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.
Casino gambling revenue in Macau, the world’s biggest betting hub, probably increased 70 percent in the first week of June from a year earlier, Deutsche Bank AG analyst Karen Tang said, prompting her to raise her annual forecast.
Across the way from casino mogul Stanley Ho’s Grand Lisboa in Macau, flashing neon lights lure cash-strapped gamblers to pawn their Rolexes and other trinkets and take another tilt at the gaming tables.
Wynn Macau Ltd. led gains in Hong Kong-listed gambling stocks after Deutsche Bank raised its estimate for casino revenue growth in Macau to 25 percent this year on spending by wealthy Chinese tourists.