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Macau is considering a yuan-denominated stock exchange as the world’s gambling hub looks to diversify away from casinos

Macau is considering launching a yuan-based stock market to help it diversify away from gaming, its main source of revenue, and align the territory more with China’s growth plans for the Greater Bay Area in the country’s southern region.Macau’s Monetary Authority told Reuters in an email that it was starting feasibility studies for a securities market, including a stock market which would “leverage Macau’s advantage to serve the country’s need,” compared with established centres Hong Kong and… Source link

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Macau gambling tycoon Stanley Ho’s son buys 20pc stake in Australia’s Crown Resorts for US$1.3 billion

Australian billionaire James Packer has sold nearly half his stake in Crown Resorts casinos to Lawrence Ho, son of Macau gambling tycoon Stanley Ho, for A$1.8 billion (US$1.3 billion).Packer’s investment company, Consolidated Press Holdings, said late on Thursday that the sale to Lawrence Ho’s Melco Resorts and Entertainment involved 19.99 per cent of Crown Resorts, bringing its holding in the group down to 26 per cent.Packer, who stepped down from the Crown board last year to deal with what… Source link

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Indonesia’s gambling with a tax on e-commerce. Will it pay off?

INdonesia’S small- and medium-sized enterprises (SME) and e-commerce platforms are up in arms over a plan to levy taxes on online businesses, as authorities in Southeast Asia’s biggest economy grapple with tax collection from its burgeoning digital sector.The Indonesian tax authority is set to introduce the e-commerce tax scheme next month, getting the ball rolling by tabulating taxpayer identification numbers from SMEs that sell products and services on online marketplaces. The task of logging… Source link

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Macau extends gambling licenses for SJM and MGM China until 2022 to synchronise expiry date of all six casino concessions

Macau’s government has extended the gambling licenses of SJM Holdings and MGM China Holdings by two years, putting them on equal footing with four other casino concessionaires that operate in the world’s largest gaming hub.The concessions of SJM and MGM China will expire on June 26, 2022, the same as Sands China, Wynn Macau, Galaxy Entertainment Group and Melco Resorts & Entertainment Limited. SJM and MGM China will have to pay 200 million patacas (US$24.7 million) each for the extension.The… Source link

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Nephew of ‘King of Gambling’ Stanley Ho calls for STDM’s new controlling shareholders to settle HK$2 billion in unpaid share dividends

The nephew of “King of Gambling” Stanley Ho has written to the new alliance controlling his uncle’s casino empire demanding HK$2 billion (US$255 million) in unpaid dividends. Michael Hotung, also known as Mak Shun-ming, sent the letter via his lawyer on Monday. In the letter seen by the Post, he urged the new controlling shareholders of STDM, which refers to Shun Tak Holdings managing director Pansy Ho Chiu-king and the Henry Fok Foundation, to pay what he estimated to be worth HK$2 billion in unpaid dividends from the 6,263 STDM…

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‘King of Gambling’ Stanley Ho is sued by his nephew for HK$2 billion in unpaid share dividends

Macau casino tycoon Stanley Ho Hung-sun, known as the King of Gambling, is being sued by his nephew for HK$2 billion (US$255 million) in unpaid shares dividends, according to a legal document and people familiar with the situation. Michael Hotung, also known as Mak Shun Ming, filed a writ on Tuesday at the Hong Kong High Court against his uncle, his auntie Nanette Ho Yuen-hung and casino operator Sociedade de Turismo e Diversoes de Macau (STDM) in Macau. In it, he claims the dividends on more than 6,000 shares in…

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