The tight labor market here has slowed the construction progress of two large-scale home projects in the Areia Preta district, says a prominent developer. Developer Polytec Asset Holdings Ltd said in a latest filing to Hong Kong Stock Exchange that their earnings could be affected by as much as HK$10 billion (US$1.28 billion) annually because the pre-sales of two projects can only resume by the end of next year at the earliest… the constructions might take a long time. “[The] Group expects that the projects can only be completed in four-five years’ time due to a shortage of labour in Macau and substantial time is required for construction of two such sizable development projects,” the filing said.
Monthly Archives: March 2014
Melco International Development Ltd’s net profit at increased to HK$1.6 billion (US$206.25 million) last year, 42.3 percent more than in 2012… Melco International said its gaming and business units operated by Melco Crown Entertainment Ltd, a Macau-based company, saw net revenue grow by 24.7 percent, and earnings before interest, tax, depreciation and amortisation rise by 39.9 percent.
Japan’s Universal Entertainment Corp has scrapped its investment in a $2 billion casino-resort in Manila being built by Philippine developer Century Properties Group Inc… The deal was announced in October and was meant to ensure Universal complied with a law restricting foreign ownership of land in the Philippines to 40 percent of any one project.
The chairman of MGM expects to open an integrated casino resort in Japan “by the 2020 Tokyo Olympics”. In an interview with Investor’s Business Daily, James Murren acknowledged the “complicated process” that the Japanese authorities have ahead of them but was confident in succeeding because “we have knowledge and information on all of the issues that have to be addressed when considering expanding into integrated resorts, including cultural, social and developmental issues”, he said. James Murren said he is willing to work with Japanese partners and “to target the creation of performing arts centers, arenas, restaurants and retail stores”.
The debate over the future of Spanish gaming group Codere is far from over, as plans to restructure the business continue to be rejected by both sides. The Spanish firm has until April 30 to agree to a restructuring deal or file for full protection under Spain’s bankruptcy. A plan put forward by creditors to inject up to 400 million euros into the company in exchange for 96.8 per cent of its equity was rejected by the Codere board, Bloomberg News reported. Instead, the board is proposing a five-and-a-half-year moratorium on bond interest payments or a 50 per cent write-down on the debt and conversion into eight per cent notes to a maximum of 250 million euros and no equity for creditors.
Whatever Russia’s real intentions are in taking over Crimea, you have to give it to Putin’s posse for quickly drumming up an economic action plan for the Black Sea peninsula that has been annexed from Ukraine… Russia’s economic stimulus plan for Crimea has vaulted into the top of Russia’s things-to-do list, and it seems that lawmakers are being tasked to come up with a plan as soon as possible with an April 15 deadline for the ministries of economy, finance and regional development to present a gambling proposal for Crimea, complete with spending and revenue estimates… In the event that this gambling zone is created, Crimea will be included as a special economic zone, which will give it companies based in the region special tax breaks, a potential carrot that could be dangled to foreign casino operators. It would also be added as a new casino region on top of the four Russia has already designated.
Concerns have been raised about proposals for a new betting shop at an Oxford shopping parade. Coral has submitted three planning applications to Oxford City Council to convert 4 Courtland Road, Rose Hill, previously occupied by the Oxford Bed Company but now an empty shop, into a bookmakers. The parade, which has a number of empty shops, already has a Ladbrokes… “There are about 14 shops, of these five or six are takeaways, two funeral parlours and they want two betting shops. “There are hundreds of different shops that we could do with rather than a betting shop.
Plans have been unveiled by a Blackpool casino to become the latest to operate around the clock. Genting Casino on Queen’s Promenade currently opens from noon until 6am but wants to operate and serve alcohol on a 24-hour basis. It has applied to Blackpool Council to vary its premises license but the bid has so far sparked two objections.
A provision in the wide-ranging bill tabled by the Greek Ministry for Development will legalize smoking areas in casinos, night clubs and live music venues larger than 300m², as well as betting shops, including lottery outlets. The only restrictions imposed are that these smoking areas must not exceed half a store’s floor space and, moreover, owners of such stores should pay an annual fee of 200 euros per square meter. Greece has more smokers per capita than any other country in the EU, with recent surveys indicating more than 40% of Greeks aged 15 and over smoke, considerably above the EU average of 29%, and although smoking in indoor public spaces has been banned since 2010, the law has been widely flouted, a situation only heightened by inefficiency in punishing the offenders.
In a CTV News exclusive, Queen’s Park will announce Monday that the government will commit an additional $100 million to help the hard-hit industry. It’s a move designed to do more than support horse racing but to pave the way for a winning future… Two years ago, the government abruptly ended the Slots at Racetrack Program, taking $345 millions out of the game and putting thousands of people out of work.