Gaming

China builds South Sea free-trade-zone bubble

16 Apr 2018

President Xi plans to turn the island province of Hainan into a special area with new commodity markets and lower trade barriers. The plan muddles a regional development strategy around Hong Kong and Shenzhen, but it benefits speculators – and embattled local champion HNA.

Retiring Macau mogul had first-mover disadvantage

13 Apr 2018

Stanley Ho is stepping down at 96. The casino boss enjoyed a decades-long head start in what is now the world’s top gambling hub. But his $5 bln SJM quickly lost ground to Wynn, Galaxy and others. When competition arrives, former monopolists can struggle to master a new game.

Wynn presents MGM with Vegas-like temptations

11 Apr 2018

The Bellagio owner has a rare chance to bid for its $20 bln casino rival as scandal-struck Wynn grapples with its future. The numbers are a stretch, and the vagaries of Macau make it difficult for MGM to justify a premium. Nonetheless, chances like this don’t arise often.

Holding: #MeToo is putting corporate law on trial

29 Mar 2018

Claims of sexual misconduct at the likes of Fox and Wynn Resorts have led to suits over board duties and disclosure. They’re long shots, largely because business governance is an awkward tool for social change. Yet investors and victims are giving it a new and useful purpose.

Steve Wynn’s casinos make best of bad hand

23 Mar 2018

After resigning as CEO of Wynn Resorts amid scandal, he has found buyers for his entire stake. New boss Matthew Maddox is playing terrible cards fast and well. He settled a big lawsuit and just brought in Macau rival Galaxy as a backer, which could lead to fresh opportunities.

Tencent wisely prepares for post-“Kings” era

21 Mar 2018

Hits like "Honour of Kings" powered another blockbuster quarter for the $565 bln web titan. Yet Tencent's incredible run in online games may tail off, as overall market growth in China slows. Pushing into videos and music is vital, despite high upfront costs and distant returns.

James Packer’s exit deals Crown a better hand

21 Mar 2018

The Australian billionaire has resigned from the board of his casino empire again, this time for health reasons. He leaves a group still reeling from a Chinese crackdown that left staff in prison and prompted a costly global retreat. The path to recovery is clearer without him.

Legal truce a Wynn-Wynn solution for casino empire

16 Mar 2018

Steve Wynn may sell his stake in the casino operator after settling a lawsuit with his ex-wife. It makes sense now that he’s been turfed out as CEO, but regulatory, legal and valuation issues could deter many buyers. That leaves the deck stacked in favor of Elaine Wynn.

Elaine Wynn could be $17 bln casino white knight

15 Feb 2018

With Steve Wynn no longer running the eponymous empire, his ex-wife and co-founder Elaine is finally free to sell shares. While that puts Wynn Resorts in play, a takeover would be tricky to execute. A better idea might be to keep Elaine in the game – and put her in charge.

Viewsroom: The Fed’s belated Wells Fargo beating

8 Feb 2018

Chair Janet Yellen forbids the $2 trln lender from growing bigger - on her last day in the job, and 17 months after Wells’ fake-accounts scandal hit. Meanwhile, fellow financial watchdog CFPB seems to be giving hacked Equifax a free pass. Plus: how Nintendo made a comeback.

Steve Wynn’s exit rolls dice on his casino empire

7 Feb 2018

A tone-deaf board "reluctantly" accepted its founder and CEO's resignation following sexual misconduct allegations against him. That could placate gaming authorities from Nevada to Macau. At the same time, it makes Wynn Resorts more vulnerable to a takeover.

Wynn Resorts slide shows house can lose in new era

26 Jan 2018

Boss Steve Wynn says sexual-misconduct accusations leveled at him are “preposterous”. The $2 bln wiped off the company's shares suggests investors nonetheless fear boardroom disruption. It’s a warning to all firms that even alleged misbehavior has become a financial risk.

Our 2018 predictions on Reuters TV

31 Dec 2017

From the CEOs who should run for U.S. president, to the banks that ought to be sizing up mergers, our writers give their take on the coming year in a series of Reuters video reports.

GVC plays regulatory roulette with Ladbrokes bid

7 Dec 2017

The Foxy Bingo owner is offering up to 3.9 bln pounds for the UK bookie. That’s despite a government review that may hurt Ladbrokes’ gaming-machine business. Moving quickly makes sense for GVC, and natty financial structuring will improve its odds. The bet could still backfire.

Australia’s Aristocrat makes reckless mobile bet

30 Nov 2017

The $11 bln group's shares slumped on plans to buy online games firm Big Fish for $1 bln. A wobble in tech stocks probably doesn’t help. But the deal looks pricey, Big Fish’s recent performance is weak, and the rationale for uniting slot machines and mobile games is thin.

Vivendi doubles down on video-game mystery

17 Nov 2017

The French media group won’t buy the rest of Ubisoft in the next six months, but nor has it said it will sell its 27 pct stake. It may even forgo voting rights to avoid making a bid. That leaves investors guessing as to its long-term plan, and marking down the stock accordingly.

UK gambling crackdown boosts M&A odds

7 Nov 2017

A government squeeze on betting machines known as the “crack cocaine of gambling” could knock 20 pct off bookies’ operating profit. Extra regulation makes scale more important. Once the rules are clear, targets like Ladbrokes will be easier to value. Expect a flurry of deals.

Hong Kong tech fervour defies Western IPO wobbles

7 Nov 2017

Investors have snapped up shares in Razer, a maker of keyboards for gamers, and China Literature, an electronic publisher backed by Tencent. That contrasts with signs of IPO fatigue in New York and London. Limited supply, particularly in tech, has helped keep the market healthy.

Vivendi can unlock more time to stalk Ubisoft

1 Nov 2017

French laws may soon force the media conglomerate chaired by Vincent Bolloré to decide whether to bid for the 7 bln euro video-games group. He has more choices than putting up or shutting up. Vivendi can duck the decision by converting part of its stake into non-voting stock.

Sony’s success may delay further disentangling web

31 Oct 2017

The Japanese group riding high on Spider-Man is also thriving in games, chips and music. It now expects annual operating profit to hit a record $5.6 bln. That's testament to a long overhaul, but also increases a temptation to stay in areas like phones, TVs and financial services.