Stocks of US-based Macau casino operators rose following a US-China tariff ceasefire and positive comments from the city’s CEO, easing worries about geopolitical risks and regulatory uncertainty in the region.
US casino companies in Macau have been concerned about global trade concerns, but stock prices have increased as a result of the recent US-China tariff ceasefire.
The announcement this week that Beijing and Washington had reached an agreement to halt tariff increases for 90 days caused shares in US-based Macau casino firms to rise.
Three of Macau’s Big 6 casino concessionaires, Wynn Resorts, Las Vegas Sands, and MGM Resorts, had their share values increase by about 8%, 7%, and 5% on Monday, according to Investopedia. The S&P 500 had a 3% gain that day.
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The CEO provides reassurance
The remarks made by Macau Chief Executive Sam Hou Fai may also comfort the units that face Asia. Sam said during a news conference on Tuesday that American operators operating out of Washington will not face consequences from the Chinese special administrative zone.
According to him, “[the operators] are protected and supported” by the SAR “so long as they follow Macau’s laws and conduct their activities in an orderly and lawful manner.”
Courtesy: https://igamingexpert.com/, https://www.igbnorthamerica.com/, https://gamingamerica.com/news/
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