Shares of casino stocks, including MGM Resorts International MGM, are trading lower amid reports of increased government oversight of casinos in Macau.
MacauBusiness.com reported: The Macau SAR government announced today (Tuesday) the launch of the public consultation for a revised gaming law that proposes for the current sub-concession system to be removed, for government delegates to be designated to oversee gaming operators and for a new illegal deposit crime to be created.
MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one-fourth of all units in the market.
MGM is trading lower by 4.2% at $41.28. MGM has a 52-week high of $45.34 and a 52-week low of $40.73.
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