Macau losses at MOP11 billion over Hato

Typhoon Hato, which struck Macau on August 23, is estimated to have caused around MOP 11.47 billion (US$1.4 billion) in economic losses, according to estimates from the government.

The damage included MOP 3.3 billion in direct losses, and MOP 8.1 in indirect losses.

The preliminary figures however did not include the potential losses of firms that had to suspend business operations due to typhoon damage.

Approximately 240 people were injured in the storm, and 10 people lost their lives.

The typhoon caused severe flooding and interruption to water and electrical supplies.

During a press conference, Lionel Leong, Secretary for Economy and Finance said that over a hundred public facilities were damaged, 500 hectares of forest areas were damaged and more than 500,000 trees were uprooted.

Macau’s chief executive, Mr Chui Sai On announced a number of measures to improve Macau’s response mechanism during public emergencies, including the strengthening of infrastructure to resolve flooding issues and ensuring the stability of power and water supplies.

The chief executive also announced the establishment of a committee to determine whether whether public departments and civil servants had acted appropriately during preparation for Typhoon Hato and in relation to relief work done in its aftermath.

More news from this jurisdiction

MacauThursday, Feb 22, 2018

Macau emerged as a major winner in the latest edition of the Forbes Travel Guide, with the highest number of five-star hotels, restaurants and spas.

MacauTuesday, Feb 20, 2018

Gross gambling revenue over the Chinese New Year period was disappointing, despite higher visitation to Macau, according to Bernstein analysis.

MacauThursday, Feb 15, 2018

Macau Legend Development says it expects to record an 85 percent increase in net loss for the year ended December 31, 2017, attributed to depreciation, financial and impairment costs.

MacauThursday, Feb 15, 2018

MGM China has announced the resignation of Mr. Kenneth A. Rosevear as a non-executive director of the company, effective February 14.

MacauWednesday, Feb 14, 2018

Melco has announced the payment of a one-month discretionary bonus to all eligible non-management employees, as well as a salary increase of 2.5 percent to 8.1 percent.​

MacauWednesday, Feb 14, 2018

Macau junket operator Rich Goldman saw its 17H2 profit fall 38 percent to HK$24.7 million (US$31.6 million), impacted by a significant drop in revenue from its gaming business.

MacauTuesday, Feb 13, 2018

Studio City, operated by Melco Resorts & Entertainment, today announced that it has been granted an extension of the development period under the Studio City land concession contract.