Money talks
Oct. 18th, 2019 10:34 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
timeletsIn August, Republican megadonor and casino magnate Sheldon Adelson called Mr. Trump to drive home a political and economic warning about the U.S.-China tariff escalation he had previously delivered in person.
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The Oct. 8 briefing, which came two days before trade talks between senior U.S. and Chinese officials, was arranged by Larry Kudlow, the director of the White House National Economic Council. The meeting included Stephen Moore, an economic commentator and a former candidate for the Federal Reserve Board, and Republican economist Lawrence Lindsey, the people said.
“There was a general consensus that the economy was really strong, the best economy we’ve had in 30 years, and that what’s going to get him re-elected is the economy,” said Mr. Moore, who advised Mr. Trump during his 2016 campaign.
But “we all agreed that the uncertainty about the trade situation with China is a negative,” Mr. Moore said.
https://www.wsj.com/articles/top-economic-advisers-warned-trump-on-tariffs-before-china-truce-11571391006
Three days later we had a "tremendous" deal that postponed the tariffs.
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Date: 2019-10-19 03:03 pm (UTC)A major blow in the trade war would be for China to allow Hainan to become a gambling destination and divert visitors who would otherwise be visiting Macau; most of the visitors to Macau are from mainland China. Whether Hainan becomes a competing tourist attraction or not, Beijing can always put the squeeze on the American casino operators in Macau, specifically MGM, Wynn and Las Vegas Sands (LVS).
The hurt to LVS would be particularly painful, since slightly more than 60% of the New York-listed company’s revenue comes from Macau. So far since early this year, Macau has been doing nicely, but I wouldn’t want to make book on the future.
LVS is majority-owned by Sheldon Adelson and his family. More than US$30 billion of his net worth is tied to his holding in LVS. As one of Trump’s principal supporters, it’s undoubtedly a good time for Mr Adelson to have a private conversation with the president.
https://www.asiatimes.com/2018/04/opinion/full-tilt-trade-war-will-unintended-serious-consequences/
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Date: 2019-10-19 03:17 pm (UTC)no subject
Date: 2019-10-19 04:37 pm (UTC)Our patriotic casino owners are vital for our democracy (and Chinese autocracy).
Adelson and his wife Miriam gave $82.58 million to GOP candidates in 2016. During the 2018 midterms, the casino magnate donated $123.25 million, with every dime going to Republican causes.
Looking to 2020, the Adelsons have already given $10 million to American First Action, the super PAC leading Trump’s re-election bid. Station Casinos owners Lorenzo and Frank Fertitta III have each donated $1 million, and Steve Wynn $500,000, to the same PAC. Treasure Island owner and longtime Trump pal Phil Ruffin – who owns 50 percent of Trump International Las Vegas – gave $250,000 to the Republican National Committee.
https://www.casino.org/news/president-donald-trump-launches-re-election-campaign
The Chinese-controlled territory has been a goldmine for Wynn, generating more than 75 percent of its total revenues through subsidiary Wynn Macau (1128.HK).
The expiry of casino licenses in the former Portuguese colony has been a critical issue for operators, such as Sands China (1928.HK), MGM China (2282.HK) and SJM Holdings (0880.HK), with the first round of licenses due to expire in two years.
Wynn’s concession with the Macau government runs until 2022, but authorities have provided little information about whether, and how, the licenses will be renewed.
https://www.reuters.com/article/us-macau-wynn-license/casino-mogul-steve-wynn-confident-on-macau-concession-extension-idUSKBN1FC0H9
Nevada gaming regulators are moving to ban Steve Wynn, the casino mogul and father of the Las Vegas Strip who has been accused of sexually harassing several of his employees.
In a complaint filed Monday, the Nevada Gaming Control Board accused the former chairman and chief executive of Wynn Resorts of violating state regulations and said he was “unsuitable to be associated with a gaming enterprise or the gaming industry as a whole.” The complaint said the public backlash stemming from the harassment allegations damaged public confidence and trust in one of the state’s most important sectors.
The board asked state regulators to revoke Wynn’s gambling license and fine him for failing to appear at an investigatory hearing.
https://www.washingtonpost.com/business/2019/10/15/nevada-gaming-regulators-move-ban-casino-mogul-steve-wynn/
Reached Wednesday and asked whether the RNC should give the money back, Nevada’s national committeewoman, Michele Fiore, texted: “When you divorce your wives or change your lovers do you take their diamonds back? I’ve never given my diamonds back.”
https://thenevadaindependent.com/article/industry-banishment-that-casino-regulators-seek-to-impose-on-steve-wynn-is-rare-in-nevada
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Date: 2019-10-19 04:53 pm (UTC)