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Hong Kong gaming stocks continued to decline, MGM China fell more than 6%, Melco International Development fell more than 5%, Sands China Ltd. and Wynn Macau fell nearly 5%.
Phoenix New Media Hong Kong stocks | Goldman Sachs Group reported that due to the recovery of COVID-19 's epidemic, the trend of GGR (gross gaming revenue) has weakened. Macau gaming stocks fell sharply from July to August, but Macau gaming stocks rebounded by an average of 10 per cent in the past month as the situation improved. However, with the recent report of new DELTA cases in Fujian Province, the government immediately put four regions (all in Putian) on the medium / high risk alert list, coupled with concerns about the risk of licence expiry, Macau gaming stocks were hit hard again. According to media reports, it is estimated that more than 30, 000 people have travelled from Putian to other provinces, prompting a possible wider spread of the virus
事件点评 | 澳门公众咨询对博彩行业有何影响？
Stock speculation to see Jin Kirin analyst research report, authoritative, professional, timely, comprehensive, to help you tap the potential of the theme opportunity! There has been a lot of bad luck recently, and today it's the gaming industry's turn! On Wednesday, another sector in the Hong Kong market was raided. The gaming industry suddenly plummeted, with the gaming industry index plummeting nearly 17%. Sands China, which has a market capitalization of nearly HK $140 billion, fell nearly 33%, and other stocks also fell sharply. So, what happened? Analysts believe that it may be related to two reasons: first, Macao's economic and financial secretary, Li Weinong, issued a notice on Tuesday night that the gambling industry will last for 45 days starting from Wednesday.
港股收评 | 恒生科技指数大跌超3%，美团、腾讯跌超4%
The three major indexes fell sharply across the board, with the Hang Seng Index closing down 1.84% and the National Index down 1.6%. Gambling stocks plummeted, Sands China fell more than 32%, Wynn Macau fell nearly 29%, MGM China fell more than 26%, and Galaxy Entertainment fell more than 20%. Steel stocks and power equipment stocks rose in the afternoon, while the decline of inner housing stocks widened.
Gambling stocks fell across the board today, with Sands China Ltd. down more than 30%, Wynn Macau down more than 27%, and MGM China down more than 24%.
港股午评 | 濠赌股集体暴跌，金沙中国重挫超26%，永利澳门跌超24%
By the close of midday, the three major indexes were collectively down, large technology stocks were weaker again, NetEase, Inc fell more than 5%, Meituan and JD.com fell more than 3%, Tencent fell nearly 3%, BABA fell nearly 2%, XIAOMI and Baidu, Inc. rose slightly; wind power stocks rose, Xinjiang Goldwind Science & Technology rose more than 7%, Xintian green energy rose more than 4%, Ruifeng new energy rose 2%, China Longyuan Power Group Corporation rose nearly 2%.
The Macao government plans to amend the gaming legal system, including introducing government representatives into casino operators and increasing the proportion of shares held by Macao residents in gaming enterprises. JPMorgan Chase & Co said in a research report that the policy signal indicates that the regulatory review of capital management and day-to-day operations will be more stringent in the process that casinos are about to renew their gambling cards. Although the actual level of regulation and enforcement is still the focus of debate, it has worried investors enough to downgrade gambling stocks. The bank downgraded Wynn Macau, Sands and Melco to underweight, while Galaxy Entertainment, SJM and MGM were downgraded to neutral.
BofA Securities released a research report, and the Macao government launched a consultation on amending the gaming law, believing that the market may overreact to the news. The bank pointed out that the consultation on the revision of the gaming law in Macao is somewhat negative, but not as bad as expected. it believes that the gaming industry in Macao has always been a strictly regulated industry, and it is believed that additional regulation will not undermine shareholder value. the most important problem is that the number of betting cards has not yet been determined. BofA also mentioned that there is no differential treatment for foreign-backed companies by the authorities, but pointed out that having a government representative at the board level will ensure that the company's interests are in line with the Macao government's long-term development goals. It can also explain the lack of gambling operators during the epidemic.