Wynn Macau leads gains in Macau casino stocks after license approval
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Wynn Macau led an improvement of Macaese gaming stocks on Monday, November 28th in Hong Kong. Six current Macao casino operators will acquire new licenses to operate in the largest gambling center in world from January.
Macau casino operators have invested more than 50 billion dollars in China’s special administrative region over the past 20 years. UBS wrote that the licenses announcement removes a major overhang for the sector. Chinese shares of Galaxy Entertainment, Sands China, SJM, Melco International and MGM China rose from 1.2 to 12.1%.
Genting Malaysia missed the opportunity to get a license for Macau. Its shares were not traded on Monday due to a national holiday in Malaysia.
Wynn Macau leads gains in Macao casino stocks after license approval. Maca's government has motivated casino operators to move away from gambling. New hotel rooms in and around existing gaming facilities are the highest return investments in the Macana. Wynn Resorts S.A. will conduct a capital restructuring to boost its registered capital to 5 billion patacas (621.20 million dollars) from 200.1 million pataca.
