The ongoing ‘trade war’ between the U.S. and China will unlikely have any effect on Macau’s GDP, said SJM executive director and CEO Ambrose So Shu Fai on Thursday, Macau Business reports.
Mr. So was speaking on the sidelines of an event on Thursday, explaining that there won’t likely be an effect on MAcau as the city’s GDP is so small when compared with mainland China.
“No doubt the trade war will pull down the general GDP of Mainland China, but the Chinese GDP is massive and, relatively, the GDP for Macau is very small,” he said.
The SJM boss also made some remarks about the performance of the gaming industry, noting that mass operations have done better than the VIP segment in SJM’s business.
Mr. So said he predicted the overall performance “would not be bad” for the second half of the year based on current performance.
As the Covid-19 crisis descended upon, first, China, then the world, the six Macau operators have not been idle in their CSR efforts, in spite of the mandated casino closures and reopenings under difficult economic conditions.
Macau’s operators have stepped up their corporate social responsibility (CSR) efforts in recent years, in particular when it comes to China cultural cooperation, which may help their case when it comes to concession renewal.
Melco Resorts & Entertainment and MGM China outperformed their peers in the latest reporting season, as the ramp up of new product offerings drove growth.
Macau's six operators are expected to post a collective EBITDA loss of $823 million for Q3, improving from a loss of $1 billion in Q2, according to a Bloomberg poll of analysts.
Macau’s visitor tally for 2020 could see a year-on-year decline of over 90%, having already witnessed a decline of 87% in the first eight months, according to the Macau Government Tourism Organization.
The Macau Government nine-month tax revenue from the gaming industry fell 72.7 percent from the same period a year ago to MOP23.4 billion. That's 46.8 percent of the amount the government had projected to collect.
Macau might have an important role to play in the launch of China’s digital yuan if the city’s casinos adopt the currency instead of the Hong Kong dollar, according to analysts.
China is accelerating the launch of the digital yuan in the Greater Bay Area with a special pilot in Shenzhen.
Macau-related casino stocks took a hit on the news that China's legislature was reviewing an amendment to the country's criminal law that could establish a new criminal definition for overseas gambling operations aimed at luring Chinese citizens.
SJM Holdings informed prospective employees at the recent job fair that December 20 was the tentative date for the opening of the much-delayed Grand Lisboa Palace in Cotai, according to the Macau News Agency. Those selected to become employees are expected to begin their duties next month in preparation for the opening. SJM Holdings itself […]
The children of the late King of Gambling, Stanley Ho, are continuing to fight over his fortune, with his oldest daughter becoming the latest to register an interest in his estate.