Home 

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

Read More
China 

China’s foreign investment law will apply to Hong Kong, Macau and Taiwan

China’s new foreign investment law – to be passed during the annual legislative session that opens on Tuesday – will also apply to investors from Hong Kong, Macau and Taiwan.Zhang Yesui, spokesman for the 11-day National People’s Congress, clarified on Monday that the new legislation would cover investments from the three places – something that was not explicitly stated in the draft bill that has been out for consultation since December. The legislation is expected to be tabled on Saturday… Source link

Read More
Home 

Pansy Ho deepens alliance with Hong Kong’s Fok Foundation to strengthen grip on Macau casino operator SJM Holdings

Shun Tak Holdings, founded by Macau tycoon Stanley Ho Hung-sun, has deepened its alliance with one of Hong Kong’s wealthiest families to strengthen its control of the largest holder of casino licences in the former Portuguese colony, giving managing director Pansy Ho Chiu-king the upper hand in a family tussle for the magnate’s gambling empire. Pansy Ho, the eldest of the tycoon’s five children with his second wife Lucina Laam King Ying, signed an agreement with the Fok Foundation, Lanceford and Interdragon to maintain STDM’s 54 per cent stake in…

Read More
Money 

Chinese police break up criminal syndicate for illicit transfers of US$4.4 billion through Macau casinos

Chinese police broke up a criminal syndicate that used Macau’s casinos to remit up to 30 billion yuan (US$4.4 billion) out of the mainland, in one of the largest cases of capital flight in the country. Police from the Chinese capital conducted simultaneous raids in Beijing, Hebei, Hubei, Guangdong and Macau, before arresting 39 suspects on January 7, according to Xinhua news agency. The gang, led by a suspect surnamed Xu, had smuggled point-of-sale (POS) machines registered on the mainland to Macau, and offered them to gamblers for withdrawing cash…

Read More
Home 

High-rolling VIPs help Macau casinos pull in gaming revenues of US$37.6 billion in 2018

Gambling revenue in Macau rose 14 per cent in 2018, the second consecutive year of gain as demand to wager in the Chinese territory continued to rebound from a prolonged slump. December was also the 29th straight month where revenue in China’s only legal gambling hub rose versus the same month a year prior, according to data released on Tuesday by the Gaming Inspection and Coordination Bureau. Revenue rose 16.6 per cent to 26.47 billion patacas (US$3.3 billion) versus the 10-15 per cent estimates of analysts polled by Reuters. Revenue…

Read More
Home 

Will US firms’ Macau casino licences get politicised by US-China trade war? Don’t bet on it

As the US-China trade war escalates, with all economic ties between the two countries at risk of being politicised, investment banks and fund managers are keeping a close eye on casino licences for American companies in Macau. “The US-owned Macau casinos are sitting on what could be called a geopolitical fault line,” said Steve Vickers, the chief executive of Hong Kong-based specialist risk consultancy Steve Vickers & Associates. “First, one of the main Macau casinos is the largest donor to the United States Republican Party and, thus, directly to President…

Read More
Home 

Macau Theme Park and Resort latest firm to bet big on family tourism with Line Friends themed hotel launch

When the son of Macau casino king Stanley Ho Hung-sun ­unveiled his company’s latest development in the city, the HK$5 billion Lisboeta resort in Cotai, last month, he was clear it was not going to be just another gambling destination. “The clientele I’m going for is … family travellers.” said Arnaldo Ho Yau-heng, director of Macau Theme Park and Resort. “Hotels survive in Macau even when they do not have a casino.” Macau casino operator SJM spikes 8pc as Goldman upgrades target price ahead of hotel opening His comments reflect…

Read More
Property 

Wynn Macau shares dive despite a 148 per cent jump in third-quarter profit

Shares of Wynn Macau, chaired by Hong Kong-based entertainment tycoon Allan Zeman, dived on Thursday even though the company posted a 148 per cent jump in third quarter profit from a year earlier. Net profit for the Macau unit of Wynn Resorts in Las Vegas, reached US$223.5 million. The company, which operates Wynn Macau and Wynn Palace, delivered US$1.31 billion in operating revenues for the three months through September, compared with US$1.09 billion in the same period in 2017. The increase was boosted by a 40 per cent jump in…

Read More
Investment 

Macau casino firm Studio City takes US$359m in US listing

Studio City International Holdings has raised US$359 million in its US initial public offering (IPO), pricing its shares at the top of the Macau casino and resort company’s targeted range. Studio City sold 28.75 million American depositary shares for US$12.50 each on Wednesday after pricing them at US$10.50-12.50, according to data compiled by Bloomberg. The listing may provide a lift for Macau’s gaming industry, which has been beset by increased government scrutiny, potential economic fallout of China-US trade tensions and, in September, Typhoon Mangkhut. An index of six Macau gaming…

Read More
Home 

Macau casino shares down 40 per cent since June as trade war deters Chinese high rollers

China’s crackdown on corruption and investors’ fears over the impact of the trade war on the economy have sent the stock prices of Macau’s top six casinos tumbling an average of 40 per cent since June, bringing their valuations back down to reasonable levels. But investors are not convinced the cheaper stocks are a sign that a reversal is on the cards, given expectations that many wealthy Chinese high rollers will continue to give Macau a miss as economic growth and the value of the yuan exchange rate weakens. Gross…

Read More