Last night I was accused of publishing fake news, after sourcing Bloomberg saying Macau had implemented a 50% cut in UnionPay card limits. I wasn’t alone, being that billions in market cap were shed from $WYNN, $MPEL and $LVS.
Lo and behold, the internet proved to be right. No idea who that random Chinese guy on Twitter was, but he was right. I think.
According to a Chinese website, Macau authorities are denying the limit changes, saying lads can still take $1,450 out — but limited to just $626 per transaction. That’s probably where the confusion started, with people jumping to conclusions, not knowing the details.
My position on China’s looming FX problems are unchanged. However, this news should be enough to provide a bounce in battered casino shares.
“with people jumping to conclusions, not knowing the details.”
Know anyone?
You?
Is all the bashing you’re getting on ZH worth the peanuts they are getting you? I’m actually up voting your comments just to help your ego.
Pro Tip: Just stick to posting here on IBC. People here like you.
OA nailed the trade though.