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Macau kicks off public gaming consultation, sending stocks plunging

By Farah Master HONG KONG (Reuters) -Macau begins a 45-day public gaming consultation on Wednesday to gauge consensus ahead of a closely watched rebidding of its multi-billion...
Macau kicks off public gaming consultation, sending stocks plunging © Reuters. FILE PHOTO: People wearing masks walk in front of Casino Lisboa, before its temporary closing, following the coronavirus outbreak in Macau, China February 4, 2020. REUTERS/Tyrone Siu

By Farah Master

HONG KONG (Reuters) -Macau begins a 45-day public gaming consultation on Wednesday to gauge consensus ahead of a closely watched rebidding of its multi-billion dollar casinos, with expectations of tighter regulations sending shares in Macau operators plunging.

Lei Wai Nong, secretary for economy and finance in the world's biggest gambling hub, said the government will further promote the "sustained and healthy development" of Macau's gambling industry as there were still some deficiencies in industry supervision.

Shares of Hong Kong-listed Macau casinos plunged between 16-28% on Wednesday morning, following heavy falls overnight in U.S. casino stocks with Macau operations as investors panicked over potential new regulations.

Macau's casino operators Sands China (OTC:SCHYY), Wynn Macau (OTC:WYNMF), Galaxy Entertainment, SJM Holdings (OTC:SJMHF), Melco Entertainment and MGM China (OTC:MCHVY) are all required to rebid for their casino licsenses when they expire in June 2022. There has been no clarity yet on the process from the government on what is required.

D.S. Kim, an analyst at J.P. Morgan in Hong Kong, said they were downgrading all Macau gaming names from overweight to neutral or underweight following the briefing due to heightened scrutiny on capital management and daily operations ahead of the license renewal.

"We admit it’s only a ‘directional’ signal, while the level of actual regulation/execution still remains a moot point," he said, adding that the announcement would have already planted a seed of doubt in investors' minds.

At a press briefing on Tuesday, Lei detailed nine areas for the consultation, including 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.

A Chinese special administrative region, Macau has massively tightened scrutiny of casinos in recent years, with authorities clamping down on illicit capital flows from mainland China and targeting underground lending and illegal cash transfers.

Beijing has also intensified a war on cross-border flows of funds for gambling, affecting the financing channels of Macau's junket operators and their VIP casino customers.

In June this year, Macau more than doubled the number of gaming inspectors and restructured several departments to ramp up supervision.

J.P. Morgan's Kim downgraded Macau operators Sands, Wynn and Melco to "underweight" from "overweight" and shifted Galaxy, SJM and MGM to "neutral".

George Choi, an analyst at Citigroup (NYSE:C) in Hong Kong, said that while the public consultation document offered limited details, the suggested revisions enhance long-term sustainable growth for the industry with "positive implications on the six casino operators".

He cautioned, however, that "we will not be surprised if the market focuses only on the potentially negative implications, given the weak investor sentiment".

The consultation comes as Macau has struggled with a dearth of travellers because of coronavirus curbs since the start of 2020. While gambling revenues have picked up in recent months, they remain at less than half of 2019 monthly hauls.

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24-09-2021 16:43:31 (UTC+7)

EUR/USD

1.1733

-0.0003 (-0.02%)

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↑ Sell

Moving Avg:

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EUR/USD

1.1733

-0.0003 (-0.02%)

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Sell (8)

GBP/USD

1.3713

-0.0003 (-0.02%)

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Buy (7)

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USD/JPY

110.43

+0.12 (+0.11%)

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↑ Buy

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Buy (8)

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AUD/USD

0.7270

-0.0025 (-0.34%)

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Sell

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USD/CAD

1.2681

+0.0026 (+0.21%)

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Buy (4)

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EUR/JPY

129.58

+0.13 (+0.10%)

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Buy (8)

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EUR/CHF

1.0833

-0.0011 (-0.10%)

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Neutral

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Gold Futures

1,755.15

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22.688

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77.56

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US Coffee C Futures

193.20

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Euro Stoxx 50

4,166.85

-28.07 (-0.67%)

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Sell (5)

S&P 500

4,448.98

+53.34 (+1.21%)

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Moving Avg:

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Sell (9)

DAX

15,548.45

-95.52 (-0.61%)

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FTSE 100

7,062.65

-15.70 (-0.22%)

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Hang Seng

24,192.16

-318.82 (-1.30%)

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Buy (8)

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Buy (7)

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US Small Cap 2000

2,259.80

+41.24 (+1.86%)

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IBEX 35

8,877.50

+0.60 (+0.01%)

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BASF SE NA O.N.

63.760

-0.160 (-0.25%)

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Buy (6)

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Bayer AG NA

46.41

-0.07 (-0.15%)

Summary

Buy

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Allianz SE VNA O.N.

192.22

+0.70 (+0.37%)

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Adidas AG

281.07

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Deutsche Lufthansa AG

6.192

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149.00

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 EUR/USD1.1733↑ Sell
 GBP/USD1.3713↑ Buy
 USD/JPY110.43↑ Buy
 AUD/USD0.7270Sell
 USD/CAD1.2681↑ Buy
 EUR/JPY129.58↑ Buy
 EUR/CHF1.0833Neutral
 Gold1,755.15↑ Sell
 Silver22.688↑ Buy
 Copper4.2315↑ Buy
 Crude Oil WTI73.48↑ Buy
 Brent Oil77.56↑ Buy
 Natural Gas5.089↑ Buy
 US Coffee C193.20↑ Buy
 Euro Stoxx 504,166.85↑ Sell
 S&P 5004,448.98↑ Sell
 DAX15,548.45Buy
 FTSE 1007,062.65↑ Sell
 Hang Seng24,192.16↑ Buy
 Small Cap 20002,259.80↑ Sell
 IBEX 358,877.50Buy
 BASF63.760↑ Buy
 Bayer46.41Buy
 Allianz192.22↑ Sell
 Adidas281.07↑ Buy
 Lufthansa6.192↑ Sell
 Siemens AG149.00↑ Buy
 Deutsche Bank AG10.758↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,655/ 5,705
(-20/ -20) # 873
SJC HCM5,640/ 5,705
(-30/ -30) # 873
SJC Hanoi5,640/ 5,707
(-30/ -30) # 875
SJC Danang5,640/ 5,707
(-30/ -30) # 875
SJC Nhatrang5,640/ 5,707
(-30/ -30) # 875
SJC Cantho5,640/ 5,707
(-30/ -30) # 875
Cập nhật 24-09-2021 16:43:33
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,755.19+9.380.54%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2149021910
RON 95-II,III2139021810
E5 RON 92-II2014020540
DO 0.05S1602016340
DO 0,001S-V1637016690
Dầu hỏa1508015380
ↂ Giá dầu thô thế giới
WTI$73.44-0.68-0.92%
Brent$77.50-0.97-1.25%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.630,0022.860,00
EUR26.044,7927.400,28
GBP30.430,7031.702,11
JPY200,85212,47
KRW16,7620,40
Cập nhật lúc 16:38:06 24/09/2021
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