Investor sentiment on Macau gaming is sometimes trailing behind what the latest market trends indicate, suggests a report from JP Morgan Securities. “Following a significant and prolonged earnings revision cycle over the past two years, market expectations have finally become reasonable, if not conservative, in our view,” said the report.
Monthly Archives: January 2016
SJM Holdings is negotiating a $3.2 billion loan with various lenders in order to finance its new integrated resort in Cotai, the Lisboa Palace. The Macau branch of the Industrial and Commercial Bank of China (ICBC) has been approaching banks on behalf of the company.
Galaxy Entertainment Group (GEG) has issued an internal letter to its employees saying that a discretionary performance bonus will be paid on February 5. The amount will be decided based upon three factors; namely, general market performance, the company’s business, and the individual employee’s annual work performance appraisal rating. In addition, another special bonus of one month’s basic salary and guaranteed tips as of 1 July 2016, will be paid in July.
The Director of the Central People’s Government Liaison Office in Macau, Li Gang, says China would initiate measures to support Macau if it sees a “huge fall” in visitor arrivals.
Boxing promoter Bob Arum was in Hong Kong to announce a three-fight deal with Rex Tso. The “Wonder Kid” fights promoted by Top Rank in the neighboring region should culminate with a chance at the world title in December. In recent years, he promoted a series of fights at the Venetian Macao’s Cotai Arena… there is not the same appetite for events there as in prior years,” he said.
Vietnam’s incumbent General Secretary, Nguyen Phu Trong has been reelected for another 5-year term, which will be a negative for locals IR gaming expansion, says Union Gaming. It was speculated that the Prime Minister, Nguyen Tan Dung would try to ascend to the country’s number one power position. Dung was believed to be likely to hasten the liberalization of IR-style gaming in Vietnam, unlike the current incumbent General Secretary.
During the Hospitality Investment Conference Philippines in Makati City, Matt Hurst, executive vice-president for casino operations and marketing at Tiger Resort, Leisure and Entertainment, Inc., said that while the Chinese market remains an important part of the company’s business model, it is working to lure a wider range of customers to the soon-to-rise $2-billion Manila Bay Resorts.
Helicopters will soon ferry gamblers and well-heeled tourists from the Goan mainland to offshore casinos equipped with helipads, while also providing connectivity between the state capital and other tourism hubs and the airport… due to start heli-tourism services in Goa from January 31.
Hungarian casinos were due to pay a combined gambling tax of HUF 7.375 billion in 2015, reduced to HUF 3.086 bln as a result of concession fees already paid, state secretary of the National Economy Ministry said.
The missing £33m Lotto jackpot has been claimed by a mystery person and it’s not the grandmother who put it in the washing machine. Camelot today said it had received a valid claim on the £33 million Lotto jackpot winning ticket bought in Worcester, adding that the ticket-holder wants to remain anonymous.