The Macau Metro Monitor, June 25, 2012
UNIONPAY'S TIGHTENING OVERSEAS SPENDING LIMIT AFFECTED VIP BUSINESS Macau Daily News
Visitor arrivals and gaming revenue in VIP business have declined sharply in the recent two months, triggering concerns over tightening of the Individual Visit Scheme by Guangdong authorities. Gaming industry insiders said that the gaming revenue was most affected by the tightened overseas spending limit by China UnionPay rather than the enforcement of visa endorsement by mainland authorities. It is predicted that the gaming revenues for the whole year would maintain a single-digit growth.
CHUI BACKS ALVES IN SANDS' BEIJING BRIBERY ALLEGATIONS Macau Business
Macau Chief Executive Fernando Chui Sai On said he accepted Leonel Alves’ explanation regarding the alleged payment requests by a high-ranking Beijing official to Sands China Ltd. Alves he had personally explained the issue to Chui, while once again rebuffing claims of any wrongdoing in the case.
The Beijing official in the case claimed he could help Sands China gain government authorization to sell units at its Four Seasons luxury apartment hotel in Cotai. The deal would also include a settlement in the on-going litigation process between Sands and Taiwanese Asian American Entertainment Corporation Ltd, led by businessman Marshall Hao. The amount requested was US$300 million (MOP2.4 billion).
Aside from being a lawyer and Sands China Ltd legal adviser, Alves is also a legislator in Macau and a member of the city’s executive council, an advisory body to the Macau government. He is also a member of the Chinese People’s Political Consultative Conference.
SINGAPORE INFLATION EASES TO 5.0% IN MAY Channel News Asia
Singapore CPI in May was +5.0% YoY, down from +5.4% in April, as prices for accommodation and oil-related items rose at a slower pace. This was better than economists' forecast of +5.1%.