LVS - Macau stocks are on watch after Suncity CEO is detained by authorities

There is another negative development in the Macau sector for investors to weigh after Suncity Group (OTCPK:SCGHF) Chairman Alvin Chau was accused by Chinese authorities of being a leading member of a cross-border gambling group that set up casinos on the Mainland. It is still unclear if the scope of the allegations will just affect Chau individually, Suncity as a group or even the entire junket industry. Bank of America believes the news adds to concerns about the new Omicron variant and is likely to continue to drag on the already fragile sentiment in the Macau sector and create more volatility. Despite the near-term headwinds, BofA maintain its constructive view for the next 12 months as it points to upside from clarity on license renewals and improvement in the border situation Trading on Suncity Group has been suspended in Hong Kong. Wynn Macau (OTCPK:WYNMF) fell 7.82%, Galaxy Entertainment (OTCPK:GXYEF) peeled

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Macau stocks are on watch after Suncity CEO is detained by authorities