A Story Out Of China Has Casino Stocks Surging
China Daily reports that the campaign was meant to curb "misbehavior by party officials."
"The campaign has reached its goals... but Party organizations at all levels must not let up on the drive to improve working practices and should continue to deal with the problems exposed by the campaign," said a statement released Tuesday after a meeting of the Political Bureau of the CPC Central Committee.
What does that mean for casino stocks? It's very simple - it means the party is back on in the high roller space. "Misbehavior" included spending money at VIP clubs and entertainment spots, like the lavish casinos of Macau.
The timing for this couldn't be more perfect. Today Macau officials announced that the pleasure playground's gambling revenue would decline 12%-13% from September of last year. Those are the worst number since the global financial crisis.
Indeed all of China's economy is slowing down. August economic data showed a full-on routing, with the worst industrial production figures since 2008. Analysts started talking about the country missing its target 7.5% GDP growth rate.
That would be something we haven't seen in a while.
Usually in a situation like this China might use government stimulus to get the economy back on track, but President Xi has showed signs that he wants to stay on the reform track, at least monetary policy-wise.
Corruption-wise perhaps we're seeing another story.
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- "To sit and talk in the box...!" Kohli's message to critics as RCB wrecks GT in IPL Match 45
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market