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Macau Probe Targets Gaming Stocks

25 November 2004

MACAU – As reported by the China Standard: "Most Macau concept stocks dived on Thursday on news that the Securities and Futures Commission (SFC) is querying brokers and scouring company announcements in search of irregularities that might explain the recent dizzying ascent of shares.

"Ironically, the only significant Macau gambling and property counter to resist the downdraft was casino king Stanley Ho's Melco International Development, which is generally acknowledged to have led the rally from the start.

"The SFC, worried about frenzied buying of micro-cap companies that claim to have gambling and hotel-related interests in the booming former Portuguese enclave, has made inquiries of several brokerage houses and pored over recent company announcements, according to market sources.

"…The Macau concept rally kicked off in October after Melco sold new shares to help fund a Macau hotel-casino project and expand its slot-machine business…"

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