Mainland police have cracked down on an online fraud group who was found running an investment scam using the name of one of Macau’s casinos, arresting seven.
According to the police authority in the Guizhou province, the fraud group used social media to seek potential victims, purporting to be investment experts.
They recommended victims invest in an app called “Wynn Macau” which could turnover high profits.
Around 200 people fell victim to the scam in a fortnight, leading to losses of around RMB 55 million (US$7.9 million).
Macau’s operators have stepped up their corporate social responsibility (CSR) efforts in recent years, in particular when it comes to China cultural cooperation, which may help their case when it comes to concession renewal.
Melco Resorts & Entertainment and MGM China outperformed their peers in the latest reporting season, as the ramp up of new product offerings drove growth.
Analysts hold mixed views as to whether China's plans to criminalize those jurisdictions luring its nationals to gamble will include Macau, with some concerned that the junkets at the very least might be in Beijing's crosshairs.
Macau might have an important role to play in the launch of China’s digital yuan if the city’s casinos adopt the currency instead of the Hong Kong dollar, according to analysts.
China is accelerating the launch of the digital yuan in the Greater Bay Area with a special pilot in Shenzhen.
Wynn Macau has confirmed it has postponed all major project capital expenditures for the remainder of the fiscal year 2020 in light of the COVID-19 pandemic and its risk to employees. In the first half of 2020, the company swung to a loss of HK$3.9 billion (US$490.3 million), with casino revenues down 81.8 percent and […]
Shares in Macau’s six casino operators were sharply higher Monday after the Macau government announced the long-awaited news that individual visit scheme visas would be renewed from August 12.
Daily burn rate at Wynn Macau has been around US$2 million per day, according to comments from Wynn Macau non-executive chairman Allan Zeman in an interview with CNBC. Despite record low visitation over the last few months, Zeman said that the company has not reduced its staff headcount over the last two months. “Obviously business has […]
Nine listed gaming operators in the Asia Pacific region are likely to see a plunge of about 70 percent in EBITDA this year, but all should have sufficient cash to cover basic needs for the next year, Moody’s Investors Service said.
Macau casino operator Wynn Macau has announced the issuance of US$750 million 5.5 percent senior notes due 2026. Net proceeds from the notes offering is expected to be approximately US$743.1 million, which will be used for “general corporate purposes until business recovers from the effects of the COVID-19 pandemic” and then to facilitate the repayment […]
Wynn Macau said it expects the VIP and premium segment to lead the recovery and forecasts to be able to break even on an adjusted property EBITDA basis once gross gambling revenue returns to between 45 percent and 50 percent of its prior run rate.