Caesars Entertainment Corp., largest owner of casinos in the U.S., will sell four properties to an affiliate for $2.2 billion, freeing up cash as the company works to restructure $24.5 billion in debt.
MGM Resorts International, the largest casino operator on the Las Vegas Strip, said it’s ready to spend $5 billion to $10 billion in Japan, a day after competitor Las Vegas Sands Corp. said it planned to make a similar investment should gambling resorts be legalized.
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.