US casino stocks in Macau surge, ending a two year gambling slump


Posted on the 1st of September 2016

US casino stocks in Macau surge, ending a two year gambling slump

US Casino shares in Macau have ended the month of August 2016 on a positive note, as stocks of the major US owned casinos reported a positive outcome. According to Macau’s Gaming Inspection and Coordination Bureau, the gross gaming revenue rose 1.1 percent in August 2016 to 18.8 billion patacas ($2.4 billion). Some of the casinos that reported positive gains include Wynn Macau, Sands China, Galaxy and SJM Holdings. Macau, whose gambling industry is seven times bigger than Las Vegas, suffered a serious setback after president Xi Jinping took power, and cracked down on the junket operators that recruit VIP gamblers. While the Chinese crackdown has scared away many high rollers, it is hoped that Macau will attract a larger number of middle class gamblers who will compensate for the revenue drop from the high rollers.

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