19, Jul, 2013

 

Total turnover from horse racing for the Hong Kong Jockey Club rose 9 percent to HK$93.8 billion ($12.1 billion) for the 2012-13 season, passing the previous high of HK$92.4 billion reached in 1996-97. Betting duty paid to the government similarly rose 8.6 percent to HK$11 billion, near the peak level reached in the 1999-2000 season. Net margin for the club was HK$4.09 billion, up 7.6 percent, and it attracted more than 2 million spectators to its 83 race meetings.

19, Jul, 2013

 

Customs officers in the Huanggang district of Shenzhen abutting Hong Kong seized HK$4 million ($515,600) in cash carried by a man returning from Macau who said it represented casino winnings. The man said he was unaware of the requirement to declare foreign currency holdings in excess of  HK$5,000 when crossing the border. The seizure, which occurred in February, was the largest of 141 seizures, involving a total of Rmb 36.3 million ($5.9 mil), made by the customs office in the first half of the year, officials said.

13, Jul, 2013

 

The Macau government is considering requiring visitors to declare the cash they carry across the border, according to the city’s Financial Intelligence Office, which is in charge of anti-money laundering measures. The office said that a cash declaration system was being studied but no timeframe, threshold or penalties had been determined. While analysts speculate on it's potential negative effect, the Macau government has stated the measure is not targeted at the gaming industry.

13, Jul, 2013

 

The US Securities and Exchange Commission has ended its inquiry into allegations by a Japanese billionaire that the casino operator Wynn made an improper donation to the University of Macau. The SEC said it would not take any enforcement action. Steve Wynn has been embroiled in a court battle against Kazuo Okada, formerly the casino operator’s largest shareholder. Okada had publicly questioned the donation.

05, Jul, 2013

 

Retail investors have shunned the initial public offering of casino hotel operator Macau Legend Development even after it slashed the size of its fund raising by more than 60 percent. Of the 205 million shares available in the  public offer, only 16% were taken up. Macau Legend was forced to cut the size of its IPO amid uncertainty over China’s economic outlook.

 

05, Jul, 2013

 

Gambling revenue generated by Macau’s casinos rose 21% in June from the previous year, showing that growth in the world largest casino market remains strong. According to figures released by the Gaming Inspection and Coordination Bureau, gross gaming revenue totalled 28.3 billion patacas ($3.6 billion) in June, in line with forecasts from industry analysts. June’s figure marked a 4.4 percent decline from May, while revenue for the first half of the year reached 171.4 billion patacas, up 15.3 percent from 2012.

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