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Macau gaming stocks see US$3.5 billion wiped from market cap

Andrew W Scott and Ben Blaschke by Andrew W Scott and Ben Blaschke
Tue 8 Mar 2022 at 04:38
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Almost US$3.5 billion has been wiped off from the market capitalization of Macau’s gaming operators since Friday as investors continue to exhibit caution over the sector.

The Hong Kong-listed entities of all six Macau casino concessionaires have fallen substantially in the 72 hours between trading close on Friday and trading close on Monday, the most substantial being Melco International Development – the majority owner of Melco Resorts & Entertainment – which saw its share price fall 7.9% to HK$6.97.

SJM Holdings fell 7.4% to HK$3.75, Sands China by 7.2% to HK$18.44 and MGM China by 6.4% to HK$4.52, while Galaxy Entertainment Group dropped 5.5% to HK$39.85 and Wynn Macau by 5.0% to HK$6.14.

In total, the combined market cap of the six companies fell by 6.3% or HK$27.1 billion (US$3.47 billion) to HK$403.6 billion (US$51.6 billion).

It is not immediately clear what has caused the share prices to decline although it comes just days after the Macau SAR Government announced a six-month extension to the current 20-year licenses of all six concessionaires, from their previous expiration date of 26 June 2022 until 31 December 2022.

It is expected that amendments to Macau’s gaming law will be finalized by the Legislative Assembly by June, with a re-tendering process for gaming concessions to be conducted in the second half of the year.

Macau’s gaming stocks had been gradually recovering since losing 26% of their value – HK$143 billion (US$18.4 billion) – in a single day last September in response to the Macau government first unveiling its draft revisions to the city’s gaming law.

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Andrew W Scott and Ben Blaschke

Andrew W Scott and Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Born in Australia, Andrew is a gaming industry expert and media publisher, commentator and journalist who moved to Hong Kong in 2005 and then Macau in 2009, when he founded O MEDIA, one of Macau’s largest media companies and parent company of Inside Asian Gaming.

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