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Casino shares in Hong Kong fall after report of Macau's ATM cash withdrawal limit
December 9, 2016 / 1:32 AM / 10 months ago

Casino shares in Hong Kong fall after report of Macau's ATM cash withdrawal limit

HONG KONG, Dec 9 (Reuters) - Casino stocks in Hong Kong were set for a steep fall after a report that Macau is preparing to slash in half the amount of cash China UnionPay card holders can withdraw from ATM machines in the world’s largest gambling market.

Shares of Sands China Ltd and Wynn Macau were both expected to open down 10 percent, while those of MGM China were seen fall 8.2 percent.

SJM Holdings shares were set for a 5.6 percent tumble. The benchmark Hang Seng Index was also seen easing off by 0.4 percent.

The South China Morning Post reported on Thursday that the Monetary Authority of Macau would cut daily withdrawal limit to 5,000 patacas ($626.49) from 10,000 currently, citing a finance industry source. The move is expected to take effect from Saturday.

Casino stocks in the U.S. have also tanked overnight. (Reporting by Clare Jim; Editing by Shri Navaratnam)

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