Archive for November, 2008

MGM Mirage to Suspend Plans for New Macau Casino Projects

Times are tough for Las Vegas casinos as for every other sector of the ailing US economy, but that in itself is news because, until this economic downturn, the one place that seemed less impacted by hard times was the once world's gambling capital. Now, even Macau is being affected by the global financial crises with

Galaxy Mega Resort Opening Delayed to 2010

Macau gambling operator Galaxy Entertainment Group will roll back the planned opening of its flagship Galaxy MegaResort casino on the Cotai Strip from 2009 to 2010, citing the global slowdown and weaker local market conditions. Galaxy said in a release late Thursday the delay would affect the opening date for its Cotai Mega Resort project, which

Macau Should Follow Proper Procedure to Deal With Troubled Casinos

A scholar in Macau advised the SAR government should follow the appropriate legal procedure to deal with the financial crunch problem or possible bankruptcy situation happening to any of gaming corporations in the SAR. Wang Wuyi, researcher of Economics and Public Administration Study Centre of the Macao Polytechnic Institute said yesterday on the sidelines of a

Crown Macau Not Pulling Enough Cash to Support Debt

No wonder Melco Crown's share price is trading at $US3.83, having slumped as low as $US2.85 last month. Melco is burdened by $US1.75 billion in loans - soon to grow to $US2 billion - and management says the Crown Macau casino is not pulling in enough cash to support current and expected debt service requirements. A

Wynn Plans Listing in Hong Kong to Raise Cash for New Macau Casino

Casino magnate Steve Wynn's flagship Wynn Resorts is reportedly planning a secondary listing in Hong Kong, aiming to raise $3 billion to finance the construction of a mega-resort complex in Macau. The share offering, however, is under a cloud amid negative market sentiment. Wynn Resorts has appointed UBS, Deutsche Bank and Morgan Stanley to arrange the

Wynn Resorts Saved by Wynn Macau Increased Revenue

Soft revenues at Wynn Resorts' Las Vegas casino are being offset by improved results at Wynn Macau. Wynn Resorts announced a 14.3% increase in third-quarter earnings after the closing bell Thursday, and the casino operator's shares logged a second consecutive day of double-digit gains. With Americans tightening their spending amid the economic slowdown, U.S. casinos aren't packing