18, Jun, 2014

Macau casino stocks took another tumble on Tuesday on news that authorities will cut the maximum number of days Chinese passport holders with transit visas can remain in the city to stop abuse of the system.
However, analysts said the impact of the changes is likely to be minimum on Macau’s gambling industry, which generated a record $45 billion in revenue last year.

17, Jun, 2014

Macau’s June gross gambling revenue run rate was flat year-over-year at MOP28.3 billion ($3.5 billion) through to June 15, with table only GGR at $1.7 billion, Sterne Agee said.
The firm is maintaining its forecast for June GGR ranging between a decline of 2 percent and a gain of 3 percent. The bias is towards the lower end of the range, it said.
Part of the reason for the June slowdown will be the impact of the World Cup in Brazil, which ends on July 13th.
During the previous tournament in 2010, June GGR was down 20 percent from the previous month.

17, Jun, 2014

Illegal transactions involving UnionPay terminals hit 180 million patacas ($22.5 million) from January to mid-May this year, news agency Lusa reported. As a result, UnionPay International missed out on MOP 360,000 in fees. According to the report, traders are supposed to pay commission of 1.4 percent to parties involved in UnionPay transactions, while UnionPay International receives 0.2 percent of that amount.
The Portuguese news agency quotes the police as saying they have identified 41 mainlanders suspected of making such transactions.
 

14, Jun, 2014

China's lottery sales rose 12.6 percent year-on-year to 30.79 billion yuan ($5 billion) in May, according to Ministry of Finance figures, lead by the Welfare Lottery. Sales of welfare lottery tickets rose 16.2 percent to 17.65 billion yuan last month, while sports lottery sales rose 8.2 percent to 13.15 billion yuan. In the first five months of 2014, total lottery sales stood at 142.36 billion yuan ($22.9 billion), up 13.9 percent from a year earlier. Last year, total lottery sales topped 309 billion yuan, up 18.3 percent year on year.

14, Jun, 2014

The Westin Resort Macau on Coloane will be renamed as the Grand Coloane Beach Resort, Sociedade de Turismo e Desenvolvimento Insular said.
Starwood Hotels & Resorts Worldwide Inc had been managing the resort, but its contract is set to expire. The resort’s website says it will leave the Starwood chain on June 22.
The company says the new name “highlights the hotel’s distinctive signature as a lavish boutique resort”. The resort has 208 hotel rooms, an 18-hole golf course, a country club and spa.
 

13, Jun, 2014

Drake said the second phase of Galaxy’s Cotai project remains on track to open in the middle of next year, with the budget within the original plan. He added the cost overruns experienced by the some other operators are within reasonable range.

In a recent statement to the Hong Kong Stock Exchange, Melco Crown said it would incur an additional $300 million in costs for its Studio City development in Cotai, jacking up the total cost to $2.3 billion from an initial plan of $2 billion.

12, Jun, 2014

Authorities across Asia are stepping up their efforts to crack down on illegal sports betting, which is expected to see a surge in revenue as the 2014 World Cup kicks off in Brazil on Thursday.
According to The International Centre for Sport Security, Asian criminal gangs may be laundering as much as $140 billion annually through illegal sports betting, mainly on football. In a recent report in conjunction with the Sorbonne University in Paris, wagers of between $275 billion and $685 billion are made each year, with more than 80 percent of those illegal.

12, Jun, 2014

After a raft of downward ratings of Macau casino operators recently, Melco Crown Entertainment was given a thumbs up from Barclays, which initiated coverage on the stock with an overweight rating. The firm gave a $51.43 price target, representing an upside of some 67 percent from current market prices.
Other houses are less positive, with analysts at Telsey Advisory Group cutting their price target on Melco on Monday to $42 from $47, while ISI Group downgraded the company to a hold.

11, Jun, 2014

UBS has cut its estimates for Macau earnings growth for MGM Resorts and Wynn Resorts because of slowing VIP growth. The firm has also downgraded its rating on Las Vegas Sands’ stock to neutral from buy.

11, Jun, 2014

China Vanguard has reached an agreement to provide the Qinghai Sports Lottery Administration Centre with sales and management services related to its interactive self-service lottery.

Pages