Pursuits
SJM Leads Casino Stock Slump Amid Concern China Growth Slowing
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SJM Holdings Ltd. plunged by a record in Hong Kong trading as Macau casino operators lost a combined $9 billion in market value amid concern slowing China growth and slumping stock markets may damp demand for gambling.
Macau magnate Stanley Ho’s SJM, Asia’s biggest casino company by sales, declined 26 percent, the most since its listing in July 2008, to HK$10.50 at the 4 p.m. close of trading. Galaxy Entertainment Group Ltd., founded by billionaire Lui Che-Woo, fell 19 percent, the most since January 2009, to HK$9.42.