Wynn is tanking!

Lots a bad news for Wynn pinning its hopes on High Rollers in Macau....and Massachusetts Gambling Commission following in lock-step....

WYNN:  Huge rip for Wynn Resorts amid sunny day in Macau
11:47 am, Fri, Oct. 2, 2015

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Junket Operator Says Conditions In Macau Could Worsen, Leading To Junket Room

OCTOBER 1, 2015

Wynn Resorts, Limited was downgraded by analysts at Zacks from a “hold” rating to a “sell” rating. Nomura maintains its view on Wynn Resorts, Limited (NASDAQ:WYNN) according to the research report released by the firm to its investors. The company presently has an average rating of Hold and a consensus price target of $124.30.

Taking a look at earnings,Wynn Resorts, Limited last reported quarterly results for the period ending on 2014-12-31 of $0.74. Wynn Resorts, Limited has a 1-year low of $52.26 and a 1-year high of $192.45.

The company’s 50 day moving average price is $73.70 and its 200-day moving average price is $102.16.

9/11/2015 – Wynn Resorts, Limited had its “buy” rating reaffirmed by analysts at Sterne Agee CRT. They now have a $131.00 price target on the stock.

9/8/2015 –Wynn Resorts, Limited was upgraded by analysts at Zacks from a “strong sell” rating to a “hold” rating. The company earned $1.04 billion during the quarter, compared to analyst estimates of $1.07 billion.

Melco’s third casino in Macau will add to its existing Altira and City of Dreams resorts, but the company headed by Lawrence Ho is enduring a tough trading period with its shares trading near a three-year low.

Macau’s casino regulator is studying new rules to require junket operators to make public its directors, shareholders, key employees and collaborators. The Company refers to the integrated Wynn Macau and Encore at Wynn Macau resorts as Wynn Macau, Encore or as its Macau Operations. The stock has a market capitalization of $5.23 billion and a price-to-earnings ratio of 16.78. Brokerage firms covering the stock, on a consensus basis, are expecting earnings per share of $0.79 for the quarter. Susquehanna cut their price objective on Wynn Resorts, Limited from $100.00 to $83.00 and set a neutral rating for the company in a research report on Thursday, September 10th.

On a different note, The Company has disclosed insider buying and selling activities to the Securities Exchange, Strzemp John, officer (EVP, Chief Administrative Ofc) of Wynn Resorts Ltd, unloaded 10,000 shares at an average price of $104.99 on July 31, 2015.

The market has been in a free fall for nearly a year-and-a-half over a sinking Chinese economy and a mainland China government crack down on corruption that has ensnared several of the high-end junket operators tasked with bring big spending gamblers to Macau’s casinos. The Company refers to the integrated Wynn Las Vegas and Encore atWynn Las Vegas resorts as Wynn Las Vegas, Encore or as its Las Vegas Operations. Company’s Las Vegas Operations feature approximately 4,750 hotel rooms and suites, 240 table games, 2,195 slot machines. Roughly 284,000 square feet of casino space with 498 is featured by its Macau Businesses table towers and others slot machines, two hotel games and 625.

http://www.ledgergazette.com/junket-operator-says-conditions-in-macau-could-worsen-leading-to-junket-room/93236/

Trump's history of stoking rivalries goes back to his casino days

• Julie Pace and Jeff Horwitz, Associated Press

AP Photo/Chaarles Rex Arbogast, FileIn this 1990 photo, Donald Trump ascends the stairs with his fist raised from the genie's lamp after opening the Trump Taj Mahal Casino Resort in a spectacular show of fireworks and laser lights in Atlantic City.

When Donald Trump acquired a pair of Atlantic City casinos in the mid-1980s, he pitted his managers against each other in a ferocious competition over everything from booking entertainers to attracting high-rolling gamblers.

That one of those managers was his wife, Ivana Trump, didn't earn her any slack.

"His tactic there, as our success surpassed the Castle's in 1987, was to shove the Plaza's performance in Ivana's face, like a mirror, holding it up for her to see the reflection of a less than successful manager," John O'Donnell, Ivana Trump's rival in the casino wars, wrote in a 1991 book.

Trump's penchant for encouraging rivalries is now roiling his presidential campaign just as he's captured the GOP nomination, creating deep uncertainty among Republicans about his preparedness for a complex and costly general election campaign. The tensions boiled over last week with the abrupt ouster of political director Rick Wiley, who left the campaign after just six weeks.

Wiley found himself caught between Trump campaign manager Corey Lewandowski, one of the businessman's original campaign staffers, and Paul Manafort, a veteran Republican hand who was brought in to bolster the operation in March. While Wiley was originally hired by Lewandowski, he aligned himself with Manafort's vision of a more robust and expensive campaign operation — a vision Trump does not appear to have fully bought into. He also was seen as being unwilling to fill top jobs in battleground states with people close to Lewandowski, according to people familiar with the decision.

Wiley did not respond to requests to discuss his tenure with the Trump campaign. Trump aides would not make the candidate available for an interview, but they did not dispute the notion that the real estate mogul encourages internal competition.

"Of course there's competition because you want the best," Lewandowski said. "That's the type of mindset you have to have in the federal government."

Sam Nunberg, a former Trump aide who was fired last year, put the dynamic more bluntly: "He loves playing people against each other." Still, Nunberg said he appreciated the competitive environment, crediting it with keeping staffers creative and committed to the organization.

But for other Trump aides, the businessman's cutthroat style led to mistrust and paranoia.

"You can't trust the other guy's people," said Stuart Jolly, who resigned as Trump's campaign field director after Manafort and Wiley were given more power. Jolly confirmed Friday that he is joining the pro-Trump group Great America PAC as its political director.

Some current and former Trump advisers blamed the businessman for withholding information about staff changes from his team, sometimes leaving them to learn about internal developments in the media. Some have taken to shopping negative stories about their rivals to the press in a bid to undercut each other in the eyes of the boss — even if the stories reflect poorly on Trump.

Even more concerning for Trump as he eyes a likely faceoff with Democrat Hillary Clinton is the uncertainty the internal friction has created about the direction of the campaign. People close to the campaign say there are major questions about battleground state hiring, voter targeting efforts and super PAC fundraising.

Those close to the campaign insisted on anonymity because they were not authorized to discuss the campaign publicly.

Trump turned his fondness for competition into ratings gold with his television show "The Apprentice," where rival teams battled against each other to impress the boss. Those who failed were unceremoniously fired — a made-for-television version of events that sometimes played out in Trump's real businesses.

In 1985 and 1986, Trump acquired full control of two Atlantic City casinos in quick succession. Ivana Trump was put in charge of one, named Trump Castle, while the other — Trump Plaza — was overseen by casino managers hired away from gambling titan Steve Wynn.

Reuters/Mark MakelaSteven Nordaby and Tony Demidio, of Calvi Electric, remove the letter 'A' from the signage of Trump Plaza Casino in Atlantic City, New Jersey.

Castle and Plaza managers were expected to compete over everything from casino entertainers to which property bought more copies of Trump's autobiography, "The Art of the Deal."

The most heated competition of all: which casino could draw the high-rolling gamblers who would wager thousands of dollars per hand. By 1987, the larger and more luxurious Plaza was successfully wooing this small but elite set, aided by top-tier prize fights in the Atlantic City Convention Center next door.

Instead of allowing the Plaza to establish itself as the unrivaled venue for high-rollers in Atlantic City, however, Trump underwrote Ivana's campaign to compete for them.

Bryan Bedder/Getty Images for Gabrielle's Angel FoundationNEW YORK, NY - OCTOBER 19: Ivana Trump attends Angel Ball 2015 hosted by Gabrielle's Angel Foundation at Cipriani Wall Street on October 19, 2015 in New York City.

"If we presented a $100,000 player with a gold Rolex watch, the Castle gave him two," O'Donnell wrote in his book book "Trumped! The Inside Story of the Real Donald Trump — His Cunning Rise and Spectacular Fall." In a 1997 interview, Trump said "the stuff O'Donnell wrote about me is probably true," using an expletive to describe his former executive as a loser.

When Plaza managers pleaded to Trump that the competition between his two casinos was ill advised, Trump mocked them.

"What are you worried about Ivana for," he told one executive, according to O'Donnell's book. "She's just a woman. She can't take the business."

The competition described by O'Donnell led to an ill-advised, $70 million addition to Trump Castle, dubbed "The Crystal Tower," and continued even after Trump sent Ivana back to New York and three of the Plaza's top executives died in a helicopter crash.

Within weeks of the accident, Trump's Castle team launched a surprise raid on Trump's other casino: It's top executive leased office space directly above the Plaza's marketing department, offering the Plaza team raises of up to 30 percent to defect.

http://www.businessinsider.com/trumps-history-of-stoking-rivalries-goes-back-to-his-casino-days-2016-5

Money Laundering Closes Normandie Casino

Normandie Casino to close after nearly 70 years

   Sat May 21, 2016

- See more at: http://www.gardenavalleynews.org/article/normandie-casino-close-after-nearly-70-years#sthash.0qgVY9N4.dpuf

The Normandie Casino, which started as the Western Club in 1940 before being purchased by Russ Miller in 1947, ends it legacy as the oldest poker club in the state as it closes its door when earlier this year its four owners where charged with money-laundering. In late April, the California Gambling Control Commission revoked the casino’s license to operate, but granted the business a four-month reprieve for the sale the casino, the Daily Breeze reported. 

The card club at 1045 W. Rosecrans Ave., Gardena was a family business, operated by the Miller Family for nearly 70 years. 

Russ Miller changed the casino name from the Western Club to the Normandie. It is speculated that among those bidding to purchase the Normandie is Larry Flynt, who owns the Hustler Casino, Gardena’s remaining card club that operates at the corner of Vermont and Rosecrans avenues. Flynt, a source said, would be interested in the spacious Normandie property to turn into a Vegas-style resort, complete with a hotel and shops. 

The timing of such a business venture would coincide with the arrival of the Los Angeles Rams football team, and the completion of a stadium construction in nearby Inglewood in 2019. Flynt did not comment on the rumored transactions.

Reports say the Miller family notified the state’s Employment Development Department in late April of the Normandie’s 380 employees, who face pending permanent layoff. 

Reports said the four Miller sons, who ran the casino operation, spurned selling the business in recent years. The casino came under investigation and in January 2016, the four partners pled guilty to federal charges that the Gardena club violated anti-money laundering provisions of the Bank Security Act, it was reported. 

The casino hid the winnings of several high rollers by failing to properly record and report a series of huge cash transactions in 2013, according to the court documents. 

The Normandie club agreed to forfeit $1.3 million in illegal earnings, documents show. It’s managing partners also agreed to pay $1 million in federal fines, as mentioned in the plea agreement. 

Court records showed that the casino failed to record information for one player who had racked up more than $1 million in winnings during a six-week span. 

“The United States has an array of anti-money laundering statutes designed to prevent criminals from using the American financial system to launder the large sums of cash generated by illegal activity such as organized crime, drug trafficking and human trafficking,” U.S. Atty. Eileen M. Decker said in a statement. “Casinos that fail to follow these rules are particularly vulnerable to criminals who seek to disguise illegal cash as gambling winnings.” 

Mark Werksman, the attorney representing the Normandie Casino, said that his client has cooperated in resolving this case. He added that no individual managing partners or owners are facing criminals charges or jail time. - See more at: http://www.gardenavalleynews.org/article/normandie-casino-close-after-nearly-70-years#sthash.0qgVY9N4.dpuf

Higher bad debt provisions seen at Genting Singapore

Higher bad debt provisions seen at Genting Singapore

By Affin Hwang Capital / The Edge Financial Daily   | May 17, 2016 

This article first appeared in The Edge Financial Daily, on May 17, 2016

Genting Bhd
(May 16, RM8.56)
Maintain hold with an unchanged target price (TP) of RM8.40: Genting Singapore plc’s first quarter ended March 31, 2016 (1QFY16) results were below our and consensus expectations, with core net profit of S$65.7 million (RM193 million) [-1.3% year-on-year (y-o-y)] accounting for 16% and 17% of the full-year estimates respectively. The key variance was a negative surprise in higher bad debt provisions, which rose 21% y-o-y to S$92.4 million in 1QFY16.

The management had expected bad debt provisions to taper off in 2016 (2015: S$270 million), but now it appears more likely to remain elevated following the tightening of its credit policy from 90 days to 30 days. The impact of the tighter credit policy would be felt in 3QFY16.

Genting Singapore’s gaming revenue grew 20.5% driven by quarter-on-quarter (q-o-q) growth in VIP and mass volume. In addition, its rolling win percentage improved to 2.9% (4QFY15: 2.1%) in 1QFY16 (that is above the long-term average of 2.85%). Despite the sequential growth in VIP volume, the management expects the VIP segment to still remain challenging and thus would continue its focus on growing the mass market.

Genting Singapore improved its volume market share in the VIP market eight percentage points q-o-q to 46% in 1QFY16, while its volume market share in the mass market was relatively stable at 41%.

According to the management, it has begun selling residential properties from Resorts World Jeju (RWJ) since April 2016, and noted that the take-up has been encouraging although no figures were disclosed. Besides that, the management expects RWJ to cost US$2 billion (RM8.1 billion) [lower than initial estimate of US$2.2 billion] following some savings to be derived from building costs.

Pending Genting Bhd’s results later this month, we have kept our earnings forecasts and sum-of-parts-based TP of RM8.40 on Genting unchanged. While Genting’s domestic gaming operations will continue to underpin earnings, we believe the group’s earnings growth momentum would depend on the speed of recovery in consumer sentiment and commodity prices. Prolonged weakness in Genting Singapore’s VIP segment and elevated bad debts may continue to be a drag on Genting’s earnings. — Affin Hwang Capital, May 16

http://www.theedgemarkets.com/my/article/higher-bad-debt-provisions-seen-genting-singapore

Money Laundering: PHL officials want casinos under AMLA, bank secrecy law relaxed

PHL officials want casinos under AMLA, bank secrecy law relaxed

© Provided by Mediamerge Corporation
Photo from (Twitter: @sandraguinaldo)

On the heels of the $81-million money laundering scandal, the Department of Finance (DOF) has presented to Congress a joint proposal to amend and strengthen the Anti-Money Laundering Act (AMLA) and ease some restrictions under the Bank Deposit Secrecy Law for tax evasion purposes.

In a joint statement on Tuesday, the DOF, the Anti-Money Laundering Council (AMLC), and the Bangko Sentral ng Pilipinas (BSP) noted they proposed that casinos be included within the purview of an amended Republic Act No. 9160 or the AMLA of 2001.

"The banking and financial system of the Philippines remains stable and strong. To respond to emergent risks and challenges, we are proposing a thorough update of the Anti-Money Laundering Act to further strengthen our regulatory institutions in safeguarding a robust financial system," BSP Governor Amando M. Tetangco Jr. said.

This is in line with the recommendation of the Financial Action Task Force (FATF) to include casinos, among others, as covered entities under the law.

The proposed amendments entail the inclusion of tax evasion as a predicate crime to money laundering, and the widening of the regulatory powers of the AMLC.

This includes authorizing the AMLC to issue subpoenas and ex parte freeze orders with respect to certain unlawful activities, and adding unlawful activities that are exempted from the requirement of a court order before a bank inquiry may be done.

Monetary penalty

"The proposed bill also increases the monetary penalty for administrative sanctions," the DOF said.

"Among the amendments is the designation of the BSP as the supervising authority over foreign exchange dealers, money changers, and remittance, and money transfer businesses for the purposes of the AMLA," it added.

The DOF also proposed to amend the Bank Secrecy Law (RA 1405) and the Foreign Currency Deposit Act of the Philippines (RA 6426) and lift certain restrictions on bank secrecy of both peso and foreign currency deposits.

"We are one of only three countries in the entire world where our tax administration cannot access bank transactions for tax evasion purposes. We are one of only two countries in the entire world where tax evasion is not a predicate crime to money laundering," Finance Secretary Cesar V. Purisima said.

The proposed amendments could help the country be internationally competitive, Purisima noted.

Unscrupulous few

"While the tax gap has narrowed since 2009, we still have a long way to go in plugging the 4 percent of GDP (gross domestic product) lost to tax evasion. It's high time we keep up with international standards and pierce the veil the unscrupulous few have conveniently hidden behind," he added.

For her part, Bureau of Internal Revenue (BIR) Commissioner Kim Jacinto-Henares cited the need for the amendments.

"Our unduly restrictive bank secrecy laws tie the hands of our revenue generating agencies," she said.

"To illustrate, in 2013 bank deposits grew at 33 percent, while BIR collections grew by only 15 percent while in 2014 bank deposits grew at 13 percent while BIR collections lagged behind, growing only at 10 percent. When numbers don't add up, we know something's up. The proposed AMLA amendments ought to right this wrong," she added.

The BSP in April said it was working with the AMLC to review the laws, given the controversial $81-million money laundering scheme involving still unidentified hackers who stole the funds of the Bangladesh Bank with the Federal Reserve Bank of New York.

The stolen funds were moved to fictitious accounts with the Jupiter branch of Rizal Commercial Banking Corp. before being transferred to casinos, junket operators, and high rollers. – Jon Viktor Cabuenas/VDS, GMA News

http://www.msn.com/en-ph/money/topstories/phl-officials-want-casinos-under-amla-bank-secrecy-law-relaxed/ar-BBsQEuA

CASINO NEWS

STEVEN STRADBROOKE

REPORT: MACAU CASINO JUNKETS SITTING ON $8B IN BAD DEBTS

APRIL 30, 2016

Macau gaming regulators are conducting audits of licensed casino junket operators to determine the value of bad debts on their books.

In a report this week, public broadcaster TDM quoted Gaming Inspection and Coordination Bureau (DICJ) chief Paulo Martins Chan saying his office had tasked auditors with going over the accounts of licensed junkets to get a sense of the scale of their unrecoverable loans to high-rolling gamblers.

Late last year, the DICJ imposed new rules requiring junkets to submit monthly financial data in a bid to impose stricter accountability of the industry. The move was prompted by a wave of scandals, including internal thefts that left junket investors high and dry and led to the closure of many junket-controlled VIP rooms.

Chan told TDM that the DICJ was in uncharted territory as “we have never had this kind of information before.” Chan said he hopes to get a sense of just how bad the bad debt situation is by the end of 2016.

In December, the head of Macau’s Association of Gaming & Entertainment Promoters estimated that junkets were collecting only between 20% and 30% of their gambling loans. Many junkets were said to have been reduced to selling bad VIP debt at steep discounts to speculators.

Last week, a Daiwa Securities report claimed that junkets were “struggling just to break even” due to fewer mainland VIPs making the trip to Macau and rising bad debts, which the brokerage estimated amounted to at least HKD 30b (US $3.9b). The brokerage clarified that this total was a “very conservative estimate” and the real outstanding sum could be closer to HKD 60b.

Daiwa also suggested that Macau casino operators could end up sharing some of the junkets’ pain. Melco Crown Entertainment and Wynn Macau were fingered as “the most exposed of the operators to: 1) the riskier portion of the junket business, and 2) to premium-direct business.”

http://calvinayre.com/2016/04/30/casino/macau-casino-junkets-stuck-with-8b-bad-debt/

High rollers: Dealers describe special treatment, abuse

Casinos forced to deal with rule-breaking high rollers 07.31.2015     08:22 AM

Not surprising, but for all the stringent rules casinos have, those who enter with a suitcase full of cash can typically get away with anything they want. That includes acting like a spoiled six-year old who doesn't like it when they lose. "All men are created equal except in the casino," Glen Costales, the pit manager, said at a hearing before a tribal gaming commission in May. Transcripts of the hearing were obtained by The Associated Press. "If it's a premium player, he gets away with a lot more than the five-dollar player would get away with." "The casinos pretend they have rules that are set in stone, like going into a bank or dealing with a police station. Are they supposed to allow late bets? Absolutely not. Do they do it all the time? All the time," said Kaufmann, a dealer who sees plenty of crude behavior himself. "The abuse, the screaming, the cheating, the sexual harassment. Throwing things around. It's worse all the time."

High rollers: Dealers describe special 

treatment, abuse

JESSICA HILL / AP

In this Sept. 18, 2013, file photo, patrons play craps at a table at Mohegan Sun in Uncasville, Conn. In the competition to attract and keep the biggest spenders, casinos are known to pull out the stops with comped hotel rooms, meals and rebates for a percentage of their losses. During a May 2015 hearing, dealers said they often had to endure abuse from high roller betters while extending courtesies average players do not receive.

By Michael Melia, Associated Press

Published Tuesday, July 28, 2015 | 9:24 a.m.

Updated Tuesday, July 28, 2015 | 1:27 p.m.

UNCASVILLE, Conn. — One high roller requests a refrigerator full of bananas that he squeezes and throws as he gambles. Another urinates against a wall. Other high-stakes players described by a pit manager at Mohegan Sun, one of the world's largest casinos, throw chairs, scream at dealers and expect rules to be bent at the tables.

^^^^^^^^^^^^^^^





In the increasing competition for the biggest spenders, casinos are known to pull out all the stops with comped hotel rooms, meals and rebates for a percentage of their losses. But some dealers say efforts to satisfy and retain the players — known as "whales" — go much further, with casinos tolerating abuse and extending courtesies that test the integrity of the games.


"All men are created equal except in the casino," Glen Costales, the pit manager, said at a hearing before a tribal gaming commission in May. Transcripts of the hearing were obtained by The Associated Press. "If it's


Costales was testifying in support of a pit boss, Maria DeGiacomo, who was fired this year after the casino accused her of colluding with a high roller by allowing late bets at a blackjack table. DeGiacomo and other employees say dealers frequently grant similar requests from top players.

The player, Matthew Menchetti, was a regular who lost as much as $50,000 on visits to Mohegan Sun, and a lifetime total of more than $1 million. Casino security flagged his play as suspicious in February and asked state police to arrest him and two dealers, but the detective concluded DeGiacomo and another dealer apparently took it upon themselves to keep Menchetti happy and playing, according to a police report, and no charges were filed.

His attorney, John Strafaci, said Menchetti is seeking to have his name cleared by the gaming commission since state police cleared him of wrongdoing. He said what his client was doing was normal for players of his caliber.

Mohegan Sun's president, Raymond Pineault, said its termination of the dealers involved and its ejection of the player demonstrate it does not tolerate any bending of the rules.

Shane Kaufmann, a vice president for a branch of the Transport Workers Union in Las Vegas, which represents several thousand casino dealers, said rules are frequently ignored at high-stakes tables.

"The casinos pretend they have rules that are set in stone, like going into a bank or dealing with a police station. Are they supposed to allow late bets? Absolutely not. Do they do it all the time? All the time," said Kaufmann, a dealer who sees plenty of crude behavior himself. "The abuse, the screaming, the cheating, the sexual harassment. Throwing things around. It's worse all the time."

Gaming commissions enforce the rules at casinos across the country, but the level of scrutiny can vary by jurisdiction. Dealers say state inspectors in Atlantic City, New Jersey, for one, have a reputation for toughness. In Connecticut, the state does not have any oversight of table games at Mohegan Sun and Foxwoods, where the tribes that own the casinos also control their own gaming commissions.

Costales, who described the banana squeezer and public urinator without revealing their names in his testimony, said such outrageous behavior is tolerated more these days because of growing competition than when he joined the business three decades ago.

Menchetti, who also was testifying in support of DeGiacomo, told the gaming commission that when he said he'd forgotten to post a bet, DeGiacomo and others generally made accommodations. He said the intention was never to steal — at most, it prolonged his stay at the table — but he expected special treatment, given his level of play, according to the transcript of the hearing.

"It's no different in my mind than me calling my host and asking him for an extra 2,500 points on my account so I can go purchase something at a Lux, Bond & Green," he said, referring to a jewelry store.

DeGiacomo said Menchetti did not do anything close to cheating and the two of them became victims of selective enforcement because certain bosses did not like either of them.

DeGiacomo, who is still fighting her dismissal, said rules shifted depending on the player and pit bosses were encouraged to keep high rollers happy. She testified during her hearing: "I have to make sure that we get our money, which we did, every time he played. There's maybe two times he won."

As part of the state police investigation, the detective interviewed several dealers who said Menchetti would hit the table, curse and yell at them. They told the detective that in cases where he or other high rollers asked to post a late bet or for other considerations, they would defer to a superior.


http://lasvegassun.com/news/2015/jul/28/high-rollers-dealers-describe-special-treatment-ab/?_ga=1.48915744.70279974.1427122288

ENLARGE

Dealers stand at sic bo tables inside the Galaxy Macau Phase 2 casino in Macau, China. PHOTO: BLOOMBERG NEWS

Macau Gambling Revenue Falls for 13th Straight Month

Anticorruption measures and visa policies are among the factors blamed for the dramatic slump in the Chinese casino hub

By 

KATE O’KEEFFE

July 1, 2015 2:52 a.m. ET

Macau’s gambling revenue fell 36% from a year earlier to 17.36 billion patacas ($2.17 billion) in June as the world’s casino capital continued to wither under pressure from China’s crackdown on corruption.

June’s performance marks the 13th straight month of declining gambling revenue in the Chinese territory, according to government data released Wednesday. Over the first six months of 2015, revenue has fallen 37% from the same period last year, including a record 49% drop in February. The losing streak follows five years of uninterrupted growth.

Executives and analysts attribute the dramatic slump primarily to a crackdown on corruption led by China’s president, Xi Jinping. In addition to bringing down many top mainland officials, the sweeping campaign has scared off high-rollers, they say.

Other factors that have hurt Macau’s gambling revenue include increased oversight of UnionPay cards that many gamblers use to access funds in Macau, new smoking restrictions at casinos and tighter visa policies for mainland Chinese visitors to the territory.

While the government continues to push for a full smoking ban that would outlaw even the smoking lounges that casinos created to comply with the current restrictions, it also this week announced that, effective July 1, it would relax the visa restrictions it introduced a year ago.

Credit Suisse analysts Kenneth Fong and Isis Wong called the visa news, which caused casino stocks to rally, a positive policy signal in a Tuesday report.

Analysts at Wells Fargo disagreed. “We don’t think this policy announcement signals a sustained shift in China’s policy toward Macau, or an easing in the anti-corruption campaign,” wroteCameron McKnight and Tiffany Lee of Wells Fargo in a Tuesday report. “If China is trying to drive Macau revenue growth down to a longer term growth rate of 10% or so, monthly revenues could have another 10% of downside,” they warned.

Write to Kate O’Keeffe at Kathryn.OKeeffe@wsj.com

http://www.wsj.com/articles/macau-gambling-revenue-falls-for-13th-straight-month-1435733412