Traders in both New York and Hong Kong saw casino stocks on the rise, after authorities in Macau released favourable results from the public hearings on the renewal of casino licenses in the world’s largest gambling market.
The public consultation revealed that most respondents are happy with current licensing arrangements, with six casino licensees and a 20-year maximum concession length, and this clearly increases the likelihood that the incumbent operators will receive successful renewals in advance of the coming June’s deadline.
This news, and resultant commentary, saw the share prices in the relevant operators – Sands China and Wynn Macau in Hong Kong, and Wynn Resorts, Las Vegas Sands and MGM Resorts in New York – all climbing, as did share prices of the three Chinese operators, Melco, Galaxy Entertainment and SJM Holdings.
