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Fly News Breaks for December 9, 2016
WYNN, MPEL, LVS, MGM
Dec 9, 2016 | 05:55 EDT
JPMorgan analyst Joseph Greff believes the South China Morning Post report yesterday that China is halving the amount of money UnionPay card holders can withdraw from ATMs on a daily basis could be a way of sending a message to safeguard against potential capital outflow abuse. While "nearly impossible" to assess the impact on spend per trip, the bigger impact may be on player psychology with regard to visits and spend as mainland China potentially reengages its oversight of Macau, Greff told investors yesterday in a research note. The analyst noted that Las Vegas Sands (LVS) has exposure to both Macau and Singapore markets and that certain UnionPay card practices at Marina Bay Sands have come under scrutiny as well. Greff believes the pullback in the group yesterday provides the biggest opportunity for MGM Resorts (MGM). MGM is his top pick in the Gaming space.