Macau casino stocks plunge over done, analysts say

    Published in: Latest IntelligenceMacau’s casino stocks plunged this week following a media report that officials are planning to clamp down on illegal money transfers, though some analysts said the fears were overblown.Sands China (1928.HK) dropped more than 4 percent on Thursday, though ended off its low for the session, MGM China (2282.HK) was down more than 8 percent, while Galaxy Entertainment (0027.HK) fell more than 7 percent. Wynn Macau (1128.HK) was also off more than 7 percent and Melco Crown (6883.HK) gave up more than 6 percent.U.S. listed shares of the parent companies also plunged in U.S. trading.The report, published in the South China Morning Post and picked up by other media, said that China UnionPay Co. mobile card-payment devices were being used illegally in the enclave to circumvent China’s currency controls and have been seized by police.Funds obtained illegally through card-swiping come to an estimated $6 billion, or...

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