www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
China / HK Macao Taiwan

Macao casino bonds slump during anti-graft drive

(China Daily / Agencies) Updated: 2014-09-30 07:41

Macao casino bonds are plunging as President Xi Jinping's corruption crackdown against "flies and tigers" spooks VIP gamblers.

The yield on Wynn Macao's notes due October 2021 jumped 93 basis points this month and touched a record 5.80 percent on Monday, data compiled by Bloomberg show. The yield on Melco Crown Entertainment debt due 2021 reached an all-time high of 5.61 percent. The six biggest Hong Kong-listed Macao casino stocks have fallen by 32 percent on average this year.

Gross gaming revenue in Macao, the only place in China where casinos are legal, may fall this year amid Xi's anti-graft campaign. Tour operators are offering private jets to fly China's high-spending gamblers, or VIPs, to Melbourne and Las Vegas so that they can avoid the increased scrutiny in Macao.

"There's a critical mass of headwinds without even getting into the 'China is slowing' dynamic," said Kevin McSweeney, a Toronto-based fund manager at CI Investments, which oversees an equivalent of $90 billion of assets.

"Investors have found more reasons to sell than to buy right now." McSweeney said.

Gross gaming revenues will probably drop by 1 percent this year, compared with an earlier prediction of 5 percent growth, CLSA analysts led by Aaron Fischer wrote in a Sept 24 note. They also cut the 2015 growth estimate to 5 percent from 10 percent, compared with an average of 30 percent in the past 10 years.

VIP guest numbers are unlikely to turn around soon as customers are concerned about the anti-corruption drive, Bank of America Merrill Lynch analysts led by Billy Ng wrote in a note this month.

Macao banned jewelry and watch retailers operating in casinos from adding new card devices starting in July, Francis Tam, the city's secretary for economy and finance, said in late June.

That had made it harder for gamblers to buy expensive goods in exchange for cash.

"The sustained slowdown in gross gaming revenue now looks more prolonged in investors' minds," said Edmund Harriss, investment director in London at Guinness Atkinson Asset Management, which oversaw more than $1 billion in assets as of the end of August.

"Macao is dependent upon the Chinese market and the clampdown looks to be more sustained and thus has a high impact on Macao revenues."

Over 1,000 casino workers took to the streets on Aug 25 for a seventh time this year to demand better pay and working conditions, the largest demonstration by industry employees so far in 2014.

Macao Gaming Industry Frontline Workers' union is planning more protests.

Macao casinos "will stabilize" as the Chinese special administration region's chief executive Fernando Chui begins his second five-year term in office, Wynn Resorts Chairman Steve Wynn said in Macao on Tuesday.

Highlights
Hot Topics
...
主站蜘蛛池模板: 国产精品视频永久免费播放 | 欧美一级永久免费毛片在线 | 成年人在线免费观看视频网站 | 亚洲精品欧美精品一区二区 | 精品久久久久久国产免费了 | 亚欧国产 | 亚洲综合色就色手机在线观看 | 欧美xxxwww| 国产午夜亚洲精品国产 | 精品视频在线免费播放 | 美女视频永久黄网站在线观看 | 亚洲国产第一区二区香蕉日日 | 国产极品精频在线观看 | 国内真实愉拍系列情侣自拍 | 天天五月天丁香婷婷深爱综合 | 亚洲精品一区二区三区网址 | 欧美特黄一区二区三区 | 亚洲国产精久久久久久久 | 国产精品久久久影院 | 国产乱子伦片免费观看中字 | 末成年娇小性色xxxxx | 欧美成人影院免费观 | 午夜怡红院 | 日本免费a级片 | 香蕉久久久久久狠狠色 | 成人欧美视频在线观看播放 | 亚洲国产日韩欧美 | 黄色一级网址 | 最新亚洲人成网站在线影院 | 欧美日韩一区二区三区久久 | 美国全免费特一级毛片 | 欧美一区高清 | 中文字幕一区二区三 | 午夜私人影院免费体验区 | 国内精品久久久久久中文字幕 | 成在线人永久免费播放视频 | 日韩一区二区天海翼 | 国产亚洲欧美另类久久久 | 亚洲性视频在线 | 可以免费观看欧美一级毛片 | 免费看欧美一级特黄a大片一 |