Casino stocks crash as Macao considers crackdown on gambling [CNN]
MGM Resorts International (MGM)
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Source: CNN
On Tuesday, Macao announced a 45-day public consultation that observers fear will lead to tighter regulations on the lucrative gambling industry in an extension of the recent crackdown on private business by Chinese authorities. Stocks in US casino companies that operate in Macao — the only place where gambling is legal in China — crashed in response to the news. Sands China was down over 32% in Hong Kong, while Wynn Macau plunged over 28%, and MGM China fell more than 26%. The government of the semi-autonomous Chinese territory was considering changes in nine areas, Macao's economic and financial secretary Lei Wai Nong told reporters. Those areas include the number of gambling licenses issued and their duration, a stronger review mechanism for approving operators, and employee welfare. The authorities also want to consider promoting "projects with non-gambling elements," according to an official statement "[The Macao] government has decided to conduct a comprehensive r
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MGM
News
- FBI working towards nabbing Scattered Spider hackers, official says [Reuters]Reuters
- MGM Resorts International (NYSE: MGM) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
- Ex-MGM Grand president faces sentencing for not reporting multimillion-dollar wagers by fraudulent bookie [Yahoo! Finance]Yahoo! Finance
- Martin Lawrence Hits the Road This Summer With "Y'all Know What It Is!" Comedy Tour [Yahoo! Finance]Yahoo! Finance
- MGM Resorts International (NYSE: MGM) had its price target raised by analysts at JMP Securities from $57.00 to $58.00. They now have a "market outperform" rating on the stock.MarketBeat
MGM
Earnings
- 5/1/24 - Beat
MGM
Sec Filings
- 5/3/24 - Form 4
- 5/3/24 - Form 4
- 5/3/24 - Form 4
- MGM's page on the SEC website