The Macau Metro Monitor, November 17th, 2010
CHIEF HANDS OUT THE GOODIES Intelligence Macau, SCMP
CEO Chui said yesterday that the government will monitor more closely its auditing of the casinos, enhance gaming-related laws and regulations, and restrict the opening of new casinos through measures like a cap on tables. IM thinks the a tighter supply policy is good news for SJM and MGM Cotai ambitions. The bigger news is the Great Handout:
- 5,000 patacas for every elderly person;
- 4,000 patacas for permanent residents;
- 2,400 patacas for non-permanent;
- 1,500 patacas for students with Macau identity cards;
- 6,000 patacas for every central provident fund account;
- 25% tax reduction;
- Medical voucher worth 500 patacas for all permanent residents;
- Rent subsidies for low income families awaiting public housing; and
- Pay rise for civil servants.
IM thinks the new cash handout is a positive step towards a looser policy on labor imports and steady growth prospects for Macau. While noting that the cash handout is lower than the one instituted from the March policy address, Chui said the new scheme "is no longer part of a temporary policy. We want to provide long-term protection." The cash handout will be launched in early 2011, instead of the usual Summer distribution.
REAL ESTATE WORRIES CHUI Macau Daily Times, SCMP
Chui repeated his previous commitment to build 19,000 public flats by 2012 and the creation of a task force to establish the ceiling income to buy affordable housing. He said the Government will try to maintain a stable and healthy real estate market by curbing real estate speculation. "Up to 72% of Macau residents own properties; we want to prevent a real estate bubble," he said.
AERL COMPLETES ACQUISITION OF VIP ROOM IN VENETIAN MACAO macaubusiness.com
VIP promoter, Asia Entertainment & Resources Ltd, has completed its acquisition of KGP, King's Gaming Promotion. KGP had operated one room with five tables at the Venetian Macao, gneerating US$129MM per month under a fixed 1.25% commission rate.