i and the mainland government have put the Macau casino industry on ice in recent months as they crack down on the flight of money from China to Macau and out of the country, as well as against corruption by government officials.
Indicating that perhaps the worst of the ominous warnings are over, Macau casino stocks had a fairly calm day on Friday as Xi landed in Macau to mark the country’s 15th year under Chinese rule. In New York, all four US-listed Macau operators rose substantially, from Wynn’s 3.45 percent jump to MGM Resorts’ 4.79 percent increase.
That followed the rebound in Hong Kong, where SJM stock rose 3.86 percent, Melco Crown jumped 2.68 percent and MGM China rose 0.84 percent.
The others were even or only slightly down. Thus, the stocks enjoyed their second straight day of stability after a rout that has lasted several months and has seen them lose 30 to 50 percent of their market value.