Macau casino stocks surged after the city announced gentler-than-expected changes to its gaming law, easing investor concerns about outsized government control over the world’s largest gambling hub.
A Bloomberg Intelligence gauge of casino shares jumped as much as 12% on Monday, the most in more than six years, with Wynn Macau Ltd., Sands China Ltd. and Galaxy Entertainment Group Ltd. each posting double-digit gains. It follows a similar climb in U.S.-listed stocks on Friday after Macau said it plans to give a maximum of six licenses, paving the way for all current operators to seek to renew permits that are due to expire by June.
