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☆ Casino operator MGM beats third-quarter estimates as China travel rebounds
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

An exterior view of MGM Grand hotel and casino, after MGM Resorts shut down some computer systems due to a cyber attack in Las Vegas, Nevada, U.S., September 13, 2023. REUTERS/Bridget Bennett/File Photo Acquire Licensing RightsNov 8 (Reuters) - MGM Resorts International (MGM.N) beat market estimates for third-quarter profit and revenue on Wednesday, as the casino operator benefited from easing pandemic-related entry restrictions in its key markets. The post-pandemic travel rebound in China and Macau has been a tailwind for casino operators such as MGM Resorts and Las Vegas Sands Corp (LVS.N). "MGM China is performing exceptionally well," MGM's CEO Bill Hornbuckle said in the statement. Last month, MGM had said it expects a $100 million hit to its third-quarter results after a cyberattack disrupted its operations, forcing a shutdown of its systems.

Persons: Bridget Bennett, Bill Hornbuckle, Priyamvada, Shilpi Majumdar Organizations: MGM, MGM Resorts, REUTERS, MGM Resorts International, Vegas Sands Corp, Wynn Resorts, Thomson Locations: Las Vegas , Nevada, U.S, China, Macau, MGM China, Bengaluru

☆ China's big 'Golden Week' is here. Three hot destinations for spending — and a stock with 95% upside
▼ + stars: | 2023-10-01 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Whether it's by train or by car, hundreds of millions of people are traveling around mainland China for a holiday called Golden Week. From the Mid-Autumn Festival on Friday, Sept. 29, to the following Friday, the break runs for an entire week to celebrate China's National Day. Morgan Stanley analysts like Hong Kong-listed CTG Duty Free , China's state-owned duty-free retail giant. Within China, domestic hotel room rates are still above 2019 levels, Morgan Stanley analysts said. On the macro front, if tourism pans out as expected this Golden Week, it will give a much-needed lift to China's the economy overall.

Persons: Morgan Stanley, They're, Oliver Wyman, Oliver Wyman's, BlackPink, Atour, — CNBC's Michael Bloom Organizations: Bank of America, Hong, Golden, MGM China, Wynn Macau Locations: China, Hong Kong, Hainan, Macau, U.S

☆ Macau's May casino revenue soars 366% year on year on visitor influx
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

China lifted strict COVID-19 restrictions in January, allowing visitors to swarm into Macau for the first time in more than three years. A general view shows casinos and hotels in Macau, China February 5, 2020. Sands last week officially opened its "Londoner" casino resort which includes a 6,000 seat arena and attractions like a replica of London's Big Ben clock tower. It was the first big casino opening since the COVID pandemic and was attended by former England football captain David Beckham who drew scores of fans to the property. ($1 = 8.0840 patacas)Reporting by Farah Master; Editing by Tom Hogue & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, David Beckham, Farah Master, Tom Hogue, Simon Cameron, Moore Organizations: Labour, REUTERS, Sands, HK, Wynn, MGM, SJM Holdings, Galaxy Entertainment, Melco, England, Thomson Locations: HONG KONG, Macau, China, Sands China, Wynn Macau, MGM China, Sands

☆ Americans are spending less money even as the Chinese spend more. Take a look at the 5 major US companies winning on China's spending spree.
▼ + stars: | 2023-05-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

As people in China get out of their homes to travel and spend, retail sales have improved in China, rising almost 11% year-on-year in March. In comparison, China's core inflation rose just 0.7% in March from a year ago, according to official data from Beijing. All this means American companies facing a slowdown in US consumption are getting a boost from Chinese demand. He added the MGM China division posted a "swift return to profitability." Net revenues for the MGM China division were also 130% higher from a year ago "amid strong reopening trends," MGM said in its earnings release.

☆ MGM Resorts beats Wall Street estimates for first-quarter revenue
▼ + stars: | 2023-05-01 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +1 min

NEW YORK, May 1 (Reuters) - MGM Resorts International (MGM.N) on Monday beat Wall Street estimates for first-quarter revenue due to an increase in traffic and business volumes in Macau and Las Vegas. Casino operators are benefiting from the rebound in traffic in gaming hubs as travel and tourism spending from China rebounds. "MGM Resorts is executing across all of its geographies and channels with record first quarter Las Vegas Strip Adjusted Property EBITDAR, consistently strong Regional Operations profit, MGM China's swift return to profitability," said MGM Resorts CEO Bill Hornbuckle in a press release. The Las Vegas-based casino operator posted an adjusted first-quarter gain of 44 cents per share, beating analysts' expectations for a gain of 1 cent a share. The casino operator's revenue rose to $3.9 billion in the first quarter from $2.9 billion a year ago and surpassed analysts' average estimate of $3.6 billion.

HONG KONG, April 26 (Reuters Breakingviews) - If Japan is the next Macau, $16 billion MGM Resorts International (MGM.N) may be the only winner left at the table. After years of debate and delays, Japan has finally given approval for a resort in Osaka. But as diversifying from China becomes a popular mantra, this big bet looks smarter than it once did. The 1.08 trillion yen ($8.1 billion) resort is set to open in 2029. U.S. casino operator MGM Resorts International and local partner Orix will each own a 40% stake in the company set up to manage the complex.

HONG KONG, April 14 (Reuters Breakingviews) - Macau, once the world’s largest gambling hub, is far from a sure bet. For MGM China (2282.HK) and Sands China (1928.HK), the highest is two-thirds more than the lowest, for example. Uncertainty is compounded by onerous obligations companies have to help Macau reduce its dependence on gaming. Take $16 billion MGM Resorts International (MGM.N), whose Japanese resort received a green light on Friday. There’s also $13 billion Wynn Resorts (WYNN.O), which is pushing into the fast-growing United Arab Emirates.

☆ Macau casino stocks, bonds on a roll as Chinese visitors return
▼ + stars: | 2023-02-23 | by ( Georgina Lee | ) www.reuters.com time to read: +3 min

HONG KONG, Feb 23 (Reuters) - Chinese tourists are returning to Macau in hordes after Beijing lifted its restrictions on travel to the world's biggest gambling hub, lifting stocks and bonds of casino operators as investors bet on a boom in their revenues. The casino operators' bonds are in demand as investors look for exposure to Chinese junk debt but seek to avoid property developers' bonds. Those bonds account for a large chunk of the high-yield market and the developers' fortunes remain under a cloud after a crackdown by Beijing. Among the three U.S. casino groups that operate in Macau, CreditSights has an "outperform" rating on Wynn Macau bonds due to higher yields. Sands China's (1928.HK) 10-year bond, rated at investment grade by Moody's Investors Service and Fitch, trades at a yield of 6.59%, compared with 9.3% on Wynn Macau's bond of the same maturity.

☆ Investors turn picky in Asia after easy wins from China’s reopening
▼ + stars: | 2023-02-09 | by ( Ankur Banerjee | ) www.reuters.com time to read: +5 min

Herald van der Linde, HSBC's head of equity strategy for Asia Pacific, points out that travel and gaming stocks have already benefited. That has led investors to hunt for sectors and companies with depressed valuations outside China. Reuters GraphicsMSCI China Vs MSCI Asean vs MSCI Asia excluding JapanGLOBAL PUSH OR CHINA PULL? After a torrid 2022, investors have been betting that a swift recovery in China's economy will somewhat cushion the impact of a global slowdown and possible recession. "China and its reopening trade, on the other hand, are in early stages and may be the additional tailwind for Asian equities later this year."

☆ Macau casino revenues surge in Jan after COVID rules lifted
▼ + stars: | 2023-02-01 | by ( Farah Master | ) www.reuters.com time to read: +3 min

Still investors took cheer, sending shares in Macau casinos up between 3% to 5%, while executives and analysts said it was an encouraging sign of a solid recovery to come. A special administrative region of China, Macau has seen a resurgence of tourists from the mainland since Jan. 8 after the territory dropped all COVID-19 testing requirements for inbound travellers from the mainland, Hong Kong and Taiwan. January's revenues were the first for Sands China (1928.HK), Wynn Macau (1128.HK), MGM China (2282.HK), Galaxy Entertainment (0027.HK), MGM China (2282.HK) and SJM Holdings (0880.HK) under new 10-year contracts. Visitors pose for photos outside the Grand Lisboa casino operated by SJM Holdings during Lunar New Year in Macau, China, January 24, 2023. REUTERS/Lam Yik/File PhotoThe new contracts, with more government oversight and control, were struck after COVID-19 restrictions decimated Macau's gambling revenues and sent net debt soaring.

HONG KONG, Jan 19 (Reuters Breakingviews) - Macau is bounding into the Year of the Rabbit. Meanwhile arrivals from China and Hong Kong reached roughly 40% of 2019 traffic as of Jan. 13, per Morgan Stanley. That is remarkable given the mainland and Macau only relaxed restrictions less than two weeks ago. Melco Resorts & Entertainment , MGM China (2282.HK), Sands China (1928.HK) and Wynn Macau (1128.HK) have seen their leverage ratios swell. Ultimately to rebalance borrowings, Macau needs returning visitors to spend as much – or more – as they did in the past.

☆ Macau court sentences junket mogul to 18 years in jail
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

Alvin Chau was chairman of Macau's Suncity junket operator - which brokered the gambling activity of Chinese high rollers - until December 2021, a month after his arrest. Macau is the only city in China where citizens are permitted to gamble in casinos. Junket operators help facilitate gambling for wealthy Chinese in Macau, extending them credit and collecting on their debt on behalf of casino operators. That year, Macau casinos generated $36 billion in revenue. The junket industry has collapsed in the former Portuguese colony since Chau's arrest, with all of Suncity's VIP rooms shuttered.

☆ Analysis: Macau casinos deal themselves a tough hand with big non-gaming investment pledges
▼ + stars: | 2023-01-03 | by ( Farah Master | ) www.reuters.com time to read: +5 min

But their 10-year, shortened contracts come at a time when COVID-19 restrictions have decimated Macau’s gambling revenues, with 2022 the worst annual performance on record. Non-gaming revenues, which averaged around 5% of overall gaming revenues pre-COVID, must grow to more than 30% in the next decade, said Ben Lee, founder of Macau gaming consultancy IGamiX. Macau, a densely packed territory located on China’s southern coast, is the only place in the country where gambling in casinos is legal. Increased regulatory oversight comes as Macau casinos face much higher debt levels versus 2019. Macau has few direct flights from potential markets outside China, while transport within the city is limited to move large groups of people around, said David Green, head of Macau gaming consultancy Newpage.

☆ Casinos in Macau, the Vegas of the East, have managed to renew crucial gaming licenses. But there's a hefty catch — they need to pump in $15 billion into non-gaming sectors.
▼ + stars: | 2022-12-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Macau's six casino operators pledged to invest nearly $15 billion in non-gaming sectors. In return for the investments, Macau's government has renewed their gaming licenses. Gaming licenses for the six major casino operators had expired back in June, throwing into question Macau's future as a gambling hub. The new 10-year gaming licenses come into effect on January 1, 2023. Among the six gaming companies, Sands China has committed to spending the most in non-gaming projects — about 27.8 billion patacas, or $3.5 billion.

☆ Macau casinos' new contracts to sharpen focus on non-gaming activities
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +3 min

The operators are expected to focus on non-gaming activities in the new term, particularly as Beijing is keen for Macau to diversify away from gambling and attract foreign tourists. Some analysts expect them to make non-gaming investments of up to $15 billion cumulatively over the next decade. Genting, with its strong non-gaming track record and mass market appeal, was a credible threat for the Macau operators, many executives and analysts have said. Previous attempts by Macau to diversify have been unsuccessful, with casino operators shying away from investing in non-gaming due to the high costs, particularly as the gambling industry was far more lucrative. Macau's gambling industry currently accounts for more than 80% of government revenues.

☆ Chinese stocks rally on reopening hopes; Morgan Stanley upgrades to overweight
▼ + stars: | 2022-12-05 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

The Hang Seng TECH Index, which represents the 30 largest technology companies listed in Hong Kong, surged 8% in Asia's trade. Electronic vehicle-maker Xpeng gained 24%, leading gains for the broader index, Li Auto jumped 12% and Nio climbed more than 15%. The Hang Seng index rose 4% while China's CSI 300 index, which tracks the largest largest mainland-listed stocks, rose almost 2%. Hong Kong-listed casino operators also saw significant gains, with MGM China rising 19%, Wynn Macau climbing 16% and Sands China adding 13%. Morgan Stanley upgrades to overweight

☆ Macau's 6 casino operators get new licences, Malaysia's Genting out
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: +2 min

Nov 26 (Reuters) - Macau's government said on Saturday its six incumbent casino operators would be given new licences to operate in the world's biggest gambling hub from January, with Malaysian operator Genting missing out on a spot. The highly anticipated announcement signals stability and continuity for the Macau operators who have invested more than $50 billion in the Chinese special administrative region in the past 20 years. Officials in Macau, the world's biggest casino hub, told a news briefing the main considerations for granting licences included ensuring local employment, developing overseas tourist markets and developing non-gaming projects. Sands China (1928.HK), Wynn Macau (WYNN.O), Galaxy Entertainment (0027.HK), MGM China (2282.HK), Melco Resorts (MPEy.F), and SJM Holdings (0880.HK), have operated in the Chinese special administrative region since 2002. "We are committed to Macau and its development as Asia's premier tourist destination," Lawrence Ho, chairman and chief executive of Melco, said in a statement.

☆ Macau casinos expected to invest around $12 bln over next 10 years -media
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 14 (Reuters) - Macau casino operators, vying for a licence in the world's biggest gambling hub, are expected to invest a total of around 100 billion patacas ($12.4 billion) over the next 10 years, local broadcaster TDM reported. Galaxy and Sands may invest more than 20 billion patacas each, while the others will invest less than 20 billion patacas. Altogether the total will be around 100 billion, TDM said. Negotiations with the Macau government are almost complete the broadcaster said, with the bidders having reached agreement about what each of them proposes to do over new 10-year licence term which begins in 2023. The six Macau incumbents have operated in the Chinese special administrative region since 2002, with their current concessions expiring at the end of this year.

☆ Casino hub Macau heads toward business as usual after COVID tests find no new infections
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

[1/2] Gaming machines are seen at the casino of MGM Cotai in Macau, China February 13, 2018. REUTERS/Bobby YipHONG KONG, Nov 7 (Reuters) - Authorities in Macau said the world's biggest casino hub, blighted by a COVID-19 outbreak, is on track to return to relative normality after two rounds of mass COVID-19 tests last week found no new infections. The Chinese territory had been observing COVID-19 safety measures without any strict lockdowns until it found an imported coronavirus case on Oct. 26. "The current round of the epidemic has been effectively controlled... Community safety of Macao has been safeguarded," the government said. People crossing the border still require testing for the virus, and all international arrivals are subject to seven days' hotel quarantine.

☆ Macau mass tests its population after COVID-19 infections
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 1 (Reuters) - Macau carried out mass testing of its 700,000 residents on Tuesday after the emergence of COVID-19 cases in the past week, including at a major casino that prompted authorities to seal 1,500 people inside. All residents in the world's biggest gambling hub have been told to take a PCR test on Tuesday and then test themselves daily with rapid antigen tests. The order comes as Typhoon Nalgae approaches southern China with authorities hoping the PCR tests can be completed in one day. Authorities locked down MGM China's (2282.HK) Cotai casino resort on Sunday, with staff and guests ordered to stay inside for three days. In one bright note for the industry, travelling to Macau became easier for mainland residents from Tuesday with the advent of an online visa system which replaces the need to file applications in person.

☆ China residents able to travel to Macau using e-visa from Nov 1
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Oct 31 (Reuters) - China's immigration bureau said mainland residents will be able to travel to Macau from Nov. 1 using an online visa system rather than in-person applications, a move that could increase travel to the world's largest gambling hub. Authorities locked down the MGM Cotai casino resort owned by MGM China (2282.HK) on Sunday with staff and guests ordered to stay inside until Nov 1. All of Macau's 700,000 residents are mandated to take rapid antigen tests daily during the period, the government said. Macau's six casino operators - Sands China (1928.HK), Wynn Macau (WYNN.O), Galaxy Entertainment (0027.HK), MGM China, Melco Resorts and SJM Holdings (0880.HK) - are currently awaiting a government decision on whether they will be granted new licenses. Reporting by Farah Master and Beijing newsroom; Editing by Kim Coghill and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ China residents will be able to travel to Macao using e-visa starting Nov. 1
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: +1 min

This photograph taken on October 20, 2022 shows a view of the Cotai Strip in Macau. China's immigration bureau said mainland residents will be able to travel to Macao from Nov. 1 using an online visa system rather than in-person applications, a move that could increase travel to the world's largest gambling hub. In-person applications have been required for the past two and a half years due to Covid-19 restrictions. Authorities locked down the MGM Cotai casino resort owned by MGM China on Sunday with staff and guests ordered to stay inside until Nov 1. All of Macao's 700,000 residents are mandated to take rapid antigen tests daily during the period, the government said.

☆ Macau reimposes COVID curbs with casino lockdown as infections creep up
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Authorities locked down the MGM Cotai casino resort owned by MGM China (2282.HK) on Sunday with staff and guests ordered to stay inside until Nov 1. All of Macau's 700,000 residents are mandated to take rapid antigen tests daily during the period, the government said. The casino closure deals a blow to operators who have already been grappling with China's "zero COVID" restrictions for more than two and a half years, losing millions of dollars monthly. Shares in Hong Kong-listed Galaxy Entertainment (0027.HK) and Wynn Macau (1128.HK) dropped more than 3% early in Monday's session but later reversed course to trade in positive territory. Macau casino executives also said a decision on new licences could come as early as this week.

☆ Macau's MGM Cotai casino locked down after dealer COVID case - media
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Oct 30 (Reuters) - Macau's MGM Cotai casino, operated by MGM China (2282.HK), was locked down on Sunday morning after a dealer was found to be infected with COVID-19 in the world's biggest gambling hub, local publication Inside Asian Gaming reported. The closure deals a blow to casino operators who have already been grappling with COVID restrictions for more than two and a half years. Government health workers were at the MGM Cotai site with noone allowed to enter or exit the building, Inside Asian Gaming said. All of Macau's 700,000 residents must take a rapid antigen test for COVID daily from Oct. 30 to Nov. 1, Macau's government said in a statement that made no mention of the MGM closure. Macau's six casino operators - Sands China (1928.HK), Wynn Macau (WYNN.O), Galaxy Entertainment (0027.HK), MGM China, Melco Resorts and SJM Holdings (0880.HK) - are currently awaiting a government decision on whether they will be granted new licenses.

They accounted for 71% of arrivals before the pandemic, with another 19% coming from Hong Kong, according to the tourism board. Register now for FREE unlimited access to Reuters.com RegisterCasinos have supported heady growth since 2002 when Macau opened the market to multiple operators. Macau’s tiny population of 680,000 was nearly 70% richer on a per capita basis than their peers in Hong Kong, per the International Monetary Fund. But their collective enthusiasm masks an awkward reality: Macau’s dependence on the gambling industry looks increasingly fraught. Gaming revenue, which peaked at $45 billion in 2013, has never recovered from the blow to VIP business, sinking to $36 billion by 2019, per Macau’s Gaming Inspection and Coordination Bureau.

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