(Bloomberg) — Shares of Macau casino operators surged after the city announced changes to its gaming law that was less harsh than investors had feared, removing regulatory uncertainty for the sector.
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A Bloomberg Intelligence gauge of casino shares jumped as much as 12% in early Monday trading, the most in more than six years. Wynn Macau Ltd., Sands China Ltd. and Galaxy Entertainment Group Ltd. rallied by at least 10%.
Global Tech News DailyThe move tracks gains in U.S.-listed casino stocks on Friday, with Las Vegas Sands Corp. and Melco Resorts & Entertainment Ltd. jumping more than 14%.
The gaming law revisions should “remove most investors’ key concerns, i.e. dividends, government oversight, minimum shareholding by a Macau permanent resident, gaming tax, etc,” Citigroup analysts including George Choi wrote in a Jan. 17 note, expecting the sector multiple to “re-rate significantly from the current levels.”
Global Tech News DailyRead more: Macau’s Casinos Jump as New Law Boosts Valuation: Street Wrap
Macau unveiled plans late Friday to give a maximum of six casino licenses for terms up to 13 years, while limiting the public float of gambling operators.
The casino index lost 47% last year amid investors fears that the upcoming legal changes may further tighten the government’s grip on the world’s largest gaming hub. Analysts saw the new rules as less onerous and supportive of the sector’s valuation.
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