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Liquor, casino stocks among losers as profit-taking pushes down Shanghai, Hong Kong benchmarks again

Mainland and Hong Kong shares fell again Thursday, as traders bailed out of liquor, oil and casino stocks on a day with no big policy news out of Beijing or signs of progress on the US-China trade war.The Shanghai Composite Index fell 1 per cent to 2,901.18, dragged down by information technology stocks, though all sectors were down. It was the third straight day of losses for the benchmark.Meanwhile, the Hang Seng Index closed down 0.5 per cent to 28,461.66, falling for a second day. Losers… Source link

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Hong Kong stocks climb most in six months on upbeat China export data; Macau casino operators hit a daily hot streak

Hong Kong and mainland stocks rose on Monday, with the city’s benchmark posting its biggest gain in six months, after official data showed China exports topped estimates.The Hang Seng Index rallied 2.3 per cent to 27,578.64 for its biggest gain since December 3. China’s Shanghai Composite Index added 0.9 per cent to 2,852.13, closing higher for the first time in seven days. Both markets were shut on Friday for a public holiday.Investors got a respite from a report released by the customs office… Source link

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Casino operators that play cards right will win from Beijing’s push to make Macau a family-friendly destination

Macau’s casino operators have pledged billions of dollars to develop non-gaming attractions in a bid to secure new licences, but analysts predict only the more efficient like Sands China and Galaxy will be able to curb losses and emerge winners.The spending frenzy comes as Beijing pushes to rebrand Macau as a family-friendly destination. Operators are ploughing US$10 billion into mostly non-gaming, which has traditionally been hard to monetise, before their licences expire in 2022 amid warnings… Source link

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Macau casino revenue, weighed down by sluggish Chinese economy, hits three-year low

Macau casino revenue fell the most in about three years as China’s sluggish economy continued its chilling effect on high-end customers. Analysts, however, believe the world’s largest gaming hub has seen the worst of the recent slowdown.Gross gaming revenue for Macau casino operators was 23.6 billion patacas (US$2.9 billion) in April, down 8.3 per cent from a year earlier, according to data from the Gaming Inspection and Coordination Bureau. That was roughly in line with a median analyst… Source link

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Fitch flags looming casino ‘glut’ in Asia-Pacific, amid arms race catering for wealthy Chinese gamblers

Casino operators in Asia-Pacific banking on Chinese gamblers may find themselves in trouble in the years to come, amid potential oversaturation of the premium market, according to a recent report by Fitch Ratings.The ratings agency cited the huge investments in gaming operations in Asia-Pacific that cater to wealthy Chinese consumers combined with the economic slowdown on the mainland, which they say has hurt Chinese demand for gaming activities.“Billions of dollars were invested in the last… Source link

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Macau extends gambling licenses for SJM and MGM China until 2022 to synchronise expiry date of all six casino concessions

Macau’s government has extended the gambling licenses of SJM Holdings and MGM China Holdings by two years, putting them on equal footing with four other casino concessionaires that operate in the world’s largest gaming hub.The concessions of SJM and MGM China will expire on June 26, 2022, the same as Sands China, Wynn Macau, Galaxy Entertainment Group and Melco Resorts & Entertainment Limited. SJM and MGM China will have to pay 200 million patacas (US$24.7 million) each for the extension.The… Source link

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Wynn Resorts fined US$20 million over sex allegations against casino mogul Steve Wynn

Wynn Resorts was fined US$20 million by Nevada gaming regulators over its failure to investigate and act upon sexual-misconduct allegations by employees against former Chief Executive Officer Steve Wynn.The fine was proposed by Nevada Gaming Commission Chairman Tony Alamo at a hearing Tuesday and confirmed by a 4-0 vote.Last month, the company reached a settlement with the state, but the amount of the fine wasn’t specified.While Alamo said the fine will be “record setting,” he didn’t want it to… Source link

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Money 

Australia’s biggest casino company, Crown Resorts, hit hard as Chinese VIPs spend less

Australia’s biggest casino company Crown Resorts reported on Wednesday a sharp decline in spending by wealthy Chinese tourists at its properties, pushing its shares down in their biggest one-day fall in more than two years.Crown, which is owned 47 per cent by billionaire James Packer, also posted a weaker than expected profit for the six months to December. Turnover from VIPs – largely Chinese tourists on package holidays – fell 12 per cent compared to a 16 per cent rise in the year-ago period… Source link

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Pansy Ho deepens alliance with Hong Kong’s Fok Foundation to strengthen grip on Macau casino operator SJM Holdings

Shun Tak Holdings, founded by Macau tycoon Stanley Ho Hung-sun, has deepened its alliance with one of Hong Kong’s wealthiest families to strengthen its control of the largest holder of casino licences in the former Portuguese colony, giving managing director Pansy Ho Chiu-king the upper hand in a family tussle for the magnate’s gambling empire. Pansy Ho, the eldest of the tycoon’s five children with his second wife Lucina Laam King Ying, signed an agreement with the Fok Foundation, Lanceford and Interdragon to maintain STDM’s 54 per cent stake in…

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Vietnam 

Phú Quốc casino becomes 1st to allow Vietnamese – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Corona Casino Phu Quoc has become the first casino in Việt Nam to allow Vietnamese to gamble. This will be for a three-year trial period.— Photo Courtesy of the Corona Viet Nam News HCM CITY— Corona Casino Phu Quoc, which opened late last week, is the first casino in Việt Nam to allow Vietnamese to gamble. To be allowed in for a three-year trial period, Vietnamese visitors have to pay an entry fee of VNĐ1 million (US$43) for 24 hours. The money will go into the coffer of…

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