Jia Kang, the former head of the Chinese Academy of Fiscal Studies, predicts "stable development for Macau's gambling industry, even though Beijing is preparing a legislative amendment to stop capital flight for gambling.
Emperor Entertainment Hotel Ltd. has issued a profit warning for the six-month period ending September 30, noting that the firm expects a consolidated net loss attributable to owners of the Company of not more than HK$160 million (US$21 million).
Macau Chief Executive Ho Iat Seng said on Saturday that so far there had been no attempt at creating travel bubbles between Macau and any other jurisdiction. He added that there might be the risk of a severe negative impact on Macau were it to open to visitors from foreign countries.
A sign Beijing is once again ramping up its anti-corruption rhetoric, combined with an increased focus on capital outflows, are likely to be further factors hindering recovery in Macau.
Success Universe announced that it will extend HK$58.8 (US$7.6 million) in financial assistance for the Ponte 16 resort in Macau. This follows a HK$39.2 million loan provided in July.
The numbers are in and they’re not pretty. The key Golden Week holiday didn’t produce the much-anticipated shot in the arm for Macau’s gaming industry, although they did highlight some noteworthy underlying trends that may drive longer-term performance.