Why Macao Casinos Are Tumbling for a Second Straight Day
Shares of casino operators in Macao, China, were tumbling hard for a second day on Wednesday after the Chinese government said it would begin imposing tough new regulations on the gambling halls.
Melco Resorts & Entertainment (NASDAQ: MLCO) was plunging 16% in late-day trading while MGM Resorts International (NYSE: MGM) was down a more muted 3% following a 4% decline yesterday. Melco is down 20% over two days, undoubtedly because it has greater exposure to Macao than does MGM.
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Source Fool.com
