China stops casino growth in Macau
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China has said it won’t allow more casino licenses in the booming gambling market of Macau.
Macau is perhaps the most profitable gambling market in the world, and that includes Las Vegas, according to a story at majorwager.com
The story, which was originally printed in the Las Vegas Review-Journal, went on:
With gamblers having already lost about $3.8 billion to Macau casinos in the first quarter compared with about $1.2 billion on the Strip in the first two months of the year, investors think the restriction will help existing resorts by preventing new competition.
Shares of Wynn Resorts Ltd., Las Vegas Sands Corp. and MGM Mirage — the Las Vegas companies with a presence in Macau — shot up on the news.
Harrah’s was one of the western companies hoping to make in-roads in the Macau market, but those plans will have to be put on hold for now.
