Some casino stocks gained in premarket trading

Tiger Newspress2022-01-14

Some casino stocks gained in premarket trading. Wynn, Las Vegas Sands and Melco Crown rose between 3% and 5%.Macau plans to give a maximum of six casino licenses for a tenure extending to 13 years and limit the public float of gambling operators as part of much-anticipated legal changes aimed at tightening government oversight on the world’s largest gaming hub.

The Macau administration also wants to increase the proportion of local ownership in casino firms from the current 10% to 15%, according to a government briefing Friday. No other details were given on the plan to cap the proportion of casino operators’ shares that can be publicly traded, a move that adds some uncertainty as it wasn’t included in the government’s original proposal.

The bill will now be sent to the local legislature for approval and is near-guaranteed to pass, given Macau’s lawmakers rarely vote against any government proposals.

The release of the final proposal has brought some clarity around the renewal of gaming licenses, which are due to expire by June, and the business prospects of the six current casino operators.Investor anxiety was swirling for months on the possibility of harsher norms and new players getting to enter the market in 2022, displacing some existing ones.

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Comments

Jess261
2022-01-15
Jess261
Okay
VamX
2022-01-15
VamX
Whether the economy is good or bad, rich or poor people will always try their luck at casino. Just like stock or even racing, it's the excitement human cannot stop craving for.
Bull1973
2022-01-14
Bull1973
Ok
TeslaLegend
2022-01-14
TeslaLegend
Please like and comment. Thanks!
hj489
2022-01-14
hj489
Unable to spent oversea due to Current pandemic, many try luck at casino.
CkChan
2022-01-14
CkChan
carry on👍🏻