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Casino
July 6, 2022
Global Recession May Have Minor Impact on Macau’s Gambling Industry, Claims Report
While the pandemic is yet to reside and Russia’s invasion of Ukraine is ongoing, chances of a global recession are far from slim. The hospitality and entertainment industries are the ones that may feel the impact of a possible recession. However, a new report suggests that a global recession may have a minor impact on […]
Industry
July 6, 2022
JP Morgan Says Re-Tendering of Macau Casino Licenses Imminent
Tuesday’s reveal of Macau’s re-tendering rules caught some by surprise. Analysts and concessionaires responded with cautious optimism about the new rules, pointing out that the last time the industry underwent re-regulation, it took Macau around a month to publish the new rules. That was in 2021. Re-Tendering Rules Arrival Could Mean Imminent Launch of Process […]
Industry
July 5, 2022
Wynn’s $2B UAE Casino Resort Offers ‘Brand Extension’
A $2 billion integrated casino resort in the United Arab Emirates (UAE) is one of the key priorities for Wynn Resorts as the company seeks to extend its brand worldwide according to Wynn Resorts CEO Craig Billings. Billings, who is now over six months into the position of chief executive officer at the casino resort […]
Industry
July 5, 2022
Macau Posted the Rules for Re-tendering Casino Licenses
Macau’s government just unveiled the rules for the re-tendering of the region’s gambling licenses. There will be several criteria by which the government will decide whether to license a company or not. Macau Seeks Companies that Can Revitalize the Sector Today, the Macau government published the rules for the re-tendering of the special administrative region’s […]
Casino
July 5, 2022
Alvin Chau May Have Shorthanded Macau $1B Worth of Tax
The fall from grace of Alvin Chau, the prominent casino junket boss in Macau, whose Suncity Group was running an extensive business in the special administrative region and beyond, may have “cheated” the gambling industry in the hub out of $1 billion in tax revenue, Asia Nikkei reported. Alvin Chau’s Syndicate Explained by Prosecutors Chau […]
Industry
July 1, 2022
COVID Hurts Macau GGR, Leads to Weak June Results
It would seem like Macau’s woes never end. The special administrative region just posted the financial results of its gaming industry for June this year. The declining revenues make it very clear that the worst is far from over. Macau’s GGR Continues to Decline According to the results, Macau’s gross gaming revenues for June sit […]
Casino
July 1, 2022
Report: Macau COVID-19 Outbreak Forces 90% of Staff to Go Home
The COVID-19 outbreak in Macau seems to be ravaging the city unchecked. Cautious optimism that the flare-up may die down through a mix of phased lockdowns is now all but untenable, and the caseload has already surpassed 620 infections, the highest it has ever been since the new virus was first detected in December 2019. […]
Industry
June 29, 2022
Wynn Macau Grants 19 Million New Shares to Employees
Following permission by the Hong Kong Stock Exchange that was granted on June 4, Wynn Macau Ltd, operator of the luxury casino resort Wynn Macau, has issued 75 million new shares. 19 million of them are ordinary shares that are going to go to employees of the company. New Shares Issue to Compensate Reduction in […]
Industry
June 28, 2022
Moody’s Downgraded SJM’s Future Outlook to ‘Negative’
One of the six concessionaires in Macau, SJM Holdings, has seen its future outlook changed to ‘negative” by Moody’s Investors Service following a review of its ratings this week. Maintain CFR and Bond Ratings The rating agency also confirmed SJM’s Ba3 corporate family rating (CFR) and the B1 rating on the senior unsecured bonds issued […]
Casino
June 28, 2022
Macau DICJ Now Demands Tests for Casino Entry
Macau has updated its COVID-19 testing mandates with the casino regulator also stepping in and releasing a statement early on Tuesday. New testing guidelines will apply to gambling establishments that have been brought to a painful halt due to the spread of the COVID-19 infection that is running in the hundreds. While these properties remain […]
