August as Macau’s best-performing month
Macau's casinos generated $2.47 billion in August, which is 15% more compared to 2023.Macau is an autonomous region on the south coast of China, across the Pearl River...
The new law results in Macau casino stocks drop
Stocks in Macau casinos dropped as the world’s largest gambling hub plans to tighten regulations on illegal money exchange activities.
As a result, the Galaxy Entertainment Group’s stock fell 4.4% on Monday, August 12, marking the lowest level in three years. Sands China had a 5% drop and MGM China Holdings had a 4.5% drop.
The parliamentary committee chaired by legislator Chan Chak Mo declared on Friday, August 9, that illegal money transactions on casino property would soon become a crime due to new legislation.
This refers not only to casinos but all facilities for art, cultural, recreational, business, or hotel-related activities within casinos.
This new law could result in a prison sentence of one to five years and casino bans in cases of currency conversion violations.
With this new move, the country is maximizing its efforts to minimize the illegal outflows because of gambling. Investor concerns regarding the new law may be exaggerated, as the country is getting more tourists and rebounding in gaming revenue through this new law.
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Macau’s gambling disorder cases rise in 1H24
Macau’s Social Welfare Bureau (IAS) has reported on the rise of gambling disorder cases for the first half of the year.
Macau is an autonomous region on the south coast of...
