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Macau junket king places a bet on Japan as slowdown in world’s gambling hub pushes Suncity to look elsewhere for growth

Suncity Group Holdings Limited, the listed arm of Macau’s biggest VIP junket operator Suncity Group, has agreed to pay US$47 million for 51 per cent of a 27-acre parcel of land on Miyako Island in the Okinawa Island chain, according to a recent filing made with the Hong Kong Exchange.Suncity, widely estimated to control half of the total VIP gaming industry in the world’s gambling hub, has been aggressively snapping up casinos around Asia to diversify its income source, as it’s been squeezed by… Source link

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Chips are down for Macau casinos amid Hong Kong protests, slowdown in mainland Chinese economy

The immediate outlook for Macau’s casino sector looks grim, after gross gaming revenue fell 8.6 per cent in August – its biggest monthly drop since June 2016 – from US$3.3 billion in August 2018 to US$3 billion, according to the Macau Gaming Inspection and Coordination Bureau.And the forthcoming Golden Week Holiday, which starts October 1, could point to how the rest of 2019 will pan out for the sector, said Andrew Chung, an analyst covering the gaming sector for Japanese investment bank Daiwa… Source link

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Bet on Macau casinos, where too much is never enough, stock analysts say

Betting on glitzy Macau’s casino stocks is a good long-term gamble, many analysts say – not because of high-rolling big whales but because of the casinos’ new determination to lure wave upon wave of mom-and-pop minnows.“It’s an attractive long-term story for me,” says Kenny Wen, wealth management strategist at Everbright Sun Hung Kai. “More and more people will come there. The revenue not only comes from gambling. The father will go to the casino, and the children and wife can spend their money… Source link

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Macau junket operator Suncity vows to stop extending online betting to mainland China after expose by state media drew heat

Suncity Group Holdings, Macau’s biggest operator of junkets for high roller gamblers, vowed to rein in its online gaming and proxy betting operations in mainland China, days after an expose in Chinese state media accused the company of disrupting China’s financial order.The junket operator of Macau, the only Chinese territory where gambling is legal, had facilitated Chinese gamblers to bet through online casinos in The Philippines and Cambodia, using underground banks to move capital out of the… 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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Macau is considering a yuan-denominated stock exchange as the world’s gambling hub looks to diversify away from casinos

Macau is considering launching a yuan-based stock market to help it diversify away from gaming, its main source of revenue, and align the territory more with China’s growth plans for the Greater Bay Area in the country’s southern region.Macau’s Monetary Authority told Reuters in an email that it was starting feasibility studies for a securities market, including a stock market which would “leverage Macau’s advantage to serve the country’s need,” compared with established centres Hong Kong and… Source link

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Macau gambling tycoon Stanley Ho’s son buys 20pc stake in Australia’s Crown Resorts for US$1.3 billion

Australian billionaire James Packer has sold nearly half his stake in Crown Resorts casinos to Lawrence Ho, son of Macau gambling tycoon Stanley Ho, for A$1.8 billion (US$1.3 billion).Packer’s investment company, Consolidated Press Holdings, said late on Thursday that the sale to Lawrence Ho’s Melco Resorts and Entertainment involved 19.99 per cent of Crown Resorts, bringing its holding in the group down to 26 per cent.Packer, who stepped down from the Crown board last year to deal with what… 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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Sands China to follow up The Parisian and The Venetian with The Londoner as part of US$2.2b Macau expansion plan

Sands China last week unveiled plans to upgrade the 1,200-room Holiday Inn at Sands Cotai Central in Macau, rebranding it as The Londoner, a destination resort in line with its other European city-based brands, The Venetian and The Parisian.The Londoner rebranding is part of a larger, US$2.2 billion expansion plan, to be unveiled by Sands China, which develops, owns and operates integrated resorts, retail malls and casinos, in stages. To start with, the Holiday Inn will make way for the 600… Source link

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