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Straits Times
6 days ago
- Business
- Straits Times
Thailand vows measures to prevent money laundering at casinos
BANGKOK – Thailand plans to record and monitor financial transactions of visitors to casinos to deter money laundering, officials said as the government sought to win over opponents of a bill to legalise gambling venues as part of new integrated resorts. The South-east Asian nation will enforce rules for responsible gaming, including a ban on casino advertisements and denial of entry for individuals deemed to carry 'financial risks', said Mr Suksit Srichomkhwan, Deputy Secretary-General to Prime Minister Paetongtarn Shinawatra. Thailand's gaming regulations will be modelled on Singapore, Japan and the United Arab Emirates, which limit the number of licences and require mega investments, he told a briefing in Bangkok on June 4. Each entertainment complex in Thailand will require a minimum investment of 100 billion baht (S$3.94 billion), he said. Ms Paetongtarn's administration was forced to delay a Bill to legalise casinos earlier in 2025 due to mounting opposition from religious groups, anti-gambling networks and some political parties. The government has pitched it as a way to burnish the appeal of its tourism industry, a key pillar of Thailand's economy. If the Bill is passed, it could pave way for Thailand to capture a slice of the growing global gaming market alongside Macau and Singapore, and tap into another potential growth engine to galvanise its sluggish economy. Wynn Resorts and MGM Resorts International have shown interests in investing in Thai casinos, according to officials. The so-called entertainment complexes can boost foreign tourist arrivals by 5 per cent to 20 per cent and lift average spending per person per trip by about 22,000 baht, Mr Suksit said. But the critics of the casino plan have argued the gaming venues will fuel gambling addiction and benefit big businesses and foreign companies, besides them turning into avenues for money laundering. 'Money laundering will be almost impossible in these premises' due to stringent surveillance, he said. 'Even the operators want to compete in a strictly regulated environment.' The draft legislation proposes that casinos take up only 10 per cent of the spaces within each integrated entertainment complex, which will be required to house at least four other types of businesses. It also moots stringent entry requirements for Thai citizens, including proof that they have 50 million baht in bank deposits. The government is not in a hurry to push through the Bill as it is committed to ensuring the legislation is 'clean and clear', Deputy Finance Minister Julapun Amornvivat said. The entertainment complexes can be a new engine to drive growth amid rising geopolitical challenges, he said, adding that the aim is to pass the Bill during the remainder of the government's two-year tenure. Bloomberg Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
12-05-2025
- Business
- Yahoo
Heavily Exposed to China, Casino Stocks Jump on Trade Deal
Shares of casino operators Wynn Resorts (WYNN), Las Vegas Sands (LVS), and MGM Resorts International (MGM) surged to outpace the broader market Monday on news the U.S. and China agreed to slash tariffs for 90 days. The stocks are heavily exposed to the Chinese economy given their casino operations in the special administrative region (SAR) of Macau, or Macao. Both Wynn Resorts and Las Vegas Sands generated 47% of their first-quarter adjusted property EBITDA in Macau. Meanwhile, MGM Resorts International's MGM China unit produced 45% of its Q1 adjusted EBITDA. In its first-quarter report last month, Las Vegas Sands said its Macau market growth had "softened in the current environment," but added it was well-positioned for future growth given its "decades-long commitment to making investments that enhance the business and leisure tourism appeal" there. Shares of Wynn Resorts, Las Vegas Sands, and MGM Resorts International were up roughly 8%, 7%, and 5%, respectively, in recent trading on a day when the benchmark S&P 500 was advancing 3%. For the year, Wynn shares are up about 10%, while those of Las Vegas Sands and MGM Resorts are down 17% and 1%, respectively. Follow Investopedia's coverage of today's live markets news here. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-05-2025
- Business
- Yahoo
MGM CEO talks about ‘ongoing discussions' on Springfield casino
SPRINGFIELD – A Wall Street analyst asked MGM Resorts International CEO and President William Hornbuckle this week about creating value by 'monetizing assets,' that is selling locations like MGM Springfield. Hornbuckle's answer to Stephen Grambling of Morgan Stanley was not 'no.' 'And then Stephen, remember, I suspect you do that Northfield Park and Springfield are ongoing discussions,' Hornbuckle said. 'So those are assets that we've been talking about for a while.' Hornbuckle's leaving the door open follows more than a year of speculation about the possible sale of the casino. In March 2024, Bloomberg reported that MGM Resorts International is 'exploring' the sale both of Springfield and of its casino in Northfield Park, Ohio. Citing unnamed sources, Bloomberg said MGM is working with finance advisers, but talks were preliminary. Any sale would require the approval of both the Massachusetts Gaming Commission and the city of Springfield. Hornbuckle was one of the executives who helped bring MGM to Springfield just as the state legalized casino gambling. The $970 million casino opened in August 2018 with mixed results. The casino had more than 1,500 employees at the start of the year, according to the most recent filing with its regulators. That's well short of the 3,000 jobs MGM promised to create as it was lobbying for its license and also short of the revised, post pandemic, informal expectation of about 2,000 jobs. In January 2023 Springfield officials concerned about the pace of reopening after COVID restrictions asked Honbuckle to meet in City Hall. Following that closed-door session, he offered a matter-of-fact assessment to reporters. 'Our original valuation of this market simply was off — full stop,' Hornbuckle said. 'We are where we are now.' He also said that if the market conditions in Springfield were fully understood at the time, the casino might not have been built. 'We thought there would be more business here than ultimately materialized,' Hornbuckle said in that January 2023 meeting. 'Scale, scope, etcetera. It is what it is.' After the Bloomberg report in March 2024, Hornbuckle came back to Springfield to meet once again with city officials. After that April 2024 meeting, Mayor Domenic J. Sarno reiterated that Springfield has the power to say yes or no to new ownership. 'My number one priority is to protect the taxpayers of the city of Springfield. It is imperative that every aspect of our Host Community Agreement (HCA) is met and adhered to and that Springfield will receive every dollar it is owed in accordance with the HCA.'
Miami Herald
06-05-2025
- Entertainment
- Miami Herald
Las Vegas Strip casino signs spectacular singer to long residency
Las Vegas Strip casinos continue to extend long-running headliner residencies upwards to 100 shows, and sometimes more, on a regular basis. Some of biggest names in music have recently completed lengthy residencies on the Strip, including Adele, who performed her 100-show "Weekends With Adele" residency at Caesars Entertainment's Colosseum at Caesars Palace from Nov. 18, 2022, to Nov. 30, 2024. Don't miss the move: Subscribe to TheStreet's free daily newsletter Legendary country singer Garth Brooks wrapped up his sold-out 54-show Plus One residency at the Colosseum on the Strip on March 8, and country superstar Carrie Underwood concluded her long-running "Reflection: The Las Vegas Residency" engagement at the Resorts World Theater at Resorts World Las Vegas after 71 shows on April 12. Related: Las Vegas Strip casino signs popular singer for longer residency Rock star Rod Stewart debuted his "Hits" residency at the Colosseum in 2011, and, after 13 years and 200 shows, the "Do Ya Think I'm Sexy" singer closed the show on Aug. 7, 2024. Stewart signed on for another residency, "The Encore Shows Las Vegas Residency at The Colosseum," with six shows in March and another six shows in May and June 2025. He has already extended the residency for six more shows, which could end up being another long-running engagement for Rockin' Rod. Legendary rock star Carlos Santana has headlined a long-running residency on the Las Vegas Strip since 2012, performing over 300 shows to sold-out audiences. Santana extended his "An Intimate Evening with Santana: Greatest Hits Live" residency at the MGM Resorts International's House of Blues at Mandalay Bay on the Las Vegas Strip with 15 new shows in September and November 2025. The classic band canceled the first eight shows of its 16-show extended 2025 residency at the House of Blues in Vegas, which was set to begin Jan. 22, due to frontman Carlos Santana breaking a finger in an accidental fall at his vacation home in Hawaii. Santana will perform the eight previously scheduled shows on the residency after the singer recovers from May 14-25, superstar pop and R&B singer Bruno Mars has added nine more dates to his long-running residency in August and September at MGM Resorts International's Dolby Live at Park MGM. Related: Las Vegas Strip casino signs legendary rock band to new residency Tickets are on sale for Mars' new shows on Aug. 22, 23, 26, 27, 30, 31, Sept. 3, 5, and 6 at More Las Vegas: Las Vegas Strip Sphere signs another superstar band residencyLas Vegas Strip casino closes country superstar's residencyLas Vegas Strip casino signs global superstar singer to residency The "24K Magic" singer adds to the existing shows that are scheduled on his sold-out residency for May 21, 24, 25, 28, 30, 31, and June 2. The residency's June 2 show will be Mars' 99th show at Dolby Live, while the first show on the extended engagement on Aug. 22 will be his 100th show at the venue, according to the Las Vegas Review-Journal. Mars, who opened his The Pinky Ring lounge at MGM's Bellagio Resort & Casino in February 2024, has performed residencies at Park MGM since 2016. Mars was one of the first superstars to perform at Park Theater, which would become Dolby Live, just days after it opened on Dec. 17, 2016, as he took the stage for two shows Dec. 30-31, 2016, and returned for two more shows March 11-12, 2017, according to Before that, Mars headlined a residency at MGM's Chelsea at The Cosmopolitan in 2013-15. Related: Las Vegas Strip casinos face an alarming trend The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Daily Mail
01-05-2025
- Business
- Daily Mail
Popular Las Vegas hotel chain makes major change to properties
One of the major Las Vegas hotel chains has announced a major change to its properties as international travelers avoid the United States. MGM Resorts International announced over the weekend that it is shutting down its in-person concierge services at six of its properties along the infamous Strip, the Las Vegas Review-Journal reports. In an email issued by a company representative, the concierge desks at MGM Grand, The Signature, New York-New York, Mandalay Bay, Park MGM and Vdara were to close as of April 28. There would be no changes to operations at ARIA Resort and Casino, Bellagio and Casino and the Cosmopolitan of Los Vegas, and concierge calls to MGM Resorts will be routed to ARIA and Bellagio. In total, 34 employees are losing their jobs in what the company has called 'streamlining.' About half of them have now found new positions within the company, while the other half have been given transitional support, according to News 3 LV. Company executives insist the cutbacks are meant to meet 'evolving guest preferences' as demand for in-person services is declining - and are not the result of any budget cuts. In fact, on Wednesday, CEO Bill Hornbuckle announced that MGM Resorts International had a 'solid' performance from its Vegas resorts in the first quarter, according to KLAS. Speaking of the change to the concierge desk, Hornbuckle suggested in an earnings call on Wednesday that the company is looking to use more AI assistance. 'In the front end of our business, we're beginning to see more and more digital interaction, whether it's concierge or call centers, people calling down for "I want a pillow for my room,"' he explained. 'And so the digital interface, which is probably carrying 80 percent of the traffic now, at least intentionally and ultimately a small spattering we're going to get more and more into this of AI, is proving to be very productive. 'And so we're going to continue down that track.' But the change comes after a damning report by the Las Vegas Convention and Visitors Authority found that Sin City welcomed just 3.39 million visitors last month, down nearly eight percent from 3.68 million in February. It also found that hotels were 82.9 percent full last month, compared with 85.3 percent full in March 2024. Midweek occupancy recorded a decline of 2.5 percent in the same period, despite more than half a million people attending conferences. Casinos also reported an almost five percent drop over the past year. Statewide, the figure fell by 1.1 percent. In downtown Las Vegas, rooms were fractionally cheaper than they were a year ago at an average of $100.31 compared with $100.97 - though Hornbuckle suggested part of the decline is due to the fact that the city hosted the Super Bowl last year. Yet a similar report by the International Trade Administration found that the number of foreign air passengers had plunged by 10 percent over the past year. In Las Vegas, Harry Reid International Airport recorded a four percent decline in passengers according to the Clark County Department of Aviation, and road traffic dipped by 3.1 percent, according to the LVCVA. The decline in international tourism could now cost the US economy almost $90billion, Bloomberg reports. The article quoted a Canadian family who is shunning the US in the wake of punitive tariffs and inflammatory remarks by President Trump. Other tourists have also canceled their trips to the US amid fears they could be caught up in the president's immigration crackdown. Last week two young German tourists found themselves detained and deported for not having any accommodation booked when they arrived in Hawaii. In March a British backpacker found herself locked up for nearly three weeks after allegedly having the wrong type of visa when she tried to enter the US from Canada. The British government has since warned that travelers could face being arrested or detained if they fail to abide by rules that are being strictly enforced by US border agents. Research firm Tourism Economics ultimately estimates that visits to the US will decline by 5.1 percent in 2025, which will ultimately contribute to a $64 billion loss for the domestic tourism industry. The company originally forecasted a nearly 9 percent tourism jump this year, but revised its numbers late last month due to 'polarizing Trump Administration policies and rhetoric.' 'There's been a dramatic shift in our outlook,' Adam Sacks, president of Tourism Economics, told the Washington Post. 'You're looking at a much weaker economic engine than what otherwise would've been, not just because of tariffs, but the rhetoric and condescending tone around it.' Want more stories like this from the Daily Mail? Visit our profile page and hit the follow button above for more of the news you need.
