Tag: Remains

  • Macau Lifts International Travel Restrictions, Quarantine Remains

    Macau Lifts International Travel Restrictions, Quarantine Remains

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    Macau finally has some good news to announce. International borders in the Special Administrative Region will be reopened starting on Thursday. This comes after almost two full years of shuttered borders which began in early 2020, blocking the outside world from accessing Macau.

    Macau Tries to Live with Covid-19

    A total of 41 country non-residents will be welcomed back, including to casino gaming floors in the SAR, although they will all have to undergo a seven-day quarantine which is non-optional as of right now. The news was confirmed by Macau chief executive Ho Iat Seng who issued Executive Order No. 166/2022 which now allows visitors from whitelisted jurisdictions to come.

    South Korea, Japan, and the United States are all on the list. Arrivals will have to also undergo a COVID-19 test while in isolation during the seven-day period. Border patrol will also have to see proof of booking for a hotel where the isolation and quarantine will take place. Lifting the restrictions for international travel, non-ideal as it is, is likely to incentivize overseas travelers to some extent.

    While casinos cannot expect a huge upsurge in visitors, they can definitely hope for incremental improvements over the next months. Macau is at the forefront of what could be a shift from China’s harmful zero-COVID-19 policy, with the quarantine period potentially lifted in the foreseeable future or reduced.

    International travel back to Macau is important as well. As mentioned before, casinos and local businesses need overseas travelers – and specifically non-Chinese. Beijing has been very particular about casinos attracting foreign visitors who can spend their money on gaming floors.

    But before any meaningful recovery may begin, there will have to be a surge in visitation to Macau. Based on the annual available data, visitors in Macau in 2019 reached 39.4 million people. For the half year in 2022, there have been hardly 3.5 million visitors. Macau is building itself as a fortress against COVID, though, with vaccination efforts ongoing and Beijing trying to get more people to undergo vaccination.

    Vaccines will also be available to foreign travelers, but they will have to pay up $125 to have the jab on-site in Macau.

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  • $1.34B Mega Millions Jackpot in Illinois Remains Unclaimed

    $1.34B Mega Millions Jackpot in Illinois Remains Unclaimed

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    There is a slight chance that, if you bought a lottery ticket in Illinois a little over a month ago, you may have won the staggering $1.34-billion jackpot which was won in July but has still not been claimed. Of course, this would not be the first time a ticket winner has skipped claiming a jackpot.

    Where Is the Jackpot Ticket, Lebowski?

    The Mega Millions windfall, though, is eye-watering and anything less than claiming the sum would be a slap in the face of all hopefuls who wish to turn their lives around by landing a ground-moving pile of cash. The ticket, which had winning titles 13, 36, 45, 57, and 67, was bought at a gas station on Touhy Avenue in Des Plaines.

    The good news? The potential winner has 365 days from the day of the draw to claim their prize, which leaves them plenty of time to act. But not making a move for such a big sum of money could be a signal for a sobering fact – it’s possible that whoever got the ticket… doesn’t.

    Unclaimed lottery prizes run in the millions, if not billions, across the United States, but officials like to keep their cool and expect a winner to step forward regardless. Illinois Lottery director of communications Meghan Powers explained that it’s not unusual for such sums to take a bit longer before they are claimed.

    For once, whoever claims this amount would need to be familiar with taxation and how to manage what is sizable wealth. The person would also have to decide if they want to cash out a payout of $453.1 million after paying both state and federal taxes or opt for the 30-year annuity which will come up to $777 million after tax.  

    Nothing Out of the Ordinary After All

    Illinois doesn’t make it particularly hard to pick life-changing prize money, too. The Lottery has long found it better to grant winners anonymity (if they prefer to), so this is never a reason for concern among winners. But what will the new winner do if they ever step forward?

    Chances are that they will opt for the lump sum and choose to remain anonymous after all. It’s understandable given the size of the prize that will make any nouveau riche’s eyes water. And as to non-claiming the prize? There is a slim chance that the person may have lost the ticket, but even if this is the case, the Illinois Lottery has ways of tracking down the ticket, purchase, and claimant.

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  • MGM Stock Remains a Buy Option for WSJ Analyst

    MGM Stock Remains a Buy Option for WSJ Analyst

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    Casino stocks have been associated with slumping performance over the past two years, but most assets have rallied magnificently, despite facing multiple challenges on the international market. Going global has been a strong diversification strategy and a risk for some companies, but the bid has mostly paid off.

    Macau to Not Put Dent on MGM Stock

    MGM Resorts, which is exposed to the economic and regulatory uncertainty in Macau, seems to be weathering the storm well enough despite the special administrative region not being anywhere near pre-pandemic results and the outlook fairly dimmed.

    But among the gloom, there is room for cheer. Even the most exposed stocks, such as MGM Resorts, have the potential for growth, mostly boosted by domestic growth. MGM’s overseas ties to Macau are no reason for investors to shun its stock, Jacky Wong from the Wall Street Journal reports. In fact, the company has been doing so well domestically, that its stock is most likely a buy. Besides, the long-term prospects internationally are looking equally promising.

    MGM Resorts is in pole position to build the first Integrated Resort in Japan and Macau is bound to make a recovery sooner or later. Most predictions have this recovery slated for the end of 2024. Of course, uncertainty persists. MGM’s share has fallen a quarter of the value year-to-date course, which is a red flag for investors.

    But then again, it also means the opportunity to buy a strong future-proof asset on the cheap. Besides, MGM has taken heed of the way the world has changed over the past year, reducing its market capitalization from Macau operations to only 8% of Bellagio’s. MGM is not only operating in the physical landscape, though, with the namesake BetMGM brand grabbing headlines as it goes along.

    MGM Stock Shows Long-Term Resilience

    Domestic recovery and the proliferation of legalized sports gambling (Kansas is due to launch on September 1, with mobile sports gambling arriving on September 8) have given strong signals that MGM Resorts is a good bet. BetMGM may yield its first profits in 2023. But as online sports gambling and even casinos gather space, occupancy for MGM’s properties on the Strip already exceeds 90%, meaning that MGM is a preferred leisurely venue.

    With skilled diversification, a strong balance sheet, and changing priorities, investors have at least some reassurances that MGM Resorts is in an exceptionally strong position to not only continue to work towards delivering better value to shareholders, but also to absorb any future emergencies.  

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