Macau

Gaming profits for Paradise Entertainment Ltd. fell 23.4 percent in the first half of 2013 to HK$63.4 million ($8.2 million) despite a 27.3 percent

rise in segment revenues to HK$405.1 million. The company, which supplies gambling machines through its LT Game unit and operates the Casino Kam Pek Paradise, did not explain the divergence in announcing its results.

Macau gambling revenues rose 17.6 percent in August from a year before to 30.74 billion patacas ($3.92 billion), the second highest total ever,

according to figures from the Gaming Inspection and Coordination Bureau. The total was in line with analysts' estimates. Revenues for the year to date reached 231.7 billion patacas, up 16.2 percent from 2012. The current monthly record is the 31.34 billion patacas in turnover generated in March.

Amax Holdings Ltd. announced a three-way deal under which it stands to raise a net HK$9.3 million ($2 million). Ng Man-sun, chairman and chief executive, is to sell 11 million of his Amax shares through SBI E2-Capital to at least six investors, described as independent third parties, for 86 cents a share, and then the company will sell Ng 11 million new shares at the same price. The shares closed at HK$1 in the session before the announcement.

Gaming revenues for Macau Legend Development Ltd. climbed 19.2 percent in the first six months of 2013 to HK$623 million ($80.3 million) thanks to a 20.8 percent rise in mass table revenue. Profits from gaming at the Landmark Macau casino hotel and Macau Fisherman's Wharf rose 23.3 percent to HK$409 million. The company said a new VIP room with six tables opened last month in a renovated area of the Landmark and a partner would soon be chosen to run a second new VIP room as well.

 

Profits from the Hotel Lan Kwai Fong Macau for owner China Star Entertainment Ltd. rose 70.3 percent to HK$136.6 million ($17.6 million) as revenues rose 21.1 percent to HK$631.7 million driven by gains from mass market tables. Revenues from the company's investment in a VIP room operated by Ocho Sociedade Unipessoal Ltd. in the Grand Lisboa casino fell 57.4 percent to HK$3.69 million and the company took a HK$41 million writedown on the operation. China Star said Ocho has been losing customers and sub-junkets attracted to "other large and well-equipped new hotels and casinos".

Macau has given Melco Crown Entertainment Ltd. permission to relocate a Mocha Club from the Marina Plaza building in downtown Macau to the Kuong Fat building across the street, the company said. The club, which has 300 gaming machines and a VIP area, is one of three that the government has told the company must be closed by November 26 to comply with new rules to keep slot lounges out of residential areas.

Service fees collected by Eternity Investment Ltd. to manage the concierge department of its remaining client junket agent in Macau plunged 57.3 percent in the first half of the year from a year earlier to HK$277,000 ($36,000) after the junket tightened credit to Chinese customers in response to signs of slowing in the mainland economy. Hong Kong-listed Eternity said it expects to report "a slight decrease" in the business for the rest of the year as well and recorded a HK$3.8 million impairment loss on its investment, driving the segment into an overall loss of HK$3.5 million.

The Commission Against Corruption has filed case with prosecutors over alleged fraud and forgery by an unnamed academic gambling researcher. The academic is alleged to have submitted false documents to several government agencies that backed a gaming seminar held last year in Macau to conceal that five gaming companies had also provided a combined 300,000 patacas ($38,000) in support; he allegedly indicated they had only provided 60,000 patacas and kept the balance for himself.

 

Six corporate jets that SJM Holdings Ltd. has leased from Credit Suisse for at least five years for use by VIP customers are in the process of being sold due to low demand. The planes are operated by Jet Asia, a sister company, which has already found a customer for four of the aircraft.

Dynam Japan Holdings Co. is to set up a pachinko area at Macau Fisherman's Wharf under a memorandum of understanding with Macau Legend Development Ltd. Under a five-year pact, Dynam would receive a share of revenues from the machines while paying rent to Macau Legend, in which it holds a 1.85 percent stake. Dynam also would market Macau Legend's casinos and hotels in Japan and Korea and advise Macau Legend on the creation of food, retail and entertainment facilities for such customers at Fisherman's Wharf.

Pages