Macau

Steve Wynn’s casinos make best of bad hand

23 March 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 March 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 February 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 February 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 January 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 December 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.

As Macau welcomes the humble gambler, bet on MGM

29 December 2017

In 2018, poorer customers will outshine high-rollers, who have had an impressive run for the world's largest wagering hub. That would signal a reversal of fortunes for some Macau operators. As it opens a new casino targeting the masses, laggard MGM is poised to hit the jackpot.

Placing new wagers may sustain Macau’s hot streak

1 November 2017

High-rollers flocking to the tables helped gaming revenue jump 22 pct last quarter to $8.3 bln. Everyday punters are a smarter bet, though, for Sands, Wynn and other casinos. Despite stiffer competition for such customers, their larger numbers and fatter margins improve the odds.

Macau mobster’s ICO is ideal test for watchdogs

26 September 2017

Former gangland boss “Broken Tooth” is backing a $500 million initial coin offering, according to Hong Kong’s SCMP. The convicted money-launderer’s deal lends ammo to those calling for the suppression of new crypto-currencies. But this is a great opportunity to refine rules.

Macau tycoon’s movie spinoff is worth watching

29 August 2017

Lawrence Ho’s Melco International wants to spin off Studio City, a film-themed resort in China’s gambling enclave. The business has been in need of a script doctor. New cash would help it stay competitive and the listing would let Studio City’s two other backers exit stage left.

Macau investors bet casino licence luck holds

7 August 2017

A policy change has set off a row between authorities and land developers in the Chinese gambling enclave. Now some worry casino licences might be up for revision too. But investors are betting that foreign operators’ luck will hold when concessions come up for renewal in 2020.

Macau cashes in on cheap thrills and VIP perks

1 August 2017

The gambling hub is enjoying a flutter this year. VIP and ordinary gamers stayed at the tables in July, lifting monthly revenues to their highest level since January 2015. If China's economy cooperates, and planned capacity comes on line, the good times will roll on.

Macau keeps gambling on gambling

5 May 2017

Gaming revenue in China's casino enclave have risen for nine straight months, and the three top players have gained $20 bln in value. But the sector still lacks a family-friendly hedge against political and economic risk. Resorts better hope their new luck holds.

Macau’s hot streak depends on mainland momentum

2 March 2017

Gaming magnate Sheldon Adelson was right: Macau did hit bottom last year. Casino revenue in the gambling enclave keeps rising, up 18 pct last month to a two-year high. But everything hinges on China's economic health. If strains worsen, Macau's fortunes could change fast.

Crown Resorts rushes for Macau casino exit

15 December 2016

James Packer's Australian casino giant gave up plans to spin off its share in Macau-focused Melco Crown. Instead, it is selling half the stake to partner Lawrence Ho for $1.2 bln. Plan A would have been better but Crown Resorts needs to distance itself from Chinese gambling fast.

China cracks capital whip on Macau ATMs

9 December 2016

The government reportedly halved the cash tourists can withdraw using UnionPay cards in the gambling mecca. That hammered casino operator stocks and may derail the island's economic recovery. It also illustrates the utility of a debit card monopoly in stemming capital flight.

Macau casino revival depends on Chinese fun police

14 September 2016

After an anti-corruption campaign on the mainland crushed gaming revenues in the Chinese gambling enclave, signs of recovery are starting to emerge. But magnates like Sheldon Adelson and Steve Wynn will have to deliver on family-friendly promises to avoid another smack-down.

Bets on Macau run ahead of reality

4 May 2016

Gaming revenues are falling less steeply in China’s gambling enclave, and could stabilise this year after crashing a third in 2015. But the move away from VIPs remains a work in progress. Investors in Sands China, Wynn Macau and others are getting ahead of themselves.

Macau investors look for end to long losing streak

2 July 2015

Shares in the enclave’s battered casinos rallied after June gambling revenues declined less than expected and the government loosened visa rules. Much of the bad news is priced in. Yet China’s ongoing graft crackdown precludes a speedy rebound. And valuations are still stretched.

Macau’s casinos worryingly reliant on high-rollers

3 November 2014

A drop in big spenders could push Macau gambling revenue to its first annual drop on record. Forecasts for next year still seem too optimistic. If VIP gamblers shrink in number, the likes of Galaxy Entertainment and Wynn Macau would be especially hard hit.