Casino Stocks Recover as Macau Restricts ATMs Less Than Feared
- Government maintains daily cash withdrawals at 10,000 yuan
- Each ATM transaction capped at 5,000 patacas or HK$5,000
Market Overreacted to Macau ATM Report: MGM CEO
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Casino stocks rebounded after the government of Macau, the world’s largest gambling market, placed restrictions on ATM withdrawals that weren’t as harsh as investors had anticipated.
Mainland China-issued ATM cardholders will only be able to withdraw 5,000 patacas ($626) or HK$5,000 ($644) at a time, effective Friday, according to a government statement. However, the daily limit on withdrawals remains the same at 10,000 yuan ($1,450). That eased the concerns of investors, who had sold off casino shares after an earlier report in the South China Morning Post that officials were reducing the daily ceiling by half.