UpdateMGM China shares little changed, while other Macau casino stocks advance on ‘golden week’ optimism
Despite the retreat in MGM China, analysts expect the horrific Las Vegas shooting to have limited impact on Macau casinos
Shares in casino giant MGM China struggled to remain in positive territory on Wednesday in Hong Kong, as investor sentiment was affected by the deadliest shooting massacre in modern US history at a Las Vegas hotel, which is owned by the company’s parent, MGM Resorts International.
Other casino shares advanced in Hong Kong, as traders expected China’s so called ‘golden week’ holiday to bring more visitors to the gambling hub.
The mass shooting left at least 59 people dead, and more than 500 wounded on Sunday night, next to the company’s Mandalay Bay hotel.
The gunman, Stephen Paddock, fired from his 32nd-floor luxury suite of the hotel into an audience attending an open-air music festival, around four hundred metres away.
MGM China, the China operation of MGM, bucked the bullish market trend on Tuesday and tumbled 1.9 per cent as the Hong Kong stock market reopened after returning from a three-day holiday weekend.
Its price swung between gains and losses on Wednesday, before closing the day slightly higher at HK$18.42, up 0.3 per cent.
Its parent MGM Resorts International sank 5.6 per cent on Monday in New York trading, but rose slightly on Tuesday, up 0.3 per cent.