that the Suncity warning could preclude another crackdown on the industry,’ Barron’s columnist Daniel Shane composed.
Suncity Group warned workers recently to just take extra precautions when going (suite…)