This is from a report penned on April the 22nd that is first being read now by the brain-sinks on Wall Street. Shares of the homewreckers are sharply lower on this ‘news.’
“This problem of rising bad debts continues to be a major issue in Macau, and is among the key drivers for the successive junket mergers and closures that we continue to see today.” Wynn and Melco hold the “riskiest slice of the industry’s junket business” because they have the most revenue among casino operators exposed to the high-stakes gambling segment, he wrote.
Personally, I’m a big fan of WYNN. It was the place we chose to host our first annual investors conference and it will always hold a sentimental place inside of my black heart. As for the morality of the casino business: absolutely horrid, almost as bad as offering legal counsel.
These companies had a great thing going in America, ripping off people in Vegas. But they had to get greedy and try to run their schemes in the totalitarian regime of China. WRONG move. Now they’re paying the price, in spades.
But alot of people already got very, very rich off the Macau scheme. I am sure these mountebanks will find a new place to hoodwink people and restore their glorious theft margins to new highs.
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