Shares of MGM Resorts Int'l (MGM - Get Report) , Wynn Resorts (WYNN - Get Report) and Las Vegas Sands (LVS - Get Report) were climbing in premarket trading Friday, reversing losses the stocks suffered Thursday afternoon, after the Monetary Authority of Macau denied a report in the South China Morning Post stating that it would limit the amount of money that would be allowed to be withdrawen from ATMs in the region.
The regulatory body said that cardholders will continue to be able to withdraw up to 10,000 yuan daily ($1,450), but that the maximum amount of money to be taken out for each withdrawal would be 5,000 patacas ($626).
The Post had reported that the amount cardholders would be able to withdraw daily would be cut to 5,000 pacatas.
Wynn shares were up 6.65% Friday morning after falling 11.05% Thursday, MGM shares were up 2.44% after falling 4.34% the previous session, and Las Vegas Sands shares were up 5.62% premarket after declining 12.78%.
Investors were concerned that the new limits would derail the recovery that Macau has experienced in recent months. The gaming region, which is the area with legalized casino gambling in China, has experienced four consecutive months of year over year revenue increases after posting 26 consecutive months of decline.
Wynn and Las Vegas Sands took bigger hits in Thursday's trading than MGM because those companies have more exposure to Macau. More than 60% of Wynn's revenue is tied to Macau and 40% of Las Vegas Sands' revenue. Just 20% of MGM's revenue comes from the special administrative region.