Regulatory Risks Hit Macau Casinos (WYNN, LVS, MPEL)
News out of Macau, China is crushing some of the gambling stocks that have direct operations in Macau. It looks like the Chinese are considering curbing the number of gambling tables, the minimum age of gamblers that can enter the…
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Wynn Resorts Ltd. (NASDAQ: WYNN) just did an IPO for its assets there. Its shares are down over 4% at $65.07.
Las Vegas Sands Corp. (NYSE: LVS) has an IPO pending for its operations, and its stock is down 6.7% at $16.87.
Melco Crown Entertainment Ltd. (NASDAQ: MPEL) is effectively a pure-play stock on this and it’s down 6% at $6.74 on the news.
If you have ever seen an instant political risk event come out that can instantly change the game for an entire sector in an entire geographic area, this is one of those instances. This would not be the first such regulatory issues that have affected the region, and so far they have always managed to bounce back and survive.
JON C. OGG
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
