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Macau Casino Revenues Down for Third Straight Month

Macau Casino Revenues Down for Third Straight Month

Macau casinos’ gaming revenues were down for the 3rd month that is consecutive August. (Image: TripAdvisor.com)

Macau casino revenues may not be as dazzling as years ago, but the Chinese enclave is in no danger of losing its place as the globe’s largest gambling hub. Every day in terms of pure revenues, Las Vegas and other cities simply can’t compete with the tremendous amounts of money that are thrown around at Macau’s baccarat tables. But when it comes to what seemed like the growth that is endless the area, it seems that the party might be over.

For the third straight month, Macau’s video gaming revenues dropped on a basis that is year-over-year. For August, the drop was 6.1 percent in comparison to 2013, a tumble blamed on a campaign that is continued corruption that has hurt the flow of cash from mainland China.

Raw Numbers Still Good, But Growth Has Stopped

That fall defintely won’t be making the gambling enterprises in Macau cry poor anytime quickly, though. They still brought in 28.9 billion patacas ($3.6 billion) the thirty days. But analysts had predicted just a 2 percent decrease in gambling profits, making the size of the decrease something of a surprise at significantly more than 3 times that number.

The casino market in Macau has typically relied heavily on VIP gamblers who might spend hundreds of thousands or even millions of dollars in a visit that is single. That market is feeling the strain of an anti-c

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Caesars at War with Investors Over $24 Billion Debt

Caesars at War with Investors Over $24 Billion Debt

Caesars CEO Gary Loveman says his business shall not be held hostage by speculators.

The battle between Caesars Entertainment as well as its bondholders was ramped up a notch this week as the casino giant filed a lawsuit against a large part of its investors, claiming they are trying to impede the company’s efforts to restructure its financial obligation process, a procedure that is necessary to avoid bankruptcy.

Despite being the casino that is best-known in the world, Caesars’ long-lasting financial obligation is colossal, standing at an industry all-time high of $23 billion, which outstrips the bankrupt city best way to play lightning link slot of Detroit. In May, the organization announced a means of financial obligation restructuring, which, while not eliminating any long-term debt, would wipe out more than $1 billion of payments due in 2015.

The procedure, according to Caesars Chairman and CEO Gary Loveman, would ‘lay the building blocks for both de-leveraging that is significant value creation at Caesars Entertainment.’

Lend Us Your Ears…and Everything Else

‘Upon completion of the credit facility amendment … Caesars will have added headroom under its upkeep covenant, providing Caesars with additional security to execute its business plan,’ he added. ‘If Caesars successfully lists its equity securities, this independent listing should help facilitate the eventual raising of equity as well as liability management and financial obligation decr

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