MGM Resorts Delays Move into Japan Due to Coronavirus

In 2018, lawmakers in Japan officially approved a bill to allow three casino-resorts to open in the country. As a result, almost all major casino companies in the United States are trying to break into the Japanese casino industry. According to new reports, MGM Resorts is now delaying its move into the city of Osaka.MGM Resorts Logo

It’s been a long road to start building casinos in this country. With the spread of Covid-19, things have gotten even worse. Today, we’re going to look at why exactly MGM is choosing to stay out of Japan right now.

Let’s get into it!

Japan Continues to Work On Casino Regulations

For many years, Japan had very strict gambling laws set in place that prohibited all casinos. In fact, the laws here banned almost all traditional forms of gambling. In mid-2018, things took a major turn in this country.

That year, lawmakers in Japan decided to legalize casino-resorts. The government announced it would allow three gambling venues to start operating in three different cities. As of now, it looks like Tokyo, Osaka, and Yokohama are the most-likely cities to open casinos.

It was unclear when the first gambling venue would open in Japan. Lawmakers in the country wanted to ensure that issues like gambling addiction and crime were avoided. Since passing the bill, government officials have been working to come up with specific regulations for the country’s casino industry.

Back in December, news broke that Japan was studying the Las Vegas casino model for guidance. It makes sense, as Las Vegas is home to many of the biggest and most successful casinos in the world. This process is still taking place.

Most analysts predict that it will be years before the first casino-resort in the city opens up. Due to the spread of Covid-19, things may be pushed back even further. It now appears that one of the biggest casino companies in the US is postponing its move into the country.

MGM Resorts Offers New Timetable for Osaka Casino

MGM Resorts International is one of the largest casino companies in the world. It operates several major casino-resorts in Las Vegas and has been pushing hard to gain a casino license in Japan. This company has not been granted an official license to run a casino-resort in Osaka yet almost all experts agree that it will eventually be granted the license.

Unfortunately, it may take longer to open a gambling venue in this city than initially expected. City officials have scrapped plans to open the casino-resort by 2025. Now, it appears that MGM plans to build a casino here in 2026.

Ed Bowers, CEO of MGM Resorts Japan LLC, claims that the spread of Covid-19 is not affecting plans to open a casino in Osaka.

“MGM will continue to proceed with our efforts to create a proposal that will be appreciated by the entire Osaka community, taking into account the schedule announced by the government,” he said.

The new coronavirus is already taking a massive toll on the land-based casino industry around the world. In the US, all casinos are now shut down. This is costing many US casino companies millions of dollars every single day.

Other countries in Asia are just beginning to open their casino industries, yet it does not appear they’re bringing in much revenue.

Macau Casinos Struggle to Bring in Players

China was the first country hit by the novel coronavirus now spreading around the world. Within weeks, officials decided to close down all of the casinos in Macau. This was devastating to the local economy, which relies almost entirely on tourism and gambling revenue.

The closure of these Macau casinos also impacted many US casino operators. This includes the aforementioned MGM Resorts International. Just recently, officials in Macau decided to reopen all of the casino-resorts in the city.

Unfortunately, these casinos are having an extremely difficult time generating revenue. There are still heavy restrictions set in place in Macau. Very few gamblers are now flocking to this city and some casinos are in danger of failing.

In time, however, Macau may prove to be the saving grace for some US casino companies. As we’ve already mentioned, all land-based casinos in the United States are now shut down. Many with property in Macau are now relying on the city to help make up for the revenue they are losing in America.

MGM Resorts doesn’t expect to open its Osaka casino anytime soon. At the moment, this company is likely focused on surviving while its US properties are shut down.

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

Casinos in Asia Are Still Suffering Due to Covid-19

The coronavirus has taken an incredible toll on the land-based casino industry around the world. A huge number of casinos in Asia have seen their revenue completely stop coming in. New reports are coming out that claim these gambling venues will continue to experience low revenue figures for the next few months.Casinos In Macau

It’s a very unusual time. We’re seeing Covid-19 spread to thousands of new individuals every single day. Here’s how the virus continues to impact Asian casinos.

Macau Casinos Are Open to the Public Once Again

Macau is one of the biggest and most lucrative gambling hubs in the world. It’s a Chinese territory, yet officials have some authority to set their own regulations here. Prior to the spread of the new coronavirus, Macau had a hugely successful casino industry.

As the virus moved throughout China, it became clear that Macau would take a hit. Eventually, a casino worker in the city tested positive for Covid-19. That prompted lawmakers here to officially close down all of the casinos to the public.

This was devastating for the local economy. It also impacted many major casino companies in Las Vegas that own casinos in Macau. According to many reports, the shutdown of all Macau casinos cost these companies millions of dollars every single day.

Not long ago, these casinos opened to the public once again. Unfortunately, their revenue hasn’t jumped quite as much as many hoped. There are still heavy travel restrictions in Macau and visitation to the casinos here remains very low.

Some felt this would only last a few weeks. As time went on, it seemed possible that Macau would become what it once was. That does not appear to be the case.

Casinos in Asia May See Low Revenue Earnings For Months

The whole world is in an unprecedented situation right now. Not even the best health experts can predict how long this pandemic will continue for. As of now, it seems things will continue to play out until a vaccine is developed.

That’s bad news for casino companies. The land-based gambling industry is taking a serious hit due to the new coronavirus. According to new reports, casinos in Asia will continue to suffer due to Covid-19.

S&P Global Ratings released a report today that details what may take place this year. The company claims that many Asia-Pacific casinos will experience a drop in visitation between 60% to 80% over the next few months. This is due to ongoing travel restrictions, and casino closures.

“This is exacerbating weak consumer sentiment and leading to negative cash flows. Gaming equipment makers and lottery/betting operators are experiencing similar pain from the temporary closure of venues,” the report said. 

This report did not state exactly which companies will see their revenue drop. It seems likely that all gambling venues in Macau and the Philippines will suffer.

It’s a very tough time for many industries. The land-based casino industry, in particular, is taking a major hit. This includes ones in the United States, as well.

Las Vegas Casinos Remain Shut Down

There’s no doubt that Macau is the biggest gambling destination in Asia. In North America, however, that title belongs to Las Vegas. Here, a huge number of fantastic gambling establishments are operating.

Many of the world’s biggest casino companies are based here including MGM Resorts International, Wynn Resorts, and Las Vegas Sands. Unfortunately, all of the casinos in Las Vegas have been forced to shut down. It’s unclear when Governor Sisolak will remove these regulations.

This is devastating for many of the companies here, including non-gaming ones. Tourism in the city is at an all-time low. Fortunately, the federal government passed a new stimulus package that should offer some support for these companies.

Since the land-based gaming venues have shut down, online casinos in Nevada have grown hugely popular. Most individuals here are recognizing how fun and easy this industry really is.

Casinos in Asia and the US are facing a tough few months. Online casinos are seeing their membership rates increase.

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

Macau is an Important City for Las Vegas Casino Companies

The city of Las Vegas is essentially shut down right now. As the coronavirus began taking hold in Nevada, the governor decided to shut down all of the state’s gambling venues. Many analysts now predict that Macau will be an extremely important city for Las Vegas casino companies.Wynn Resorts In Macau

No one really knows when Las Vegas will get back to normal. Covid-19 infection rates continue to increase around the country. Today, we’re going to look at why Macau will prove to be such a valuable location for so many casino operators.

Let’s get into it!

Las Vegas Remains Shut Down Due to Covid-19

Las Vegas is one of the most heavily visited cities in America. People from all over the country flock to Sin City for its entertainment, dining, and gambling options. As the coronavirus began to infect individuals in the US, many felt it was only a matter of time before Las Vegas began taking a hit.

Within just weeks, tourism numbers in the city started to plummet. Several major casinos began announcing they were temporarily closing. Eventually, Governor Sisolak ordered all non-essential businesses in the state, including casinos, to shut down until further notice.

This is proving to be devastating for the Nevada and local Las Vegas economy. It’s well-known that Las Vegas relies on its tourism and gambling industry. A huge number of individuals here are employed in these industries and many have already lost their jobs.

The scary thing is that no one knows when things will get back to normal. Most health experts believe we’re just beginning to see things escalate. It may take months before we reach the peak of infections. Even then, we may see additional infection waves come and go for months afterward.

Las Vegas casino companies have a lot to think about right now. Some may eventually be forced to make tough decisions regarding their properties. Hope is that Macau can help to make up for some of the revenue lost in Las Vegas.

Can Macau Help to Save Las Vegas Casino Companies?

No one disputes the fact that Las Vegas is the gambling hub of the United States. Over in Asia, however, Macau is where all the big players make their bets. This city, technically controlled by Mainland China, is home to a huge number of world-class casinos.

Some of the biggest Las Vegas casino companies operating today run gaming venues in Macau. This includes MGM Resorts International, Wynn Resorts, and Las Vegas Sands. Unfortunately, Macau was recently forced to shut down due to Covid-19, as well.

Over the past few months, infection rates in China and Macau began to drop. Officials in Macau began allowing casinos to open once again. Things are far from normal here, yet it seems like only a matter of time before the casinos in this city are profitable once again.

Some analysts now feel Macau may become extremely important for the big casino operators in Las Vegas. If Nevada continues to keep casinos shut down, the venues in Macau may become these companies’ only real source of revenue.

It’s not going to happen overnight, though. Today, Macau announced a ban on all non-residents from entering the city. Officials here want to ensure that another outbreak does not take place. It’s unclear when this ban will be lifted.

How Will Macau and Las Vegas Fare in the Coming Months?

The entire world is in an unprecedented situation right now. Due to new regulations being set in place, nearly ⅓ of the entire world population is under lockdown. Some equate the measures to what was taking place at the height of World War 2.

A huge number of industries are taking a major hit. Many airline companies are likely to go under. Restaurants around the world are being forced to lay off employees. Even some of the biggest Las Vegas casino companies are concerned about what may happen in the future.

For now, Macau is in a better position than Las Vegas. When casinos closed here, it cost many casino operators millions of dollars a day. Now, things are slowly reopening. If tourism is opened here once again, however, more Covid-19 infections are likely to begin appearing.

The land-based casino industry in Las Vegas may be shut down for many months. Infections in the US are skyrocketing and casinos are unlikely to open here anytime soon.

Hopefully, Las Vegas casino companies can hold out while the coronavirus runs its course. In the meantime, Macau may prove to be the most valuable destination for gambling operators. We’re receiving updates every few hours and things are constantly changing.

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

Macau’s Casino Revenue Plummets Due to Coronavirus

Covid-19, the coronavirus that emerged in Wuhan, continues to spread around the world. This virus has already taken a massive toll on Macau. According to new reports, Macau’s casino revenue has plummeted due to officials closing down the city’s casinos.Revenue Drop Picture

This is beginning to hurt Las Vegas casino companies, too. Today, we’re going to talk about how much revenue was lost here last month. We’ll also discuss what’s in store for the future here.

Coronavirus Forces Casinos in Macau to Close Down

The Wuhan coronavirus, called Covid-19, first appeared back in December. Since that time, it’s gone on to infect more than 90,000 people and has already killed more than 3,000. Despite containment efforts, it’s spread to about 70 different countries.

Scientists are having a difficult time understanding this respiratory virus. It’s shown a unique ability to spread from person-to-person. Some claim that it’s reaching a pandemic level due to the fast spread around the world.

Covid-19 has taken a major toll on Macau’s economy. Back in February, officials in the city decided to close down all casinos in order to prevent more infections. This was a tough decision for the territory leaders, as Macau relies heavily on gambling revenue.

These casinos have since reopened. Government officials are requiring all staff and gamblers inside these gambling venues to wear face masks. Unfortunately, tourism in this city is at an all-time low and revenue is plummeting.

This isn’t surprising. Not long into the outbreak, analysts began to predict that Macau would be heavily impacted. Revenue reports are just coming out and it’s just now becoming clear how much of an impact the coronavirus is having here.

Macau’s Casino Revenue Was Lowest in History Last Month

Macau is one of the world’s biggest gambling hubs. A huge number of world-class casinos are located here, some of which are operated by major Las Vegas companies. Closing down these gaming venues had a significant impact on the territory’s economy.

Macau’s casino revenue dropped by 87.8% in February when compared to the same month last year. That’s the biggest drop ever recorded. This revenue decrease is directly related to the casino closures.

On the surface, things look pretty grim here. Not everyone is convinced that these revenue drops will continue, though. An analyst at JP Morgan Chase commented on the situation to the media this week.

“We do not think COVID-19 will curb gamblers’ enthusiasm… so its impact on the industry’s sustainable earnings power should be limited,” the analyst claims. 

That may be wishful thinking. Cases of the coronavirus are beginning to slow down in China. Unfortunately, infections continue to spread in new countries. With the casinos in Macau now reopened, it wouldn’t be a surprise to see new cases hit this territory.

Hopefully, Macau’s casino revenue bounces back in March.

How is the Coronavirus Affecting LV Casino Companies?

The coronavirus has already spread to several US states. In Washington, two people have been killed by the virus. Many feel that it’s just a matter of time until a major US city is hit.

As of now, no cases have been recorded in Las Vegas. That’s surprising to some, considering this is one of the most-visited cities in the country. That doesn’t mean that casino companies based here are unaffected, though.

As Macau’s casino revenue drops, so does that revenue that Las Vegas casino companies are earning. The closure of this territory’s casinos cost several companies millions of dollars every single month. Even now that they’re open again, revenue in this city remains incredibly low.

If the coronavirus begins to spread in Las Vegas, things will get considerably worse. Like Macau, the city of Las Vegas may begin forcing casinos to close their doors. That would be devastating to the local economy. Officials here are already coming up with ways to prepare for an outbreak of the virus.

It helps to be optimistic in this situation. Countries around the world are ramping up their containment measures. We’ll need to wait and see how long it takes for the virus to run its course.

Make sure to stay tuned for more updates over the next few weeks!

MGM Springfield Continues to Disappoint

In August of 2018, MGM Springfield officially opened its doors to the public. Since that time, the Springfield, Massachusetts gambling venue has struggled to generate revenue. Officials within MGM Resorts International spoke about the low revenue figures to the media this week.MGM Springfield

This venue has been a major disappointment for one of the country’s biggest casino operators. Today, we’re going to talk about why this is. We’ll also discuss what steps MGM may take to change this downward trend.

Let’s get into it!

Massachusetts Proves to Be a Difficult Casino Market

For many years, lawmakers in Massachusetts banned all forms of casino gambling. In 2011, the state finally agreed to a set of laws that allows three new land-based casinos to open. In 2018, MGM Resorts International opened the state’s first gambling venue in the city of Springfield.

Expectations for this venue were high. Many considered Massachusetts to be one of the most lucrative new casino markets in the country. By the time MGM Springfield opened up, almost everyone agreed it would be extremely successful.

For a time, these theories were correct. MGM Springfield drew in many visitors early on and began generating serious revenue. As time went on, however, these earnings began to drop. One reason for this was the opening of Wynn Resorts’ Encore Boston Harbor casino-resort.

This new casino instantly captured a huge portion of the MA casino market. Many gamblers who previously gambled inside MGM Springfield began making the switch to the Encore. It was a tough break for MGM Resorts International, who didn’t anticipate their market to be taken over so quickly.

Despite the company’s best efforts, things don’t seem to be improving for MGM Resorts. A company official spoke about this disappointing performance to the media this week.

MGM Springfield Still Struggles to Generate Revenue

MGM Resorts International has been undergoing some massive changes in recent months. Last year, the company sold some of its biggest properties in Las Vegas. Just last week, CEO Jim Murren announced he’s stepping down.

There’s a lot to juggle here. Murren is continuing to run the company until a replacement is chosen. This week, Murren commented on the MGM Springfield property and doesn’t seem pleased with the venue’s performance.

“MGM Springfield has admittedly performed below our expectations, and we’ve recently made some changes there to better position the property,” he said. 

It’s surprising for some to hear that MGM continues to invest in this venue. Many expected the company to sell it and simply take the losses. That does not appear to be the case.

For now, MGM Resorts International wants to continue running its only Massachusetts property. With some changes, perhaps this venue can once again capture the state’s market.

Massachusetts isn’t the only area that MGM is continuing to invest in.

Macau May Soon Become Profitable Again For MGM Resorts

Macau is one of the world’s largest gaming markets. Many of the world’s top casino companies invest in property here, including MGM Resorts. Unfortunately, revenue from this territory has been dropping for more than a year.

Throughout 2019, tourism in Macau was down. The US-Chinese trade war had taken a toll on China’s economy, causing fewer nationals here to gamble. Macau relies on Chinese high rollers and as less began visiting here, revenue started to tumble.

Recently, the coronavirus has hurt this territory. As the 2019-nCoV virus spreads throughout China, less people are able to travel into Macau. Recently, officials in this territory decided to shut down all the casinos in order to prevent infections.

This casino shutdown is costing companies millions of dollars a day. It finally seems as if infection rates are beginning to even out and Macau may finally become a profitable casino market once again. Several investment groups have recommended people buy stock in MGM Resorts as the Macau situation improves.

2020 will be an important year for MGM Resorts. Hopefully, the company’s new CEO can be even more successful than Jim Murren.

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

Is This the Right Time to Buy LV Casino Stock?

For months, some of the biggest casino companies in Las Vegas have seen their share prices decline due to the coronavirus in China. All casinos have been forced to close down, costing many companies millions of dollars. Things seem to be improving now, and many are wondering if this is the right time to buy LV casino stock.Stock Prices Picture

It’s an interesting time for the global casino market. Things are going well in Las Vegas, yet Macau continues to lose revenue. Today, we’re going to talk about why many feel this is the perfect time to purchase stock in several Las Vegas casino companies.

Let’s get into it!

Macau Proves to be a Troublesome Casino Market

Most of the world’s top casino operators currently have operations in Macau. For many years, this small Chinese territory was the most profitable gambling market in the world. It drew in millions of gamblers from around the world every single year and was home to a number of multi-billion dollar gambling venues.

Last year, things began to slow down here. The US-Chinese trade war had a serious impact on this territory. As China’s economy slowed down, fewer tourists from mainland China began traveling and gambling in Macau. This resulted in fewer junkets operating here and as time went on, revenue in Macau began to plummet.

This didn’t deter Las Vegas casino companies, though. Many of them continued to invest in properties here. As revenue continued to drop, however, LV casino stock prices dropped.

In December, the Wuhan coronavirus began to spread throughout China. By February, this virus infected tens of thousands of people around the country. Not long ago, officials in Macau chose to close down all casinos as a way to deter tourism. This is costing several Las Vegas casino operators millions of dollars every day.

Fortunately, there seems to be a light at the end of the tunnel. The virus infection rate seems to be slowing down. This could be huge for casino operations in Macau.

Bank of America Recommends Buying LV Casino Stock

Macau has always been a hot casino market. Some of the world’s biggest high-rollers gamble here and many casino companies earn the majority of revenue in this small territory. As the coronavirus begins to be eradicated, this market will start to improve.

This week, Bank of America began recommending to buy LV casino stock. The major US banking company believes that as the virus begins to level out, revenue in Macau will start to surge. As a result, Las Vegas casino companies with property here will see their share prices increase.

Shaun Kelley, a research analyst at Bank of America, commented on the potential share price increase to CNBC this week.

“2nd derivative [is] leveling out,”, he said. “The sequential and daily growth rates have been stable/declining for approximately a week. “Stock and investor reaction has been surprisingly muted relative to prior Macau corrections which we think owes to the passing nature of the threat and increasing China/global market liquidity.” 

This certainly makes sense. Due to Macau’s new regulations, several major Las Vegas casino companies have seen their share prices drop dramatically.

There might be a real opportunity to make some money. If China’s economy begins to improve again and Macau stops its hardcore casino regulations, revenue will start to surge.

Las Vegas Casino Market Continues to Improve

Las Vegas’ gambling revenue is always fluctuating. For more than a year, however, things have been steadily improving in this city. Casinos are continuing to rack in money and are showing no signs of slowing down.

Even sports betting revenue is increasing here. This is a surprise for some. More states around the country are beginning to legalize this form of gambling.

In fact, more than 20 states have officially legalized sports betting. It seemed that this would decrease the sports gambling revenue in Las Vegas. This is not the case.

Everything is running smoothly here. Casinos here took in an average of $1 billion per month last year. Sports betting revenue increased by 9.5% overall.

Amazingly, LV casino stock has been dropping lately due to the trouble in Macau. Hopefully, this will begin to improve.

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

Wynn’s New Convention Center is Finally Open

In 2018, Wynn Resorts has discussed plans to open a brand new convention center and meeting space. This week, Wynn’s new convention center officially opened to the public. Today, we’re going to talk about what this new center has to offer.Wynn Las Vegas Casino Logo

Wynn Resorts is working on several new projects right now. 2019 wasn’t great for the company and as of now, things don’t seem to be improving. This is the perfect time to check out where the company is headed this year.

Let’s get into it!

2019 Wasn’t Great for Wynn Resorts

For decades, Wynn Resorts has been considered one of the best casino companies in the world. It was founded back in 2002 by Steve Wynn, who served as CEO until very recently. Things starting going downhill in early 2018, when allegations of sexual abuse against Steve Wynn began to surface.

Several women came forward with stories of misconduct by the powerful CEO. At first, he vehemently denied the allegations. Eventually, he stepped down and sold all of his shares from the company. He then tried to stay out of the public spotlight.

These allegations hurt Wynn Resorts’ reputation. The company eventually filed a lawsuit against Mr. Wynn and ultimately received $20 million from the former CEO. Wynn Resorts eventually decided to name Matt Maddox as the company’s new leader.

Maddox had served as president of the company since 2013. He was promoted to CEO in a position that was expected to last until February of 2021. In December, the company decided to extend his role until 2022. He seems to be doing a good job.

Wynn Resorts has also struggled with some of its overseas properties. Macau, in particular, has been a tough market for the Las Vegas-based casino company. This doesn’t mean things are slowing down, though.

As we mentioned earlier, this company just finally opened its new convention space. Here’s what it has to offer.

Wynn’s New Convention Center Has Bookings Through 2028

Las Vegas is one of the country’s top convention destinations. There are a huge number of major conventions here that draw in thousands of visitors every single month. Since 2019, construction has been underway on Wynn’s new convention center.

This massive property has now officially opened to the public. It’s one of the most impressive convention centers in the city, with two stories and 430,000 square feet of space. It’s actually an extension of the current Wynn Meeting and Convention Space and features an 83,000 square-foot ballroom.

According to company officials, this is already a major success. This new convention center already has bookings lined up until 2028. The new setting of this venue, located directly next to the Wynn Golf Club, is also exciting for many convention-goers.

Chris Flatt, executive vice president of hotel sales and marketing, commented on the opening of this venue to the media this week.

“We were scheduled to open in March and we have a very high percentage of repeat business here and had several customers of ours that literally wanted to be the first groups in the hotels,” he said. “We actually opened about three weeks earlier than anticipated.”

Wynn’s new convention center is open to the public and is already hugely successful. Several other major Las Vegas companies are scheduled to open new convention space, as well. Unfortunately, Wynn’s operations in Macau don’t seem to be improving.

Macau’s Casino Closures Costing Wynn Resorts Millions Every Day

Wynn Resorts operates a huge number of major casino-resorts all across the country. It also runs several major resorts in Macau. This city struggled to attract gamblers in 2019 and things don’t seem to be improving thus far into 2020.

Last year, Macau was hurting due to the US-China trade war and protests in Hong Kong. Now, the Wuhan coronavirus is taking a toll on the city. As a way to prevent infection, leaders in Macau decided to close down all of the territory’s casinos.

This is taking a serious toll on gambling operators here. Wynn Resorts claims that it’s losing between $2.4-$2.6 million every day due to these closures. CEO Matt Maddox isn’t concerned, claiming the company can withstand the losses.

It’s unclear how long this will last for. Death tolls due to the coronavirus are increasing, yet infection rates seem to be dropping. Hope is that officials in Macau manage to stop the spread of this deadly virus before it hits even more countries.

Things aren’t all bad. Wynn’s new convention center is up and running and will likely earn the company serious revenue. It wouldn’t be a surprise to see Macau reclaim its spot as the world’s most profitable gambling hub before long, too.

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

Las Vegas Casino Companies Are Affected by Coronavirus

The Wuhan Coronavirus first appeared in early December and has now spread to at least 20,000 individuals. It’s one of the world’s scariest virus outbreaks in recent memory and is showing no signs of slowing down. New reports indicate several Las Vegas casino companies are losing revenue due to the impact of this coronavirus.Casinos In Macau

For now, the vast majority of infected individuals are in China. Unfortunately, this is taking a serious toll on Macau, one of the world’s biggest gambling hubs. Today, we’re going to look at how this virus has spread so quickly, and discuss the impact that it’s having on the world’s gambling industry.

Wuhan Coronavirus Continues to Spread Around the World

Over the past few decades, China has been the center of several new virus outbreaks. In the early 2000s, this country experienced an outbreak of severe acute respiratory syndrome, or SARS. This was a coronavirus that caused chronic viral respiratory disease. It spread quickly and ultimately killed 774 individuals.

In December of 2019, the Chinese city of Wuhan began experiencing an outbreak of a new type of Coronavirus called 2019-nCoV. Researchers have traced the origins of the virus to a seafood market that allowed the sale of wild animals. Over the past two months, this virus has spread at an incredible rate with more than 20,000 now confirmed to be infected.

Nearly all of the confirmed cases have been in China. All but one death has also been confined to this country. Officials are doing everything they can to contain the virus and prevent it from spreading to other nearby countries.

One city that’s being heavily affected is Macau. This is one of the most-visited cities by Chinese tourists. Government officials here have looked at ways to ensure the outbreak does not reach Macau’s population.

Tourism in this city has dropped dramatically. Obviously, many of the casino operators here are losing revenue. This includes some of the biggest Las Vegas casino companies.

Las Vegas Casino Companies Struggle With New Macau Regulations

Macau is one of the world’s biggest gambling hubs. There are a huge number of major casinos here, some of which are operated by Las Vegas-based companies. Las Vegas Sands, MGM Resorts International, and Wynn Resorts all own property in this Chinese territory.

Unfortunately, most of these companies have been losing money here. Not all of the blame can be placed on the coronavirus, though. The US-Chinese trade war had led to a major decline in tourism here. The Wuhan Coronavirus is just making things worse.

2019-nCoV is scary for several reasons. Officials are struggling to contain the virus and its now infected individuals in every single Chinese province. Leaders in Macau have recently decided to shut down casinos as a way to prevent tourism in the city.

Some of the biggest Las Vegas casino companies are taking a major financial hit from this decision. The three companies we listed above state they will comply with the new regulations. Pansy Ho, one of the most powerful individuals in Macau, commented on the casino closure to the media this week.

“It was a hard decision, but we must make it for the health of Macao residents,” she said to the media. “Macao can still withstand economic losses.”

It’s unclear at this point how much revenue these companies have lost in Macau. Unless the situation improves and the government begins to cut down on the infection rate, these losses will continue.

Gambling Revenue in Las Vegas is Likely to Increase

The gambling industry in Macau is hurting right now. Over in Las Vegas, however, things are running smoothly. This city’s gambling revenue increased significantly in 2019 and most analysts believe the trend will continue this year.

Some were surprised to see the revenue increase in 2019. A huge number of states have recently legalized sports betting and expanded their casino gambling options. There was a thought that this would take away from Las Vegas’ tourism. For now, this doesn’t appear to be the case.

In fact, things are likely to get even better this year. Several major casino-resorts are set to open in Las Vegas in 2020. This includes Resorts World Las Vegas, the most expensive hotel-casino ever constructed in the city.

Downtown Las Vegas is improving rapidly, as well. Derek and Greg Stevens are opening Circa Las Vegas before the end of the year. This new casino-resort will be one of the most impressive venues in the Downtown area.

Las Vegas casino companies continue to bleed money in Macau. Fortunately, things are going well in the US. Make sure to stay tuned for more updates on this situation over the next few months!

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!

CEO Matt Maddox Will Stay With Wynn Resorts Through 2022

Back in 2018, Steve Wynn officially stepped down as CEO of Wynn Resorts. Since that time, the company has been dealing with accusations of Wynn’s sexual misconduct. CEO Matt Maddox has been doing a great job running the company and will continue his leadership role for the next couple of years.

Matt Maddox

Company officials are happy with the direction that Maddox is taking Wynn Resorts. He’s been able to facilitate some major deals as CEO. Today, we’re going to look at what Maddox has done for the company. We’ll also talk about some of Wynn’s plans for the future.

Let’s get into it!

Steve Wynn is Still Having an Impact on Wynn Resorts

For the past few decades, Steve Wynn was thought to be one of the most powerful men in the gambling industry. He served as CEO of Mirage Resorts from 1973 to 2000. In 2002, he officially founded Wynn Resorts and took over as CEO of that company, which he ran from 2002 to 2018.

Between that time, Wynn opened up several major casino-resorts all over the world. He expanded around Las Vegas. In 2010 and 2011, Wynn Resorts opened two major properties in Macau, as well. They are said to be some of the best casino-resorts in the territory.

Unfortunately, Steve Wynn is now involved in several sexual misconduct cases. Over the past few months, several women have come out with claims that Mr. Wynn abused his power. It was a PR disaster for Wynn Resorts, which immediately asked Wynn to step down from his position.

In February of 2018, Wynn officially left Wynn Resorts. A few months later, he sold his stock in the company. Since this time, he’s stayed out of the public spotlight.

His actions have taken a toll on Wynn Resorts. The company has been involved in various lawsuits over the past few months. Not long ago, the company won a lawsuit with Steve Wynn and he’s now ordered to pay the company $20 million.

CEO Matt Maddox now runs Wynn Resorts. This week, his leadership role was extended.

Wynn Resorts Extends Timeline for CEO Matt Maddox

Prior to Steve Wynn’s departure, there was a debate over who would take over as CEO. Eventually, the company chose Matt Maddox to take over. He’d served as president of the company since 2013 and was the most logical choice.

Most agree that CEO Matt Maddox is one of the best additions to the company in years. Since stepping into the new position, he oversaw the opening of the Encore Boston Harbor, helped to end a six-year lawsuit with Universal Entertainment, and made significant changes to the company’s board.

Initially, Maddox was expected to remain CEO until February of 2021. This week, the company decided to extend this timeline until December of 2022.

Harry Curtis, a gaming analyst with Instinet, spoke with the Las Vegas Review-Journal about why CEO Matt Maddox will retain his position for a little longer.

“If you look at what he had done to steady the ship, they have been the right decisions,” he said. “He has been a very good protector of the value embedded in the company.”

Maddox has to be happy with the news. Hopefully, he can continue to help improve the company over the next few years.

Wynn Resorts’ Stock Prices Surge This Week

Macau hasn’t been a profitable market for most US casino operators this year. Several factors have led to major revenue losses in this territory. A rise in competition around Asia and the China-US trade war has taken a toll on the number of gamblers here.

Today, many US casino operators run casino-resorts in Macau. For almost all of 2019, these companies have lost money in this territory.

This week, the People’s Bank of China, which is based in Mainland China, raised the remittance limit on individuals’ transfer of money from Macau to the Mainland. Essentially, this means that visitors from the Mainland are able to gamble more in the city.

This immediately had an impact on several companies’ stock prices. Wynn Resorts’ stock rose by 1% after the news broke. Las Vegas Sands saw an increase of 2%.

It’s fantastic news for the casino companies with operations in Macau. Perhaps CEO Matt Maddox will begin investing even more money into this territory.

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