Casino stocks drop after report of ATM Withdrawal limit in Macau


Posted on the 10th of December 2016

Casino stocks drop after report of ATM Withdrawal limit in Macau

Following a report that cash withdrawals through China UnionPay Co. cards will soon be capped from the current daily limit of 10,000 patacas to 5,000 patacas, a number of casino shares fell quite significantly. 5,000 Macanese Pataca are the equivalent of approximately $625 USD. The decision to cap the daily withdrawal limit came soon after approximately 10 billion patacas in China UnionPay ATM withdrawals were made in one month. That’s the equivalent of approximately $1,251,235,600 USD.

As a result of the report, shares of Melco Crown Entertainment Ltd (MPEL.O) fell as much as 17%, Las Vegas Sands Corp (LVS.N) dipped 14%, Wynn Resorts Ltd (WYNN.O) declined 12% and MGM Resorts International (MGM.N) decreased 7%.

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