Representative Jodey Arrington, R-Texas, on President Biden’s first phone call with Chinese President Xi Jinping since February.
China may stack the chips against US casino giants who have big business in Macau, suggesting a tougher operating environment in the region.
Wynn Resorts shares posted their worst drop since June 2020, and Las Vegas Sands their worst drop since March 2020.
| ticker | safety | Last | Change | Change % |
|---|---|---|---|---|
| WYNN | WYNN RESORTS LTD. | 86.44 | -5.81 | -6.30% |
| ME AGAINST | LAS VEGAS SANDS CORP. | 38.05 | -0.66 | -1.71% |
The Macau government plans to review and change the way gambling concessions are reviewed. These comments were made on Tuesday at a press conference with the Macau Special Administrative Region’s Minister of Economy and Finance, Lei Wai Nong. Originally it was expected that several pro-democracy representatives would be involved in what is seen as “sub-supervision” but has since been marginalized in favor of pro-PRC representatives.
Las Vegas Sands declined to comment and inquiries from FOX Business to Wynn were not immediately replied to.
One potential level of oversight over American companies in Macau is that Chinese companies that are listed on US stock exchanges are subject to more scrutiny, including other regulatory issues, including financial disclosures.
BIDEN AND XI SPEAK FOR THE FIRST TIME SINCE FEBRUARY
Last week, President Biden spoke by phone to President Xi Jinping for the first time since February, where the two discussed US-China relations and “guard rails and parameters” as the two countries head off against each other. The ultimate goal, the government said, is to make sure they don’t “get into conflict,” according to a White House reading.
For the year, Wynn shares are down 18.5% while Las Vegas Sands is down 35.8% through Tuesday.
