GGRAsia – Macau

U.S. says Steve Wynn ‘foreign agent’, lobbied for China

May 18, 2022 Newsdesk Latest News, Macau, Top of the deck, World

The United States Department of Justice said in a Tuesday statement it is seeking to compel Steve Wynn, founder of casino group Wynn Resorts Ltd, to register under the U.S.’ Foreign Agents...

AAEC side files appeal notice on failed lawsuit against LVS

May 17, 2022 Newsdesk Latest News, Macau, Top of the deck

The lawyer for a Taiwan company that failed at Macau’s Court of First Instance in its multibillion U.S. dollar lawsuit against the Las Vegas Sands Corp (LVS) group, says a request for leave to...

Wynn CEO, Macau execs in base pay cut in return for shares

May 17, 2022 Newsdesk Latest News, Macau, Top of the deck, World

The group chief executive and two senior Macau-based executives of U.S. casino firm Wynn Resorts Ltd have voluntarily reduced the cash amount of their base salary for the remainder of 2022, in...

Tweaks to Macau gaming law keep cross-stake status quo

May 17, 2022 Newsdesk Latest News, Macau, Top of the deck

The Macau government is willing to keep the current ‘status quo’ in terms of cross-shareholding in gaming operators, scrapping a previous proposal that would prevent any shareholder with a stake...

Alleged bribe offer to ex-Wynn manager probed by HK, Macau

May 17, 2022 Newsdesk Latest News, Macau, Top of the deck

Macau’s Commission Against Corruption (CCAC) says it is cooperating with the Hong Kong authorities as the latter investigate a series of alleged offers – dating back between 2014 and 2017...

Macau ops share junket deposit liability: Macau top court

May 16, 2022 Newsdesk Latest News, Macau, Top of the deck

Macau’s Court of Final Appeal announced on Monday sentences in relation to a total of nine cases concerning debt claims involving junket operators based at local casinos. In all the cases, the...

Macau repeat visitors denied visa by China says Bernstein

May 16, 2022 Newsdesk Latest News, Macau, Top of the deck

The “latest channel checks have indicated that frequent gamblers to Macau have seen visa issuance denied by China immigration offices,” says a Monday memo from brokerage Sanford C. Bernstein Ltd,...

Macau satellite profit model still in doubt: industry

May 16, 2022 Newsdesk Latest News, Macau, Top of the deck

The Macau government’s decision to drop a condition that the gaming areas of so-called satellite casino hotels in the city must in future be owned by any one of the casino concessionaires, is a...

Moody’s downgrades SJM debt on slow Macau recovery

May 16, 2022 Newsdesk Latest News, Macau, Top of the deck

Moody’s Investors Service Inc has downgraded Macau casino operator SJM Holdings Ltd’s corporate family rating (CFR) to ‘Ba3’ from ‘Ba2’. Both ratings are considered non-investment...

Macau GGR tax cut may spur 15pct EBITDA hike: JP Morgan

May 16, 2022 Newsdesk Latest News, Macau, Top of the deck

A cut of 5 percentage points in the tax levied on Macau gross gaming revenue (GGR “would be equivalent to a 12 to 15 percent boost” to estimated industry earnings before interest, taxation,...