{"id":6560,"date":"2024-08-16T16:02:49","date_gmt":"2024-08-16T15:02:49","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=6560"},"modified":"2024-08-16T16:02:54","modified_gmt":"2024-08-16T15:02:54","slug":"macau-casino-stocks-drop-amid-crackdown-on-illegal-money-changing","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2024\/08\/16\/macau-casino-stocks-drop-amid-crackdown-on-illegal-money-changing\/","title":{"rendered":"Macau Casino Stocks Drop Amid Crackdown on Illegal Money Changing"},"content":{"rendered":"\n<p>Shares of <strong>Macau<\/strong> casino operators have declined as the city prepares to intensify its crackdown on illegal money changing, targeting Chinese gamblers who circumvent the country&#8217;s capital controls.<\/p>\n\n\n\n<p>On Monday, August 12, <strong>Galaxy Entertainment Group<\/strong> shares fell 4.4%, reaching a three-year low. <strong>Sands China<\/strong> shares dropped nearly 5%, while <strong>MGM China Holdings<\/strong> saw a 4.5% decline.<\/p>\n\n\n\n<p>The move follows lawmaker <strong>Chan Chak Mo\u2019s<\/strong> announcement on August 9, stating that the assembly committee studying the gambling counter-terrorism bill will introduce a new clause criminalizing illegal money changing within casino premises. This includes all areas related to gambling operations, as well as auxiliary spaces dedicated to arts, culture, leisure, business, or hospitality activities.<\/p>\n\n\n\n<p>Penalties for violating currency conversion rules range from one month to five years, with those convicted facing a ban from casinos for two to 10 years.<\/p>\n\n\n\n<p>Following <strong>Citigroup&#8217;s<\/strong> 30-day short-term outlook on Macau\u2019s gambling sector, analysts highlighted the potential for short-term share price volatility.<\/p>\n\n\n\n<p>\u201cWhile most players have legal avenues to defend their actions in Macau, this negative news could heighten uncertainty and further damage the already fragile investment sentiment toward Macau\u2019s gambling sector,\u201d the analysts noted.<\/p>\n\n\n\n<p>This crackdown is part of a broader effort to curb capital outflow from Macau\u2019s gambling industry. Last year, the government enacted a law banning online betting and imposing stricter penalties on illegal gambling operations. Previous measures included dismantling large junket operators that catered to high rollers, which significantly impacted the VIP gaming sector &#8211; a key revenue source for Macau.<\/p>\n\n\n\n<p>However, Citigroup pointed out that while concerns over new regulations may be exaggerated, positive indicators remain, such as increased visitor numbers, strong <strong>GGR<\/strong>, and higher <strong>EBITDA<\/strong> across the industry.<\/p>\n\n\n\n<p>Last week, <strong>Wynn Resorts<\/strong> reported a <strong>17% revenue increase<\/strong> at its Macau properties, bringing in <strong>$548 million<\/strong>, with <strong>Wynn Macau<\/strong> specifically seeing an<strong> 11.8% rise in revenue to $337.3 million<\/strong>.<\/p>\n\n\n\n<p>Don&#8217;t forget to subscribe to our <a href=\"https:\/\/t.me\/sbceurasia\">Telegram channel<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of Macau casino operators have declined as the city prepares to intensify its crackdown on illegal money changing, targeting Chinese gamblers who circumvent the country&#8217;s capital controls. On Monday, August 12, Galaxy Entertainment Group shares fell 4.4%, reaching a three-year low. Sands China shares dropped nearly 5%, while MGM China Holdings saw a 4.5% [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":6561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[8,1],"tags":[9441,9440,2658,2757,9439,9141,8398,876],"class_list":["post-6560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casino","category-news","tag-chan-chak-mo","tag-citigroup","tag-galaxy-entertainment-group","tag-macau","tag-mgm-china-holdings","tag-sands-china","tag-wynn-macau","tag-wynn-resorts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Macau Casino Stocks Drop Amid Crackdown on Illegal Money Changing - SBC EURASIA EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbceurasia.com\/en\/2024\/08\/16\/macau-casino-stocks-drop-amid-crackdown-on-illegal-money-changing\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Macau Casino Stocks Drop Amid Crackdown on Illegal Money Changing - SBC EURASIA EN\" \/>\n<meta property=\"og:description\" content=\"Shares of Macau casino operators have declined as the city prepares to intensify its crackdown on illegal money changing, targeting Chinese gamblers who circumvent the country&#8217;s capital controls. On Monday, August 12, Galaxy Entertainment Group shares fell 4.4%, reaching a three-year low. 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