Shares of Macau’s top casinos plummeted by as much as 33% on Wednesday—wiping out over $18 billion in market value—after Chinese government officials announced plans to tighten restrictions on casino operators that may include the appointment of a state official to supervise the companies in the world largest gambling hub.
The massive sell-off took place after Macau’s secretary for economy and finance issued a notice on Tuesday announcing a 45-day public consultation period to iron out new regulations on the gambling industry. The proposed regulations in Macau—the only place where gambling is legally allowed in China—also include the process of issuing licenses, the duration of said licenses and the level of government oversight on the industry, BloombergApart from appointing government representatives to supervise operations, the regulations also propose an increase in the local shareholdings of the casino companies.
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