$12B Claim Filed Against Las Vegas Sands in Macau Court

Macau Casino Skyline

U.S gambling giant Las Vegas Sands is facing a $12B lawsuit in a Macau court. The case, filed by a former partner, alleges that Las Vegas Sands breached its contract with Asian American Entertainment for a casino license in Macau.

Asian American is demanding to be paid damages worth 70% of Las Vegas Sands’ profits in Macau from 2004 to 2022. The amount was estimated by news agency Reuters to be $12B.

Businessman Marshall Hao, who heads Asian American Entertainment, is positive about his company’s latest legal move. Said Hao:

“Asian American has been winning all major legal battles in the Macau lawsuit since we filed it in 2012…we are confident.”

Las Vegas Sands Changing Partners

The case dates back to a transaction in 2001 where Sands and Asian American submitted a joint bid for a gaming license in Macau. During the process, Sands changed partners by teaming up with Hongkong’s Galaxy Entertainment instead.

The Las Vegas Sands-Galaxy Entertainment consortium ended up getting awarded a gaming concession in the former Portuguese colony more than 10 years ago. According to Asian American, Las Vegas Sands terminated its joint venture with Asian American and submitted a similar proposal with a different partner.

Sands lodged legal actions in Nevada and Macau to avoid trial. In 2019, the company said that the current lawsuit has no merit and they are confident that the Macau justice system will arrive at the same conclusion.

Long-Standing Court Case

Las Vegas Sands has been battling Asian American since 2007 when the lawsuit was filed in a United States court. After the U.S. case was dismissed because of statute of limitations and procedural reasons, Asian American lodged the case again in Macau in 2012.

The trial, which will begin on June 16th, is expected to shed light on how coveted casino licenses were awarded in Macau, which was the gambling capital of the world two decades ago.

It comes just months before Las Vegas Sands’ casino license in Macau will expire and at a time when its revenues have dropped due to the health and travel restrictions brought about by the COVID-19 pandemic.

Here’s Why Macau Casino Share Prices Are Surging

Macau remains one of the world’s top casino destinations. For months, however, tourism into the city has been sparse and gambling revenue is dropping. Interestingly, Macau’s casino share prices have begun to increase this week. Today, we’re going to look at why this is.Wynn Resorts In Macau

Casino companies have to be pleased with this development. Many have been hurting badly through 2020. Some feel that Macau may end up being a source of valuable revenue for these companies heading into 2021.

Let’s look at what’s going on here!

US Casino Companies Continue to Release Revenue Reports

Casinos around the world are still being heavily affected by the global pandemic. The US remains the hardest-hit country from this new virus and casinos here are struggling to bring in players. It’s unclear when this trend may begin to change.

In recent weeks, some of the country’s biggest casino companies have begun releasing their second-quarter revenue reports. Things are about as bleak as most analysts predicted. All of these companies saw massive drops in revenue when compared to the same quarter in 2019.

Las Vegas Sands experienced a massive 97% drop in revenue in 2020’s Q2. Over these three months, the company managed to bring in just $98 million. That represents the worst quarter in the company’s history.

Wynn Resorts also offered some insight into its second-quarter earnings. This massive casino operator saw a 95% drop in revenue. Company officials are confident thing will look significantly better through July, August, and September.

It’s been a tough year for the land-based gambling industry. Many casinos have already been forced to permanently shut down. More are likely to do so over the next six months.

More focus is beginning to shift towards Macau, where rates of tourism may be about to increase.

Macau Casino Share Prices Have Begun to Increase

As we already mentioned, tourism into Macau has been almost non-existent for months. Much of that was due to the travel restrictions that mainland china set on this territory. In the past, visitors to Macau were forced to quarantine for two weeks after returning to the mainland.

Officials in Macau have been complaining about these regulations. Many felt they made it impossible for the tourism industry here to thrive. It now appears that the government in Mainland China agrees.

Authorities in the Hong Kong and Macau tourism offices have confirmed that visitors to these cities will no longer need to quarantine after returning to the mainland. Visitors will, however, need to obtain a negative Covid-19 test and a green health code in order to return home.

It seems likely that this will help to increase tourism to Macau. As a result, many Macau casino share prices have begun to increase. Melco Resorts & Entertainment saw an increase of 5.41%. Las Vegas Sands saw a 4.07% increase. Wynn Resorts’ share prices increase by 4.14%. Lastly, MGM Resorts International saw an increase of 1.42%.

It’s great news for these companies. It may be more than a year before casinos in the US see their revenue earnings return to normal. Hope is that Macau manages to make up for some of the revenue losses experienced in the United States.

What else can US casinos do to increase their earnings?

Online Gambling is Growing More Popular in the US

Many gambling fans have been disappointed to see their local casinos either closed or with significant restrictions set in place. As we mentioned earlier, many of these venues may be forced to permanently close down. The popularity of online gambling is now growing as a result.

Many love the convenience that these sites offer. It can also be exciting to see how many different gambling options these websites provide.

Sports betting is more popular now than ever before. More than 20 states have passed laws to legalize and regulate this industry. Many more are likely to do so over the next couple of months.

The surge in online gambling is likely to continue for some time. As more states earn money from their internet gambling industries, more states are likely to begin looking into its regulation, as well. Hopefully, the land-based casino industry begins to recover soon, as well.

We’ll need to wait and see how Macau casino share prices change as the weeks go on. It will be interesting to see how quickly tourism rates jump here with China’s travel restrictions now lifted. Make sure to stay tuned for updates.

Do you plan on visiting Macau anytime soon? Let us know in the comments section below!

Macau’s Gaming Revenue May Begin to Surge

The casino industry around the world has been struggling for the past few months. In Macau, where some of the biggest casino-resorts are located, the casinos have been earning almost no money. Fortunately, Macau’s gaming revenue may soon begin to increase rapidly.Casinos In Macau

China is lifting travel restrictions into Macau. Many analysts predict a huge surge of tourists flocking to this gambling destination. Today, we’re going to look at how this might affect US casino companies.

Let’s get into it!

China is Lifting Travel Restrictions to Macau

China was one of the first countries affected by the new coronavirus spreading around the world. Officials took intense measures to prevent major spreads and now, much of everyday life is beginning to return to normal here. Now, the Chinese government is beginning to allow its citizens to travel to Macau.

This is an exciting move for many people in the country. Macau is one of the most popular vacation destinations for many Chinese nationals. In fact, the vast majority of Macau’s gaming revenue is earned from Chinese players.

Over the next few weeks, China will begin allowing more of its citizens to visit Macau. The casino-resorts here have been open for many weeks. Due to the travel ban, however, this city is earning very little revenue.

Like many other cities, Macau is ordering all of its casinos to adhere to strict social distancing measures. Total occupancy in these gambling venues is being reduced. Some measures, such as installing plexiglass barriers at table games, are also mandatory.

It remains to be seen how many tourists will begin flocking to Macau. Many expect travel deals to begin appearing here. Several of the biggest US casino companies are now looking at this city as one of their primary revenue sources.

Macau’s Gaming Revenue is Expected to Increase Quickly

Much like Las Vegas, Macau is a city that relies heavily on its gambling industry. As we already mentioned, many of the biggest and best casino-resorts on the planet are based here. City officials have been working hard to start getting revenue back to normal.

Of course, things were bad in this city even before the global pandemic hit. The US-China trade war significantly hurt the Chinese economy. As a result, less people from this country have been visiting and gambling in Macau.

Things may finally be starting to improve. China’s economy has been slowly getting back on track. The government has now given the green light for many of its citizens to start making the trip back to this city.

Officials within Wynn Resorts are clearly happy to see this happen. The company released a statement to the media about this situation.

“It has been announced that Guangdong Province, a People’s Republic of China province adjacent to Macau, has eased quarantine requirements for those traveling between Guangdong Province and Macau,” the statement said. “Certain groups of people, including students, teachers and certain non-resident workers who are PRC citizens can travel between Macau and Zhuhai, a PRC city adjacent to Macau, subject to certain health declaration and testing requirements.”

Macau’s gaming revenue will be extremely important for many US casino companies. Many of these companies have lost an incredible amount of money due to the country’s regulations. The ones with casinos in Macau may finally see their earnings come back.

Las Vegas is Getting Back to Normal

The past few months have been incredibly difficult for casinos around the world. From an economic standpoint, Las Vegas was one of the worst-affected cities in the country. Fortunately, things are slowly getting back to normal here.

On June 4th, several of the biggest casino-resorts in this city finally reopened to the public. Most tourists here claimed things were just as fun as they were before. That’s a little surprising, especially considering there are now intense social distancing measures set in place here.

Over the next few weeks, many more of the casino-resorts here are scheduled to open back up. That includes the Aria, the Linq, and Mandalay Bay. Tourism is increasing here every single month.

It may be a long time before things get back to how they were back in January. Some health experts also warn that a second wave of cases could end up shutting down the casinos in Las Vegas once again. It’s a complicated situation that’s constantly evolving.

Hopefully, Macau’s gaming revenue starts to increase this summer. It will be hugely beneficial for many US casino companies.

Stay tuned for more US casino news over the next few months!

Stanley Ho Has Passed Away at Age 98

Macau is considered one of the world’s premier gambling destinations. Stanley Ho is widely considered to be one of the most instrumental person in making that happen. Unfortunately, news has surfaced that Ho has passed away at age 98.Stanley Ho

It comes at an unusual time for Macau. Casino revenue here is now lower than it has ever been. Today, we’re going to discuss what this territory is doing to recover from the current economic situation it finds itself in.

Let’s get into it!

Macau’s Casino Revenue Continues to Plummet

Macau is home to many of the biggest and most expensive casino-resorts on the planet. Over the past few decades, it’s grown to become one of the world’s top gambling destinations. Unfortunately, revenue here has been dropping steadily for more than a year.

China’s economy has slowed considerably due to the US trade war it’s currently engaged in. As a result, fewer Chinese nationals are visiting Macau. As many are well-aware of, Macau relies heavily on Chinese gamblers for revenue.

This situation was tough on casino companies here. It was, however, manageable and many felt that as the Chinese economy improved, things in Macau would get better, as well. Unfortunately, the global pandemic has taken things from bad to horrible.

For a time, all of the casinos in Macau were closed down. They eventually opened back up, yet tourism here is almost non-existent. As a result, many of the casino companies in Macau are losing millions of dollars every day. It’s still unclear when revenue figures will begin to improve.

It’s a very difficult situation. Many of the city leaders here are now working to come up with ways to boost tourism. Unfortunately, one of the men responsible for making Macau what it is today has just passed away.

Stanley Ho Passed Away This Week

Those in the casino industry are well-aware of Stanley Ho. The former smuggler grew to become one of the most powerful men in Macau. He wasn’t without controversy, though, and many have criticized the casino mogul for his connections to several powerful crime groups.

Ho fled to Macau during World War Two. He was broke at the time, and ended up smuggling goods into China from Japan. As the war came to an end, Stanley Ho began to lead the reconstruction of Hong Kong.

In the 1960s, Ho secured a monopoly to control Macau’s emerging casino industry. It proved extremely profitable and he quickly became one of the richest men in China. As his age increased, Ho’s daughter began to take over much of his responsibilities.

New reports confirm that Stanley Ho has passed away at the age of 98. Many in the casino industry are paying their respects to one of the most important casino owners in Asia. Pansy Ho has already released a statement, claiming she knew it was coming, yet she’s still incredibly sad.

“The family of Stanley Ho today, with a very heavy heart, announced that [Ho] passed away peacefully at the age of 98 at around 1:00 pm today at HKSA,” Pansy said in an official press conference. “Even though we knew that this day would come, it doesn’t lessen our unspeakable sadness.”

This isn’t likely to have any major effect on Macau. As we mentioned earlier, Stanley’s role in the industry was passed on years ago. Casino owners are now looking at other leaders in Macau for news on how the city will improve.

US Land-Based Casino Industry Begins to Reopen

Macau isn’t the only area where casinos are struggling. All over the world, gambling venues are seeing their revenue earnings drop. That includes all of the casinos in the United States. Fortunately, things are beginning to improve here.

Some states have allowed their casinos to open back up. In Mississippi, for example, most of the coastal casinos are now accepting guests at limited capacity. The same is happening in Oklahoma.

Even some of the casinos in California have begun operating again. It’s surprising, considering this state has been one of the slowest to reopen. All of the casinos here are run by Native American tribes and sit on sovereign land.

Interestingly, casinos are still not open in Las Vegas. It’s been incredibly difficult for this city, which continues to lose millions of dollars every single day due to these regulations. Based on what city officials are saying, casinos will open back up here next month.

When Las Vegas casinos reopen, they won’t look the same way they did in the past. Major social distancing measures will be set in place to protect guests and staff. It’s unclear how much revenue these casinos will be able to generate.

Are you sad to hear about the passing of Stanley Ho? When do you expect Macau to recover from this current situation? Let us know in the comments section below!

Macau Casino Resorts May Earn No Revenue This Month

All over the world, land-based casinos are being forced to close down. This includes ones in Las Vegas, where many of the biggest gambling venues in the world are located. New reports indicate that Macau casino resorts may earn no revenue at all next month.Revenue Decline Image

It’s extremely disappointing news for casino companies with property in this city. Macau continues to suffer from new regulations being made around the world. Today, we’re going to discuss what experts are predicting to happen here over the next few months.

Let’s get into it!

Officials in Macau Allow Casinos to Open Once Again

Macau is another one of the world’s largest casino destinations. Here, a huge number of top-notch gambling venues are currently operating here owned by major companies around the world. Back in February, officials in this city announced that all of the casinos were being forced to close down for 15 days.

This was due to the spread of Covid-19, a new coronavirus that emerged in Wuhan. After several cases in Macau, officials decided it was time to take drastic steps to change this trend. The closing of casinos here cost several companies millions of dollars every single day.

Some felt that this shutdown would last for months. Interestingly, city officials decided to open these gambling venues up once again and some felt revenue would begin flowing in. That is not the case.

Unfortunately, there are still many travel restrictions set in place here. Most people are completely banned from visiting Macau. As a result, casinos here are earning very little revenue right now.

It’s not clear how long this will last for. China and Macau are working hard to ensure that no major outbreaks take place. This is taking a major toll on many casino companies. This week, analysts released reports that claim things may not improve here anytime soon.

Macau Casino Resorts Are Expected to Lose Serious Revenue This Month

Just six months ago, Macau was one of the most profitable gambling destinations in the world. Millions of people flock to this city, many of whom are high rollers from mainland China. As the coronavirus began to spread, however, fewer people started to visit and gamble in Macau.

This should continue for some time. According to new reports, Macau casino resorts may earn no revenue next month. This would be the first time this has ever happened.

In February, gambling revenue in this city fell by an incredible 88%. March brought an 80% decrease in revenue compared to the same month last year. Some analysts now predict that revenue in April will be the worst so far.

“We wouldn’t be surprised to see Macau printing near-zero GGR until the restrictions at the Guangdong border are lifted,” an analyst at JP Morgan told the media. 

It’s extremely disappointing news for many companies. There was hope that Macau could be a lifeline for US casino operators while the industry slows down. Now, it’s looking like this city may end up hurting these companies more than it helps.

US Casino Industry Continues to Suffer

The United States has a large and successful gambling industry. At the moment, all of the land-based casinos in this country are now shut down. It’s unclear when these gambling venues will open once again.

Las Vegas is being hit particularly hard. All of the city’s gambling venues were forced to close down last month. Tourism into the city is now lower than it’s ever been. Some city officials have been calling for regulations to relax, yet this is not happening.

Many casino companies are losing a huge amount of revenue here every single day. Almost no visitors are coming to Las Vegas right now. Even the airport is being forced to close some of its concourses due to the low number of travelers.

As many are aware, there are several Las Vegas casino companies that operate major Macau casino resorts. Now, these companies are losing a significant amount of revenue in several different parts of the world. Some feel these companies may eventually be forced to get rid of their Macau properties.

States continue to set new regulations that are hurting the casino industry. We’ll need to wait and see how long it takes for the country’s gambling venues to open up again. Hopefully, things begin to improve in Macau soon, too.

Stay tuned for more updates over the next few weeks!

Macau’s Casinos Are Opening Back Up

Earlier this month, officials in Macau decided to shut down all of the territory’s casinos. This came in an attempt to stop the spread of the coronavirus. This week, Las Vegas casino companies are beginning to celebrate, as Macau’s casinos are opening up again.Casinos In Macau

The spread of the coronavirus seems to be slowing down. With casinos in Macau opening back up, many of the biggest casinos in Las Vegas can start generating revenue in this territory again. Today, we’re going to look at what’s happening here.

Let’s get into it!

Macau Coronavirus Infection Rates Seems to be Slowing

If you follow the news, there’s a good chance you’ve heard of the coronavirus spreading throughout China. The first cases of this virus popped up in December and were traced to a seafood market in Wuhan that sold illegal wildlife. Since that time, it’s spread rapidly all over the country and abroad.

At first, it was unclear just how deadly the coronavirus was. Its ability to spread was apparent, yet the virus didn’t seem quite as deadly as the SARS virus of the early 2000s. The death toll has now surpassed SARS by a large margin and researchers are understanding how serious of an issue this is becoming.

Officials in China have been working hard to stop the spread of this coronavirus. Based on new reports, these efforts are paying off. Infection rates have begun to slow down, which could indicate that the virus is beginning to taper off.

That doesn’t mean things are completely safe. There are still thousands of new cases of the virus popping up every single day. The world is very aware of the danger that’s out there.

The coronavirus has taken a serious toll on many Las Vegas casino operators. As we mentioned earlier, casinos in Macau were closed down due to the Wuhan coronavirus. Now, it appears they are set to open back up. Here’s what’s happening.

Macau’s Casinos Are Set to Open Once Again

It’s been weeks since Macau’s casinos have been opened to the public. Officials in the territory felt that closing these venues down would help to prevent the spread here. On Friday, these massive gaming venues will finally open back up.

This includes the properties owned by Wynn Resorts, Las Vegas Sands, and MGM Resorts International. These Las Vegas-based companies were losing millions of dollars every day due to the casino closures. It also took a serious toll on these companies’ stock prices.

Lei Wai Nong announced that the city’s casinos will officially open on Friday. That makes it 15 days since they were first shut down. Obviously, the Las Vegas companies have reason to celebrate.

It’s still unclear when Macau’s other public facilities will open up. This includes movie theaters, internet cafes, and gyms. As the virus begins to taper off, more venues in this city will be given permission to reopen.

When operating normally, Macau’s casinos bring the territory millions of dollars every single month. Unfortunately, this territory has been plagued with bad luck lately. We’ll need to wait and see how much revenue increases here once the gaming establishments are back up and running.

Las Vegas Gaming Revenue Continues to Increase

Macau’s gambling industry is struggling right now. Even before the coronavirus hit this small city, things weren’t great. A slowing Chinese economy has lessened the number of gamblers visiting Macau.

Over in Las Vegas, however, things are going smoothly. This city has experienced an increase in gaming revenue for the past few months. It’s a fantastic time to be a casino operator here.

This isn’t likely to slow down anytime soon. Over the next year, several major casino-resorts are scheduled to open in this city. This includes Resorts World Las Vegas, the most expensive hotel-casino ever built in this city.

Once Macau’s casinos open up again, many of the biggest companies in Las Vegas will see their revenue earnings increase. Many of these companies continue to invest billions of dollars into the territory, despite the trouble Macau has been facing.

The Wuhan coronavirus is still a major issue in China. It’s unlikely that Macau’s casino industry will start surging right away. Eventually, however, this city may become the world’s largest gambling hub once again.

Stay tuned for more Macau casino news over the next few weeks!

Wynn Resorts Losing up to $2.6 Million a Day Due to Coronavirus Shutdown

Wynn Palace Macau at NightThe coronavirus, which has currently infected more than 31,000 people and caused 636 deaths in China, has caused Chinese Officials to shut down all casino operations in Macau, including Wynn Resorts.

Wynn resorts is a major operator of high-end hotels and casinos between Las Vegas and China, with three of their properties on the Cotai Strip in Macau: Wynn Macau, Encore at Wynn Macau, and Wynn Palace. Their two Las Vegas properties are Wynn Las Vegas and Encore Las Vegas.

The three Wynn properties were among 40 other casino properties that were forced to close their doors in the coronavirus shut down. Closing up shop on their luxury properties, during a high time of year for business, is a contributing factor to the $2.4-$2.6 million in loses being accumulated per day.

According to Wynn Resorts CEO Matt Maddox, the big brunt of the revenue loss is connected to payroll, as the casinos employ around 12,200 workers in Macau. While the amount of revenue being lost daily is extremely high, it’s not causing frantic concern on the company’s end, with Maddox stressing the health and safety of their employees above all else.

“I’d like to commend the government of Macau and China for the decisive action they continue to take to contain the coronavirus,” Maddox said in a discussion regarding the company’s earnings call. “We’re in daily conversations with the government, and they’ve been terrific partners.”

Maddox also maintains that Wynn executives are confident that the company can bear the brunt of its current loses, and has a windfall of backburner funds available to weather its current financial storm. While Maddox is unsure when operations will resume to their normal activity, he believes things will go back to normal despite the current scare.

“We have a ton of liquidity,” said chief financial officer Craig Billings. “We have a couple billion dollars of availability between cash and revolver in Macau. That’s more than sufficient to last for, really, any period of closure.”

About Wynn Resorts Macau

The Wynn Resorts properties in Macau are among the most important in their market, as they make up a bulk of the company’s revenue. Wynn Macau first opened on the Cotai Strip on September 6, 2006. Its second toward, Encore at Wynne Macau, opened on April 21, 2010. The last Wynn property, Wynn Palace, opened August 22, 2016.

Currently, the Wynn properties in Macau rely heavily on their high-rollers and VIP gaming to drive revenue and profits. Reports found that Wynn Resorts earns nearly 40% of its casino revenues from VIP gaming. However, the company is planning out ways to remove the dependency on VIPs to gain high profitability.

Other Major Companies/Product Categories That Could Take A Big Hit

China is the world’s biggest player when it comes to mass product production. According to financial analysts, the coronavirus outbreak could negatively impact the global economy, with more risk posed to hurt certain industries more than others.

The 5 companies and product categories that could experience economic fallout the most from the virus outbreak are Apple, the entire beauty category, liquor companies, luxury clothing retailers (particularly Burberry, who has 64 stores in mainland China that have been temporarily shut down), and the Walt Disney Company. Disney has two major theme parks in Shanghai and Hong Kong. A two-month closure of the parks could result in a $175 million loss in revenue.

Las Vegas Sands Stock Prices Are Fluctuating Right Now

Today, Las Vegas Sands is one of the biggest and most profitable casino companies in the world. It operates major casino-resorts around the world and continues to expand into new territories. In recent weeks, Las Vegas Sands stock prices have begun to fluctuate.Las Vegas Sands Logo

There are several reasons why this is. Today, we’re going to discuss the company’s current share prices and look at how they might change over the next few months.

Let’s get into it!

2019 Was an Interesting Year for Las Vegas Sands

Few major casino operators are as well-known as Las Vegas Sands. The company was founded back in 1988 by Sheldon Adelson, who has remained CEO ever since. Over the past few decades, this company built massive casino-resorts all over the US and abroad.

2019 proved to be a very interesting year for LVS. Gambling revenue rose and fell. In the year’s second quarter, revenue appeared to be soaring. In the third quarter, revenue earnings came in slightly lower than expected.

LVS ended the year strong financially, yet the company was forced to deal with several nagging issues. This includes a lawsuit against the aforementioned Sheldon Adelson. One of Las Vegas’ local newspapers filed a lawsuit against the CEO for attempting to monopolize the city’s news industry.

Las Vegas Sands continued to invest heavily in its overseas companies last year. This is especially true in Macau. More than $2 billion is being spent on upgrades to the properties here including the Venetian Macau, and Sands Macau.

Some felt this was a risky move. Macau’s gambling revenue has been declining due to the drop in China’s economy. Recently, Las Vegas Sands stock prices have been fluctuating and analysts are beginning to pinpoint why.

Las Vegas Sands Stock Prices Dropped This Week

Officials within LVS have been celebrating for the past few months. Since November, the company’s share prices have risen by an incredible 15%. Most of this is due to the Chinese government’s plan to diversify Macau into a major financial hub.

That’s not the only major accomplishment for the Las Vegas-based casino operator. Just last week, LVS earned a spot on the “world’s most admired companies” list for its efforts to fight against climate change. It seemed like everything was going right thus far into 2020.

This week, however, Las Vegas Sands stock prices have taken a slight hit. This is largely due to fears of the coronavirus affecting the company’s operations in Macau.

For weeks, China has been working to contain a deadly new virus known as 2019-nCoV. It originated in Wuhan and quickly spread throughout the country. There have even been recorded cases in Thailand, Japan, and the United States.

The concerns over this virus have taken a toll on LVS’ share prices. On Tuesday, the company’s stock fell 4.3% to $70.85.

This isn’t the only company that’s taken a hit due to the coronavirus.

Wynn Resorts also experienced a drop in its stock prices. Until the outbreak is contained, this trend is likely to continue.

Las Vegas Sands Continues to Push for Tokyo Casino

Las Vegas Sands, like almost all other major US casino companies, has been pushing hard to break into the newly-emerging Japanese casino market. Over the next few years, three companies will be handed out a license to operate casino-resorts in this country.

Based on several reports, Japan will grow to have one of the largest casino markets in the world. Each of these casino-resorts here will cost billions of dollars to construct.

For a time, officials within Las Vegas Sands announced they were interested in opening one of these venues in the city of Osaka. That is no longer the case. The company now claims that it is focused on opening an integrated resort in Tokyo. Many analysts believe that LVS will be one of the three companies the Japanese government chooses to grant a gaming license to.

Las Vegas Sands stock prices have temporarily dropped. Hopefully, this won’t last long. We’ll need to wait and see exactly how the virus in China affects Macau’s economy.

Stay tuned for more Las Vegas Sands news over the next few months!

Pansy Ho Continues to Sell Stock In MGM Resorts International

Very few individuals in the gambling industry hold as much power as Pansy Ho. The daughter of Stanley Ho now controls several major gambling companies and is worth an estimated $5.4 billion. This week, the casino mogul continued to sell stock in MGM Resorts International. Pansy Ho Picture

Ho has been selling stock in the company for weeks now. Today, we’re going to explain exactly why this is.

It’s All About Timing For Pansy Ho

As we’ve already mentioned, Pansy Ho remains one of the most powerful individuals in the gaming industry. She’s the managing director of several major companies including Shun Tak Holdings and Sociedade de Turismo e Diversoes de Macau. Ho holds stock in several major US casino companies and is one of the faces of Macau’s gambling industry.

Over the past few weeks, Ho has begun selling stock in MGM Resorts International. It began in late November when she sold 4.5 million shares for an astounding $140.2 million. This reduced her hold in the company from 3.13% to 2.26%.

It appears Ho wants even more money from the major US casino operator. This week, she sold an additional $78.9 million worth of stock in the company. Most analysts credit good timing for these recent sales.

At the moment, MGM Resorts International’s stock prices are surging. The company has been involved in several major Las Vegas hotel sales and is experiencing record revenue earnings.

Pansy Ho remains a majority shareholder in the company. With a few hundred million now in her bank account, it’s likely she’ll reinvest the money back into the gaming market.

MGM Resorts International May Continue Selling Property

MGM Resorts International remains one of the most powerful gambling companies in the world. It owns several of the biggest and most lucrative properties in Las Vegas. As we’ve already mentioned, the company has recently begun selling some of its venues on the Las Vegas Strip.

Both Circus Circus and The Bellagio have been sold. According to several reports, more of these property sales are likely to take place in the future.

Last year, Japan officially legalized casino gambling. The government has agreed to allow three casino-resorts to open in the country. Just about every major casino operator around the world is now attempting to break into this market.

This includes MGM Resorts International. It’s been working extremely hard to develop a presence in Japan. This includes sponsoring an MLB opening game that took place in Tokyo. MGM claims that it’s interested in opening a casino-resort in Osaka or Japan.

In order to pay for a casino-resort in this country, MGM is choosing to sell some of its biggest properties. Interestingly, MGM continues to control The Bellagio. It’s leasing the hotel-casino back from the Blackstone Group for $245 million per year.

Despite Backlash, Pansy Ho Continues to Support Beijing

For months, Hong Kong has been the site of massive protests. Hundreds of thousands of individuals here have been pushing against the government for its new laws towards Mainland China. There is now a serious dispute with those backing Hong Kong’s sovereignty and those described as “pro-Beijing.”

Pansy Ho is one of Hong Kong’s richest individuals. With that in mind, it’s not a huge surprise to see her support Beijing in the ongoing dispute. She recently spoke about the situation during a UN Human Rights Council.

“By speaking out here at the council, I am aggressively chastised by these self-proclaimed freedom fighters who hide behind face masks and anonymous accounts online,” Ho said. “Vicious threats and provocative remarks have been used to incite harassment and defame me, my family and my businesses in an attempt to silence me in presenting a different perspective of the truth.” 

Ho also claims that many of the younger individuals in Hong Kong are being “indoctrinated” with “police hatred.”

Pansy Ho has several major connections with Mainland China. Historically speaking, it doesn’t turn out well for powerful individuals in her position to take any kind of negative stance against the Mainland government.

We’ll need to wait and see whether or not Ho continues to sell stock in MGM Resorts International. Make sure to stay tuned for more updates over the next few weeks!

Las Vegas Sands is Being Sued by Macau Former Business Partner

One of the world’s biggest gambling companies is facing a major lawsuit from a former business partner. According to multiple reports, Las Vegas Sands is being sued by Marshall Hao, and his company Asian American Entertainment Corp (AAEC). It’s disappointing news for the Sands, which has invested billions in operations in Macau. Venetian Macao Hotel-Casino

Today, we’re going to look at why Las Vegas Sands is facing this lawsuit. We’re also going to look at some of this company’s recent expansion plans in Macau. Let’s get started!

Las Vegas Sands is Being Sued for $12 Billion

This company is known as one of the most successful casino operators in the world. Las Vegas Sands owns many gaming properties around the world, including several in Macau including the Plaza Macao, Sands Macao, and the Venetian Macao. According to Marshall Hao, profits earned through the Venetian Macao are not being paid to him.

Hao claims that he came up with the idea for this hotel-casino. Hao is also claiming that he’s owed 70% of the profits earned through Las Vegas Sands’ operations in Macau dating back to 2001. Now, his company is suing LVS for an astounding $12 billion.

Back in 2001, the AAEC and Las Vegas Sands filed a joint casino application in Macau. Marshall Hao is alleging that he helped Las Vegas Sands break into the Macau market. According to the lawsuit, he’s also the main reason why Las Vegas Sands is the world’s largest casino company.

This isn’t the first time that the Taiwanese businessman has tried to sue Las Vegas Sands. In 2007, he filed a lawsuit against the company, yet it was dismissed just three years later. Now, Hao is raising the stakes with a massive $12 billion lawsuit.

Sands China, a subsidiary of Las Vegas Sands that runs the company’s Macau operations, commented on the recent lawsuit, stating that it is “unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any.” Sands China also claims that it’s ready to “defend this matter vigorously.”

Las Vegas Sands Continues to Invest In Macau

As we’ve already mentioned, Las Vegas Sands owns and operates several casinos in Macau. This city is thought of as the world’s top gambling hub and LVS continues to invest in expansion plans here. This company is investing more than $2 billion in Macau over the next two years.

LVS is working to expand and improve several of its properties here. Most of the $2 billion is going to rebrand the Sands Cotai Central complex to the Londoner, a UK-themed casino-resort. $1.35 billion is going towards this massive project.

Another $400 million is being used to construct the St. Regis Tower Suites Macau. More than $450 million is going towards the construction of the Four Seasons Tower Suites Macau. Both of these new properties are expected to be completed by 2020’s first quarter.

It’s unclear if this lawsuit will affect this company’s plans in Macau. Las Vegas Sands has been sued several times in the past, including earlier this year with a lawsuit from Richard Suen. LVS and Suen settled out of court for an undisclosed amount of money.

Macau’s Revenue Continues to Fluctuate

We’ve covered Macau’s revenue several times over the past few months. This small territory has experienced a massive revenue dip in 2019 due to trade disputes between the US and China and increased competition in nearby countries. In June, I briefly discussed the risk that Las Vegas Sands is taking by investing so much money here.

There were some analysts that believed Macau lawmakers would choose not to renew gambling licensed for US-based companies. The US is blamed for a major decrease in VIP gamblers visiting Macau. Pansy Ho, one of the most influential figures in Macau, now claims that US companies operating in Macau will have their licenses renewed in 2022.

Gambling revenue continues to fluctuate here. For most of the year, casinos in Macau have seen their earnings drop. In June, revenue here rose slightly, yet it’s unclear whether or not this trend will continue for the rest of 2019.

It’s clear that companies are taking risks by investing here. Las Vegas Sands is being sued now, and if even a portion of the $12 billion lawsuit is paid, it will be a major blow to this casino operator. Make sure to stay tuned for more updates on this situation over the next few months!