Luxury fashion labels Versace and Coach stoked fury in China over the weekend after images of t-shirts which described Hong Kong as separate from China began circulating on the internet. On Sunday, a Versace brand ambassador announced she was stepping down in response to a t-shirt which referenced Hong Kong […]
Beijing on Monday responded to political unrest that has rocked Hong Kong for nearly two months, saying Hong Kong’s society would “suffer” if protests continue. The Hong Kong and Macau Affairs Office, part of the Chinese central government, held the first press conference of its 22-year history on Monday in […]
Wynn Resorts shares slumped 5% after missing on revenue and giving weak guidance. The casino operator cited weakness in VIP gaming, and specifically baccarat. Watch Wynn Resorts trade live. Wynn Resorts was hit by a sharp slowdown in its VIP segment, with overall table turnover (money in play) plunging 18% […]
Revenue from high rollers in Macau has been declining, and it’s a sign the sector may be impacted by China’s slowing economy. Overall tourist numbers have held up, but declining revenues signal a drop in gross gambling revenues. Several gaming analysts recommend reduced exposure to the sector as China macro […]
Fifteen of the 20 most popular cities in the world for tourists are in Asia. That’s according to Euromonitor International’s annual list of the biggest cities for international tourism released last week. The cities were spread out over several countries, including China, India, Thailand, Japan, and Turkey. Asian cities are […]
Wynn Resorts this week forecast doom for revenues in the gambling capital of the world, Macau. Some on Wall Street say the casino giant is being overly conservative, but economic indicators on mainland China tell a different story. We know that China’s economy is slowing dramatically, and one of the […]
Size doesn’t always mean wealth when it comes to the world’s richest countries, according to data published in April by the International Monetary Fund. Twice a year the IMF releases a huge dump of data about the economic power of the world’s nations, with gross domestic product (GDP) per capita […]
The gambling capital of the world is Macau, an autonomous region in China, with gaming revenues more than three times that of Las Vegas. The city made its name catering to high-spending VIPs from China, but casino giants have had to change their strategy due to a corruption crackdown and […]
Macau authorities are concerned about allegations of sexual misconduct leveled against the billionaire casino mogul Steve Wynn. Expect this concern to translate into cash extracted from Wynn’s Macau properties, the crown jewels of his empire. The worst thing that could happen to Steve Wynn is most likely happening right at […]
Wynn Resorts could see its share price double...
Shares in billionaire James Packer’s Crown Resorts were sliding after report that a cap has been put on ATM withdrawals in Macau. A short time ago, the shares were down 6% to $11.29. The South China Morning Post reported that China UnionPay plans to cut in half the amount its […]
The Chinese government has started clamping...
During his company's third-quarter investor...
Chinese authorities have launched a criminal investigation into staff at Crown Resorts and confirmed they have detained a number of Australians for gambling-related offences. Crown believes 18 of its staff, including three Australians, are being held, as other foreign casino operators, including Star Entertainment, scramble to safeguard their China-based staff. […]
VIDEO: Steve Wynn is making a big bet on his "palace" in Macau.
Nobody understands what just happened between...
In order to cope with an entire market crashing...