new Macau ATM limit tanks stocks
Last edit: jimmybond on Thursday, 8th December 2016 2:19 pm
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amazing 1-day drop just after 2pm EST today (Dec 8 2016) in all the public casino stocks with Macau exposure - they were all cruising along in the green and then bam - china effects more capital controls on cash movements, and they tanked. Wynn ended the day down 11 percent, Las Vegas Sands down nearly 13%, MGM (less exposure?) down 4%.
Too bad as I was just about to celebrate my MGM shares closing over $30 but it will have to wait. Today I tried to think about my MGM gains since buying in terms of parking and I am pleased to say my gains on a modest position are enough to cover resort fee and parking for 23 weekends...thanks Mr. Murren! Can't remember if the PGP bonus trigger was based on share price performance but if yes, management will be happy about the recent share price moves too (except today's macau blip)
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