The Macau Metro Monitor, April 18, 2012
GOVT CLOSE TO GIVING THUMBS UP FOR WYNN COTAI: REPORT Macau Business
According to Jornal Tribuna de Macau, the Macau government and Wynn Macau may sign its Cotai land grant contract within this month depending on the Lands and Public Works Bureau.
GALAXY PREPPING FOR PHASE TWO Macau Business
Galaxy says it is doing “some preparatory land works” for phase two of its Galaxy Macau resort in Cotai. Francis Lui Yiu Tung, vice chairman of Galaxy, said recently that Galaxy Macau’s second phase would double the property’s size and add more non-gaming elements to it, including meetings and conventions facilities and more retail space.
NEW SYNDICATE LOAN FOR PONTE 16 Macau Business
Pier 16 - Property Development Ltd, the owner of Ponte 16 casino resort, announced the signing of HK$1.9 billion (US$245 million) and RMB400 million (US$63.6 million) five-year syndicated loan facilities with 11 financial institutions. The proceeds will be used primarily to refinance existing credit facilities, to repay shareholders’ loans and to fund the construction of the third phase of the Ponte 16 development.
The loan facilities are guaranteed by the borrower’s shareholders, SJM and Success Universe Group Ltd at the ratio of 51 percent and 49 percent respectively. The third phase of Ponte 16 will feature a riverside commercial complex with a total floor area of approximately 40,000 square metres. The complex will also encompass space for the expansion of gaming areas and car parks, with construction expected to be completed by 2014.
TOURIST PRICE INDEX FOR THE 1ST QUARTER 2012 DSEC
1Q 2012 Tourist Price Index increased by 10.15% YoY, attributable to rising price indices of restaurant services and accommodation. Increasing hotel room rate, higher charges of restaurant services and entertainment in the Lunar New Year, as well as dearer prices of gold jewelry pushed up the price index of Restaurant Services (+18.60%); Entertainment & Cultural Activities (+15.09%); Miscellaneous Goods (+14.55%); and Accommodation (+9.20%).
1Q TPI decreased by 2.93% QoQ.