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Macau

Residents of Macau are snapping up apartment buildings on Hengqin island, with more than 200 flats being sold in pre-development sales in three weeks.
“About 70 to 80 percent of buyers are local residents, and most of them are young people below the age of 30,” an unnamed real estate agent told the Macau Daily Times.
A residential complex promoted by a Zhuhai-based property developer, the Huafa Group, has been featured in the pre-sale listings, offering a selling price of RMB40,000 per square meter for a four bedroom apartment.

The Macau VIP/junket model that helped fuel growth in the world’s biggest gambling hub now appears to be “near broken,” with no near-term respite seen for conditions on the ground, Standard Chartered said in a note.
Funding and liquidity remains very tight, junkets are facing difficulty obtaining capital, and turning that capital, leading to weaker rolling volumes and margin pressure, it said.
“We see these issues persisting well into a China easing scenario.”

Macau gross gambling revenue is likely to show a drop of 20 percent in November, the sixth straight month of declines, according to Sterne Agee checks.
The firm said Macau table-only GGR through Nov. 23rd was MOP17.9 billion ($2.24 billion), while including slots it was MOP24.3 billion.
As a result, the firm said it has narrowed its forecast range for November to a drop of between 19 percent and 22 percent, from 17 percent to 21 percent previously.

Emperor Entertainment Hotel, which operates two hotels and gaming facilities in Macau, posted a decline in profit and revenue for the six months ending Sept. 30th and said it’s seeking expansion opportunities to boost long-term growth.
Emperor operates the Grand Emperor Hotel and earlier this year acquired the Best Western Hotel on Taipa, which is currently under renovation until 2015.

China Star Entertainment said it has reached a deal to sell the Lan Kwai Fong hotel in Macau for $2.23 billion ($287.5 million)
The company said in a Hong Kong Stock Exchange filing that it may be entitled to a further bonus consideration of as much as $1.93 billion. The bonus is related to the Macau government granting rights to develop four parcels of land.
The bonus consideration will be paid within 21 days following the formal approval
by Macau Government of the Permit for Construction Work for the properties.

In a significant step the border crossing between Macau and Zhuhai will be open on a 24-hour basis from December 18, with the Lotus Bridge Cotai Frontier Post linked to Hengqin Island the first to benefit.
Macau government spokesman, Alexis Tan, said another key access point, the Border Gate linked to Gongbei will see the hours extended to open at 6 am and close at 1 am.

Despite concerns over the strength of China's economy and a decline in VIP gamers,
official data shows that visitors to Macau spent MOP15.5 billion ($1.94 billion), excluding bets, in Q3, 2014, marking a 4.6 percent rise over a year earlier.
But the Statistics and Census Service also showed that spending per head was lower by one percent to MOP1,878 reflecting the growth in visitations.
Chinese mainlanders remained the biggest-spenders, at MOP2,220 per head, but this average was down by 4 percent compared with a year ago.
 

Standard & Poor’s has joined rival rating agency Fitch and other analysts in predicting "some loss of momentum" in the Macau market in 2015, largely due to a decline in VIP gaming revenues, and gains in mass-market gaming.
In a research report, S&P said the slower trend also reflected slower economic growth as well as the impact of the anti-corruption campaign in China.

Louis XIII Holdings, which is building a luxury hotel on the Cotai strip, said it has made substantial progress on the project in the six months to end-June, completing foundation works and beginning above ground construction.
The Hong Kong-listed firm said it has also received formal approval from the Government of Macau regarding the General Building Plan.
Detailed design work is now approximately 85 percent completed, while the company said it’s well positioned to hit its target of completing approximately 75 percent of the tender process by the end of 2014.

LT Game, a Macau gaming equipment supplier, plans to enter the booming social casino market and expects to launch a new product by the first quarter of next year at the latest, chairman Jay Chun, told AGB.
Online gambling for real money is illegal in Macau, yet Chun said the industry has “slowly started lobbying” for change in the world’s biggest gambling hub.
“In the meantime we do not have a plan for online casinos, but with social games we do,” he said.

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