Economics
Macau Casino Bonds Slump as Xi Probe Spooks VIPs: China Credit
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Macau casino bonds are plunging as President Xi Jinping’s corruption crackdown against “flies and tigers” spooks VIP gamblers.
The yield on Wynn Macau Ltd.’s notes due October 2021 jumped 93 basis points this month and touched a record 5.80 percent today, data compiled by Bloomberg show. That on Melco Crown Entertainment Ltd. debt due 2021 reached an all-time high of 5.61 percent. The six biggest Hong Kong-listed Macau casino stocks have plummeted 32 percent on average this year.