Macau gambling is back

September 4, 2017 by  
Filed under East Asia, News

MACAU, 4 September 2017: Macau on Friday said gaming revenues rose more than 20% year-on-year in August, despite the city being hammered by Severe Typhoon Hato, which ripped through the city killing at least 10 people.

The destruction wrought by the typhoon and the government’s handling of it prompted the resignation of Macau’s weather chief, an apology from the city’s leader and the deployment of the People’s Liberation Army Macau garrison to help in relief efforts.

Hato plunged the city’s gambling resorts into darkness with slot machines and air-conditioning units turned off at some casinos despite backup generators, while some including the Grand Lisboa simply closed after power and water supply was cut. Read more

Macau casinos blamed for late warning

August 30, 2017 by  
Filed under News, North Asia

MACAU, 30 August 2017: Macau graft busters have begun a probe into the city’s weather bureau over its handling of deadly Severe Typhoon Hato, amid reports that deference to the island’s gaming industry was behind delays to its storm warnings.

The destruction wrought by the typhoon, which killed at least 10 people, prompted the resignation of Macau’s weather chief, an apology from the city’s leader and the deployment of the People’s Liberation Army Macau garrison to help in relief efforts.

Reports said consideration for the city’s gambling industry played a role in delaying the storm warning over Hato, which hit the city last Wednesday and was believed to be the strongest storm in 53 years. Read more

Bets are back on in Macau

March 20, 2017 by  
Filed under News, North Asia

MACAU, 20 March 2017: The mood in Macau is buoyant once again. Gaming figures that tanked for more than two years after being hit by an ongoing Beijing corruption crackdown are up again, and the move towards mass market gamblers seems to have worked.

Semi-autonomous Macau is the only part of China where casino gambling is legal and a favourite haunt of mainland big spenders.

But after President Xi Jinping announced his war on graft in 2014, many stayed away from the enclave, which had gained a reputation as a money laundering centre for illicit cashflows out of China, with the crisis compounded by a growth slowdown on the mainland. Read more

Vietnam chases gambling dollars

February 6, 2017 by  
Filed under News, Vietnam

HANOI, 6 February 2017: Punters in gambling-mad Vietnam cheered the easing of a ban on sports betting Saturday, as the communist government moves to bring a booming black market industry above board.

Vietnam has long barred locals from gambling of any form, allowing only a few foreigner-only casinos.

But the law is widely flouted — especially in the run-up to major sporting events — when millions of dollars change hands through illegal gambling dens or online betting rings. Read more

Last trump for casino

October 11, 2016 by  
Filed under AMERICAS, News

WASHINGTON, 11 October 2016: The Trump Taj Mahal, one of the glitzy casinos on which Republican presidential candidate Donald Trump pinned his reputation as a real estate mogul, closed Monday after a financially tumultuous history.

The 15,000 square foot hotel and gaming complex, which passed through two bankruptcy reorganisations since it opened in Atlantic City in 1990 at a cost of some USD1 billion, shut down after again piling up losses and failing to resolve a long dispute with workers over wages and benefits.

The casino was no longer owned by Trump, having been taken over by Wall Street investor Carl Icahn in 2014. But it continued to carry the candidate’s name, the last of three he launched in the New Jersey coast resort. Read more

Macau gambling recovers

September 2, 2016 by  
Filed under News, North Asia

HONG KONG, 2 September 2016: Macau’s monthly gaming revenues ended a more than two-year slump Thursday, rising for the first time in 26 months, helped by multiple mega-resorts launching in the casino enclave.

A corruption crackdown by Chinese president Xi Jinping and a slowdown in the economy since mid-2014 have led to a plunge in revenues in the Asian gambling capital.

China’s clampdown drove away many mainland high-rollers who had propped up the VIP sector in the former Portuguese colony, which is now under pressure from Beijing to diversify away from gambling. Read more

Crown spins off Macau assets

June 16, 2016 by  
Filed under News, North Asia

SYDNEY, 16 June 2016: Australia’s Crown Resorts on Wednesday said it will separate its “high-performing” local assets from its international businesses, namely casinos in under-performing Macau.

The company, majority owned by mogul, James Packer, said the initiatives were endorsed by the board and were designed to maximise shareholder value and ensure a more efficient ownership structure for Crown’s assets.

The demerger will lump together casinos in Melbourne and Perth, a proposed luxury resort in Sydney and its gambling and online gaming operations, the company said. London casino Crown Aspinalls will also be included. Read more

Crown cuts stake in Macau

May 9, 2016 by  
Filed under News, North Asia

SYDNEY, 9 May 2016: Casino mogul James Packer’s Crown Resorts has offloaded part of its stake in Macau-focused Melco Crown Entertainment for USD800 million, as gaming revenue slumps in the Chinese territory.

Melco repurchased 155 million shares at USD5.17 each from a Crown subsidiary to lower the Packer company stake from 34.3% to 27.4%, the Australian-listed firm said in a statement late Wednesday.

“Crown intends to maintain a significant investment in Melco Crown Entertainment,” the company added. Read more

Macau steers new course

March 25, 2016 by  
Filed under News, North Asia

BANGKOK, 25 March 2016: Macao Government Tourism Office hopes to create new tourism content to counter a dependancy  on casino travel.

Speaking at a media group interview, Tuesday, the office’s department of communications and external relations head, Kathy Long, said Macau would  offer multi tourism products to attract more leisure tourists rather than gamblers.

In 2015, there were 30,714,628 visitors to Macau a slight drop of 2.6% from 2014.  Mainland China, Hong Kong, Taiwan, South Korea and Japan were the top five source markets.   Read more

Danang eases cruise rules

January 12, 2016 by  
Filed under News, Vietnam

DANANG, 12 January 2016: Danang is the first city in Vietnam to relax long-standing restrictions and allow foreign tourist cruise ships to keep their casinos and duty-free shops open ,while berthed at the city’s port.

Local media quoted Danang Department of Tourism deputy director, Tran Chi Cuong, saying the restrictions will be lifted from the middle of this month. The first cruise line to benefit will be the Hong Kong-based Star Cruises.

“We have reviewed all relevant legislation and found no rules that require foreign ships to close certain services when docking in Vietnam.” Read more

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