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Macau Casino Stocks Plunge with VIPJunket Ops in Beijing’s Anti-Corruption Crosshairs

Macau Casino Stocks Plunge with VIPJunket Ops in Beijing’s Anti-Corruption Crosshairs

Investors folded on Macau casino stocks after Suncity Group, the region’s biggest VIP junket company, reportedly warned its employees to take additional caution when moving money to your Chinese enclave where gaming is permitted.

Billionaire Steve Wynn had been one of the casino magnates whom lost money on Monday, as Macau casino stocks dipped on continued uncertainty about the future of VIP junket operators. (Image: Vincent Yu/Associated Press)

Wynn Macau, traded on the Hong Kong Stock Exchange, lost nearly five per cent of its share cost in the news. Galaxy Entertainment was down more than three percent, and MGM China, Sands China, and SJM Holdings all saw their valuations dip by at least two per cent.

According to Barron’s, a financial newspaper, investors are fleeing on concerns that China’s anti-corruption campaign is quickly to target VIP junket operations, for decades a vital section of drawing high-stakes players to various Chinese casinos. President Xi Jinping has been trying to stop the movement of cash from the mainland to Macau, a previous Portuguese territory that is today a tax haven where casinos routinely focus on the Asian elite.

‚Investors are worried that the Suncity warning could preclude another crackdown on the industry,‘ Barron’s columnist Daniel Shane wrote.

Suncity Group warned employees recently to just take extra precautions whenever money that is moving and from M Continue reading

Casino News: The Buffalo Bills are the latest NFL team to find casino sponsor

Casino News: The Buffalo Bills are the latest NFL team to find casino sponsor

This week’s casino news begins with income numbers from the continuing state of Maryland. Gambling is alive and well into the Old Line State as they simply produced their month that is fourth-best ever.

Maryland Casinos Register One Of Their Utmost Months Ever In August

The casino industry in the Terrapin state is completely thriving. The latest report suggests that Maryland casinos delivered record figures in the thirty days of August.

This week, revenue numbers had been released and Maryland’s casinos registered its fourth-best gaming that is monthly numbers ever. Based on a current report, the state’s six casinos reported their gaming income numbers at $154.3 million for the month of August, which can be up 5.4% from that time last year. While Baltimore’s Horseshoe Casino struggled to catch onto the trend, the other five casinos absolutely thrived including the MGM nationwide Harbor, which accounted for a ridiculous 40% for the state’s total gaming revenue figures. In reality, the MGM nationwide Harbor took in a total of $62.4 million, which is a rise of 7% from the same time frame last year.

The second-largest casino in Maryland, the Live! Casino & Hotel pulled in only over $53 million in gaming revenues. That number represents a 12.7% increase from the same time a year ago.

When it comes to how their state is spending their gains, $63.3 million regarding the gaming that is total generated i Continue reading