Wynn Macau Ltd. led declines among casino stocks in the world’s largest gambling hub amid concerns that recent protests by workers for better pay could escalate into strike actions this weekend. Casino employees plan to protest high property prices in Macau and demand for more public housing on Saturday, according to Ieong Man-teng, chairman of the Macau Gaming Industry Frontline Workers union. Some employees of gaming mogul Stanley Ho’s SJM Holdings Ltd. had earlier considered calling a strike tomorrow and have now scrapped the idea, he said. Shares of Wynn Macau fell 2 percent to close at HK$29.70 after losing as much as 4.3 percent. SJM shares fell 0.8 percent, Sands China Ltd. was down 1.7 percent and Melco Crown Entertainment Ltd. fell 1.3 percent.
Monthly Archives: August 2014
Macau’s gross gaming revenue for August is trending toward a 5 percent decline judged year-on-year, said a note from Credit Suisse AG in Hong Kong on Friday evening. The bank on Tuesday had said it was expecting a 4 to 6 percent drop.
Galaxy Entertainment Group trade names, trademarks and property images are being used illegally by online gaming and fraudulent betting websites. The warning was issued on Wednesday by the gaming operator. ‘We would like to bring to the public’s attention that recently it has come to our notice that our hotels and/or resort properties’ trade names, trademarks, photo images and customer services hotlines have been exploited by illegal and unauthorized online gaming and betting websites’.
Macau’s gross domestic product (GDP) growth slowed down in the second quarter of 2014, affected by a lackluster performance of the city’s gaming industry. GDP increased 8.1 percent in real terms (adjusted for inflation) in the three months through June from a year earlier. That was slower than the 12.4 percent growth for the previous three months, the city’s Statistics and Census Service said… The last time exports of gaming services contracted in Macau was in the third quarter of 2012, and then only by 0.1 percent. Gaming services in Macau are included in exports for GDP purposes to reflect expenditure made by tourists in the city’s casinos.
British retailer Marks & Spencer on Friday at Sands Cotai Central opened its first Macau store. It was about seven years later than many expats in the city would have liked, and there is, as yet, no chilled food section a favorite destination of the British middle classes. But landlord Sands China Ltd is happy to welcome the company’s 1,400 square meter unit as an anchor store for phase three of the shopping mall at Sands Cotai Central, which opened on Friday.
The brother of Chen Jihong, the metals trader said to be at the centre of a Chinese loan fraud probe, was sued by Las Vegas Sands Corp’s Singapore unit over unpaid gambling debts. Chen Jilong, a so-called premium casino player at Marina Bay Sands Pte, owes S$1.88 million (US$1.5 million, MOP12 million) and has refused to make payment, according to a lawsuit filed with the Singapore High Court earlier this month. The casino gave him S$3 million credit in November 2011, according to court papers.
Melco International Development announced Thursday that its first-half profit surged 57.3 percent to $117.1 million. The company headed by Lawrence Ho Yau Lung also said in a statement to the Hong Kong Stock Exchange that the core gaming and Macau business units under its major associate Melco Crown Entertainment recorded net revenue and Ebitda growth of 4.8 percent and 8.6 percent to $2.5 billion and $701 million respectively in the first half of this year.
Online gambling company Bwin.Party set out plans on Friday to cut costs further and improve the performance of a business that has suffered a series of setbacks since its creation three years ago. Under pressure from a new U.S. activist shareholder, Bwin said it would be prepared to play a part in industry consolidation, comments that could revive speculation over a possible break-up of the company. Jason Ader, whose Spring Owl vehicle bought a 5 percent stake in Bwin.Party this year, has criticized the way the company has been run since its formation. Shares in the company are down by about a third this year and its market value has fallen to about 660 million pounds ($1.1 billion).
bwin.party published its H1 interim results for 2014, the operator saw total revenues fall to 317.1 million euros… The operator has described its performance as mixed, seeing sports betting revenues increase by 7% to 127.4 euros… a decline of 31% in total revenues generated from its online poker division… Further bad news saw its online casino and games division decline by 8%, reporting total revenues of 103.3 million euros.
Fortuna reported an increase in wagering of 20.8% during the opening half of 2014, with wager amounts totaling 333.2 million euros. Sports betting contributed to 97.6% of wagering with 325.3 million euros… net profit increased by 9% to 9 million euros while EBITDA earnings in the period jumped 16.4% to 15 million euros.