Positive news in Hong Kong raises Macau stocks

Macau casino stocks saw a small increase following an announcement from Hong Kong’s leader that the contentious extradition bill would be withdrawn.

The bill was the catalyst of the Hong Kong protests that have plagued the city over the past three months. 

Analysts previously noted that transport disruptions caused by the protest may have had some effect on GGR in Macau. 

As of this morning, Wynn Resorts is 3.59 percent higher, while Sands China was up 4.84 percent. MGM China was up 1.44 percent. Melco Resorts is up 4.1 percent. Galaxy Entertainment Group is up 5.7 percent, and SJM is up 4.5 percent. 

Despite the rise, analysts are calling the latest development in Hong Kong “just another twist and turn” for the sector. 

The withdrawal of the extradition bill is only one out of five demands made by the protestors, other demands include an inquiry to investigate police conduct in tackling the protests, amnesty to those that have been arrested, to stop characterizing the protests as riots, and restart the conversation for democracy. 

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