Monthly Archives: August 2015

Macau GDP slides 26 pct in 2Q on gaming slowdown

Date

August 31, 2015

Author

none

Source

Gross Gaming Revenue Asia

Region


Subject

Macau

URL

http://www.ggrasia.com/macau-gdp-slides-26-pct-in-2q-on-gaming-slowdown/

Macau’s gross domestic product (GDP) shrank by 26.4 percent year-on-year in real terms for the three months to June 30, said the city’s Statistics and Census Service on Monday. The decline in GDP accelerated from the 24.5-percent year-on-year drop seen in the first quarter of 2015, as the city’s gross gaming revenue (GGR) continues to slide.

Success Universe posts HK$3.83 mln loss

Date

August 31, 2015

Author

João Santos Filipe

Source

Macau Business Daily

Region


Subject

results

URL

http://macaubusinessdaily.com/Gaming/Success-Universe-posts-HK383-mln-loss

Success Universe registered a HK$3.83 million loss for the first six months of the year, in contrast to the HK$48.02 million profit of the same period of 2014, the company announced in its interim results. Previously, the company that controls the Ponte 16 resort had already announced it would register a loss for the period. Revenue during the period went down 13.2 per cent year-on-year to HK$595.56 million from HK$686.06 million, while the costs of sales dipped 12.7 per cent to HK$570.3 million from HK$653.1 million.

Some 22 hotels being built in Q2

Date

August 31, 2015

Author

none

Source

João Santos Filipe Macau Business Daily

Region


Subject

Macau

URL

http://macaubusinessdaily.com/Business/Some-22-hotels-being-built-Q2-with%C2%A030-undergoing-planning-process

According to the Bureau of Land, Public Works and Transport 21,151 rooms are being constructed or planned in the territory as at the end of the second quarter. The 52 hotels being built or going through the planning phase during the second quarter of the year will add another 21,151 rooms to the territory… Meanwhile, another 30 hotels are being planned that are supposed to provide an extra 8,628 rooms, of which 3,153 will be on the Macau Peninsula, 4,881 in Cotai, 126 in Taipa and 468 rooms in Coloane.

Debt-recovery detentions rise to one a day

Date

August 31, 2015

Author

Raquel Carvalho

Source

South China Morning Post

Region


Subject

Macau

URL

http://www.scmp.com/news/article/1853773/debt-recovery-detentions-rise-one-day-macau-casinos-china-cracks-down-illegal

Beijing’s crackdown on underground banking and its ongoing anti-corruption drive have sparked a dramatic rise in the number of gamblers being forcibly detained to recover debts they have run up in Macau casinos. In the first six months of this year, 170 people were held against their will an average of almost one illegal detention a day.

Casinos take out insurance policies against kidnap risks

Date

August 31, 2015

Author

Danny Lee

Source

South China Morning Post

Region


Subject

Macau

URL

http://www.scmp.com/news/hong-kong/law-crime/article/1853763/macaus-casinos-and-resorts-take-out-insurance-policies

Major hotels, resorts and casinos in Macau are banking on lucrative insurance policies to guard against the abduction of wealthy or celebrity guests amid a rise in the number of kidnappings over unpaid gambling debts. A top Hong Kong insurance broker said all major hotels and casino groups in Macau had expressed interest in specialist risk insurance to mitigate the fallout from any high-profile incident.

Korea green lights nine resort sites: Union Gaming

Date

August 31, 2015

Author

none

Source

Asia Gaming Brief

Region


Subject

South Korea

URL

http://agbrief.com/news/korea-green-lights-nine-resort-sites-union-gaming

Korea’s Ministry of Culture, Sports and Tourism has selected 9 foreigners-only integrated resort sites for which the ministry will now conduct a request for proposal, according to Union Gaming analysts… The criteria for an IR within the RFP include a minimum investment of KRW1,000 billion ($850 million), a minimum foreign investment component of $500 million; the casino floor must be 5 percent or less of total GFA; and must have at least 1,000 5-star hotel rooms.

Developers place their bets on future casinos

Date

August 31, 2015

Author

none

Source

Korea JoongAng Daily

Region


Subject

South Korea

URL

http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=3008548

The field is narrowing in the race for two multibillion-dollar casino businesses in Korea. The Ministry of Culture, Sports and Tourism on Thursday named nine potential sites that may be suitable. They include six sites in Incheon, four of which are located on Yeongjong island near the Incheon International Airport, as well as Busan, South Jeolla and South Gyeongsang. The final decision on the two sites that will be given formal approval is to be made by the end of the year… in the last decade the gaming industry including casinos, horse racing and lottery has grown 67.6 percent to a near 20 trillion won ($17 billion) market as of 2014.