Wynn Macau leads losses in gaming stocks after Genting joins licence race

HWGG Entertainment

15/09/2022 04:57

** Shares of Wynn Macau  1128.HK  lead slide among Macau
casino operators, down as much as 7.2%, after Malaysian tourism
and gambling conglomerate Genting Group-backed GMM joins the
race to bid for new casino licences 
    ** Stock falls to a session low of HK$4.78, marks biggest
intraday pct decline since April 21 
    ** Seven companies have bid for new casino licenses in the
world's biggest gaming hub, with new contracts set to start at
the beginning of 2023, Macau's government said on Wednesday
 urn:newsml:reuters.com:*:nL1N30L0QN
    ** Sands China  1928.HK , Wynn Macau, Galaxy  0027.HK , MGM
China  2282.HK , SJM  0880.HK , Melco Resorts  MPEL.O  and GMM
Ltd submitted bids for the tender, the government said
    ** Macau has fixed a limit of 6,000 gaming tables and 12,000
gaming machines for new casino operators early next year, and
minimum income levels for each operator  urn:newsml:reuters.com:*:nL1N3020L0
    ** Shares of SJM, MGM China, Galaxy and Sands China fall
between 0.1% and 1.7%, while Melco International  0200.HK  rises
1.9%
    ** "While the addition of Genting in the bidding was
surprising, we do not believe it changes our expectations that
the six current concessionaires will be awarded the new
concessions," Daiwa wrote in a research note 
    ** Hang Seng Index  .HSI  climbs 0.5%


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))