作为赌场品牌Circa、金门（Golden Gate）和The D 的所有者，德里克·史蒂文斯（Derek Stevens）也曾有过一次豪赌：投身拉斯维加斯市中心的改造工 程。如今，他手握价值超10亿美元的资产组合，其中包括全球最大的体育博彩中心，以及"罪恶之城"规模最大的泳池。 12月末的一个周二，傍晚将近六点，拉斯维加斯市中心弗里蒙街的金门赌场里，约500名赌客正排着长队，只为领取一张免费饮品券——凭券可与赌场老 板、亿万富豪德里克·史蒂文斯喝两杯。被称为"炫舞调酒师"的姑娘们衣着清凉，随着着黑眼豆豆合唱团的《I Gotta Feeling》的节奏舞动。人群中，两位 客人走上前与史蒂文斯握手致意。 "每家赌场都得有自己的吸睛招数，而免费畅饮总能吸引众人前来。"58岁的史蒂文斯说道。2006年，他买下拉斯维加斯历史最悠久的酒店赌场综合体金 门，五年后又将同在弗里蒙街南侧的The D收入囊中。而街对面，便是他的得意之作：2020年斥资10亿美元建成的Circa赌场。 图片来源：ETHAN PINES FOR FORBES 每张饮品券都装在一个金色信封中，里面通常装着一张预存5美元的消费卡，运气好的话金额甚至可 ...

Core Viewpoint - Cambodian authorities have arrested a key figure in telecom fraud, Li Kuong, highlighting ongoing efforts to combat organized crime in the country [1][2][3] Group 1: Arrest and Charges - Li Kuong, a 50-year-old Cambodian of Chinese descent, has been arrested and is facing charges related to organized network fraud, human trafficking, and money laundering [1][2] - The Cambodian court has determined that Li Kuong will be held in custody at the Phnom Penh prison pending further judicial proceedings [1] Group 2: Criminal Activities - Li Kuong is accused of using "investment" and "project management" as a facade for opaque financial operations, illegally seizing others' property, and engaging in systematic money laundering [2] - His controlled venues, including a large integrated park and casinos, have been implicated in illegal detention and forced participation in online fraud activities [2] Group 3: Government Response - Under pressure from China and the international community, Cambodian Prime Minister Hun Manet has prioritized the fight against telecom fraud as a critical government initiative [2][3] - The Prime Minister emphasized that telecom fraud poses a serious threat to national security and public order, calling for a united effort to eradicate this social issue [3]

▲美国ICE公布崔丽杰被捕照 崔丽杰系纪晓波母亲，女星吴佩慈与纪晓波育有4个子女。 每经编辑｜何小桃 据红星新闻报道，美国移民与海关执法局（ICE）逮捕了中国公民崔丽杰，据报道，她是西太平洋塞班岛一家豪华赌场的核心操盘者。 现年68岁的崔丽杰曾长期定居中国香港，于当地时间13号因涉嫌违反移民法规则，被ICE下辖的海关执法与遣返行动部门拘留。 崔丽杰曾是总部位于中国香港的博华太平洋国际控股有限公司大股东，据报道，博华太平洋国际于2014年7月进驻塞班岛，并获当地彩票管理委员会授出 独家娱乐场度假开发商牌照。2015年8月24日，崔丽杰增持博华太平洋1亿股，持股占比64.37%，成为博华太平洋的第一大股东。目前该公司已破产。 据悉，目前崔丽杰被关押在苏苏佩村的惩教监狱。截至发稿时，ICE尚未公布具体被捕细节以及移民法庭的听证会日期。 纪晓波早年随母亲在澳门闯荡 靠做"叠码仔"起家 纪晓波籍贯哈尔滨，早年随母亲崔丽杰前往澳门闯荡，以在赌场做"叠码仔"起家，也就是向赌场介绍客人的中介。发展到后来，纪晓波租了一间贵宾厅， 买了12张赌桌。 经过多年积累后，其事业规模不断扩大，直到他出手购买了一家上市公司借壳上市，也就是 ...

Group 1 - MGM China (02282) rebounded over 3%, currently up 3.02% at HKD 12.61, with a trading volume of HKD 52.6374 million [1] - Goldman Sachs released a report estimating that MGM China will incur an additional royalty fee to its parent company, impacting EBITDA by approximately 6% to 7% and leading to a profit forecast downgrade of about 13% to 14% [1] - Following the announcement of the royalty fee, MGM China's stock price dropped by approximately 19%, with the valuation level now at a forecasted price-to-earnings ratio of about 8 times for the fiscal year 2026, compared to the industry average of 11 to 12 times [1] Group 2 - Goldman Sachs maintains a "Buy" rating on MGM China, suggesting that the recent stock price adjustment appears excessive, with a target price set at HKD 18.4 [1] - If the company maintains a dividend payout ratio of around 50%, it may lead to a reduction in the dividend per share [1]

摩根士丹利发表研究报告指出，自明年起，美高梅中国向母公司美高梅国际支付的牌照费将从原本的月 度综合收益净额1.75%提高至3.5%，预计其明年的新牌照费将为12亿港元，而今年则为6亿港元。该行 预计，美高梅中国明年的EBITDA或按年下降5%，利润率收窄220个基点。该行表示，对澳门濠赌股仍 持建设性看法。 来源：滚动播报 ...

Group 1: Economic Outlook and Interest Rates - NAB predicts that the Reserve Bank of Australia (RBA) will raise interest rates in February and May 2026, marking it as the second major bank to forecast rate hikes in 2026 [1] - NAB's Chief Economist, Sally Auld, indicates that the local economy is currently at trend growth levels, with private sector demand stronger than RBA's expectations [1][2] - NAB's business survey shows an increase in capacity utilization across various industries, with companies reporting reduced pressure on profit margins in recent months [1] Group 2: Star Entertainment's Leadership Changes - Steve McCann, the "turnaround CEO" of Star Entertainment, will leave the company after earning approximately AUD 16 million in less than two years, which included a high sign-on bonus and performance incentives [3] - Under McCann's leadership, Star managed to retain its casino operating license and improve relationships with lenders, selling key assets to stabilize the company [3][4] - The new chairman, Bruce Mathieson Jnr, will take over McCann's executive role until a successor is found, and Star's stock has rebounded by 19% following recent changes in leadership and major shareholder adjustments [5] Group 3: Radiopharm Theranostics' Clinical Trial Success - Radiopharm Theranostics' stock surged by over 61% after positive interim results from a clinical trial of RAD 101, where 92% of patients reached the primary endpoint [5] - The CEO, Riccardo Canevari, stated that the combination of RAD 101 PET imaging with standard MRI could significantly change disease management for brain metastases patients [5] Group 4: Currency and Commodity Market Insights - UBS forecasts that the divergence in monetary policy between Australia and the U.S. will support a significant appreciation of the Australian dollar, potentially reaching USD 0.69 in the next three months [7][11] - Historical data shows that during previous policy divergence periods, the Australian dollar appreciated between 10% to 40% [8] - The current economic indicators suggest that Australia is performing better than the U.S. in terms of growth, inflation, and labor market metrics, which could further support the Australian dollar [9] Group 5: Fortescue's Acquisition Strategy - Fortescue announced a 50% premium acquisition of the remaining 64% stake in Alta Copper, valuing the deal at approximately CAD 139 million, to secure long-term copper supply [13][14] - Analysts view this acquisition as a low-risk, low-cost move that aligns with Fortescue's strategic focus on key minerals [14] Group 6: Flagship Minerals' Project Development - Flagship Minerals is advancing its Pantanillo gold project in Chile, recently attracting strategic investment from Shandong Xinhai Mining, which enhances the project's engineering capabilities [17][18] - The project is transitioning from resource definition to engineering decision-making, with plans to upgrade resource estimates and conduct metallurgical testing [25][28] - The company aims to enter the preliminary feasibility study phase by late 2026, with a focus on resource upgrades and environmental assessments [34][35]

Group 1 - The stock price of Golden Entertainment (03918) fell over 4% in the afternoon, currently down 3.39% at HKD 5.13, with a trading volume of HKD 22.83 million [1] - Ongoing border conflicts between Cambodia and Thailand have raised safety concerns, prompting the Chinese Embassy in Cambodia to advise citizens near the border to enhance security measures [1] - Reports indicate that the Osma casino area in Cambodia's Oddar Meanchey province was shelled, resulting in injuries to Chinese citizens, with the embassy actively verifying the situation [1] Group 2 - Goldman Sachs upgraded Golden Entertainment's rating from "Neutral" to "Buy," expressing confidence in the company's increasing gaming revenue and EBITDA [1] - The newly opened Dara Sakor International Airport has significantly boosted passenger capacity, with flight numbers to Phnom Penh showing a strong year-on-year increase of 10% to 15%, and flights from China increasing by 40% to 50% [1] - The Cambodian government has recently implemented a visa exemption policy for Chinese travelers, further enhancing tourism prospects [1]

Core Viewpoint - Morgan Stanley's research report indicates that the EBITDA for 澳博 (Aubo) in Q3 was HKD 881 million, representing a quarter-on-quarter increase of 28% but a year-on-year decline of 15%, aligning with the bank's and market expectations [1] Financial Performance - The market share in the mid-market segment decreased by 110 basis points, primarily due to the underperformance of satellite casino operations [1] - The expected full-year EBITDA for the group is HKD 3.529 billion, implying a required quarter-on-quarter growth of 14% to reach HKD 1.002 billion in Q4, which the bank considers to be an optimistic forecast [1] Debt Levels - The group's net debt reached HKD 21.8 billion in Q3, with a net debt to EBITDA ratio of 6.2 times over the past 12 months, the highest in the Macau industry [1] - The bank anticipates that the completion of the acquisitions of 凯旋门 (The Parisian) and 十六浦 (Sixteen Piers) satellite casinos in Q4 will further increase the debt ratio [1] Investment Rating - Morgan Stanley has set a target price of HKD 2.8 and assigned a "Reduce" rating for the stock [1]

Core Insights - The U.S. Department of Justice announced the seizure of 127,271 bitcoins controlled by Chen Zhi, founder of the Prince Group, valued at approximately $15 billion, marking the largest asset freeze in cryptocurrency history [1] Group 1: Background of Chen Zhi and the Prince Group - Chen Zhi, born in 1987 in Fujian, China, transitioned from a net cafe owner to a transnational crime figure, establishing a complex network of illegal activities over a decade [3][5] - In 2011, Chen Zhi founded Hengxin Real Estate in Cambodia, capitalizing on the post-war reconstruction and chaotic real estate market [5] - The establishment of the Prince Group in 2015 marked the beginning of a diversified business empire, including casinos, shopping centers, and banks, while simultaneously building a criminal network [5][6] Group 2: Criminal Activities and Operations - The Prince Group operated an online gambling network targeting Chinese citizens, with illegal profits exceeding 5 billion yuan [6] - Following Cambodia's gambling ban in 2020, Chen Zhi shifted focus to telecom fraud, creating multiple scam centers that exploited hundreds of victims [8][10] - The organization employed a sophisticated management system akin to legitimate businesses, with detailed operational protocols for scamming victims [10][11] Group 3: Financial Growth and Asset Accumulation - Over ten years, Chen Zhi's wealth expanded exponentially, acquiring luxury properties and assets, including a £12 million villa in London and a $24 million yacht [10] - The Prince Group utilized cryptocurrency for money laundering, employing techniques to obscure the flow of funds until blockchain analysis revealed their operations [11][22] Group 4: Political Connections and Protection - Chen Zhi's political connections in Cambodia provided a protective shield for his criminal activities, allowing him to evade law enforcement through bribery and political donations [11][14] - The organization expanded its network across over 30 countries, forming a symbiotic relationship between crime, power, and capital [11][14] Group 5: Legal Consequences and Future Implications - The seizure of $15 billion in assets highlighted vulnerabilities in the Prince Group's operations, particularly their reliance on cryptocurrency for laundering [22] - The U.S. exercised jurisdiction based on the impact of the fraud on American citizens, leading to significant legal repercussions for the Prince Group and its affiliates [22] - The ongoing investigations and asset freezes indicate a potential unraveling of Chen Zhi's protective network, suggesting that his criminal empire may be facing imminent collapse [22]

Core Viewpoint - International Entertainment Company (IEC) is facing significant financial challenges, with a projected pre-tax loss of HKD 260 million (approximately USD 33.4 million) for the latest fiscal year, marking a substantial increase from the previous year's loss of HKD 162.2 million. Despite this, investor sentiment remains stable, possibly due to the company's history of profit warnings since February 2023 [3][5][6]. Financial Performance - IEC has issued its fifth profit warning in two years, with the latest fiscal year's loss expected to increase by 60% [5]. - Revenue for the six months ending December 2024 surged over 100% year-on-year, rising from HKD 105 million to HKD 268 million, despite losses increasing from HKD 36.1 million to HKD 95 million [6][9]. - The company's cash reserves increased from HKD 617 million in June 2024 to HKD 855 million by December 2024, indicating a strong liquidity position despite ongoing losses [6]. Strategic Moves - IEC is set to acquire a casino adjacent to its New Coast Hotel, committing USD 1 billion to USD 1.2 billion for renovations, aiming to transform the property into a comprehensive resort [4][6]. - The Philippine government is privatizing its 43 state-owned casinos, with IEC's acquisition positioning it as a pioneer in this process [6][9]. Market Context - The Philippine gaming market is smaller compared to Macau and Nevada, with Pagcor reporting record revenues of PHP 112 billion (approximately USD 1.9 billion) in 2024, a 41% increase year-on-year [9]. - The total revenue for the Philippine gaming industry, including Pagcor, reached PHP 410 billion in 2024, reflecting a 25% year-on-year growth [9]. - IEC's market capitalization is significantly lower than its competitors, with a market cap of HKD 1.69 billion and a high price-to-sales ratio of 4.33, suggesting a potential valuation bubble [9].