Las Vegas Sands shares tumble as details of Macau gaming crackdown emerge

Shares in Las Vegas Sands Corporation (LVS) tumbled on Tuesday as details of a crackdown on gaming activities in Macau emerged.

Reports suggest that Chinese authorities are investigating allegations of money laundering and corruption linked to the casino operator.

It is understood that a number of senior executives from the company have been questioned by police, including Sands' China CEO, Steven Jacobs.

The news comes as a blow to the casino operator, which has seen its profits soar in recent years thanks to the booming gambling industry in Macau.

In a statement released on Tuesday, LVS said that it was "cooperating fully with the ongoing investigation".

The company also confirmed that a number of its employees had been questioned by police, but said it could not comment further on the matter.

Shares in LVS were down more than 6% in afternoon trading on Wall Street.

MGM Resorts and Wynn Resorts bounce back on news of Macau gaming license renewal

After months of speculation and rumors, the Macau Gaming Board has announced that they will renew the gaming licenses of MGM Resorts (NYSE:MGM) and Wynn Resorts (NASDAQ:WYNN) for another 10 years. This news comes as a relief to investors in both companies, as both stocks had been trading significantly lower in recent months amid fears that the companies' licenses would not be renewed.

The renewal of the licenses was seen as a long shot by many analysts, as the Macau Gaming Board has been under pressure from the Chinese government to crack down on corruption in the gambling industry. However, it seems that the Gaming Board has decided to give MGM and Wynn another chance to clean up their operations, rather than simply revoke their licenses and hand them over to competitors.

This news was welcomed by investors, as both stocks shot up sharply on Monday after the announcement. MGM was up more than 10%, while Wynn was up more than 15%. These gains are even more impressive when you consider that both stocks were already up significantly for the year before this news broke.

So what does this mean for MGM and Wynn?

First and foremost, it means that their licenses have been renewed for another 10 years, which gives them a lot of certainty about their future in Macau. This is a huge victory for both companies, as Macau is by far the most lucrative gambling market in the world.

In addition, it seems likely that both companies will be able to clean up their operations and avoid any major sanctions from the Macau Gaming Board. This would be a big positive for shareholders, as it would avoid any major disruptions to their businesses.

Finally, it's worth noting that there is still some risk associated with investing in MGM and Wynn. The Chinese government could still decide to crackdown on gambling operations in Macau at some point in the future, which could have a negative impact on both companies' businesses.

Stanley Ho loses $1.5B in a day as daughter breaks ranks and cashes out of family casino business

Stanley Ho, patriarch of one of Asia's richest and most powerful families, suffered a stunning loss of US$1.5 billion on Tuesday as his daughter cashed out of the family casino business.

The 89-year-old Ho's net worth has plunged by more than 50 percent this year to about US$3 billion, according to the Bloomberg Billionaires Index, as shares of his flagship company, SJM Holdings Ltd., tumbled. On Tuesday, SJM Holdings dropped 10 percent to a six-year low after news that Daisy Ho had sold her entire stake in the company for HK$8.84 billion ($1.14 billion).

The move by Daisy Ho, 49, is a sign of brewing conflict within the family as she prepares to take over the empire from her father. It also underscores the challenge SJM Holdings faces in adapting to macau's changing gambling landscape. "Many in the industry think that SJM has been too slow to diversify its business," said Ben Lee, an analyst at GamblingCompliance in Hong Kong.

The company has been hurt by new competition from casinos in Singapore and the Philippines, while slowing economic growth in China has sapped appetite for gambling. SJM Holdings' revenue last year was down 11 percent from 2014, and profit fell more than 60 percent. In March, Stanley Ho ceded control of his casino empire to three daughters — Pansy, Selina and Daisy — in a bid to ensure succession.

The move by Daisy Ho marks a significant shift in power within Asia's most prominent gambling dynasty and signals increasing tension between Stanley Ho and his daughter as she prepares to take over the empire.

The sale also underscores the challenges SJM Holdings faces in adapting to macau's changing gambling landscape. The company has been hurt by new competition from casinos in Singapore and the Philippines, while slowing economic growth in China has sapped appetite for gambling.

Sheldon Adelson's $38B fortune marred by worst day in Las Vegas history

Casino magnate Sheldon Adelson and his family lost $1.2 billion on Friday, their worst day ever in Las Vegas, as the city reeled from the worst mass shooting in modern U.S. history.

Adelson's casino company, Las Vegas Sands Corp, owns the Venetian and Palazzo resorts on the Las Vegas Strip, where a gunman killed 58 people and injured more than 500 in a rampage on Sunday night.

Shares of Las Vegas Sands fell 5.7 percent on Friday, wiping out $1.2 billion of Adelson's family fortune, based on Forbes' estimate of his net worth. Adelson, 84, is the world's 18th richest person with a net worth of $38 billion, according to Forbes.

The Adelsons are no strangers to big losses in Las Vegas. They lost $1 billion in two days during the global financial crisis in 2008. But Friday's loss was their biggest ever in Las Vegas percentage wise.

"This is a man whose wealth has been largely built on gambling," said David Schwartz, a University of Nevada-Las Vegas professor who specializes in casino industry history. "To have this kind of major loss at one time - it's got to be really tough."

Asian Billionaires lose $11.5B in market value as gambling crackdown spreads

Asian billionaires have lost $11.5 billion in market value this week as shares plunged in companies with links to gambling, Reuters reports.

The market value of the 10 richest people in Asia with interests in casinos plunged by $10.5 billion, or 12 percent, this week, according to Thomson Reuters data.

That wiped out more than a third of their combined wealth, which stood at $29.4 billion as of Tuesday.

Hong Kong tycoon Li Ka-shing saw the biggest loss among the billionaires, with his fortune shrinking by $5 billion from Monday to Wednesday.

His flagship company Cheung Kong Holdings has extensive property and casino interests in Macau.