Macau’s economy contracted by 7.1 percent year-on-year in real terms during the second quarter of 2016, showing signs of improvement compared to the first quarter of 2016, which was down 13.3 percent year-on-year.
Monthly Archives: August 2016
Macau knows what to do in these less exciting times in terms of gaming growth, explains Paulo Martins Chan when we sit down in his office for an exclusive interview. The new 53-year old Director of the Gaming and Inspection Co-ordination Bureau (DICJ) explains that now is the time to take advantage of the slower pace to “prepare ourselves”. It’s time to revise the law, better regulate the environment of the gaming industry and “prepare for the next boom”, he tells.
Gaming-focused brokerage Union Gaming says its long term outlook on Macau’s VIP segment remains negative, forecasting further GGR declines in 2017 even as the mass segment has turned positive… Union Gaming analysts say real VIP GGR growth rate was notably worse in 16Q2, at a 21.3 percent decline (vs. +4.4 percent for mass GGR).
A growing number of Chinese visitors are helping Singapore’s tourism sector recover this year. A total of approximately 8.17 million tourists visited Singapore in the first six months of 2016, up by 12.5 percent year-on-year. The number of visitors from China increased by 55.2 percent year-on-year in the six months to June 30, to 1.47 million.
Whether Philippine President Rodrigo Duterte aims to shock, inspire or just amuse, deciphering his blunt and often unpredictable rhetoric is a potential challenge for investors seeking policy clarity from the new leader. When it comes to the war on illegal drugs, events have unfolded the way Duterte promised… But on a range of other issues, Duterte has sent more confusing signals… such as whether the Philippines intends to negotiate with China, or if he really means to ban online gambling.
At least one investment Bank is understood to have pitched Malaysia’s Genting Group on a potential block trade of its stake in Star Entertainment Group this week. Genting, owned by Malaysian gaming mogul KT Lim, holds a 6.6 percent stake in Star Entertainment. It has been approved to purchase up to 23 percent. Star Entertainment Group reported normalized net profit after tax of A$241.3 million ($183.9 million), up 23.4 percent, and normalized EBITDA of A$556 million, up 14.1 percent.
Legalized gambling in the casino industry’s last great frontier took a crucial step forward Tuesday morning when a special gaming committee in Brazil’s Chamber of Deputies approved a plan to authorize full-scale resort casinos as well as video lottery and jogos do bicho games. The proposal, which has been under review for nearly a year in the lower chamber of Congress as Brazil seeks to dig itself out of an epic fiscal mess, would allow for the introduction of as many as 34 resort casinos, with the possibility of even more under an exemption for the state of Minas Gerais.
A press leak was one of the main reasons that 888 Holdings Plc and Rank Group Plc failed in their 3.1 billion-pound ($4.1 billion) pursuit of U.K. bookmaker William Hill Plc, according to 888 Chief Executive Officer Itai Frieberger. The suitors announced their interest in buying William Hill on July 24, only hours after their plans were reported by the Sunday Times. The disclosure started the regulatory clock ticking, giving them less than a month to make a formal offer or walk away.
A high-stakes confrontation is building in Lloydminster, as First Nations on both sides of the Alberta-Saskatchewan border plan casinos for the city. Representatives from both sides acknowledge only one such facility would be feasible. “The Lloydminster market only has room for one casino,” said Bruce Simms, project manager for the Lloydminster Regional Entertainment Complex Project.
Some of the military employees who collectively charged more than $1 million to government credit cards at casinos and strip clubs weren’t held fully accountable by managers, and officials didn’t act appropriately to prevent national security vulnerabilities and further misuse, according to a new federal report… followed up on an investigation of travel card misuse from July 2013 through June 2014. The follow-up report focused on 30 card-holders identified in the initial investigation as highest-risk spenders, examining what managers did to address the misspending.