Wynn, Casino Stocks Battered After China Crackdown in Macau Gambling
China’s crackdown on U.S.-listed stocks claimed more victims this week as casino operators got torched after regulators in Macau said they were tightening restrictions and appointing government representatives to oversee the companies.
Wynn Resorts Ltd. plunged 18% over the five days for its worst week since June 2020, while Las Vegas Sands Corp. tumbled 9% and posted its biggest weekly decline since January. The companies generate about half their revenue from Macau, the world’s largest gambling hub, which is on the other side of the Pearl River Delta from Hong Kong in southern China. Combined, Wynn and Las Vegas Sands saw about $5 billion in market value evaporate this week.
