Macau Casino Bonds Trade Weaker after Mogul Gets Detained
Macau casino bonds were trading weaker after police arrested 11 people over alleged money-laundering and illegal cross-border gambling, with the founder of Macau’s biggest “junket operator” Suncity, Alvin Chau, among those detained. The arrest comes amidst...
Casino Operators Wynn, Studio City and Melco Downgraded by S&P
Wynn Resorts was downgraded to B+ from BB-. S&P expects Wynn’s leverage to remain very high in 2021 and potentially improve to 6.5-7x in 2022 due to a slow recovery in gaming revenue in Macau combined with travel restrictions. Wynn heavily relies on a...
