Chief Executive Chui Sai On will lead a 100-member delegation to Beijing this week to attend the military parade celebrating the 70th anniversary of China’s victory over Japan during World War II… The Chief Executive will be in Beijing September 2-4.
Monthly Archives: August 2015
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.
The number of people taking part in meetings, incentives, conventions and exhibitions in Macau fell to about 405,000 in the second quarter of this year, 21.7 per cent fewer than a year earlier, official data indicate.
China Star Entertainment Ltd., an investment holding company engaged in hotel and gaming services, announced that profit for the six months ended 30 June 2015 amounted to $21.7 million, up 46 percent year-on-year… mainly included an increase in loan interest income.
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.
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.
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.
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’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.
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.