Macau Seeks Gambling Regulations

MACAU, CHINA (TheStreet) -- What appears to be an endless gamble in Macau might suddenly be getting a clampdown.

The government in the Chinese region met with the six local casino operators on Monday to discuss the possibility of regulating the size of the industry, according to several reports.

The heads of Las Vegas Sands(LVS Quote), Wynn Resorts(WYNN Quote), Melco Crown Entertainment(MPEL Quote), Galaxy Entertainment and MGM Grand Paradise (MGM Quote) agreed there should be regulation, and will establish an industry association.

Agreeing to put a cap on the expansion of gambling in the area may seem counterintuitive for these casino operators, but it actually would help prevent new competition from entering the market.

Macau's government is also looking to increase the gambling age to 21-years-old from 18.

These talks come after Macau reported gambling revenue more than doubled in September.

Earlier today Wynn was upgraded by Fitch Ratings to positive from stable after the completion of the initial public offering of its Macau assets.

Las Vegas Sands is preparing for its own $1 billion initial public offering.

-- Reported by Jeanine Poggi in New York

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