Tag Archives: Macau

Macau to publish ‘mid-term’ economic review on gambling sector impacts

Amid continuing declining revenues for its casino sector, the Macau government will publish its mid-term economic review undertaken by Economic & Finance Secretary Leong Vai Tac. The Vai Tac review which began in May aims to research the overall effect of Macau’s biggest sector on the provinces economy and its potential recovery. The mid-term review focuses on eight key topics …

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Nomura predicts three year Macau revenue slump

Japanese trading house Nomura Holdings, has predicted that Macau’s gambling industry could suffer an 8% year on year decline in 2016. Entering Q4 2015, the province’s casino industry is witnessing a 30% slump in gross gaming revenues. If Nomura’s prediction becomes a reality, Macau gambling would enter its third year of consecutive year-on-year revenue decline. Asian financial analysts appear downcast …

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Embattled Macau Horse Racing gains Jockey Club contract extension

Macau Horse Racing (MHR) has been granted a two year services contract extension to operate the Macau Jockey Club. MHR has held the monopoly racetrack contract since 1978, the contract was last extended in 2005. Lionel Vai Tac Macau’s Economic and Finance Secretary confirmed that the extension had been granted, with MHR paying 15 million Patacas (£1.3 million) to maintain …

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Red Alert – Devalued ¥uan threatens whole Asian gambling sector

Last week’s unexpected devaluing of the Yuan by the People’s Bank of China’ will likely have negative impacts throughout Asia’s casino and leisure industry, according to numerous Asian business analysts. Aimed at stabilising the national economy and maintaining growth and employment rates, the devaluing of the Yuan is thought to represent China’s largest depreciation its ¥. currency for twenty years …

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Packer steps down as Chairman of Crown Resorts

Following numerous quarters of consecutive performance declines, billionaire James Packer has confirmed that he will step down as Crown Resorts Executive Chairman. As majority shareholder in the business, Packer will be transferred to a senior executive placement within the casino operator’s governance. Packer will further maintain his Co-Chairman position of subsidiary Melco Crown Entertainment Asia. Packer will be replaced as …

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Macau census records visitor low in March

Macau’s city census has reported a 13.5% decline to 2.37 million in tourist visits to the province this March, recording its lowest figure since September 2012. The Macau census noted a steep decline of 18% to 1.46 million in tourists arriving from mainland China. The poor tourist results for March, had reversed the slight visitor growth witnessed during January and …

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Pro lobby resubmits Japanese casino bill

Japan’s pro gambling lobby is preparing to resubmit its failed bill to legalise gambling in ‘integrated resorts’ by the end of the month. Pro casino law makers are targeting approval or progress for the bill by the end of 2015. Legalised gambling has been promoted cautiously by Prime Minister Shinzo Abe as part of Japan’s future economic growth program. To …

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Chinese Security Ministry warns officials & business leaders of surveillance in Macau

The Chinese Security Ministry has continued its hardened stance against corruption in Macau, by warning mainland officials and Chinese business leaders that they would be monitored if they visited Macau gambling enterprises. The hardened approach to Macau casino enterprises is part of President Xi Jinping’s wider ongoing effort to curve Chinese corruption through the ‘Tigers & Flies’ special taskforce. Xi …

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Macau six set to increase employee wages

Chinese news sources have reported that the six licensed Macau casino operators are set to increase employee salaries by a minimum of 5%, as the casino operators look to overcome a potential 2015 labour shortage in the Asian Gambling hub This week SJM Holdings stated to staff tha they would recieve a 5% pay rise in 2015. SJM Holdings will be …

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Macau gambling revenues hit first annual fall

After a decade of expansion, Asian gambling centre Macau has recorded its first ever growth decline, as city casino revenues fell by 2.6% to $44 billion. Asian business analysts expect tougher times ahead for the city, as it recorded a 30% monthly revenue drop this December. The gambling hub has been targeted the Chinese Public Security Ministry as China aims …

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