U.S. casinos fall on fears of new regulations

Reuters Shares in U.S. casinos with operations in Macau fell on Tuesday, with Las Vegas Sands Corp down 12.3% and Wynn Resorts Ltd down 12.4% on concerns about stiffer regulations there and a COVID - 19 outbreak.

China's health authorities said new COVID - 19 infections more than doubled in the southeastern Fujian province, prompting officials to plan measures that include travel restrictions to halt the spread of the virus.

Also, the government of Macau announced on Tuesday that it was kicking off a 45 days consultation https: www.gov.au/gov.cmd.de/pubs/secaucialpublications.html. Mo Zh-hans 556115 to review gaming industry, including questions such as the number and duration of casino licenses as well as required supervision requirements.

Las Vegas Sands shares collapsed to $37.12, their lowest level since Aug. 20, while Wynn hit a low of $90.42, a level not touched since Aug. 23. The shares of MGM Resorts International were down 4.5% at $41.15.

Fujian is transitory, but might still work out. This may continue ongoing efforts and shouldn t be to surprising, said Morningstar analyst Dan Wasiolek. He noted that he noted that in the current environment of China increasing oversight on tech companies, investors in Macau are a bit on edge today. Beijing has been engaged in a broad regulatory crackdown that has ensnared sectors from technology to education and property and has wiped billions of dollars off the market value of some of China's largest corporations.

U.S. shares of Melco Resorts and Entertainment Ltd were down 7.2% to $11.79.