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Macau
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The president of the Industry and Commerce Federation of Macau Central and Southern District, Lei Cheok Kuan, suggested that the government distribute MOP15,000 to residents across three months in a bid to help sustain local businesses, the Macau Daily Times reported. According to the official, the first two MOP15,000 can be given in cash, while the remaining stimulus could be handed out in a form of e-vouchers as a way to support the small and medium-sized enterprises (SMEs) due to near-bankruptcy of these firms.
Studio City Macau, Lawrence Ho and James Packer’s $4.5 billion integrated casino resort on the Cotai Strip is in trouble and could default on the $1.41 billion loan used to complete the construction of the hotel, Casino.org reported. That’s the word from rating agency Standard and Poor’s Financial Services, which this week issued a negative outlook for the resort’s bonds, off the back of a 42.5 percent slide in their value. Macau’s first ever TV and movie-themed resort opened in October 2015.
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In the heart of Macau stands a 56-story tower with soaring gold-trimmed arches. On the second floor of the L’Arc Macau, there’s a sight that would have been unimaginable a year ago: An abandoned room for high-end gamblers, Bloomberg News reported. There are no tables, no dealers and no players. Carpets have been rolled up, leaving a trash-covered concrete floor. A sign on the VIP room reads “Heng Sheng Group,” one of Macau’s top junket operators, which shuttle Chinese high-rollers to exclusive gaming venues and finance their bets.
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Las Vegas Sands Corp. Chairman Sheldon Adelson Monday said he expects to restart construction on the casino operator's delayed resort projects in Macau in about five months, with the first two phases of the project to be completed by the end of 2011, The Wall Street Journal reported. Construction of the project was halted in November last year due to a lack of funding during the credit crunch. The new target underscores Sands' renewed ambitions in Macau, the world's biggest casino growth market and the only place in China where gambling is legal.
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Las Vegas Sands Chairman Sheldon Adelson said the opening of the company's $5.5 billion Singapore casino and resort has been delayed again, and now expects it to begin operations in April, The Associated Press reported. The Marina Bay Sands, one of two casinos being built in Singapore, was initially scheduled to open this month. Then Adelson said in July it would open by February. Heavy rains and the bankruptcy of some of the project's sub-contractors further pushed back the opening, Adelson said.
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Despite assurances from the developer, Singapore is looking for ways to avoid ending up with a mammoth unfinished project on a prominent piece of land if U.S. casino operator Las Vegas Sands Corp. is unable to complete a $4.9 billion gaming venture, the Wall Street Journal reported yesterday. Sands said in a filing with the U.S. Securities and Exchange Commission last week that it was in danger of not meeting obligations to its lenders on a $3.8 billion portion of its debt unless it raises capital, cuts spending on developments or increases its Las Vegas earnings by year end.
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