HK Stock Market Move | Gambling stocks mostly rebound as MGM China (02282) rises over 4%; Thai cabinet approves legalization of gambling.

In the gambling sector, most stocks have rebounded. As of the time of writing, MGM CHINA (02282) rose by 4.17% to HK$10.48; PARADISE ENT (01180) rose by 3.57% to HK$0.87; WYNN MACAU (01128) rose by 2.24% to HK$5.48; MELCO INT'L DEV (00200) rose by 0.71% to HK$4.27. In terms of news, on January 13th, the Thai Prime Minister's Office issued a statement saying that Prime Minister Prayut had stated that the Thai cabinet had provisionally approved the draft of the "Entertainment Venue Management Law" and will submit it for parliamentary review. This law aims to legalize the underground gambling industry in Thailand, allowing for the establishment of entertainment complexes and casinos to generate tax revenue. Previously, Macquarie's research report pointed out that the Thai government is pushing for the law to allow the operation of casinos locally, with the law expected to be passed next year. The report stated that GALAXY ENT, MGM CHINA, Las Vegas Sands, and Wynn Resorts have expressed interest in opening casinos in Thailand, while Melco is focusing on operations in Macau to enhance its business at the Wynn Palace. Industry experts cited in the report suggest that, benefiting from Thailand's strong tourism industry, Thailand has the potential to become the second largest gambling market in Asia, but is expected to lag behind Macau.