The government made an accounting loss of $3.88 billion on its investment of its financial reserves last year, the Monetary Authority of Macau says.
Monthly Archives: March 2016
Air Macau ended 2015 with net profits of 31 million yuan (38.3 million patacas at current exchange rates), representing a decrease of 70.58 per cent compared to the 106 million recorded in the previous year, according to the local daily Tribuna de Macau.
To develop Macau’s characteristic financial industry, being in compliance with national policies such as the ‘One Belt, One Road’ strategy is crucial, said Secretary for Economy and Finance Lionel Leong Vai Tac. Mr. Leong said along with the development of regional economic policy, the SAR Government and communities are actively exploring how to promote its characteristic finance to further enhance the degree of diversity in Macau’s economy for youth employment and entrepreneurship.
The new director of Macau’s Gaming Inspection and Coordination Bureau, Paulo Martins Chan, says the worst is now over for the city’s gaming industry. In an interview with the Portuguese-language channel of public broadcaster Radio Macau, Mr Chan said that the decline in casino gross gaming revenue (GGR) should slow down this year.
Hong Kong-listed Paradise Entertainment swung to a loss in 2015 as revenue dropped in its casino management business… a loss of HK$148.9 million (US$19.2 million) in 2015 from a profit of HK$66.5 million in 2014… Adjusted EBITDA for the group dropped to HK$48.2 billion in 2015, down 76.3 percent.
Macau casino investor Success Universe Group swung to a 2015 loss as shared profit from its flagship Ponte 16 project fell and its lottery business declined due to China’s ban on online sales. The group reported a loss of HK$11.6 million ($1.5 million) for the year ended Dec. 31, 2015, compared to a profit of HK$117.8 million in 2014… .Revenue for the group was approximately HK$1 billion, down 23 percent. The lottery business was hurt by China’s ban on online sales.
AGTech Holdings Ltd, a Hong Kong-listed supplier of equipment and services to mainland China’s lottery market, says it expects new regulations for the industry to be introduced this year. “We expect that during 2016 the People’s Republic of China lottery industry will see further significant policy developments including the introduction of relevant laws and regulations (particularly related to Internet and mobile distribution) which will further regulate and professionalize lottery supervision,” wrote Sun Ho.
Goa government is yet to identify the alternate site for shifting the offshore casino vessels from Mandovi river even as the March 31 deadline is closing in. The state cabinet had earlier decided that all the four offshore casinos would be shifted to alternate location by March 31. “The cabinet has to take the decision. I cannot decide anything on my own. The cabinet will meet this week and take the decision,” Chief Minister Laxmikant Parsekar told reporters today.
Poker machines make more than twice the profit in casinos than clubs, a new study has found. Each casino poker machine in a casino in Australia brings in an average of $128,600, compared to club and hotel machines which bring in an average $59,400, according to the study of casinos from the University of Adelaide.
Javier Balbuena, Head of Conajzar, the Games of Chance Regulatory Entity, diminished the importance that Brazilian casino legislation would have for Paraguay, and, as a way out, he proposed the amendment of the legislation… .Balbuena believes that the challenge of the country is to lead the way and amend the law 1016/97, that regulates games of chance, in order to expand the number of investments.