The electronic cigarette (e-cigarette) market has had a new incentive to expand in Macau since October 6. The new smoking law that came into effect on that day bans smoking from casino gaming floors, allowing it only in lounges built for the purpose or in areas of restricted access. However, e-cigarettes are not affected by the new regulation and smokers are allowed to smoke it in smoking-free areas, which include mass market gaming floors. “According to the present law, the use of electronic cigarettes is not banned”, a spokesperson from the Health Bureau told Business Daily, after being asked if people could still use them in casinos following the new non-smoking regulation.
Monthly Archives: October 2014
Secretary for the Economy and Finance Francis Tam Pak Yuen says it is possible for casino operator Macau Legend Development Ltd to have up to 500 gaming tables without any change in government policy. Macau Legend is hoping for permission for 350 more tables than the 150 it now has… “We did not set a fixed amount of gaming tables a project can get.” In other words, the limit is on the growth in the total number of tables, not on the growth in the number of tables an individual casino operator has.
Following the consensus view has proven to be a losing strategy for investors in Melco Crown Entertainment Ltd. Twenty-one of 23 analysts had a buy rating on the Chinese casino operator a year ago. Since then, the company’s American depositary receipts have dropped 23 percent to USD26.15. That’s 32 percent below the analysts’ average price projection set 12 months ago. Analysts have been caught off guard by the duration of a Chinese government crackdown on corruption that has curbed spending by high rollers in Macau… ” … Melco, controlled by Lawrence Ho and Australian billionaire James Packer, has lost 33 percent this year in New York trading, compared with a 3.2 percent gain in a Bloomberg index of the most-actively traded Chinese companies in the U.S.
Singapore’s casinos face increased regional competition, and “potential changes to gaming policies that weigh on their medium-term growth and profitability outlook”, said Fitch Ratings Inc in a statement issued on Thursday … The ratings agency added in its latest statement: “Growth in Singapore [casino] gaming revenue has stalled, and is likely to contract slightly in 2014 with macroeconomic and political factors in China being the principal cause… A slowdown in China’s economic growth, recent corruption crackdown, and credit tightening have had a particularly strong impact on Singapore’s casinos.”
Personal income tax on earnings derived from casino winnings is likely to be scrapped in Vietnam according to local media. But the loss to the country’s tax authorities estimated at $9.52 million annually is likely to be offset by a 5 percentage point increase in what’s known locally as special consumption tax, which applies to gambling. That could rise from 30 percent to 35 percent. If the National Assembly approves the increase, it could add $24.62 million to the state budget annually.
Ladbrokes has continued to expand its brand presence and coverage in the Australian sports betting market with the announcement that it had entered a marketing partnership with A-League soccer team Brisbane Roar FC… “Football is a growing and important part of our business and we look forward to working with a club as successful as the Roar throughout the partnership,” Ladbrokes director of marketing James Burnett said.
The Advertising Standards Authority (ASA) has released its latest review into gambling advertising and identified areas that needed revisions, including the need to be pro-active on issues related to socially responsible marketing and ads that could potentially affect small children… One particular concern from the public relates to the transparency and accuracy of gambling sales promotions, including the way the phrase “free bets” are being promoted and how some ads still encourage themes like “”toughness, resilience and recklessness”, all of which are prohibited by the ASA.
The daily average was off only slightly, but nine fewer racing days resulted in a sharp decline in the total live mutuel handle at the 2014 Hastings meet, which ended Sunday. The total all-sources handle of $25,935,417 wagered over 54 days was off more than 16 percent compared with the $31,071,594 bet over 63 days in 2013. Ontrack, the numbers were $6,856,403 compared with $8,187,552 in 2013, also a decrease of more than 16 percent. The daily all-sources average of $480,286 was down nearly 3 percent from $493,200. The average ontrack handle was $126,970, down from $129,961 in 2013.
A new set to open in Ciudad Juarez plans to attract gamblers from the U.S. side of the border by offering poker and other table games. “We expect a lot of tourists,” said Yajaira Yesenia Valtierra Casillas, the casino manger. “Room 802” is named for the street address where its located in a sparkling upscale building that also houses trendy bars and restaurants. The casino is about a 15 minute drive south of the border. “Because we are just across from the U.S. we expect to have a lot of people from that country,” said Valtierra.
The US economy grew at an annual rate of 3.5% in the July-September quarter, the Commerce Department has said. That was better than the 3% pace that economists had been expecting and follows the 4.6% growth rate recorded in the April-June quarter. Strong export growth and higher government spending helped to boost growth in the third quarter. In a sign of confidence in the US recovery, on Wednesday the Federal Reserve ended its stimulus scheme. The fall in the unemployment rate to a six-year low has helped to boost that confidence. “Today’s number represents a return to a healthy-looking trend. The most recent IMF forecasts suggest the US economy will grow 3.1% next year and 3.0% in 2016, and these could be revised further upwards in the coming months,” said Ben Brettell, senior economist at Hargreaves Lansdown stockbrokers.