Casino stocks slide for a 2nd day as China enclave of Macau launches review of gambling industry
Casino stocksincluding Wynn Resortsand Las Vegas Sandsdropped for a second day on Wednesday
- The stocks dropped as Macau said it would start a regulatory review of the gambling industry.
- Macau is the only place in China were gambling is legal.
Shares of Wynn Resorts and Las Vegas Sands slumped Wednesday, extending losses of the Macau casino operators into a second session following government plans to begin a regulatory review of the gambling industry.
The government in Macau, China's only location where gambling is legal, said Tuesday it would begin a 45-day public consultation period focusing on a potential overhaul of licensing, or concession, rules, and direct supervision over the industry.
Officials are considering putting government representatives on the boards of licensed operators and are looking to criminalize underground banking in the industry, according to an AFP report.
The review comes as Macau has been working to recover from the blow to business dealt by the COVID-19 pandemic. It also arrives as the Chinese government has stepped up regulatory scrutiny in a wide range of industries, including technology and education.
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