Pansy Ho Chiu King, chairperson and co-executive director of MGM China Holdings, has disposed of her entire holding in MGM Resorts International, the U.S.-based parent of the Macau casino operator, through five consecutive trading-day transactions that grossed about $140.1 million.
According to disclosure records filed with the Hong Kong Stock Exchange, Ho sold more than 3.06 million MGM Resorts shares between May 28th and June 3rd. Following the transactions, her long position in MGM Resorts fell to 0 percent, from 0.81 percent on May 28th.
The sales were made across five transactions. Ho sold 1,000,000 shares on May 28th at an average price of $42.4000 per share, followed by 600,000 shares on May 29th at $43.5000 per share. She then sold 400,000 shares on June 1st at $50.2448 per share, 334,784 shares on June 2nd at $48.8847 per share, and 731,373 shares on June 3rd at $48.0950 per share.
The disposals came after People Inc., controlled by U.S. media executive Barry Diller, proposed acquiring an additional 24.1 percent stake in MGM Resorts for $48.30 per share, which would raise its holding to just over 50 percent and give it control of the casino operator.
MGM Resorts currently holds 55.95 percent of MGM China, while Ho and companies controlled by her hold 22.49 percent of the Macau-listed operator. Ho is also a director of MGM Grand Paradise, the Macau concession-holding entity, in which she holds a 15 percent stake.
Analyst reports following People Inc.’s non-binding offer have said MGM China could become a closely watched asset if the transaction proceeds. Seaport Research Partners described MGM China and MGM Osaka as potential “non-core” assets under a People-controlled MGM Resorts, while CBRE Equity Research estimated MGM Resorts’ stake in MGM China at $3.3 billion.
MGM China shares fell over 6 percent on June 8th, leading declines among Macau gaming stocks after opening 4.12 percent lower.
Nearly 10,000 tourists had used Macau’s concessionaire-operated shuttle bus routes to travel from integrated resorts to local neighborhoods as of the end of May, according to the Macau government, which said the project has begun directing visitor traffic into community areas.
The government said the project has operated smoothly and has initially achieved its intended goal of encouraging tourists to visit neighborhoods beyond major integrated resorts.
The “Leisure Bus Community Exploration Program” was launched in late April as a cross-department initiative involving the Economic and Technological Development Bureau, the Macao Government Tourism Office (MGTO), the Gaming Inspection and Coordination Bureau (DICJ) and the city’s six gaming concessionaires.
Authorities said passengers boarded at different designated “Leisure Bus” stops, helping channel visitors to several local districts. The program’s mobile information page also recorded more than 14,000 clicks by the end of May.
Promotional efforts for the program included 11 short videos and 164 social media posts across multiple channels, generating more than 7.48 million views. The materials introduced bus stops, route information, nearby community attractions and related activities.
Officials said public and business feedback has been generally positive, with the program seen as helping bring foot traffic to community areas and support local economic activity. However, some comments also raised concerns over the impact of shuttle operations on traffic and the environment in residential districts.
To improve the service, the government will introduce several adjustments from June 13th. These include adding a Macau-to-Cotai direction to existing routes, after the initial services mainly operated from Cotai to the Macau Peninsula.
The NAPE route, which was previously operated only during the Labor Day holiday, will become a regular weekend service, covering areas including the Macau Grand Prix Museum and the Kun Iam Statue waterfront area.
The Hong Kung Temple route will also start earlier on weekends, shifting from the evening to the afternoon to attract more daytime visitors to Rua dos Ervanários and nearby districts.
Authorities said they will continue to review the program and adjust bus arrangements where necessary.
Good morning. The tide is still rising, just more slowly. Macau’s 2026 growth story keeps moving, but CLSA sees fewer surprises ahead, trimming its gaming revenue forecast to $31.9 billion and warning that capex will bite harder. World Cup distractions and a softer VIP hold could also muddy the near term. Another CLSA note suggested that China’s new outbound investment rules could affect Macau gaming stocks more than GGR. Meanwhile, in New York, Wynn Resorts CEO Craig Billings joined US business leaders for talks with Chinese Foreign Minister Wang Yi on trade and market access.
Yevhen Krazhan, CSO at GR8 Tech, explores how surging crypto adoption across Asia is revolutionizing iGaming payments, stating: “When I look at what’s changing fastest in Asia, it’s payment behavior,” as wallets, stablecoins, and seamless cross-border transfers become deeply ingrained in player habits. The winning operators will be those that offer fast, reliable, and local deposits and withdrawals. To make sense of it, Yevhen breaks Asia into two crypto realities.
Wynn Resorts Chief Executive Officer Craig Billings was among a group of senior US business leaders who met with Chinese Foreign Minister Wang Yi in New York on May 27th to discuss trade, investment and market access issues between the United States and China.
The meeting was organized through the US-China Business Council (USCBC) and included members of the National Committee on US-China Relations (NCUSCR), as well as representatives from universities and think tanks. Participants discussed market access, the need for a level playing field for US companies operating in China, and the importance of a fair, predictable and stable business environment.
According to USCBC, the outcomes of the recent summit between US President Donald Trump and Chinese President Xi Jinping in Beijing were also discussed.
“Today’s meeting was an important opportunity to hear more about the important agreements reached by the two presidents in Beijing and to raise some of the most pressing issues affecting US business in China,” USCBC President Sean Stein said in a statement.
“The consensus between President Trump and President Xi is bringing much needed stability and predictability to the relationship. We are now looking for the two sides to focus on the long-standing barriers and market access issues that harm business and undermine stability,” he added.
Billings participated in the meeting in his capacity as a USCBC board director. Other attendees included Chubb Chairman and Chief Executive Officer Evan G. Greenberg, Merck & Co. Chairman and Chief Executive Officer Robert M. Davis, The Estée Lauder Companies President and Chief Executive Officer Stéphane de La Faverie, Atlas Air Worldwide Chief Executive Officer Michael Steen and Condé Nast Chief Executive Officer Roger Lynch.
For Wynn Resorts, the meeting is particularly relevant given the company’s established presence in Macau through its subsidiary, Wynn Macau. The company operates the integrated resorts Wynn Palace and Wynn Macau, making China one of its most important markets.
USCBC, established in 1973, is a private, nonpartisan, nonprofit organization representing major American companies that do business in China.
China and Sri Lanka have intensified bilateral law enforcement cooperation to tackle cross-border online gambling, telecom fraud, and related criminal enterprises that authorities say have increasingly migrated to Sri Lanka from other parts of Asia.
In a statement published on its official website, the Chinese Embassy in Colombo said the two countries have deepened practical cooperation since the start of 2026, with Sri Lankan authorities conducting multiple raids that have dismantled gambling and fraud operations and resulted in the arrest of suspects from several countries. A number of Chinese nationals implicated in fraud-related offenses have been handed over to Chinese authorities, with the Embassy describing the repatriations as having produced a strong deterrent effect.
The Embassy identified online gambling and telecom fraud as the dominant forms of transnational organized crime being targeted, and noted that these activities are typically bundled with a range of other offenses including human trafficking, money laundering, kidnapping, illegal detention, and unlawful border crossings.
Chinese officials attributed the growth of these networks in Sri Lanka to enforcement pressure in East and Southeast Asia, arguing that criminal operators squeezed out of other jurisdictions are seeking new bases of operation. The Embassy pointed to Sri Lanka’s telecommunications infrastructure, geographic position, and relatively accessible visa policies as factors that have made the country a target for these groups.
The statement commended the cooperation of Sri Lanka’s ministries of Foreign Affairs, Finance, and Public Security, along with immigration and police services, and warned that failure to act decisively could damage Sri Lanka’s international standing, destabilize communities, and threaten public safety.
China reiterated its position that Chinese capital is prohibited from investing in overseas casinos, that Chinese citizens are barred from operating them, and that foreign casinos are not permitted to solicit Chinese nationals. Recent amendments to Chinese criminal law have also designated cross-border gambling activities as criminal offenses.
The cooperation with Sri Lanka follows similar bilateral arrangements Beijing has pursued with Spain, the UAE, Myanmar, and Cambodia, all of which have resulted in arrests and repatriations. China said it intends to continue deepening law enforcement and security cooperation with Colombo under the framework of its Global Security Initiative.
FairGambling, a new transparency‑driven rewards platform for crypto casino players and Bitcoin gamblers, has officially launched to the public.
The platform brings together on‑chain analytics, provably fair verification tools, independent crypto casino reviews, real‑time bonus code feeds, and an extra rewards program offering up to 30% rakeback across 40+ leading operators—including Stake, Roobet, Shuffle, BC.Game, Gamdom, Bitcasino, 1win, Winna, Thrill, and Duel—with many more integrations on the way.
FairGambling launches into a market that processed over $80 billion in crypto casino deposit volume last year. The platform’s analytics layer already tracks $45 billion+ of that flow in real time across the operators it covers. Despite the market’s scale, players still have limited tools to verify fairness, compare operators, or independently assess where their money is going.
Built as a Utility Layer, Not Another Affiliate Site
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Independent crypto casino reviews and ratings scored across 10 weighted categories including fairness, financial transparency, KYC and licensing, compliance, and customer support.
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Data-Driven Casino Comparison
Unlike traditional affiliate sites that rank casinos based on commercial agreements, FairGambling’s ratings are built from a weighted rubric covering analytics, fairness, financial transparency, bonus structure, compliance, and security. Each operator profile includes deposit volumes, hot wallet visibility, license details, no-KYC policies, bonus testing results showing how much players actually receive back in rewards when wagering a given amount, and side-by-side comparisons against other operators on the same metrics.
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Community Reviews and Earning Crypto
FairGambling places verified player reviews at the center of its review system. Verified users can earn crypto rewards for eligible contributions, and the platform requires casino activity verification (such as VIP tier or wager history) before reviews are approved, which is intended to filter out the fake reviews common to other online gambling review sites.
“Trust in this space is broken […] We’re not going to fix that overnight, but giving players the data, the tools, and the rewards to actually engage critically with the operators they use – that’s the foundation. Everything else builds on that.”
The platform helps players find the best crypto casinos based on data, verify game fairness, and earn extra rakeback on top of what casinos already offer. FairGambling is now live and available worldwide, subject to local laws and eligibility requirements.
China’s new outbound investment rules may weigh more on investor sentiment toward Macau gaming stocks than on gross gaming revenue, according to CLSA, as the brokerage noted that Macau’s gaming funding channels have already been subject to extensive scrutiny.
In a June 4th note, CLSA analyst Jeffrey Kiang said the new rules, which take effect on July 1st, are unlikely to directly undermine Macau GGR, although secondary effects cannot be ruled out.
‘China’s new regulations on outbound investments will likely weigh on equity sentiment toward Macau gaming rather than gaming revenue,’ Kiang wrote.
The State Council regulation, issued on June 1st, applies to outbound investments by mainland Chinese enterprises, organizations and individuals. It covers activities involving assets, equity, financing and guarantees used to obtain ownership, control, management rights or other interests in overseas companies or assets.
The rules require investors to complete approval, filing, information reporting and cross-border fund registration procedures where applicable. They also prohibit unauthorized overseas transfers of restricted goods, technologies, services and data, and establish a security review system for outbound investments that may affect national security.
The regulation has drawn broader market attention amid signs of tighter scrutiny over mainland-related offshore fund flows through Hong Kong. Reuters reported that shares of HSBC, Standard Chartered, Prudential and AIA fell after reports that mainland Chinese residents were facing stricter procedures when opening offshore investment accounts at Hong Kong banks.
Separately, Goldman Sachs was cited as saying that some Hong Kong banks had tightened account-opening requirements, especially for investment accounts, with clients required to declare that funds were from legitimate sources and originated outside mainland China.
Against that backdrop, CLSA said Macau’s gaming industry appears less directly exposed to the new framework. The brokerage noted that channels used by mainland visitors to fund gaming activities in Macau have already been subject to extensive controls for many years.
According to CLSA’s 2025 China Reality Research survey of 800 respondents, cash accounted for 48 percent of gaming budgets among Macau visitors, while UnionPay credit and debit cards each represented 21 percent. Together, cash and UnionPay accounted for 90 percent of gaming funding sources among respondents.
CLSA maintained its existing investment view on the sector, saying there was no change to its broader Macau gaming thesis.
Okada Manila is increasing its focus on Japanese visitors as the Philippine integrated resort seeks to broaden its international customer base amid a more competitive gaming market.
The Manila property said it is expanding services for Japanese guests, including language support, hospitality arrangements and facilities aimed at addressing different cultural and travel preferences.
Okada Manila said Japanese travelers’ preferences have become more diverse as overseas travel demand recovers, with growing demand for ‘comfort, language support, and personalized services’. The company said it has identified Japan as ‘an important target market’.
The move follows the launch of Ariake, a gaming club designed for Japanese VIP guests. The venue, located near the VIP Hotel Lobby and Pearl Wing Lobby, includes table games, electronic gaming machines and a private table games salon.
According to the company, Ariake also provides dining services, membership and cage support, and Japanese-speaking staff. Okada Manila said the venue forms part of its effort to address ‘the diverse cultural needs of international guests’.
Shirley Tam, executive vice president for casino marketing at Okada Manila, said the venue was developed to reflect Japanese gaming preferences while supporting the property’s wider premium customer strategy.
Okada Manila is operated by Tiger Resort, Leisure and Entertainment Inc., a subsidiary of Japan’s Universal Entertainment Corp.
Universal Entertainment said in May that Okada Manila’s first-quarter performance fell short of the prior-year period, as the Philippine gaming market continued to face pressure from structural changes in the VIP segment and stronger competition for mass-market players.
The company said competition in Entertainment City had increased customer acquisition costs, as operators continued to compete for mass-market customers.
CLSA has lowered its 2026 Macau gross gaming revenue (GGR) forecast by 1 percent and cut target prices across the sector, citing a tougher comparison base, limited incremental growth drivers and expectations of slower momentum for the remainder of the year.
In a report published on Friday, analyst Jeffrey Kiang said the brokerage now expects Macau GGR to grow 4 percent year-on-year in 2026 to MOP257.3 billion ($31.9 billion), down from its previous estimate of MOP259.9 billion ($32.2 billion). Forecasts for 2027 and 2028 were left unchanged at MOP271.5 billion ($33.6 billion) and MOP282.7 billion ($35.0 billion), respectively.
‘With limited room for positive surprises, we trim our 2026 GGR forecast by 1 percent,’ Kiang wrote.
CLSA said Macau’s gaming sector delivered a stronger-than-expected first quarter, but noted that the second quarter is typically a lower season for the market. The brokerage expects sector EBITDA to decline sequentially from the first quarter as revenue growth moderates.
World Cup and soft VIP hold pose near-term risks
CLSA also highlighted the potential impact of the FIFA World Cup, which runs from June 11th to July 19th, on visitation and gaming activity.
According to the report, the tournament could divert some customer traffic away from Macau, although the magnitude of any impact remains difficult to quantify.
The brokerage further pointed to weaker VIP win rates in the second quarter to date. Industry VIP hold has ranged between 2 percent and 3 percent, compared with a theoretical level of around 2.85 percent and a normal range of about 3 percent.
A lower-than-normal VIP win rate is generally margin dilutive because operators generate less gaming revenue while continuing to incur costs associated with attracting customers.
Wynn Enclave
Rising capex to weigh on free cash flow
Beyond revenue growth, CLSA said increasing capital expenditure is expected to pressure free cash flow across the sector over the next two years.
Industry capex is projected to rise from $2.06 billion in 2025 to $3.79 billion in 2026 before remaining elevated at $3.66 billion in 2027. As a result, free cash flow generation in 2026 and 2027 is expected to be lower than in 2025.
The brokerage noted that competition among operators continues to intensify, as several concessionaires move ahead with major property upgrades and new investment plans.
Sands China is expected to start room refresh works at The Venetian Macao, while Wynn Macau plans to develop Wynn Enclave, a new luxury hotel tower near Wynn Palace. CLSA said these projects, together with higher non-gaming investment commitments across the sector, are expected to keep capex elevated in 2026 and 2027.
Reflecting the revised earnings outlook, CLSA lowered target prices across all Macau gaming stocks. Galaxy Entertainment remains the firm’s preferred sector pick. The brokerage maintained Outperform ratings on Galaxy Entertainment, Sands China and MGM China, downgraded Melco Resorts & Entertainment from Outperform to Hold, and kept Wynn Macau at Hold and SJM Holdings at Underperform.
International tourist arrivals to Cambodia fell 45.6 percent year-on-year in the first four months of 2026, dropping to 1.31 million from 2.4 million a year earlier. The figures were reported by The Cambodia China Times, citing the latest Ministry of Tourism report.
The report attributed the sustained pressure on the country’s tourism sector to regional geopolitical tensions, rising travel costs, and shifting global consumption patterns.
China remained Cambodia’s largest source market, with 331,000 arrivals, down 14.5 percent year-on-year. Vietnam followed with 312,000, a 24 percent decline. Thai arrivals collapsed to 28,900 from 674,000 a year earlier, a 95.7 percent drop the report linked to tensions along the Cambodia-Thailand border.
International arrivals by air totaled 839,000, down 17 percent. Phnom Penh International Airport handled 555,000, a 22.6 percent decrease, while Siem Reap International Airport recorded 246,000, down 10.8 percent. Sihanoukville International Airport ran counter to the trend with 36,000 arrivals, up 117 percent.
Among destinations, Phnom Penh received 740,000 foreign visitors, down 5.5 percent, and Siem Reap province saw 320,000, a 32 percent decline. Sihanoukville drew 199,000, up 13 percent.
Cambodia welcomed 5.56 million international tourists in full-year 2025, down 16.9 percent from 2024.
To boost inbound travel, the government will pilot visa-free entry for Chinese citizens from June 15th to October 15th, requiring only an electronic arrival card and allowing stays of up to 14 days with multiple entries.
The tourism data carries relevance for Cambodia’s gaming sector. Phnom Penh monopoly operator NagaCorp recently reported a 2.1 percent year-on-year increase in gross gaming revenue for the first quarter of 2026, to $174.7 million, with continued mass market strength offsetting weaker VIP volumes. The modest growth marks a sharp slowdown from the group’s strong performance in 2025, when full-year GGR rose 27.4 percent to $691.6 million.
