NEW YORK (TheStreet) --Shares of MGM Resorts International (MGM) are down by 6.63% to $17.60 in mid-morning trading on Wednesday, as China continues its crackdown on illegal activities in the Macau gambling district.
The government is now going after illicit money channeled through the city's casinos, according to an article in the South China Morning Post, Bloomberg reports.
China has been coming down hard on illegal activities out of the country's gambling hub. In March Reuters ran a special report explaining how a growing number of people were using UnionPay cards to illegally send billions of dollars overseas through the casinos.
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The government's investigations into Macau has been hurting its revenue as high stakes players have started to avoid the tables.
Revenue in Macau has fallen every month since June, and in October revenue retreated 23%, which is the biggest decline on record, NPR reports.
Other casino stocks falling today include Melco Crown Entertainment (MPEL) , lower by 3.91% to $21.34, Wynn Resorts (WYNN) down by 4.41% to $134.32, and Las Vegas Sands (LVS) , falling by 5.39% to $50.05.
Separately, TheStreet Ratings team rates MGM RESORTS INTERNATIONAL as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: