The Macau SAR saw gaming-related crimes climb by 19.2 per cent for the whole of 2016 when compared to 2015 crime rates… In 2016, the Macau police opened files on 504 kidnapping cases, up 22.9 per cent from the 410 files opened a year earlier, and 469 criminal cases of loan-sharking, up 32.5 per cent from the 354 cases recorded in 2015.
Monthly Archives: February 2017
Macau’s retail sales last year fell 6.6 percent year on year to 57.51 billion patacas. Last year’s retail sales corresponded to about a quarter of the city’s gross gaming revenue during the same period.
Macau’s estimated unemployment rate rose to 2.0 percent in the three-month survey period to the end of January, the Statistics and Census Bureau (DSEC) said. A DSEC statement said that following the completion of a number of construction projects before the Chinese New Year, unemployment in the construction sector increased.
Pousada de São Tiago will temporarily close from March 31st and remain closed until the construction of the Barra Transport Complex is completed, SJM Managing Director said. The government’s Barra Transport Complex is planned to include the peninsula’s light rail transit (LRT) link with the LRT section in Taipa and Coloane slated to open in 2019.
The Legend Palace Hotel, the latest addition to the portfolio of Macau Legend Development Limited (MLD), opened yesterday with 66 gaming tables. The CEO of the company, David Chow… hopes to “actively support the efforts of the Macau SAR government to build a World Tourism and Leisure Center and to promote diversified tourism in Macau.”… For the time being the venue has a total 66 gaming tables, of which 15 are new-to-market tables, granted by the government.
Galaxy Entertainment Group Ltd reported annual profit up 51 percent for 2016, thanks in part to what the chairman said was tighter cost controls. Such profit was HKD6.28 billion (US$809.1 million). Group revenue for the period was up 4 percent, to HKD52.8 billion. Full-year EBITDA increased by 18 percent year-on-year to HKD10.3 billion.
SJM Holdings saw narrowed profits in 2016, down 5.6 percent year-on-year to HK$2.3 billion. Gaming revenue was HK$41.3 billion (US$5.3 billion), down 14.5 percent… EBITDA of the group was HK$3.4 billion, down 11.5 percent. VIP gaming revenue fell 20.5 percent in the year, while mass market table gaming revenue fell 8.2 percent. Slot machine revenue fell 6.4 percent.
The launch of casino resort Paradise City is likely to affect negatively the operating profit of South Korean casino operator Paradise Co Ltd in the short term said brokerage Shinhan Investment Corp… it expects the casino operator to report consolidated operating profit of about KRW54.6 billion (US$48.2 million) for 2017, down 16.5 percent year-on-year. It should then expand by 53.3 percent in year-on-year terms, to KRW83.7 billion in 2018.
Vietnam’s revolutionary founder Ho Chi Minh relied on lottery ticket sales to raise money for schools and hospitals during the war years. Now Hanoi’s Communist leaders are looking to casinos, horse betting and modern lottery-ticket machines to do the same. So far this year, Prime Minister Nguyen Xuan Phuc has issued two decrees aimed at upping Vietnam’s game in the regional competition for gambling revenue while reducing the country’s growing budget deficit.
UK business news sources have reported this weekend, that bookmaker Ladbrokes has been hit with a £70 million tax charge relating to an overturned UK Revenue & Customs (HMRC) ‘2008 tax avoidance’ scheme. The UK Tax Tribunal stated that Ladbrokes Group and its auditor Deloitte knowingly exploited a 2008 tax loophole relating to loans between corporations and third parties to minimize Ladbrokes full-year tax bill.