THE M3: LOTS 5,6,7,8; S'PORE GAMING TAXES

The Macau Metro Monitor, January 11, 2011

 

ADELSON PREFERS SOMEONE ELSE TO DEVELOP PARCELS 7 AND 8 macaubusiness.com

“If somebody else builds on [parcels] 7 and 8, I will be happy. Happier than if I were going to build on it because it will create more critical mass for Cotai," LVS CEO Adelson said.  He added that it will take Sands ~1.5yrs to complete parcels 5 & 6.  Afterwards, the company will start developing parcel 3, which will take ~3yrs.

 

Commenting on Galaxy Macau, Adelson recalled, “Galaxy has already been on Cotai for the last four years" with Grand Waldo, saying the company hasn’t been very successful there.  “I am not that excited about them contributing so much to the growth of Cotai because they are not themselves good operators,” he added, saying that most of Galaxy’s gaming operations are currently in the hands of third parties.

 

Adelson stressed that Sands China wouldn’t actively chase more direct VIP business, focusing instead on improving relationships with VIP operators, unlike what was previously being done by former Sands China CEO, Steve Jacobs.

 

GOVT NETS CASINO WINDFALL Channel News Asia

The Government saw a net increase in betting tax and GST revenue of S$420MM with the entry of the two Integrated Resorts between April and November 2010.  In that same period, total casino entry levies collected by the Totalisator Board (Tote Board) increased S$130MM.

 

Second Minister for Finance Lim Hwee Hua said, "While the IRs have brought in new revenues, collections from other gaming activities such as lotteries, horse and sports betting and fruit machines operated by clubs have fallen."

 

Revenues collected by the Government from the IRs will flow into the Consolidated Fund.


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