Macau gaming stocks shot up on Monday after the Chinese gambling hub’s government said it planned to award new licences to the city’s existing casinos, marking a reprieve for the industry as it struggles to overcome Beijing’s pandemic curbs.
Among the Hong Kong-listed arms of US casino groups, Wynn Macau rose 15.1 per cent, MGM China Holdings 13 per cent and Sands China 8.4 per cent by late afternoon on Monday.
The announcement offers relief to investors concerned about China’s increasing hostility towards gambling following the arrests late last year of two of Macau’s biggest gambling promoters, Alvin Chau and Levo Chan.
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