Macau gaming stocks jump on concession renewal, US operators notch largest gains
Monday 28 de November 2022 / 12:03
2 minutos de lectura
(Macau / Las Vegas).- The Hong Kong-listed entities of Macau’s six casino concessionaires all saw their share prices notch gains on Monday, with the three US-based operators – Wynn, MGM and Sands – recording the largest jumps in response to being provisionally awarded new 10-year concessions over the weekend.
As reported by Inside Asian Gaming, the six existing concessionaires beat out a challenge from Genting Malaysia subsidiary GMM to be granted new concessions, which will kick-in from 1 January 2023 pending the signing of contracts before the end of the year.
While the result was widely expected, lagging uncertainty had been seen as a key overhang keeping Macau gaming stocks subdued, with US stocks particularly susceptible given recent Sino-US tensions.
With the concession overhang now largely removed, share prices spiked on Monday with Wynn Macau Ltd enjoying the largest jump – up 15.14% by Monday close to HK$5.02.
MGM China, which closed at HK$4.21 on Friday, climbed 13.06% on Monday to HK$4.76 while Sands China jumped 8.42% to HK$18.80.
Of the local operators, Melco Resorts parent Melco International Development saw an 8.17% improvement to HK$5.43 with SJM Holdings up 6.96% to HK$3.38.
Galaxy Entertainment Group, which had long been seen as the least likely of Macau’s six incumbents to be displaced, was the only concessionaire to see minimal upward movement with its price up just 0.47% to HK$43.05.
Macau’s Secretary for Administration and Justice, André Cheong Weng Chon, told media on Saturday that the government would now begin the process of drawing up firm contracts for the six successful bidding entities, with the contracts expected to be signed with concessionaires next month.
Categoría:Gaming
Tags: Sin tags
País: Macao
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