Macau’s gambling riches sparked bloody gunfights between triad gangsters two decades ago. Today, there’s a new conflict brewing, only this time it’s being waged with private jets, limousines and million-dollar loans.
MGM China Holdings Ltd., the Macau casino operator, boosted the budget for its new resort in the city as fourth-quarter profit rose 35 percent, beating analyst estimates. The stock gained in Hong Kong.
SJM Holdings Ltd., Asia’s biggest casino operator, will spend HK$30 billion ($3.9 billion) to build its first resort in Macau’s Cotai area, HK$5 billion more than planned because of higher construction and labor costs.
Hong Kong stocks dropped, dragging the city’s benchmark index down to its lowest level since July, as casino companies tumbled on signs of a slowdown in Macau gambling revenue and property developers declined.