Trade unions form gaming federation

A new federation has been established by three gaming trade unions; namely the Gaming Employees Advancement Association, the New Gaming Employees Advancement Association and the Sands Venetian Employees Union. The federation, called “Macau Positive Energy,” aims to provide assistance to gaming employees in Macau who are struggling financially, by using a charitable fund. The head of the Gaming Employees’ Advancement Association, Chan Chi Kin, earlier this week called for a pay rise of “no less than 2.5 percent for workers,” and for operators to pay holiday bonuses to help “relieve gaming employees’ financial pressures.”

Steve Wynn raises stake to 10 pct

Shares in Wynn Resorts jumped by 9.6 percent outside trading hours after CEO Steve Wynn’s announcement late on Tuesday that he had made a personal purchase of one million shares; this raises his total stake in the company to more than 10 percent. Steve Wynn will now control 11.1 million shares, while Wynn Resorts will have 102 million shares outstanding. The casino operator has been hit hard by the VIP gaming slump, resulting in a reduction of its stock by 57 percent this year. In comparison, Las Vegas Sands was down 24 percent and Melco Crown saw its stock decreasing by 36 percent over the same period. Wynn shares fell 4.3 percent during market hours – closing at USD61.80 on Tuesday – only to increase by almost 10 percent in after-hours trading.