
Casino Magnate James Packer Says Macau Downturn Worse Than Anyone Imagined

James Packer (right) with Robert De Niro at the opening of the new Nobu resort in Manila, Philippines.
James Packer, the Australian billionaire and casino mogul, has admitted that Macau’s economic downturn has been ‘more serious’ than any of the gambling hub’s operators could have foreseen.
Packer’s Crown Resorts derives 50 percent of its income from a 34 percent stake in Melco Crown, which owns properties on the Cotai Strip, including the City that is lavish of resort.
Just over a year ago, Macau had been announced by Forbes to be one of the world’s fastest-growing economies, and https://myfreepokies.com/uptown-aces-casino/ the spot’s casinos had been enjoying revenues that are bi-monthly to that of Vegas’ annual haul.
But an unprecedented crackdown on corruption and money laundering by President Xi Jinping’s government on the mainland has halted the success tale and sent revenues tumbling.
Financial Crackdown
The monetary crackdown is part of an ongoing anti-corruption drive that has scared from the high rollers therefore the junket companies that once accounted for some 60 percent of Macau’s revenue.
Tub thumping from Beijing has sent shares into the regions casino companies tumbling. And also this, and also a new smoking cigarettes ban, increased monetary restrictions imposed on tourists, and a generally speaking weak Asian economy has struck the region difficult.
In April gross video gaming revenue fell 39 per cent, year-on-year, to 19.2 Continue reading “Casino Magnate James Packer Says Macau Downturn Worse Than Anyone Imagined”