HONG KONG, June 1 (Reuters) – Gambling revenue in the
Chinese territory of Macau plummeted 37 percent in May, marking
one year of consecutive monthly declines as wealthy gamblers
continued to steer clear of the country’s only legal casino hub.
In a trend that’s forcing casino operators to diversify into
entertainment and retail business, revenue in the world’s
biggest gambling centre has been falling since President Xi
Jinping began a crackdown on corruption targeting illicit
outflows of money from China.
HONG KONG, May 27 (Reuters) – As revenue plummets at China’s
only legal gambling hub, global casino operators have a new
mantra – what happens in Vegas, must also happen in Macau.
Diversifying into hotels, entertainment and retail is the
only game in town for companies like Melco Crown Entertainment
Ltd and Galaxy Entertainment Group. The
latter’s two new resort projects, worth $3.2 billion, open in
Macau later on Wednesday.
SEOUL/HONG KONG, May 5 (Reuters) – The dealing rooms of
Seoul’s foreigners-only casinos are echoing to the sound of
Mandarin as operators target a new breed of ‘low-roller’
gamblers – Chinese shoppers.
The country’s casino operators are luring Chinese tourists,
offering goods like free rice cookers and Apple Inc O>
iPads in giveaways on the way to the gambling floor. Amid record
visitor numbers, South Korean casinos are betting on growing
Chinese tourism to build trade, while still competing with rival
Asia hubs to land big-money gamblers known as ‘whales’.
HONG KONG, May 4 (Reuters) – Macau casino stocks have lost
as much as half their value over the past year as China’s
anti-corruption crackdown scares away wealthy VIP punters, but
some investors say their faith in long-term gambling demand from
the mainland remains unshaken.
Casino revenues for the world’s biggest gambling hub are
expected to slide in April for an 11th straight month. Industry
moguls like Wynn Resorts’ Steve Wynn and Las Vegas
Sands’ Sheldon Adelson have noted the unprecedented
nature of the decline and a highly uncertain near-term outlook.
MACAU, March 31 (Reuters) – Macau is drafting new
construction safety rules, officials said, after several workers
died this month at casino sites amid a building boom in the
world’s largest gambling hub.
In an email to Reuters, the Labour Affairs Bureau of the
southern Chinese territory said the new regulations would be
submitted to the government this year. They would include a
revision of existing occupation and laws to “safeguard
workplaces for all workers”.
MACAU/ZHUHAI, China (Reuters) – China’s crackdown on corruption and conspicuous consumption is ever more visible in its impact on Macau, the world’s biggest gambling hub, which makes most of its money from the high rollers who are staying away to avoid Beijing’s scrutiny.
During a recent visit to four of the city’s glitziest casinos, VIP rooms were mostly desolate, with some shuttered and one boarded up, their tables covered with wood and white cloth.
HONG KONG, Feb 9 (Reuters) – Leading China’s anti-corruption
campaign, President Xi Jinping warned Macau last December that
the world’s biggest gambling hub needs to be about more than
baccarat. Now, the reform drive has new champions – the casino
The firms that lead the former Portuguese colony’s $44
billion-a-year gaming business are pledging to spend billions of
dollars on opening more amenities like convention centres and
theatres, and touting their credentials as good employers.
MACAU (Reuters) – By night, Ieong Man Teng was dealing baccarat to gamblers at the Wynn Macau casino. By day, he was mobilising thousands of fellow dealers to protest on the street for better working conditions and higher pay.
That made him one of the people on Beijing’s watch list earlier this year in Macau, the world’s biggest gambling hub.
MACAU, Dec 19 (Reuters) – By night, Ieong Man Teng was
dealing baccarat to gamblers at the Wynn Macau casino. By day,
he was mobilising thousands of fellow dealers to protest on the
street for better working conditions and higher pay.
That made him one of the people on Beijing’s watch list
earlier this year in Macau, the world’s biggest gambling hub.
HONG KONG (Reuters) – As Chinese President Xi Jinping arrives in Macau this weekend for his first official visit in five years, the message from Beijing is clear: the world’s biggest gambling center cannot remain a one-industry town.
Xi’s pervasive anti-graft campaign contributed to a disastrous year for major casino companies, which have lost a combined $58 billion in market value over the past six months as VIPs stayed away.