New Macau Gaming Bill Triggers Casino Stock Relief Rally

New Macau Gaming Bill Triggers Casino Stock Relief Rally
Shares of Macau casino stocks traded higher on Friday following the release of a new Macau gaming bill that was mostly in-line with expectations but that had at least a couple of bullish surprises for investors.

What Happened? Melco Resorts & Entertainment Ltd (NASDAQ:MLCO) traded higher by 15.8% on Friday morning, while Las Vegas Sands Corp. (NYSE:LVS) gained 12.72% and Wynn Resorts, Limited (NASDAQ:WYNN) gained 7.18%.

Related Link: JPMorgan Analyst Upgrades Las Vegas Sands, Optimistic About Macau Gaming License Renewal

The new gaming bill states that the number of Macau gaming licenses will remain capped at six and the licenses may not be transferred. The new licenses will have 10-year terms with the potential for up to a three-year extension.

The minimum required capital for a licensed entity will be $624 million, up from $24.9 million under the previous licenses. License holders must have 15% of capital shares held by Macau directors and no more than 30% of shares floating on public markets.
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