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Macau Casino Stocks Plunge with VIPJunket Ops in Beijing’s Anti-Corruption Crosshairs

Macau Casino Stocks Plunge with VIPJunket Ops in Beijing’s Anti-Corruption Crosshairs

Investors folded on Macau casino stocks after Suncity Group, the location’s VIP junket company that is biggest, reportedly warned its workers to take extra caution when moving money to your Chinese enclave where video gaming is permitted.

Billionaire Steve Wynn was one of several casino magnates who lost money on Monday, as Macau casino stocks dipped on continued uncertainty about the ongoing future of VIP junket operators. (Image: Vincent Yu/Associated Press)

Wynn Macau, traded on the Hong Kong Stock Exchange, lost nearly five percent of its share price in the news. Galaxy Entertainment was down more than three percent, and MGM China, Sands Asia, and SJM Holdings all saw their valuations dip by at least two percent.
According to Barron’s, a newspaper that is financial investors are fleeing on concerns that China’s anti-corruption campaign is soon to target VIP junket operations, for years a critical section of drawing high-stakes players to various Chinese casinos. President Xi Jinping has been trying to stop the flow of money from the mainland to Macau, a previous Portuguese territory that is today a tax haven where casinos routinely appeal to the elite that is asian.

‘Investors are concerned that the Suncity warning could preclude another crackdown on the industry,’ Barron’s columnist Daniel Shane wrote.

Suncity Group warned employees recently to just take extra precautions when moving mon […]

By |February 28th, 2020|TopSlots|0 Comments|

Poker Pro Phil Ivey Misses World Series of Poker to Have their in UK Court day

Poker Pro Phil Ivey Misses World Series of Poker to Have their in UK Court day

Poker legend Phil Ivey would as a rule have been ensconced in Las Vegas this week, battling it out at the World Series of Poker Main Event (WSOP). Instead, Ivey is in London, fighting his battle that is legal to £7.7 million ($10 million) in punto banco winnings from London’s tony Crockfords Casino, which he contests has been illegally withheld. The truth reached London’s Supreme Court week that is late last.

Instead of playing for the $8.15 million top prize in this year’s World Series of Poker Main Event, poker pro Phil Ivey (seen here after winning the 2008 L.A. Poker Classic) is in London during the Supreme Court, fighting for $10 million that he says is due him from Crockford’s. (Image: WPT)

The top-ranked player’s absence from the WSOP, while notable, is no longer the huge news it once would have been. In fact, since he won his last World Series bracelet in 2014, he’s just registered for three WSOP events.
But so far, he is never missed the Main Event.
Ivey has been fighting the Crockford’s battle for five years, plus a similar case from Atlantic City’s Borgata.
Edge-Sorting 101
Ivey and his accomplice Kelly Sun ‘won’ the contested sum in 2012 utilizing a practice known as edge-sorting. This really is a technique when a skilled player is in a position to spot tiny discrepancies in the patterns on the backs of playing cards. Ivey and Sun requested a particular type of Gemaco cards t […]

By |February 28th, 2020|TopSlots|0 Comments|

Casino News: Group Purchases Resorts World Catskills, Jerry Jones Gets Endorsement

Casino News: Group Purchases Resorts World Catskills, Jerry Jones Gets Endorsement
This week’s casino news follows up on an account from last week where in actuality the Resorts World Catskills was nearing bankruptcy. Fast forward to this week and additionally they’ve found a remedy for their financial woes.
Genting Group Purchases Upstate Brand New York Casino
A week ago, it absolutely was reported that the Resorts World Catskills was on the brink of bankruptcy. This they’ve found a buyer to help them get out of financial trouble week.
The Genting Group has purchased the Resorts World Catskills from Empire Resorts. The announcement comes not as much as two weeks after the casino’s parent company considered filing for Chapter 11 bankruptcy. Empire Resorts announced the sale along with for the staying shares of its $1.2 billion Las Vegas-style casino in Monticello set to transfer up to the Genting Group in the deal.
The Genting Group had been already the investor that is largest in this particular casino, owning 86-percent of the stocks before they completed their many recent deal. According to reports, the Genting Group bought the remaining shares at about 15-percent significantly more than their market that is current value. As a result of its purchase that is latest, Genting Group now has a total of 40 casinos in its portfolio. The expectation is that the sale will be completed at some point prior to the end of the twelve months.
Las Vegas Sands Corp Facing $12 Billion L […]

By |January 8th, 2020|TopSlots|0 Comments|

Casino News – Resorts World Catskills In Hassle, No Casinos For Chicago, Intense Rock Las Vegas Closing For Renos

Casino News – Resorts World Catskills In Hassle, No Casinos For Chicago, Intense Rock Las Vegas Closing For Renos
This week’s casino news starts us of in upstate New York where one of the many lavish, innovative casinos is on the verge of bankruptcy. Can the Resorts World Catskills be saved still?
Resorts World Catskills On Verge Of Bankruptcy
The largest upstate casino in ny is reportedly regarding the verge of bankruptcy carrying out a couple of years in which it had been unable to generate profits. Based on the report, the Resorts World Catskills was hit with a $36 million loss in the quarter that is last. The business is seriously considering claiming bankruptcy in an effort to square away its debts.
The casino’s shareholder that is largest, the Genting Group, has put forward a proposal to buy out the staying shares regarding the company from the parent business Empire Resorts. According to an SEC filing by the publicly-traded business, the $1 billion casino in Monticello suffered operating losses of $73.5 million through the end of June. If Empire Resorts doesn’t take the cope with the Genting Group, it might likely need certainly to apply for Chapter11 bankruptcy to be able to negotiate its debts with creditors.
After projecting $300 million in revenue for 2019, the Resorts World Catskills happens to be on pace to fall nearly $100 million brief of that mark. It will be interesting to see what route the Genting Group decides to take moving forward after the stunning reve […]

By |January 6th, 2020|TopSlots|0 Comments|