Information from the Statistics and Census Service indicated that total imports of goods for November 2015 fell 17.4 percent year-on-year, while total exports of goods are up 6 percent for the same period. Excluding the import and export of services, the goods trade deficit widened to MOP68.02 billion for the first eleven months of 2015.
Monthly Archives: December 2015
The Australian-listed casino empire Crown Resorts can expect “a few more years of declining earnings,” according to Fitch Ratings. The international ratings agency said that James Packer’s company will continue to suffer from dwindling dividends from its Macau-based Melco Crown Entertainment.
In the second quarter of 2015, the gaming sector in Macau had a total of 58,123 workers – of which 57,422 were full-time employees. In comparison, by the end of September, there were a total of 29,367 public servants, show figures from the Public Administration and Civil Service Bureau.
The Macau Hoteliers and Innkeepers Association says the government’s constriction of the supply of migrant workers is causing their industry problems. “Those workers that got laid off from the gaming industry during this economic adjustment period would hardly join hotel industry, as those young people are not willing to take up frontline positions such as housekeeping and food and beverages [sic] that are most needed in the sector.”
This year has been a wild and unpredictable one for Macau’s gaming industry, which has suffered from repeated complications and is now mired in the worst recession of its short history. In a yearly review of the gaming industry published yesterday by the Wall Street Journal, it’s mentioned that the upcoming release of the gross gaming revenue indicators for December will provide a full picture of the damage done this year. WSJ’s Kate O’Keeffe notes that by then, “Macau’s rotten 2015 will become official.”
Prosecutors said Wednesday they have asked a local court for a summary indictment against two South Korean pitchers on charges of overseas gambling and are seeking 7 million won ($5,970) each in fines. Lim Chang-yong and Oh Seung-hwan are suspected of gambling 40 million won each in Macau in November 2014. Oh, a free agent seeking a major league contract, admitted to gambling while claiming that he cannot remember the exact amount he bet, the Seoul Central District Prosecutors’ Office said.
The chairman of one of China’s three main state-owned phone carriers resigned yesterday following an announcement he is the target of an anti-corruption investigation. China Telecom Ltd. chairman Chang Xiaobing is the latest in a string of dozens of executives at major state-owned companies to be detained or questioned in a steadily expanding, 3-year-old anti-graft crackdown led by President Xi Jinping.
Gaming company SkyCity Entertainment said New Zealand’s strong growth is driving a standout performance from its Auckland casino which it will struggle to repeat in its Adelaide and Darwin casinos due to Australia’s softer economy.
Preparing for a new UK racing season, William Hill has issued an early warning predicting the domination of Willie Mullins and his champion jockey Ruby Walsh at the 2016 Cheltenham Festival. The bookmaker predicts that the ‘Mullins/Walsh juggernaut’ will once again takeover Cheltenham this March, pricing Mullins at 1-5 to be ‘Festival Top Trainer’ at with Ruby Walsh 4-11 to be ‘Festival Top Jockey’.
The Sunday Times has named Betfair Chief Executive Breon Corcoran as “Business Person of the Year 2015”. In a special feature written by The Times leisure correspondent Peter Evans and titled “Gambling Geek”, Corcoran details his tenure to date as leader of Betfair, which has seen the CEO transform the operator from its 2011 post IPO decline into a leading UK digital enterprise.