The Macau SAR Government is expecting to spend MOP27 million (US$3.33 million) on a subsidy scheme to support the payment of tuition fees for permanent residents of Macau studying in Guangdong Province.
Monthly Archives: May 2018
Directly-elected lawmaker-cum-unionist Leong Sun Iok yesterday urged the city’s six gaming operators to join the government’s non-mandatory central provident fund system with the aim of providing their employees with better retirement protection.
David Chow Kam Fai, co-chairman of Macau Legend Development and former member of the Legislative Assembly (AL), yesterday urged the government to study the possibility of granting two additional gaming concessions after the expiration of the city’s three gaming concessions and three sub-concessions. Macau’s three gaming concessions and three sub-concessions will expire between 2020 and 2022.
Sonny Yeung Hoi Sing, chairman and executive director of Macau casino investor Success Universe Group Ltd, has increased his stake in the company to 71.52 percent, from a previous 52.10 percent. Success Universe is a joint venture partner – with a unit of Macau casino operator SJM Holdings Ltd – in Macau casino hotel Ponte 16 (pictured), located in the city’s Inner Harbor district.
Visitors to Macau on package tours totaled 757,000 in April 2018, up by 12.9 percent. Package tour visitors from mainland China (596,000) and South Korea (50,000) grew by 12.2 percent and 27.8 percent respectively year-on-year, while those from Taiwan (53,000) surged by 57.5 percent. In the first four months of 2018, visitors on package tours totaled over 2.88 million, up by 20.1 percent.
Be it the one-billion dollar transformation of Sands Cotai Central into The Londoner or the revamp of Four Seasons – due to open in 2020 and 2019 respectively – for Wilfred Wong much of the effort his company makes is to cater to a new and popular type of visitor: the three-generation family traveler. “The grandparents, the children and the parents” are coming in ever greater numbers to Macau and filling hotel rooms across Cotai. “Macau, as an attraction to different age groups, is gaining traction,” Wong said.
Las Vegas Sands Corp aims to expand its business faster than its competitors, particularly in the VIP segment, stated Robert Goldstein . Las Vegas Sands is adding additional amenities across its entire property portfolio in Macau, aiming to “grow faster than the Macau market in this [VIP] segment”. Our success has been tied to mass, premium-mass and slots, more than VIP. But we are very dedicated to improving our share of the high-end rolling direct market, as well,” he added,
Mainland China’s sales of official lottery products in April rose by 9.0 percent from the prior-year period. Total sales in April were nearly $6.5 billion.
Macau-based Macau Legend Development plans to enter Cambodia and wants to expand its property in Laos. David Chow Kam Fai said the group has asked the government in Laos to cut gaming taxes in return for help to develop transport facilities. Macau Legend is currently expanding its Savan Legend Resorts property in Laos, which it bought in 2016… spend between $300 million to $500 million in the country.
Debate in the Diet over the IR Implementation Bill has revealed that the Japanese government likely intends to tax any players who come out ahead in their casino gambling, though the matter is still being debated among the bureaucrats. “Although we cannot say anything for certain at this moment,” stated Norio Yamana, a senior official at the National Tax Agency, “but in general any profits gained from gambling would be subject to taxation as temporary income.”