The government is considering amalgamating Macau’s horse and greyhound racetracks. Chief Executive Fernando Chui Sai On mooted this in response to a suggestion by Assembly member Lam Heong Sang that the government build community facilities on the site now occupied by the dog track, the Yat Yuen Canidrome… “If the government talks with us about the future development (of the Canidrome) I believe there’s a lot of room for discussion”, said Angela Leong. “But we shouldn’t forget about the history.”
Monthly Archives: March 2015
Analysts are racing to slash their forecasts for Macau casino revenue this year after a lackluster Lunar New Year showed the pace of the downturn is accelerating. Gross gambling revenue is now expected to fall 21 percent this year, according to the median estimate of 13 analysts surveyed by Bloomberg, more than than doubled their projected decline two months ago. That would cut total annual casino receipts for the Chinese gaming enclave to about 277.7 billion patacas ($34.8 billion), the smallest take since 2011.
The authorities are prosecuting the operator of the website that blacklists gambling debtors, 99world.com, for breaking the law on personal data protection… Charlie Choi Kei Ian, as saying he has been summoned to appear in court on April 16. Mr Choi’s website identifies gamblers that are in debt to Macau casinos and discloses the amount of money they owe.
The Macau government is “tilting” toward better management of tourist arrivals from the mainland during peak holiday periods rather than an absolute cap on numbers, suggests a note from UBS Securities Asia Ltd. “We believe the tone from the government tilts towards better management of peak holiday periods, rather than a hard cap on total visitations,” stated UBS analysts Anthony Wong and Angus Chan in a note on Monday.
Foreign labor policies have been once again debated at the Legislative Assembly (AL) plenary meeting. This is following requests from some lawmakers to implement a temporary ban on imported labor if needed… Lei suggested that the government implement a temporary ban on the import of foreign labor… “The government needs to put a stop to the import of foreign workers. It should implement a measure preventing the import of foreign workers for a [certain] period of time following the first [wave] of authorizations given to foreign workers. We have over 170,000 non-resident workers… could you tell us the number of foreign workers we still need?” she stated.
The Secretary for Economy and Finance, Lionel Leong, has confirmed that the gaming industry needs a “check-up” in order to allow for the assessment of casino operators’ performance over the past ten years… For now, the government will be studying: the extent to which operators have influenced Macau’s society; whether or not operators have introduced non-gaming elements and these services’ respective development; the percentage of non-gaming and gaming components; job creation and career progress opportunities afforded to locals; and the company’s social responsibility programs, among others.
In the two months January and February Galaxy Entertainment Group generated 26 per cent of the revenues of the VIP segment $824 million totaling around $3.2 billion … For the whole year of 2014 in the VIP segment Galaxy occupied some 24.6 per cent, which means it is improving its results.In relation to the top end of the market, SJM is going through a different cycle with its market share shrinking. While for the whole of 2014 the group founded by Stanley Ho Hung Sun had a 23 per cent slice of market share, for the first two months of this year its share was reduced to 21 per cent, for around US$665 million (MOP5.3 billion) of the total VIP revenue generated.
A bill to legalize casinos in Japan is facing yet more delays as pro-casino lawmakers struggle to gain enough support in the ruling coalition. Lawmakers had planned to submit the bill, which failed to pass through parliament last year, by the end of the fiscal year on Tuesday, according to media reports. However, they are still lacking the support of a junior partner in Prime Minister Shinzo Abe’s coalition.
More details have been revealed about the biggest Brisbane development in a generation. Brisbane will have a new underground shopping plaza running under the Queensland Treasury Building in Queen Street, according to one of two firms bidding for a new entertainment centre for Queen Wharf. It will run underneath Elizabeth Street and Queens Park… The company has leases until 2070 to “adaptively reuse” the heritage-listed Treasury Building, the Lands Administration Building and the old State Library in William Street.
Ahead of its annual general meeting set for 14 May, The Irish Examiner reports that Paddy Power governance is expected to continue to return its surplus cash to investors in the coming years. In March Paddy Power governance announced that it planned to return a dividend of €390 million, representing 12% of its current market value… The Irish Examiner notes that Paddy Power investors could reap a potential 800 million euros surplus dividend… .The firm further noted that Paddy Power had been e-invigorated” by its management changes and new structures put in place by new CEO Andy McCue