Published On: Sat, Oct 17th, 2015

Wynn: Macau casino crackdown ‘preposterous’

Billionaire Steve Wynn is not happy with the government of Macau.



The casino magnate let loose on a conference call Thursday after his company’s Macau division reported a net revenue decline of nearly 40%.

“In my 45 years of experience, I’ve never seen anything like this before, ” Wynn said.
Macau, like Hong Kong, is a Special Administrative Region of China. It is also the only place in China where gambling is legal. Since 2002, its casino industry has grown into a $45 billion heavyweight, roughly seven times bigger than Las Vegas.
But now, VIP gamblers are fleeing Macau in droves because an intense anti-corruption campaign in Mainland China has made them wary of visiting casinos. The industry is also taking a hit from new government rules.

Read the full story at CNN Money


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