Industry
December 16, 2021
Junkets to Survive Without Chinese Gamblers, Asserts Expert
Davis Fong, a gaming professor and former lawmaker in Macau, believes that junket operators in the city can survive and thrive. All they need to do is redirect their attention away from mainland Chinese customers to Hong Kong and Southeast Asia, IAG reports as it cites Fong and his outlook for the industry in the […]
Industry
December 15, 2021
Analysts Lower New-Year Outlook for Macau by 30%
Morgan Stanley is now less optimistic about Macau’s continued strengthening in 2022. As a result, the financial firm’s analysts have reduced the expected gross gaming revenue (GGR) for the city by 30% to $15 billion. Macau Has a Long Road Ahead Although the institution noted a “choppy recovery,” it said that there are still “overhangs” […]
Industry
December 14, 2021
Macau GGR Slips, Operators Try to Shrug Off Problems
The gross gaming revenue (GGR) in Macau fell by 12% week-on-week. This was due to an increase in the COVID-19 infection rates in mainland China, as well as a collapse of the local VIP sector following Suncity Group’s troubles. Macau GGR Still Unstable The weekly GGR update by Bernstein analysts Vitaly Umansky and Kelsey Zhu […]
Business
December 13, 2021
Suncity May See Ownership Change as Creditors Come Calling
Suncity Group of Hong Kong, listed on the Hong Kong Stock Exchange, has indicated a possible change in control could be coming. The group holds interests and assets in integrated resort developments throughout Macau, Vietnam, Russia and the Philippines. However, the arrest of its former CEO, Alvin Chau, has virtually flipped the company upside down. […]
Business
December 10, 2021
Suncity Group Financial Situation Worsens as Trading Halted Again
Due to concerns about a possible default on a loan, both Hong Kong’s Suncity Group Holdings and Summit Ascent Holdings, a majority-owned subsidiary, were placed under a trading halt. The suspension came as the two companies announced the pending release of information that could hinder its future. Suncity Struggles to Find Solid Ground Trading in […]
Industry
December 10, 2021
Border Restrictions Easing Between Macau, Hong Kong and China
According to the South China Morning Post (SCMP), Beijing has given final approval for dropping its hard border with Hong Kong. This allows fully vaccinated Hong Kong residents to travel without quarantine to Guangdong Province or Macau. New Travel Rules Coming Soon After Hong Kong’s legislative elections on December 19, the scheme will go into […]
Industry
December 8, 2021
Macau’s Junket Days Reported to be Over
The world’s largest casino junket market could soon disappear. Reports this week claimed that Macau has called for a halt to junket operations. The SAR has also reportedly ordered junkets not to loan money to VIP clients. The End of a Junket Era in Macau Macau’s casino concessionaires could end all contracts with junket proponents, […]
Industry
December 7, 2021
Macau’s Casinos Report Slight Uptick in Revenue for Early December
Macau casino gross gaming revenues (GGR) increased 14% in the first week of December, according to a Monday note by brokerage Sanford C. Bernstein Ltd. Daily mass-market GGR rose by 20% compared with November’s daily average. December Starts Strong For Macau According to the brokerage, the average daily rate for GGR from December 1 through […]
Business
December 6, 2021
Craig Billings Confirmed as new Wynn Macau Boss Starting February
Wynn Macau confirmed that it will follow the US parent Wynn Resorts’ lead. It has decided to appoint Craig Billings to be the new CEO of the company once Matt Maddox leaves early next year. Billings Takes the Helm Billings will assume the role and will be redesigned from a non-executive director to an executive […]
Industry
December 6, 2021
Hong Kong Not Deterred by Omicron As Travel Restrictions to be Lifted
In a significant step towards opening its borders to mainland China and Macau, the Hong Kong government announced that it will open the new “Hong Kong Health Code” system for registration starting this Friday, December 10. Hong Kong Recovery Continues The new system, which aligns with the respective health code tracking systems of the three […]