The Macau Metro Monitor, February 27, 2012
GOVT REVIEWING IR RULES, DETAILS TO COME 2ND HALF OF 2012 Strait Times
Three days after the Singapore government said it is considering more safeguards against problem gambling, it is also reviewing laws and regulations governing the integrated resorts (IRs), and will release more details in the second half of 2012. Minister in the Prime Minister's Office and Second Minister for Home Affairs and Trade and Industry, S. Iswaran, said such a review is timely as the IRs have been in operation for two years.
FINANCING IN PLACE FOR COTAI RESORT: MGM Macau Daily Times, Macau Business
MGM China's CEO Grant Bowie said, "We’re well advanced. So far we’ve had three successful submissions on the project for Cotai, adding that the company is “almost in a position to submit the final drawing.” Once the project gets government approval, it will take three years to build. “Our Cotai venture will be financed with our cash flow, which is quite high, and a credit facility,” added Hubert Wang, MGM China’s CFO.
“We are looking at some sort of show and some sort of exhibition opportunities,” Bowie confirmed. However, he added that MGM would not compete with Venetian Macau to host big exhibitions and conventions, two sectors that “have not developed as strong as we expected”. Instead the company’s Cotai resort will focus on incentives trips as “companies in the region are growing and looking into premium destinations,” as well as meetings, the executive said.
MGM's Cotai investment is ~USD 2 billion to USD 2.5 billion” (MOP 20 billion) with 500 tables, 2,500 slots, 1,600 rooms.
MELCO CROWN ENTERTAINMENT ANNOUNCES STREAMLINED MANAGEMENT STRUCTURE MPEL
Former Co-COO Nicolas Naples has left MPEL on 2/27/2012 on mutual agreement. Ying Tat Chan has been appointed as MPEL's sole COO.
MACAU EMPLOYMENT SURVEY FOR NOVEMBER 2011 - JANUARY 2012 DSEC
Macau's unemployment rate for November 2011-January 2012 was 2.1%, down by 0.1% point compared with the revised figure of 2.2% in October-December 2011. Total labor force was 345,000 in November 2011-January 2012 and the labour force participation rate held stable as the previous period, at 73.2%.