Imperial Pacific International said through a subsidiary has terminated a loan and profit transfer agreement with Macau casino junket Heng Sheng Group. Excel Earth Limited, a wholly owned subsidiary of the company, ended the agreement because “the downturn of Macau gaming business is expected to continue.” “The Junket shall forthwith return the unsecured, interest-free loan in the amount of HK$18 million to Excel Earth.”
Monthly Archives: October 2015
Macau’s annual fiscal surplus contracted to MOP94.8 billion (about US$11.85 billion) last year, 23.9 per cent less than the year before, according to the government’s yearly report to the Legislative Assembly. The report says expenditure grew by 30.5 per cent to MOP67.1 billion as the government spent more on social welfare, and that revenue shrank by 8 per cent to MOP161.9 billion as the slump in gaming curbed growth in direct tax takings.
The number of employees in Gaming and Junket Activities increased by 1.2 per cent to 84,200 from 83,200 during the period from July to September, in comparison with June to August, according to data published yesterday by the Statistics and Census Services.
The unemployment rate remained at 1.9 percent, with the number of unemployed up by 100 to 7,600 persons. Of the total labor force of 402,500, labor force participation also remained at 73.2 percent. Total employment fell by 200 from the previous period. Fresh labor force entrants, or those looking for their first job, accounted for 14.6 percent of the total unemployed, down by 3.1 percentage points.
Macau’s lead casinos regulator will retire next month, after almost two decades where he oversaw the industry’s growth to the world’s largest as more Chinese became rich, and witnessed its sharp downturn last year as Beijing’s anti-corruption crackdown curbed high-stakes gamblers… “In the context of Beijing seemingly pledging its support to Macau and to the gaming industry, we would not expect the transition to a new head of the gaming regulatory body to result in tougher times ahead” for the casino companies, said Grant Govertsen, Union Gaming Group.
China’s sovereign wealth fund, China Investment Corp, and two Chinese companies have expressed interest in buying Starwood Hotels & Resorts Worldwide Inc. The Chinese entities join other prospective buyers in other countries. Starwood Hotels owns the St Regis and Sheraton hotel brands.
Permanent on-site government inspectors will be removed from The Star casino after Deputy Premier Troy Grant declared they were at risk of “regulatory capture” – becoming too close to the business they are meant to regulate. But the claim jars with the evidence presented in the five independent statutory reports on the casino’s operations that have been carried out since 1997. None make any mention of the risk of regulatory capture for casino inspectors and several highlight that inspectors are on hand 24 hours a day, seven days a week.
Tabcorp wants the federal government to overhaul a raft of rules for the gaming industry, including those relating to advertising. Chairman Paula Dwyer says Tabcorp shares the community’s view that there are too many gambling ads, and she’s also concerned about how ads are regulated differently in each state and territory. Ms Dwyer also wants a single, national rule in relation to the offering of credit by bookmakers and says she believes the government’s review of illegal online wagering could help provide a level playing field for all gaming operators.
Australian casino operator Crown Resorts Ltd announced it had acquired a 20-percent stake in the international restaurant and hotel company Nobu Hospitality LLC. The deal is worth US$100 million, Crown Resorts stated. The remaining 80 percent of Nobu “will continue to be owned by the existing owners,” the firm added in a filing to the Australian Securities Exchange. The existing investors include Japanese chef Nobu Matsuhisa – who gives his name to the brand – , Hollywood producer Meir Teper and actor Robert De Niro.
Tabcorp reported total group revenues for the three months ended September 30 of A$543.5 million ($386.4 million), up 1.1 percent year-on-year. Total wagering turnover was $31 billion, up 3.2 percent on the prior corresponding period which included the 2014 soccer World Cup, Tabcorp said… In 2015, the company’s net profit after tax was $334.5 million, reflecting strong operational performance and non-recurring income tax benefits.