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The announcement comes when Macau has been struggling with a lack of tourists due to coronavirus bans since the beginning of 2020. While gambling revenues have picked up in recent months, they are less than half of the 2019 monthly figures. Shares of Macau casino operators on Wednesday sank up to one-third of their value, shedding around $18 billion, as the government began an overhaul of the regulatory system that could see its officials overseeing businesses in the world’s biggest gambling hub. The government is also planning to increase the voting share of gaming concessionaires for permanent residents of Macau and more regulations on the transfer and distribution of profits to shareholders.
At a news conference on Tuesday, Lei detailed nine areas that require consultation, including the number of licenses granted, better regulation, and the welfare of employees, and having government officials overseeing the daily casino operations. JC O’Hara, the chief market technician at MKM Partners, said the downturn in the China-exposed casino names has him cautious. With Macau’s lucrative casino licenses up to rebid next year, the idea has scared the Hong Kong market already deep in the red due to Beijing’s crackdown on various sectors that ranged from education to technology and property, which shaved hundreds of billions of dollars from the value of assets. Beijing is becoming increasingly concerned about Macau’s extreme dependence on gambling, hasn’t yet stated what the process for rebidding licenses will be evaluated.
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