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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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28-09-2021 03:13:02 (UTC+7)

EUR/USD

1.1698

-0.0016 (-0.14%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (8)

EUR/USD

1.1698

-0.0016 (-0.14%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (8)

GBP/USD

1.3705

+0.0022 (+0.16%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

USD/JPY

111.00

+0.28 (+0.26%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

AUD/USD

0.7290

+0.0032 (+0.43%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

USD/CAD

1.2628

-0.0024 (-0.19%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (6)

EUR/JPY

129.86

+0.16 (+0.12%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (6)

Sell (1)

EUR/CHF

1.0831

+0.0008 (+0.07%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (5)

Sell (1)

Gold Futures

1,750.55

-1.15 (-0.07%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (1)

Silver Futures

22.648

+0.223 (+0.99%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

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Copper Futures

4.2817

-0.0038 (-0.09%)

Summary

Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (3)

Sell (4)

Crude Oil WTI Futures

75.45

+1.47 (+1.99%)

Summary

Neutral

Moving Avg:

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Indicators:

Buy (2)

Sell (5)

Brent Oil Futures

78.64

+1.41 (+1.83%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (4)

Natural Gas Futures

5.846

+0.646 (+12.42%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (6)

US Coffee C Futures

194.98

+0.63 (+0.32%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (0)

Euro Stoxx 50

4,165.48

+6.97 (+0.17%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

S&P 500

4,444.03

-11.45 (-0.26%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

DAX

15,573.88

+42.13 (+0.27%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

FTSE 100

7,063.40

+11.92 (+0.17%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

Hang Seng

24,208.78

+16.62 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,284.15

+30.27 (+1.34%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

IBEX 35

9,002.90

+129.80 (+1.46%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (2)

BASF SE NA O.N.

64.740

+1.040 (+1.63%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (5)

Bayer AG NA

47.47

+0.99 (+2.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Allianz SE VNA O.N.

196.19

+3.85 (+2.00%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (2)

Adidas AG

278.80

-2.77 (-0.98%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Deutsche Lufthansa AG

6.561

+0.328 (+5.26%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (2)

Siemens AG Class N

147.27

-0.84 (-0.57%)

Summary

↑ Sell

Moving Avg:

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Sell (11)

Indicators:

Buy (0)

Sell (10)

Deutsche Bank AG

11.120

+0.285 (+2.63%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (3)

 EUR/USD1.1698↑ Sell
 GBP/USD1.3705↑ Sell
 USD/JPY111.00↑ Buy
 AUD/USD0.7290↑ Sell
 USD/CAD1.2628Sell
 EUR/JPY129.86Neutral
 EUR/CHF1.0831Neutral
 Gold1,750.55Buy
 Silver22.648Neutral
 Copper4.2817Sell
 Crude Oil WTI75.45Neutral
 Brent Oil78.64Sell
 Natural Gas5.846Sell
 US Coffee C194.98↑ Buy
 Euro Stoxx 504,165.48↑ Sell
 S&P 5004,444.03↑ Sell
 DAX15,573.88↑ Sell
 FTSE 1007,063.40↑ Sell
 Hang Seng24,208.78↑ Buy
 Small Cap 20002,284.15↑ Sell
 IBEX 359,002.90Buy
 BASF64.740↑ Sell
 Bayer47.47↑ Buy
 Allianz196.19↑ Buy
 Adidas278.80↑ Sell
 Lufthansa6.561↑ Buy
 Siemens AG147.27↑ Sell
 Deutsche Bank AG11.120↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,665/ 5,715
(0/ 0) # 900
SJC HCM5,635/ 5,700
(0/ 0) # 885
SJC Hanoi5,635/ 5,702
(0/ 0) # 887
SJC Danang5,635/ 5,702
(0/ 0) # 887
SJC Nhatrang5,635/ 5,702
(0/ 0) # 887
SJC Cantho5,635/ 5,702
(0/ 0) # 887
Cập nhật 28-09-2021 03:13:04
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ↀ Giá vàng thế giới
$1,750.27+0.770.04%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2204022480
RON 95-II,III2194022370
E5 RON 92-II2071021120
DO 0.05S1658016910
DO 0,001S-V1693017260
Dầu hỏa1564015950
ↂ Giá dầu thô thế giới
WTI$75.44+0.250.34%
Brent$79.41+0.450.56%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.630,0022.860,00
EUR25.993,7727.346,60
GBP30.324,2231.591,18
JPY200,45212,05
KRW16,7520,39
Cập nhật lúc 18:54:42 27/09/2021
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