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Markets

Macao casino stocks nose-dive on looming government crackdown

Shorter licensing terms and increased oversight proposals lead to sell-off

The Venetian Macao hotel and casino: Macao is the only enclave in greater China where gambling is legal.    © Reuters

HONG KONG -- Casino operators in Macao suffered a collective wipeout of billions of dollars in the stock market Wednesday after draft rules to tighten oversight on the industry were announced a day earlier.

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