You know times are tough when even the master of the game playing on his home turf watches his profits tumble
That’s the case with Macau casino man Stanley Ho, whose nets for the SJM Holdings Ltd. fell 48 percent, according to an article this week from Dow Jones.
Everyone points to the visa restrictions coming down from the Chinese government for the chaos in Macau, but there’s more to it than that. The Asian casino market continues roil. The number of corruption cases linked to big casino gambling continues to embarrass the Chinese government, and it’s little secret black bag officials from North Korea have been exploiting the growth of gambling to launder in Macau.
With so many moving parts, don’t be surprised of casino players with Las Vegas ties find themselves knocked out of the action in the coming months.
And remember the name “Banco Delta Asia.” The U.S. Treasury Dept. has the bank in its sights.