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Las Vegas Sands Corp. (LVS) - free report >>
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Here's Why Casino Stocks (MGM, LVS, WYNN) Are Gaining Today
Shares of some of the largest casino brands with operations in Macau, including MGM Resorts (MGM - Free Report) , Las Vegas Sands (LVS - Free Report) , and Wynn Resorts (WYNN - Free Report) were up on Friday after the Chinese gambling hotspot limited daily ATM withdrawals by less that was originally reported.
By mid-day, MGM was up about 2.4%, while LVS and WYNN were up about 2.9% and 2.5%, respectively. Friday’s gains come just a day after the stocks dropped suddenly on a Chinese media report that Macau would halve its 10,000 patacas daily cap on ATM withdrawals.
In fact, the Macau Monetary Authority has not adjusted the daily limit at all. Instead, the regulatory body will limit ATM withdrawals for China UnionPay cardholders to 5,000 patacas per transaction. The daily cap of 10,000 patacas remains the same.
The state of Macau’s gambling business has been in flux since the Chinese government decided to crack down on corruption last year, which targeted some of the area’s highest rollers. However, we’ve seen Macau revenues return a bit this year as the enclave has begun to transform from gambling hotspot to family-friendly tourist destination.
Regardless of Macau, the Asian gambling industry could be in for a major shakeup as Japan looks to enter the fray. The nation is reportedly close to legalizing gambling throughout the country, opening up an estimated $40 billion a year industry (Also read: Here's Why Japan Could Become The Next Gambling Hotspot).
Casino stocks are always among the most talked about tickers on the market, and investors will only become more interested as the traditional hotspots continue changing.
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