NEW YORK (TheStreet) -- Shares of Las Vegas Sands (LVS) are falling, lower by 1.02% to $52.36 on very heavy volume in late afternoon trading Wednesday, as Macau-related casino stocks are sinking on reports that China is cracking down on illegal activities in the Macau gambling district, Bloomberg reports.
China will begin cracking down on illicit money channeled through Macau, the only region in China where casinos are legal, according to Bloomberg.
The Chinese Economic Crimes Investigation Bureau will begin monitoring all money transfers electronically that use the China UnionPay payment system, according to the South China Sea Post.
Macau has curbed money flows to the world's largest gambling hub by restricting the use of UnionPay's debit cards at casinos, as well as hand-held card swipers within resorts due to concerns over illegal funds being taken out of the mainland into Macau, Bloomberg noted.
About 15.47 million shares of Las Vegas Sands traded hands as of 3:44 p.m., compared to its average volume of about 5.99 million shares a day.
Separately, TheStreet Ratings team rates LAS VEGAS SANDS CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate LAS VEGAS SANDS CORP (LVS) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, expanding profit margins, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."