Macau

 

Francis Tam, secretary for economy and finance, said the government may begin reviewing renewal of Macau's gaming concessions in 2015. He raised the possibility the government could shift to five-year renewal contracts or even auction licenses. The concession of SJM Holdings Ltd. is set to expire in 2020, the earliest among the city's operators. 

 

 

Revenues for Sands China Ltd.  rose 39.9 percent in the second quarter from a year earlier to $2.07 billion, driven by busier tables at the Venetian Macao casino, the world's largest. "There were more people coming and spending more money," Sheldon Adelson, Las Vegas Sands Corp.'s chairman and chief executive, told analysts. "The macro view about China is not affecting the visitation to Macau." Net income for the company's Macau unit more than doubled to $487.6 million from $160.5 million in 2012.

 

The New Macau Association, a major pro-democracy party, called for an investigation of government officials involved in granting gaming subconcessions. Following a call by Jason Chao, the group's president, for the release of relevant documents, the government moved to publish the subconcession contracts online with the permission of the casino operators. Chao said the subconcessions creation was irregular but Francis Tam, secretary for economy and finance, defended the government's actions. 

 

Jay Chun, chairman of Paradise Entertainment Ltd., said he would appeal a decision by the Macau First Instance Court to acquit the local unit of SHFL entertainment Inc. of criminally infringing on a local patent he holds related to multi-terminal gambling systems with its SHFL Fusion Hybrid system. Paradise and SHFL are engaged in several lawsuits relating to the patent dispute which has limited SHFL’s inroads into the market for such systems in Macau.

 

 

Nearly 1,100 slot machines were removed from service during the second quarter, according to Gaming Inspection and Coordination Bureau statistics. The agency counted 15,310 in use as of June 30, down 10.1 percent from the peak of 17,035 registered a year earlier. The agency counted 16,406 machines as of March 31. Despite the drop, gross slot revenues rose 6.2 percent from a year earlier to 3.49 billion patacas ($446 million), though that was down from the previous two quarters.

 

 

Wynn Macau Ltd. paid HK$1.12 billion ($143.7 million) to Leighton Contractors (Asia) Ltd. for site work for its Wynn Cotai casino resort through June 30 and expects to pay another HK$471.7 million for additional pilings work and other construction preparations this month.  The company aims to open the $4 billion resort by Chinese New Year 2016

 

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.

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