MGM Resorts International CEO Jim Murren responded to the news that Macau is planning to implement ATM cash withdrawals on Thursday, saying that while revenues will be reduced, he's still optimistic about the long-term story for Macau.
"I think the controls the Chinese government have put into place are consistent with the kinds of controls they have put into place in the past … I don't want to minimize its significance, it will reduce some gaming revenue. But the long-term play in Macau is an extremely positive story," Murren told "Mad Money" host Jim Cramer.
The Chinese gambling haven plans to create a daily withdrawal limit of 5,000 patacas, down from 10,000 patacas ($625.93 from $1,251.87) according to the South China Morning Post.
Stocks of major casino plays fell Thursday on the news, and shares of MGM hit an all-time high earlier in the day and promptly dropped, ultimately closing down 4 percent.
"The Chinese government has done a really good job over many, many years trying to sustain growth for Macau. What they want to see is not a lot of knee-jerk growth or up and down growth, they want to see consistent improvement in tourism and revenue," Murren said.