Odds are on for Macau mogul’s gutsy global play 10 Jul 2019 Lawrence Ho has built Melco Resorts and Entertainment into a $12 bln casino empire stretching from Manila to Melbourne. Next, he’ll chase a licence in Osaka. Even if he doesn’t hit the Japanese jackpot, diversifying into a true global operator looks like a good bet.
Macau mogul picks up Crown jewels for a song 30 May 2019 Lawrence Ho is buying 20% of his former partner’s Australian casino operator for $1.2 bln, less than rival Wynn earlier indicated it might pay. A bet Down Under could play well for the New York-listed group but James Packer’s partial exit is a raw deal for other shareholders.
Macau’s Las Vegas ambitions face reality check 29 May 2019 Millions of Chinese visitors are swarming the tiny territory across a new bridge. The $38 bln gaming hub doesn’t seem to know what to do with them, and is mulling a tourist tax to reduce congestion. The city’s Nevada-inspired economic diversification strategy is due a rethink.
Macau’s festive blowout defies economic worries 27 Feb 2019 The $38 bln Chinese gambling hub looks resilient despite concerns about slowing consumption onshore. Visits rose by 27 pct over the Lunar New Year holiday; quarterly results at Melco and MGM also inspire optimism. Efforts to attract the up-and-coming middle class are paying off.
A plucky local upstart will take on Macau’s moguls 31 Dec 2018 Regulators in the world’s largest gambling hub could allow new players onto the casino floor when licenses expire in 2020. With frayed U.S.-China relations dealing American giants Sands and Wynn a weak hand, homegrown names like Suncity and Golden Dragon will try their luck.
Movie-themed casino IPO sticks to messy script 19 Oct 2018 Macau-based Studio City, part of Lawrence Ho’s $9 bln gambling empire, made a stellar New York debut with a 24 pct pop. The listing provides some needed capital and could help existing minority investors eventually stage an exit. It also features Melco’s costly complex structure.
Macau is handy chip in China’s standoff with Trump 15 Oct 2018 The gambling hub’s 20 year licenses for Sands China, Wynn Macau and others are nearing their expiry. It gives Beijing leverage over founders Sheldon Adelson and Steve Wynn, both friends of the U.S. president. Squeezing them could be one way to get Trump’s attention over trade.
Macau casinos seek help from the common man 26 Sep 2018 Investors see rough times ahead for China’s gambling enclave. VIP spending has slowed, which heralded a slump in 2011. Shares in operators like Galaxy and SJM fell as much as 20 pct in September. But Macau is less reliant on high rollers today; the mass market could save it yet.
Macau moguls’ rivalry threatens cost discipline 10 Aug 2018 High rollers pumped up revenue at Galaxy and Sands last quarter, while Wynn Macau fell behind. As casinos fight for their share of China’s $38 bln gambling hub, earnings are becoming more volatile. Investors will suffer if aggressive marketing and new attractions squeeze margins.
Hot streak at Macau’s SJM may be short-lived 1 Aug 2018 The $7 bln gambling group’s shares have soared since announcing its founder’s retirement. Yet the launch of a new casino on the Cotai Strip faces delays and the company now has a “hydra-like” leadership structure. New boss Daisy Ho needs a better hand to justify a rich valuation.
Macau casinos could lose VIPs to junket upstart 25 Jul 2018 Suncity boss Alvin Chau helps bankroll half of the gaming hub’s big-spenders. He also aspires to running his own casinos and could coax clients to try new markets like Vietnam. That may mean fewer high rollers at Wynn Macau, Galaxy and others when China’s slowdown bites.
Macau will struggle to kick its gambling addiction 28 May 2018 The Chinese region wants to be more like Las Vegas, and focus on varied nightlife and family fare. One official says resorts could generate 40 pct of revenue beyond the casinos. It's a worthwhile target for Galaxy and peers, but Macau's infrastructure is one of many hurdles.
Wynn tosses female directors into boardroom brawl 18 Apr 2018 The $21 bln casino giant has added three women to an expanded group. This marks a serious attempt to move on from a sexual harassment scandal, but co-founder Elaine Wynn wants a full overhaul. With a battle brewing, these women had best come ready to rumble.
Retiring Macau mogul had first-mover disadvantage 13 Apr 2018 Stanley Ho is stepping down at 96. The casino boss enjoyed a decades-long head start in what is now the world’s top gambling hub. But his $5 bln SJM quickly lost ground to Wynn, Galaxy and others. When competition arrives, former monopolists can struggle to master a new game.
Steve Wynn’s casinos make best of bad hand 23 Mar 2018 After resigning as CEO of Wynn Resorts amid scandal, he has found buyers for his entire stake. New boss Matthew Maddox is playing terrible cards fast and well. He settled a big lawsuit and just brought in Macau rival Galaxy as a backer, which could lead to fresh opportunities.
Look beyond Macau to bet on China’s high rollers 1 Mar 2018 Even as VIPs benefit glitzy Galaxy Entertainment, Asia's top gambling hub keeps attracting less-affluent customers. So the likes of Vietnam and Cambodia are wooing big spenders. Trouble in the tiny Pacific island of Saipan, though, signals why investors need to be cautious.
Steve Wynn’s exit rolls dice on his casino empire 7 Feb 2018 A tone-deaf board "reluctantly" accepted its founder and CEO's resignation following sexual misconduct allegations against him. That could placate gaming authorities from Nevada to Macau. At the same time, it makes Wynn Resorts more vulnerable to a takeover.
Asia’s #MeToo moment is exception that proves rule 1 Feb 2018 Sexual misconduct allegations against U.S. mogul Steve Wynn led to a selloff of shares in his Macau casino unit. Boardroom gender inequality suggest Asia is ripe for its own scandals. But cultural norms and lack of basic freedoms make that a more distant risk for investors.
Small-town gamblers lend Macau casinos time 25 Jan 2018 Rising wealth in the Chinese hinterlands is driving a new cohort of players to the world’s largest gambling hub. They’ve helped boost revenues at casino operators like Wynn and Sands. This new mass market will help Macau’s gaming-centric economic model stay at the table longer.
Our 2018 predictions on Reuters TV 31 Dec 2017 From the CEOs who should run for U.S. president, to the banks that ought to be sizing up mergers, our writers give their take on the coming year in a series of Reuters video reports.