Macau’s 2014 slowdown that affected the share prices of casinos doing business in the Chinese enclave has created some major losers among the biggest shareholders, Gaming Today said.
The ones best known to the Las Vegas community are Sheldon Adelson, chairman and CEO of Las Vegas Sands, and Steve Wynn, chairman and CEO of Wynn Resorts, the report said.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at firstname.lastname@example.org.
Magazines that feature items dealing with the wealthy have noted that both gaming leaders took major hits during the calendar year 2014 as the share price of their companies tanked, Gaming Today said.
In the early part of the year, shares in Las Vegas Sands were trading in the high $70 range but after seven months of major declines in Macau, the price fell to the $40-$50 level. As the company’s principal stockholder, Adelson saw his investment decline by several billion dollars, the report said.
Also incurring major investment declines were both Steve Wynn and his ex-wife, Elaine, whose shares in Wynn Resorts fell from a high of $249 per share to something approaching $150 per share, Gaming Today said.
But, that could all be temporary, depending on just how quickly Macau recovers from the impact of Beijing’s crackdown on corruption and money laundering. Most analysts believe if there is a major recovery in 2015 it will be during the latter half of the year, the report said.