Casino Stocks Plunge on Report of Macau ATM Withdrawal Cap
Casino stocks dropped in Australia and the U.S. after a report that China is imposing a 50 percent cut on UnionPay ATM withdrawal limits in Macau, widening a crackdown on how gamblers move cash into the enclave.
The cap on the China UnionPay Co. cards, used by about half of mainland Chinese gamblers to withdraw money in Macau, takes effect Saturday, reducing the daily withdrawal ceiling to 5,000 patacas ($626), according to the report. Crown Resorts Ltd. dropped as much as 8 percent, the biggest decline in almost two months, in Sydney trading on Friday. – READ MORE