International edition
September 21, 2020

Sands China drops as Xinhua says Macau casino curbs

Macau to tighten control of city’s casino industry

(Macau).- Macau’s government will tighten control of the number of new casinos, gaming tables and slot machines, state-run Xinhua reported, citing the city’s Chief Executive Fernando Chui’s annual policy address. Regulators in the only place in China where casinos are legal will also enhance supervision, especially the auditing of financial records, it said.

T

he city will also seek to optimize gaming laws and regulations to stabilize industry development. Macau will exclude casinos from allowed uses for land newly filled in from the sea, instead earmarking it for public housing and industries that will help the economy expand beyond gambling, Chui said.

The city will continue to support the development of new industries, focusing on Meeting, Incentive, Convention and Exhibition travel, culture and creativity, traditional chinese medicine and business and trade services, Xinhua said.

Sands China, Asia’s second- biggest casino operator by market value, dropped the most in almost a year in Hong Kong after Xinhua News Agency said Macau will tighten control of its casino industry.

Sands China fell 7.1 % in Hong Kong last Tuesday, the biggest decline since November 30 and trimming its gain this year to 68 %. Billionaire Stanley Ho’s SJM Holdings, Asian biggest casino operator by revenue, declined 6.3 %.

The Las Vegas Sands unit in 2007 opened the Venetian Macao, the world’s biggest casino by floor area, leading the development of gambling resorts on reclaimed land referred to in Macau as the Cotai Strip. Melco Crown Entertainment last year opened the City of Dreams across the street and Galaxy is building a us$ 2 billion casino project in the area.

Galaxy Entertainment Group., the casino operator part- owned by Permira Advisers, dropped 5.6 % and Wynn Macau retreated 4 %. Besides, Melco International Development, part owner of Melco Crown, fell 4.9 %. Melco Crown is a Nasdaq- listed joint venture with Australian billionaire James packer’s Crown.

Las Vegas Sands fell 5.8 % to us$ 46.24 in New York trading Tuesday, the most in more than four months. Melco Crown declined 4.2 % and Wynn Resorts slid 3.3 %.

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