Land newly reclaimed from the sea will yield 17 hectares for commercial or industrial use, the government has said. In inviting the public to express opinions on the government’s reclamation plan, officials said the area reserved for commercial or industrial use would make up 4.9 per cent of the land being reclaimed. All reclamation zones will have land for use by tourism and leisure industries.
Monthly Archives: June 2015
Visitors to Macau on package tours totaled 823,000 in May 2015, down by 2.2 percent year-on-year. Package tour visitors from Mainland China amounted to 653,000; Taiwan, 48,000, and Hong Kong, 23,000, dropping by 2 percent, 17 percent and 12.1 percent, respectively, year-on-year. Visitors from the Republic of Korea surged by 46.2 percent to 39,000.
Macau’s unemployment rate for March-May 2015 went up to 1.8 percent, a slight increase of 0.1 percentage point from February-April 2015… Meanwhile, the underemployment rate remained stable at 0.3 percent. The total labor force was recorded as 405,700 and the labor force participation rate stood at 74 percent.
Macau casino revenue under 20 billion patacas in July would trigger spending squeeze. The city’s top finance official said that the government would have to retrench its expenditure if the city’s gross gaming revenue fails to bounce back to at least 20 billion patacas next month. Secretary for Economy and Finance Lionel Leong Vai Tac made the remark on the sidelines of an opening ceremony on Hengqin Island.
An expected total ban on casino smoking in Macau is likely to shave 10 percent to 15 percent off already pressured VIP revenue, said a note from Karen Tang of Deutsche Bank AG on Monday… Ms Tang said a bill to ban smoking inside casinos, including VIP rooms – and that would eliminate airport-style smoking lounges that are currently allowed on the otherwise no-smoking mass gaming floors – could be introduced by the Macau government this week.
Philippine President Benigno Aquino III led the groundbreaking ceremony for an airport resort in Cebu that aims to increase the airport’s annual passenger capacity from 4.5 million to 15 million. In a statement, presidential spokesperson Edwin Lacierda said the project aims to stimulate the economy and boost the country’s reputation as a tourist and business destination, The PhilStar reported.
Mainland China real estate developer Landing International Development Ltd on Monday issued its prospectus to raise approximately $843.6 million before expenses via a rights issue on the Hong Kong Stock Exchange. It reiterated the details of an April announcement that much of the money would go towards an investment the group has made in a casino resort scheme on Jeju Island in South Korea… Landing International is linking with Singapore casino operator Genting Singapore Plc to build the US$1.8-billion casino resort.
Baha Mar Ltd., the development company behind the massive $3.5 billion resort complex in the Bahamas, filed for bankruptcy protection Monday, blaming a Chinese contractor for repeated construction delays that left it owing millions of dollars a month to employees with no customers to serve. Baha Mar, based in Orlando, Fla., is headed by Bahamian businessman Sarkis Izmirlian, who has agreed to continue to fund the project-which includes four hotels, a casino and a convention center.
Ukrainian Prime Minister Arseniy Yatsenyuk has declared support for the introduction of casinos in Ukraine at a meeting of the Culture Minister Board of Ukraine on June 26. “This morning I met with MPs, including those with the opposite view towards the government, in order to adopt a law in the Parliament on bringing the gambling business out of ‘shadow’ and legalizing it,” remarked Yatsenyuk, “and get additional income and Ukrainian culture, art and cinema.”
A billionaire who gambled away £2million at London’s Ritz casino is now refusing to pay his debts claiming that it was the devil’s fault. Business mogul Safa Abdulla Al Geabury shocked the High Court when it was told how he insisted to a psychiatrist: “The devil made me gamble.”