20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine." A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
Casino stocks are being hit hard in Thursday’s premarket session following a Bloomberg report on regulation in Maccau. Las Vegas Sands (NYSE: LVS) is down more than six percent, MGM (NYSE: MGM) has given up almost five percent, and Wynn (NASDAQ: WYNN) is down more than four per
cent.
According to Bloomberg, Chinese police seized China UnionPay cards that were being illegally used at casinos in Macau. In addition, the devices will be banned from casinos in the region.
The problem with this payment method is that many transactions are being concealed from the government to hide gambling activity by sneaking currency from mainland China in to Macau. Bloomberg explains that this is done by lending items to a pawn shop in return for Macau’s currency. The city has is somewhat autonomous and has its own currency.
Related: Strong Macau Results Drive Las Vegas Sands Earnings
The South China Morning Post says the hidden amount last year may have been as high as $45 billion. Only $45 billion of gambling was reported, showing the magnitude of the problem.
Macau is big money for casinos. Las Vegas Sand’s growth is not driven primarily by the region, which contributed $630 million of of $1,166 million of adjusted EBITDA for the most recent quarter (46 percent).
CEO Sheldon Adderton was quoted saying that the people of Macau, “have been wanting to challenge luck for 3,000 years and nothing, through thick or thin, tall or short, slim or fat, nothing has stopped them, and I don't think anything will."
Share of casino stocks are getting a small bounce in premarket trading, but are still depressed.
20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine." A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
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