Macau’s Studio City hurting
Bonds issued by US partners in Macau’s casino project Studio City have dropped to distressed levels after gaming revenue in the city entered a third year of declines and S&P Global Ratings lowered its outlook on the project, Bloomberg reported.
The US$3.2 billion Studio City is the latest effort in Macau to appeal to families and diversify away from gambling after Chinese President Xi Jinping’s anti-graft drive and a weakening economy stifled the casino business.
It features a Batman ride, magic show and hotels and restaurants, but so far such new facilities in Macau have struggled to attract new customers, according to Bloomberg. Visitors to the city fell 2.6 percent to 30.7 million in 2015 and were unchanged in the first half of this year.