So said Macao Government Tourism Office (MGTO) director Maria Helena de Senna Fernandes in remarks to local media on the sidelines of a Thursday event.

Currently, international visitors coming via air usually enter Macau either via the city’s own air hub, Macau International Airport, or via Hong Kong International Airport, noted the tourism boss.

She added that her office would explore means to draw international visitors interested in making “multiple stops” during their trip.

Guangzhou’s airport is about 170 kilometres (105 miles) north of Macau, and circa two hours by road. The journey via high-speed train to Zhuhai, the Guangdong city next door to Macau, takes circa 55 minutes.

Guangzhou Baiyun International Airport is a three-terminal facility and a long-haul passenger hub for China Southern Airlines. The airport serves destinations in Europe and Australia, as well as Asia and other Chinese-mainland cities.

Shenzhen Bao’an International Airport, about 66 kms northwest of Hong Kong, serves European destinations as well as places in Asia and domestic routes. The Shekou to Macau ferry route serves Shenzhen’s airport, and takes up to 80 minutes. The journey via the Hong Kong-Zhuhai-Macau Bridge is about 106 kms and takes up to two hours.

In May, Macau received 234,150 visitors from international markets, i.e., places outside the Greater China region, according to the latest data available from the city’s Statistics and Census Service. The tally was up 0.8 percent year-on-year.

The growth in the number of international visitors from May onward had slowed compared to the first four months of 2026, noted Ms Senna Fernandes in her Thursday comments.

She said factors in the easing included “high fuel costs”, and the June start of the FIFA World Cup 2026, a major football tournament. The latter had diverted demand for tourism to Macau, she suggested.

For the first five months of this year, Macau received an aggregate of 1.24 million international visitors, up 8.8 percent year-on-year. That tally represented 6.8 percent of the city’s overall 18.14 million visitors in the January to May period, the statistics service’s data show.

That is according to a new report titled ‘Cyber Scam Hubs and Human Trafficking’ issued by the Asia/Pacific Group on Money Laundering (APG). It suggested that some gambling hubs that transitioned into scam centres may already have been illegal or unlicensed for gaming operations.

The pandemic “brought lockdowns and stricter border controls,” and as a result, “casinos and hotels, also often located in special economic zones, could no longer generate the expected proceeds through illegal gambling and other crimes conducted by the organised criminal syndicates” that operated them, said the 83-page report from the APG.

“These casinos and hotels were repurposed into cyber scam hubs populated by human trafficking victims to conduct scams,” added the paper.

The APG is an intergovernmental organisation focused on combatting money laundering and terrorist financing. It has 42 members across the Asia-Pacific region and works with organisations and observers from outside the region.

The report said cyber scam hubs are “mainly located along border areas between Thailand, Myanmar, Lao PDR [People’s Democratic Republic] and Cambodia, the northern border of Myanmar with China and the Philippines”.

Of those nations, only Lao, Cambodia and the Philippines have regulated casino industries, though the report made no suggestion that licensed and regulated land-based casinos were involved in the scam operations.

The foreword to the report was by Mitsutoshi Kajikawa, currently deputy vice minister of finance for international affairs at Japan’s Ministry of Finance. He has also been a co-chair of the APG since 2024.

He stated: “This report demonstrates the need to ensure that fraud committed through cyber scam hubs is appropriately prioritised in order to promote the mobilisation of AML [anti-money laundering] tools, international cooperation and asset recovery to combat fraud and associated money laundering.”

Region-wide

The report noted regarding the regional distribution of the problem: “There are also cyber scam hubs located in special economic zones, such as Dara Sakor special economic zone and Henge Thmorda special economic zone in Cambodia, the Golden Triangle special economic zone in Lao PDR and the Clark Free Port Zone Bamban in Tarlac, and Cebu in the Philippines.”

The APG said scam compounds operate as “pseudo-legitimate entities with implied ownership largely under control of a Chinese-speaking diaspora and blended oversight teams”.

The report added: “Workforces blend Indians with other victims from Africa, South Asia and Southeast Asia.”

The Asia/Pacific Group nonetheless observed that “the introduction of legislation… in the Philippines to ban offshore [online] gaming and related operations had a significant and immediate impact on the prevalence of cyber scam hubs in the Philippines.”

The Philippines is due to undergo a fourth mutual evaluation process by the APG in 2027, per a February statement by the country’s leader, President Ferdinand Marcos Jr.

In February 2025, the Philippines was taken off the ‘grey list’ of another watchdog, the Paris, France-based Financial Action Task Force (FATF).

Jurisdictions on the FATF grey list are subject to increased monitoring by the FATF, in relation to anti-money laundering. According to a research paper by the International Monetary Fund, places under such a measure can “experience a disruption in capital flows”.

POGO shutdown

The APG’s new report did mention case studies relating to Philippine Offshore Gaming Operators (POGOs), a former licensing category under the Philippine Amusement and Gaming Corp (Pagcor). In 2024, the Philippine government declared the category had been discontinued and that POGO activities were being shut down with operations due to cease by the end of that year (pictured below).

The APG cited a case in late 2024, where Philippine authorities raided the compound of an unnamed company suspected to be operating offshore gaming and a scam hub.

The watchdog said: “Company A is also allegedly involved in human trafficking, illegal online gambling, swindling and money laundering.”

The raid took place at the company’s compound, which consisted of several buildings inside a 2.6-hectare (6.4-acre) site where “around 900 workers were rescued”. Afterwards, authorities executed a court order “to open numerous safes where bundles of cash totalling PHP113 million [US$1.8 million currently] were found,” stated the watchdog’s report.

The APG cited another case in Bamban, in the Philippines, of a “POGO” that had allegedly been “associated with [a] politically exposed person,” or “PEP” in anti-money laundering terminology.

The APG stated: “The illegal funds originated from romance and investment scams orchestrated by trafficked workers inside the compound.

“Victims (mostly foreigners) were lured into sending funds under the pretence of love or high-return crypto investments.”

It said the case was initially detected through interagency intelligence sharing and on-the-ground surveillance.

The APG added: “The Presidential Anti-Organised Crime Commission (PAOCC) and Philippine National Police (PNP) conducted joint operations, supported by intelligence from foreign law enforcement partners and possible reports from financial institutions.”

It cited suspicious transaction reports filed with the country’s Anti-Money Laundering Council.

The APG further noted: “During the investigation, authorities used search warrants and onsite digital forensic tools to extract data from confiscated devices and trace the financial flows.

“International cooperation (particularly with Australian and Chinese counterparts) was crucial in tracing transnational fund flows and victim identification.”

Hiding proceeds

The APG report said 65 percent of its members “noted the use of complex corporate structures, including shell or front companies, as a primary means of laundering proceeds from cyber scam hubs”.

Cambodia, another jurisdiction mentioned in the new APG report on cyber scam centres, has recently said it is clamping down on scam centres, including ones that might be tied to casino compounds.

The country’s prime minister, Hun Manet, recently urged a continued online-fraud crackdown amid a casino-sector cleanup there.

The APG nonetheless noted: “The syndicates’ strategy of spreading operations across sites has reduced vulnerability to shutdowns.”

The report’s executive summary stated: “Continued research and enhanced understanding of the evolving methods used to perpetrate these crimes – such as decentralisation, dissipation and the use of artificial intelligence (AI), as well as further engagement with civil society and NGOs [non-governmental organisations] – are needed to support policy decisions and operational responses to protect victims and safeguard the integrity of the international financial system.”

“Konami is the first manufacturer to file across all applicable licence categories,” the supplier said in a Wednesday press release.

Konami Gaming, a unit of Japan’s Konami Group Corp, also stated it was the first supplier to submit applications across all applicable manufacturer licence categories established by that country’s regulator.

Its licensing submissions come as construction continues on Japan’s first IR with casino, MGM Osaka, which is scheduled to open in 2030. The project, led by MGM Resorts International and Japan’s Orix Corp, is currently the country’s only approved casino resort.

In its Wednesday statement, Konami Gaming said its licensing applications reflected the brand’s commitment to participating in Japan’s regulated casino market from its earliest stages.

“Konami’s early filing demonstrates our commitment and readiness to engage constructively with Japan’s regulatory framework from the outset,” stated Lori Olk, senior vice president and chief compliance officer at Konami Gaming.

“We have approached this process with a focus on transparency, preparation, and alignment with the stringent standards established by the JCRC,” she added.

JCRC is responsible for licensing casino operators and suppliers under the country’s IR implementation framework. 

Konami Gaming said it had invested “significant resources” in localisation, documentation and operational planning, to ensure compliance with Japan’s “legal, regulatory and cultural” requirements.

Tom Jingoli, president and chief operating officer of Konami Gaming, said the submission involved a coordinated effort “across multiple business units and jurisdictions”.

“As Japan continues to expand its IR framework, Konami remains focused on supporting regulatory objectives and partnering with stakeholders to deliver compliant, high-quality gaming solutions tailored to the needs of the Japanese market,” he stated.

The China Tourism Academy is a research institution under China’s Ministry of Culture and Tourism.

For 2025, Macau received the survey respondents’ “high rating” in terms of “leisure and entertainment” and “accommodation in tourist attractions”, according to MGTO.

The tourism bureau said deputy director Cheng Wai Tong (pictured, centre) had attended an academy seminar in Beijing on Monday, where the 2025 survey findings were disclosed.

Macau’s top ranking was due to the city’s efforts community-wide, to support the city’s tourism and hospitality offerings, stated MGTO in its update.

After Macau, the academy’s 2025 satisfaction league table read in descending order: New Zealand; Australia; Hong Kong; Argentina; Spain; Singapore; Italy; France; and the United Kingdom.

For full-year 2025, Macau recorded approximately 29.02 million visitor arrivals from the Chinese mainland, up 18.5 percent year-on-year. That is according to official data issued in January. The mainland cohort was 3.9 percent up on the pre-pandemic year of 2019, when Macau recorded 27.92 million visitor arrivals from the mainland.

The mainland-originating cohort in 2025 was 72.4 percent of the city’s overall 40.07 million visitor tally, according to data from Macau’s Statistics and Census Service.

For the first five months of this year, Macau handled 13.34 million visitor arrivals from the mainland, with the volume up 13.3 percent year-on-year.

The land area to be developed under Phase 2 was confirmed as covering 42 hectares (103.8 acres).

That is according to a recent announcement from the city and prefectural governments. They are overseeing development of Yumeshima, where the JPY1.51-trillion (US$9.33 billion currently) MGM Osaka is being developed by casino group MGM Resorts International, local conglomerate Orix Corp, and other local investors.

About JPY1 trillion has previously been mentioned as the likely development cost of Phase 2, and that figure was again reported on Friday by local media.

Separately, Japan’s central government recently announced that a ferry and cruise ship terminal is to be built on Yumeshima for completion in the late 2020s, ahead of MGM Osaka’s scheduled launch in 2030.

Hirofumi Yoshimura, the governor of Osaka prefecture, said in a Friday press briefing on Phase 2, as reported by local outlets: “Combining Yumeshima Phase 2 and Osaka IR [Phase 1] we aim to create a world-class hub – an extraordinary space that carries on the legacy of the Osaka-Kansai Expo.”

Mr Yoshimura was referring to Expo 2025 Osaka Kansai, which was held on Yumeshima from April 13 to October 13, 2025.

According to documents reviewed by GGRAsia’s Japan correspondent, the Phase-2 RFP has two stages. The first is to identify proposals deemed “excellent” regarding non-gaming content, based on criteria established by the local authorities.

The period for acceptance of content proposals will run from January 12 to January 15, 2027. Early February 2027 would see the first-stage selection.

The second stage – applicable to RFP submissions that pass the first stage – is a competitive bid for purchase of the land. Local media said the land-purchase price was likely to be more than JPY100 billion.

September 14 this year will be the date when the minimum price for the land will be officially announced. Selection on the land bid is due to be decided in early-February 2027.

The Osaka city authorities had previously disclosed that two groups whose earlier Phase-2 content proposals had been selected as “excellent” would combine their efforts. The merger of the consortiums, led respectively by Obayashi Corp and Kanden Realty & Development Co Ltd, was announced on May 27.

Local media reported on Friday that the Osaka business community broadly supported the merger, arguing that a single proposal would be better suited to a project expected to require an investment of around JPY1 trillion.

Obayashi Corp and six other companies had in their individual proposal suggested: a large arena; motorsport facilities including a racing circuit; a car-themed park; and a luxury hotel.

Kanden Realty – alongside Keihan Holdings Co Ltd, Sumitomo Corp, Takenaka Civil Engineering & Construction Co Ltd, Nankai Electric Railway Co Ltd, and Yoshimoto Kogyo Holdings Co Ltd – had made the other proposal featuring: a resort complex with luxury hotels; water parks; and a variety of commercial facilities.

An offence of taking part in online gambling risks a five-year sentence or a BDT10-million fine.

That is according to the new Gambling Prevention Act 2026, enacted by the country’s government and gazetted on Wednesday, after receiving the assent of the head of state, President Mohammed Shahabuddin.

BSS News, the official news agency of Bangladesh, gave the information in a Thursday report.

It stated the move was to “tackle the growing threat of online gambling, sports betting and digital gambling networks”.

According to a research paper by a scholar at the National University of Bangladesh, published in May, approximately 5 million people in the country are classified as “addicted” to online gambling, with an estimated US$600 million “laundered annually through illegal channels”.

The new law – approved in draft form by the government last month – replaces the 159-year-old Public Gambling Act 1867, a statute from the British-India colonial era that already prohibited most forms of traditional gambling in Bangladesh, including land-based casinos.

The Daily Star news outlet separately reported that the new law defines 24 categories of gambling-related activities, and prescribes 14 categories of punishment. The publication cited some opposition MPs being concerned the new law could be misused.

National Citizen Party MP Akhter Hossen was cited saying he supported the act’s objective but warned of possible misuse.

He objected in particular to granting police powers to conduct searches and seizures and block websites or mobile applications without court approval, saying such provisions could infringe on citizens’ rights and potentially be used to suppress critical media.

Per the BSS News report, the fresh law introduces legal definitions for “online gambling, sports betting, virtual casinos, virtual private network-enabled gambling, cryptocurrency transactions, match-fixing and other digital gambling-related offences”.

Responsibilities for implementing the law have been assigned to the Ministry of Home Affairs, the Ministry of Posts, Telecommunications and Information Technology, the Bangladesh Telecommunication Regulatory Commission (BTRC), Bangladesh Bank, the Bangladesh Financial Intelligence Unit (BFIU), the Election Commission, the Criminal Investigation Department (CID), the National Cyber Security Agency, and other relevant ministries and agencies, per the official news agency.

The law also provides for the formation of an interagency task force, “international cooperation, research, publication of annual reports, and public awareness campaigns”.

Defined offences under the law include organising gambling or money laundering through either “fake SIMs, fraudulent mobile financial service [MFS] accounts or cryptocurrency”. They are punishable by up to 10 years’ imprisonment and a fine of up to BDT50 million.

The statute also provides for up to two years in jail, a fine of up to BDT200,000 – or both – for what the report termed “conventional gambling offences”.

Match-fixing, influencers

Running online betting operations, acting as a bookmaker, using VPNs or mirror sites to facilitate gambling, or operating gambling networks through digital infrastructure carries a maximum penalty of seven years’ imprisonment and a fine of up to BDT50 million.

Match-fixing is punishable by up to seven years’ imprisonment and a BDT10-million fine. Spot-fixing carries a maximum sentence of five years and a BDT5-million fine.

A court “may also disqualify convicted persons temporarily or permanently from participating in the relevant sport or competition,” added the report. A number of leading Bangladeshi cricketers has previously received bans of varying length for alleged match fixing.

The new law also states that media outlets, digital platforms, influencers, artists, athletes, or any other individuals involved in promoting gambling through advertisements, sponsorships, affiliate marketing, or referral campaigns may face up to three years’ imprisonment, a fine of BDT5 million, or both.

The new statute additionally classifies the “transfer, concealment, or legitimisation of gambling proceeds through banks, MFS accounts, digital wallets, hawala, hundi, or cryptocurrency” as an offence under the Money Laundering Prevention Act, 2012. “Hawala” is an informal value-transfer system involving brokers. “Hundi” is a traditional, informal financial instrument originating from the Indian subcontinent.

The law also criminalises gambling advertisements, sponsorships and affiliate marketing, and empowers authorities to freeze and confiscate bank accounts, digital wallets, crypto assets, servers and other properties linked to gambling operations.

Anyone accused of offences under the act will not be entitled to bail pending trial.

Per the BSS News report, the law authorises the government to use “modern technologies, including artificial intelligence (AI), deep packet inspection (DPI), transaction monitoring systems, and data analytics, to detect and prevent online gambling”.

That is according to the “PATA Asia Pacific Visitor Forecasts 2026-2028: Mid-Year Update”. The report was produced by the Pacific Asia Travel Association (PATA) in collaboration with the Research Centre for Digital Transformation of Tourism at the School of Hotel and Tourism Management of The Hong Kong Polytechnic University.

One of the report’s findings is the growing divergence in tourist-destination performance across Asia Pacific. The organisation said that while the industry region-wide was “expanding”, some destinations “are significantly outperforming others in terms of growth and recovery” in the post-Covid-19 period. That was per a PATA press release issued this week.

Among the region’s 10 largest destinations by inbound-tourist volume, Vietnam is forecast to record the strongest growth between 2025 and 2027, with international visitor arrivals increasing by 31.2 percent to reach 27.8 million.

The country is home to a number of casinos and slot parlours, most of which target foreign passport holders. Only the Corona Resort & Casino, on Phu Quoc Island, and The Grand Ho Tram casino resort, near Ho Chi Minh City, are currently permitted by the local authorities to offer gambling not only to foreign players but also to economically-qualified locals.

According to the latest PATA report, Macau is expected to record the second-fastest growth in visitor arrivals between 2025 and 2027, at 19.4 percent.

A number of gaming analysts have said that, while Macau’s visitor volume is not in itself a proxy for the level of gambling demand at the city’s 20 licensed casinos, strong visitor flows provide opportunities to market gaming services.

Malaysia, home to the casino monopoly of Resorts World Genting near Kuala Lumpur, is expected to record visitor arrival growth of 11.6 percent between 2025 and 2027.

The updated outlook projects that international visitor arrivals across 39 Asia-Pacific destinations will reach 714.9 million in 2026, increasing to 758.8 million in 2027 and 789.2 million by 2028.

“By the end of the forecast period, visitor arrivals are expected to reach 115.6 percent of 2019 levels, confirming that the region has moved beyond [Covid-19] recovery and entered a new phase of tourism expansion,” PATA noted.

The projection suggests that some of the Asia-Pacific region’s largest destinations are entering a more mature phase of growth. The Chinese mainland, while remaining Asia Pacific’s largest destination, with 157.8 million arrivals projected in 2027, is expected to grow by just 2.2 percent over 2025 levels.

“The latest forecasts demonstrate the remarkable resilience of Asia Pacific tourism,” PATA chief executive Noor Ahmad Hamid stated in comments carried in the press release.

He added: “While the region continues to grow and recover, success will increasingly depend on destinations’ ability to navigate geopolitical uncertainty, evolving traveller behaviour, connectivity challenges, and rising operational costs.”

Despite the positive outlook, the report identifies several risks that could influence tourism performance over the coming years. “Escalating geopolitical tensions and energy market volatility have increased concerns regarding fuel prices, aviation costs, and air connectivity,” PATA said in its release.

“Continued inflationary pressures and higher living costs in several source markets may also affect discretionary travel spending, particularly among middle-income households and long-haul travellers,” it added.

Credit specialist S&P Global said in a third-quarter roundup of industrial sectors in the region that the Asia-Pacific gaming sector was likely to experience “moderate demand amid macro challenges” over the next 12 months.

“If high oil prices persist, travel demand may soften as consumers cut discretionary leisure spending,” suggested the sector summary by primary credit analyst Flora Chang, based in Hong Kong.

June GGR was 18.1 percent down on May’s MOP22.61 billion.

A number of investment analysts had mentioned in June commentary that the FIFA World Cup 2026 football tournament co-hosted by the United States, Canada and Mexico – from June 11 to July 19 – might depress demand for Macau casino gambling during that period.

The latest monthly GGR result took the Macau aggregate so far this year to MOP126.90 billion, 6.8-percent higher than in the prior-year period.

June’s data meant that for the whole of the second quarter, casino GGR fell 0.1 percent year-on-year, to just under MOP61.03 billion, from just over MOP61.11 billion in second-quarter 2025.

Mr Chun (pictured in a file photo) explained so in an emailed response to GGRAsia’s query regarding a series of share purchases worth HKD32.88 million (US$4.2 million) he had made since March 27 and up to June 24. It pushed his previous 60.00 percent holding, up to 65.36 percent.

Paradise Entertainment is the parent of Macau-based electronic casino games and technology supplier LT Game Ltd.

Subsequent to GGRAsia’s Monday story, it emerged Mr Chun had spent a further circa HKD362,000 on Friday (June 26). That was for 464,000 shares bought at an average price of HKD0.78 per unit, resulting in his long position edging up slightly, to 65.41 percent.

“Given the growth potential and prospects of the company, I consider the current valuation of the company – as reflected in its stock price – is underappreciated,” Mr Chun stated, regarding the parent entity.

He added: “That’s why I have been increasing my long position in the company, subject to relevant regulatory requirements including Hong Kong listing rules.”

Paradise Entertainment’s full-year 2025 profit declined by 63.5 percent year-on-year to HKD139.4 million, primarily due to the discontinued operation of its Macau satellite casino business amid city-wide regulatory changes.

That had been a key Paradise Entertainment business segment, alongside the development, sale and leasing of casino equipment and electronic games under the “LT Game” brand.

The group intends to capitalise on demand for “new and replacement” live multi-game (LMG) systems and machines in Macau, while exploring overseas demand for this line of products, Mr Chun stated in the firm’s 2025 annual report, filed in late April.

The document also mentioned the group tapping the “rapidly growing” overseas gaming jurisdictions of the Philippines, Vietnam, Cambodia, Sri Lanka, and Malaysia for sales of its gaming products.

The other units given that assessment are Wynn Resorts Finance LLC and Wynn Las Vegas LLC.

The stable outlooks reflect the fact that the Wynn group “has not reduced leverage to well below 6 times,” stated Moody’s in a Thursday note.

The institution added: “While Wynn’s performance has improved since 2025, leverage still remains elevated as compared to our prior expectations.”

Moody’s nonetheless affirmed the ‘B1’ corporate family credit rating of Wynn Resorts Finance, as well as Wynn Macau Ltd’s and Wynn Las Vegas LLC’s respective ‘B1’ senior unsecured notes ratings.

A ‘B1’ rating is “speculative grade”, with “high credit risk”, per Moody’s definitions.

Moody’s stated: “The affirmation and stable outlook also incorporate our view that the company will maintain very good liquidity, with ample cash balances and sizeable revolver availability.”

The institution added: “The stable outlook reflects our expectation that Wynn will sustain debt/EBITDA [earnings before interest, taxation, depreciation and amortisation] near 6.0 times.”

In support of its assessment on the Wynn group’s liquidity, Moody’s mentioned its “sizable cash balances and ample undrawn revolver capacity”.

The institution noted that, as of March 31, the group had unrestricted cash and cash equivalents of US$1.2 billion on a consolidated basis – not including US$608 million of short-term investments – with US$851 million in Macau.

Moody’s mentioned the Wynn group maintains two revolving credit facilities: a US$2.5-billion unsecured facility in Macau, with US$1.35 billion of available capacity, due to mature in 2028; and an undrawn US$1.25-billion secured revolver at Wynn Resorts Finance that matures in 2030.

UAE, further projects

Wynn Macau Ltd is an approximately 72-percent owned subsidiary of Wynn Resorts Finance, which in turn is a wholly-owned subsidiary of Wynn Resorts Ltd, which is not rated by Moody’s.

The Macau unit operates Wynn Macau on the city’s peninsula, and Wynn Palace in the Cotai district.

In the United States, the Wynn group runs Wynn Las Vegas, in Las Vegas, Nevada, and Encore Boston Harbor in Massachusetts.

The group is also developing Wynn Al Marjan Island in Ras Al Khaimah in the United Arab Emirates (UAE). Last month, management stated the project was facing a ‘modest delay’ amid the Iran-U.S. conflict.

Moody’s said in general commentary on the Wynn group’s credit outlook that its ‘B1’ corporate family rating “reflects the quality, popularity and favourable reputation of the company’s resort properties – a factor that distinguishes Wynn from other gaming operators.”

It also stated the group’s “successful track record of building large, high quality integrated resorts… should bode well for the company’s latest project being constructed in the UAE.”

Moody’s added the ratings “also reflect that Wynn’s Macau operations have recovered significantly” in the post-pandemic period, “contributing to improvement in the company’s financial leverage.”

The Wynn group’s good liquidity and “relatively low cost of debt capital” also supported the ratings.

Nonetheless, Moody’s observed that “key credit concerns” included the casino group’s “limited diversification, despite being one of the largest U.S. gaming operators in terms of revenue, and exposure to reductions in cyclical discretionary consumer and business spending”.

The group’s revenue and cash flow remain “heavily concentrated in the Macau and Las Vegas gaming markets”.

Though Moody’s added: “We expect that Wynn will pursue other large resort development opportunities around the world, following the opening of its project in the UAE. As a result, the company’s leverage will increase during periods when it is developing new projects.”