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Sands China to follow up The Parisian and The Venetian with The Londoner as part of US$2.2b Macau expansion plan

Sands China last week unveiled plans to upgrade the 1,200-room Holiday Inn at Sands Cotai Central in Macau, rebranding it as The Londoner, a destination resort in line with its other European city-based brands, The Venetian and The Parisian.The Londoner rebranding is part of a larger, US$2.2 billion expansion plan, to be unveiled by Sands China, which develops, owns and operates integrated resorts, retail malls and casinos, in stages. To start with, the Holiday Inn will make way for the 600… Source link

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Property 

Zhuhai’s proximity to Hong Kong and Macau should make it one of the best-performing property markets in Greater Bay Area

Zhuhai, one of the two destinations of the world’s longest sea bridge from Hong Kong, has the biggest potential upside for homebuyers out of the nine mainland Chinese cities that form the Greater Bay Area, according to Hong Kong-based Real Estate Foresight.Although new home price growth in Zhuhai was one of the weakest in the bay area cities over the past 12 months, it has outperformed the rest in sales transactions in the same period, the research firm said.The bridge connecting the city to… Source link

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Wynn Resorts looks for Macau rebound in 2020 after quarterly revenue slips 3.7 per cent

Wynn Resorts, which has a 72 per cent stake in Hong Kong-listed Wynn Macau, reported operating revenues softened to US$1.65 billion for the first quarter of 2019, a decrease of 3.7 per cent, or US$64.0 million, from US$1.72 billion for the first quarter of 2018.Wynn has two Macau properties, Wynn Macau in the Macau peninsula and Wynn Cotai in the Cotai strip. Operating revenues increased US$60.8 million at Wynn Palace and decreased US$94.4 million at Wynn Macau.Wynn’s Las Vegas operations saw a… Source link

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Macau casino revenue, weighed down by sluggish Chinese economy, hits three-year low

Macau casino revenue fell the most in about three years as China’s sluggish economy continued its chilling effect on high-end customers. Analysts, however, believe the world’s largest gaming hub has seen the worst of the recent slowdown.Gross gaming revenue for Macau casino operators was 23.6 billion patacas (US$2.9 billion) in April, down 8.3 per cent from a year earlier, according to data from the Gaming Inspection and Coordination Bureau. That was roughly in line with a median analyst… Source link

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Macau group targets rich Hong Kong retirees with promise of better quality of life in Greater Bay Area

A Macau conglomerate is targeting Hong Kong’s affluent retirees, urging them to leave the city’s cramped retirement homes for a better quality of life across the border in the Greater Bay Area.“It is time for Hong Kong’s retired people to embrace high-end housing and services,” said Amber Li, founder of Serensia Woods, a 300-unit retirement community in Zhuhai’s Hengqin area. “Hongkongers are among the wealthiest people in the world, but they live in cramped spaces.”The 2 billion yuan (US$298… Source link

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AirAsia says it may set up base in Macau, the first overseas carrier to throw its hat in since the end of Air Macau’s monopoly in January

AirAsia, the region’s largest low-cost carrier, may set up a base in Macau to serve Chinese travellers, becoming the first foreign airline to throw its hat into the ring since a January policy that ended Air Macau’s quarter-century monopoly in the gambling hub.“Entering China could be via Macau,” said AirAsia’s founder and chief executive Tony Fernandes, in an interview with South China Morning Post during Credit Suisse’s Asia Investment Conference in Hong Kong. “We do not have to be in… 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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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

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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…

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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…

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