macau gambling – GamblersNews

Macau Casino Operators Excluded from a $1.7 Billion Economic Stimulus Program

Ivan Potocki — Thu, 07 May 2020 20:57:31 +0000

Even though Macau-based casino-operating companies recorded a massive 80% drop in gross gaming revenues for March, they will not get financial support, at least not yet. As reported by several news outlets, the casino operators responsible for thirty-nine casino facilities in Macau are excluded from a $1.7 billion-worth economic stimulus program which was crafted by the government with the main goal to help struggling business and companies during these difficult times with the coronavirus pandemic ravaging across the globe

According to one report released by Inside Asian Gaming, the former Portuguese enclave’s government just recently declares that the new economic stimulus program has been carefully crafted to help companies as well as Macau residents with sustaining employment in the area as well as with stimulating local demands following the global financial downturn directly caused by the coronavirus pandemic.

As estimated on the 14^th of April, there are more than 1.9 million cases of COVID-19 infections around the world while COVID-19 resulted in more than 119,000 deaths globally. At the same time, more than 453,000 infected individuals have recovered. The fatality rate was set at four percent in China, while it varies significantly across countries. The coronavirus pandemic had led to worldwide socioeconomic disruptions and it has affected every single industry in the world including the land-based casino industry.

Economic Stimulus Program Aimed at Small to Medium-Sized Companies

It was also reported by Inside Asian Gaming that the newly-designed economic stimulus program by the government of Macau is aimed to help small to medium-sized business ventures and companies. As estimated, the economic stimulus program is worth around $1.2 in addition to $450 million included as electric vouchers to help local residents. Each of these electric coupons for local residents is set to be valued at $626 and residents will be able to use it to purchase a variety of services and products excluding things such as telephone bills and utility.

Before this economic stimulus program emerged, residents of Macau received very similar electronic vouchers worth around $375 individually back in February as Macau struggled greatly with its coronavirus outbreak which eventually led to all Macau thirty-nine casinos to shut down their operations for a fifteen-day period which was extended later on.

Back to the latest economic stimulus plan, it will also see around 260,000 locals Macau employees gifted with a valuable cash subsidy of between $1,878 and $25,000. This support will be available for every one of Macau’s 40,000 small and medium-sized companies and business ventures. At the same time, Macau casino operators are not included in this new economic stimulus program.

Macau Finance and Economy Secretary Reacting to Criticism

Macau’s Finance and Economy Secretary Lei Wai Nong reacted to great criticism concerning that the brand-new economic stimulus program excludes Macau casino operators. Lei Wai Nong said that the Macau government is extremely appreciative of casino operators in the area for not laying off their employees and for sustaining their lives.

Nonetheless, he also added that Macau casino operators had accumulated great profits over the years and in the past months which gives them the ability to sustain employment and maintain operational once the coronavirus crisis passes. He concluded this official press release by saying that Macau’s government is and will be tilted in favor of small and medium-sized businesses, Macau residents and employees and he hopes that Macau casino operators understand their standing.

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Melco Resorts and Entertainment Ltd. Pondering Difficult Future of Macau

Ivan Potocki — Wed, 25 Mar 2020 22:49:31 +0000

Melco Resorts and Entertainment Limited is one of the leading Asian casino operators whose boss just recently shared his thoughts on what the future might hold for Macau. The company is an owner, operator, and developer of entertainment and casino facilities across Asia. Melco Resorts Entertainment Limited is based in Hong Kong. It has been present in the industry since 2004.

Today, the company owns several fully integrated casino resorts such as the Studio City Macau property, City of Dreams Manila, City of Dreams Macau, and Altira Macau. At the time of its inception, Melco International Development decided to enter a joint venture with Crown Limited which is an Australian gaming company. This marked the establishment of Melco Crown Entertainment Limited which was rebranded as Melco Resorts and Entertainment Limited back in 2017.

Speaking of the company’s business ventures, Melco Crown acquired a 60% share in the Studio City Macau venue which is a luxurious, resort project located on Cotai. Following new legislation related to the industry in Japan, Melco Resorts and Entertainment Limited submitted its official application to the government of Osaka in hopes to be given necessary permissions to construct and run a fully integrated casino resort here. However, in 209 the company decided to focus on the Yokohama market.

Difficult Times for the Macau Casino Industry

Macau Resorts and Entertainment Limited’s Chief Executive Officer and Chairman Lawrence Ho Yau Lung just recently decided to share his thoughts on what the future may hold for Macau casinos. In one of his official press releases, he said that it could take a long time for the Macau gambling industry to fully recover from the extremely negative impacts of the most recent Wuhan virus outbreak which caused all of Macau casinos to temporarily close their doors for at least fifteen days.

According to one report by GGRAsia, he made this revelation during a conference call with major investors who at the time discusses his company’s fourth-quarter financial outcomes. As previously mentioned, the Hong Kong-listed Macau Resorts and Entertainment Limited company is responsible for a number of casino resorts and several of them are located in Macau including the Studio City Macau venue and City of Dreams Macau.

The company also runs the City of Dreams Manila facility in the Philippines and it is also hoping to soon open its five hundred-room City of Dreams Mediterranean development located in the village of Tserkezoi. Lawrence Ho Yau Lung told major investors that his company anticipates Macau to remain quiet for a long time following the Wuhan virus outbreak. He also told investors and shareholders that in his opinion the gambling industry in Macau will most likely face a number of other difficulties over the following four to six months.

Macau VIP Sector to Rebound First

Lawrence Ho Yau Lung also believed that the Macau VIP sector will be the very first to rebound as it is dependent on high-value players that come from all over Asia to Macau. After the conference was held, the company’s officials also revealed that the firm’s Macau properties stood at around $2.5 million regarding daily expenses while the company’s tally was lower for around $500,000 than before following the company initiating cost-cutting efforts and reductions in other costs across different business levels.

As reported by GGRAsia, the company’s fourth-quarter financial outcomes also show a 3% increase in operating revenues which hit $1.45 billion mainly thanks to the company’s performance related to its mass-market businesses. Nonetheless, the casino operator also posted a 46% diminution in income for the last three months which hit $68.1 million. At the same time, the company’s operational equivalent decreased by around 15% to reach $173.4 million while its earnings before amortization, depreciation, tax, and interest declined for around 4% to reach $409.8 million.

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Macau Health Officials Urging Casinos to Fight the Outbreak of Viral Pneumonia

Ivan Potocki — Wed, 05 Feb 2020 15:01:13 +0000

As reported several days ago, in Macau, a number of health officials have advised the officials of Macau-based casinos to take certain measures including the installment of body temperature monitors and others at their facilities in order to prevent an outbreak of highly-infectious viral pneumonia.

According to one report released by GGRAsia, Macau’s Health Bureau shared this caution after the authority shared the news of several viral pneumonia cases of unknown origins in Wuhan. It was also reported that these cases of viral pneumonia in the city of Wuhan are somehow related to daily air links with services in Macau operated by China Southern Airlines Company Limited and Air China Limited.

Instructions by the Health Bureau and Gaming Inspection and Coordination Bureau

The same news service also reported that Macau health officials are extremely worried that this highly-infectious condition may very soon enter the gambling capital. Local health officials also worry that if a viral pneumonia outbreak happens in the area, it could be easily spread afield by customers in those forty-one land-based casinos in Macau.

For this reason, the country’s Health Bureau has joined the country’s Gaming Inspection and Coordination Bureau in order to instruct casino operators what they should do to fight against a possible viral pneumonia outbreak which is installing temperature monitoring devices at their entrances. Commenting on this news, Director for the country’s Health Bureau Lei Chin-Ion said that casino operators should consider taking further measures such as training their staff to recognize initial symptoms of that highly-infectious condition.

If casino operators in Macau decide to train their staff to recognize viral pneumonia symptoms, they also agree to send their customers who exhibit such symptoms to medical centers and hospitals. The Health Bureau Director also asked casino operators that their employees working at their casino floors ask customers with a fever and other symptoms of viral pneumonia if they have paid a visit to the city of Wuhan recently.

Growing SARS Concerns

Back in 2002, China suffered through an extremely difficult time when an outbreak of severe acute respiratory syndrome or SARS appears across many Chinese cities. This 2002 SARS outbreak lasted for nine months. During this time, this bacterial illness infected around eight thousand individuals globally and led to almost eight hundred deaths.

Initial symptoms of SARS are caused by the SARS-CoV coronavirus. Initial symptoms of the disease are very similar to those of flu including fever, lethargy, muscle pain, sore throat, and cough. Once someone is infected with the disease, it can lead to pneumonia including viral pneumonia, bacterial pneumonia and shortness of breath.

Even though no cases of severe acute respiratory syndrome have been reported for over fifteen years, Chinese health officials are extremely concerned over the Wuhan viral pneumonia illness especially as they do not know the origin of the disease. Concerns are even growing bigger as the Wuhan illness remains rather unclear and what health officials know for sure is that certain measures must be taken in order to prevent more people from getting infected. Like SARS, viral pneumonia is caused by viruses that tend to spread very quickly. Symptoms of viral pneumonia and SARS are also very similar including cough, fever, headache, myalgia while different viral pneumonia viruses cause different symptoms.

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