The Macau government’s drive to increase oversight of casinos wiped $18.4bn off the market value of listed gambling operators, as analysts warned that stringent regulations could squeeze margins already strained by the Covid-19 pandemic.
Shares of Sands China tumbled 32.5 per cent, Wynn Macau fell 29 per cent and rival MGM China lost almost 27 per cent in Hong Kong on Wednesday. SJM Holdings shed 24 per cent while Melco International and Galaxy Entertainment dropped 20 per cent each.
The losses left the Bloomberg Intelligence Macau Gaming Composite index, which tracks the city’s listed casino operators, down 23 per cent at the close of trading, marking the gauge’s worst one-day performance on record.
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