The Macau Metro Monitor, September 26, 2012
INVESTORS STEP UP INVESTMENT IN STUDIO CITY Macau Business
MPEL said it has reached an agreement with its partners in the Studio City project to invest an additional US$350 million (MOP2.8 billion) total in equity capital toward the venture. An option in the agreement allows Melco Crown’s partners six months to deliver their 40% share of the US$350 million. If not, the gaming operator will increase its stake in Studio City to 67% from 60% by investing the full US$350 million amount itself, Melco Crown said.
ANGELA LEONG TO RUN FOR NEXT AL: CASINOS YET TO INTRODUCE CONCRETE MEASURES FOR SMOKING BAN Macau Daily Times
SJM CEO Ambrose So told the media that operators are yet to come up with concrete measures to comply with the new smoking ban law. The reason for the lack of measures was that the government did not consult the industry earlier, so that operators did not have enough time to make the necessary preparations. While stressing that they supported the smoking ban, So also pointed out that the gaming industry is “special”, and the government should consider how to better enforce the ban inside gaming venues.
Angela Leong, Managing Director of SJM, said she expected the competition in the gaming industry to become more intense as more neighboring countries and regions joined the business, but she was confident that SJM would continue to play a leading role as its new project in Cotai is expected to give the company an additional competitive edge. Leong also confirmed to the media that she has opted to run again in the Legislative Assembly (AL) election scheduled for next year.
NO WAGE RISES EXPECTED FOR GAMING Macau Business
SJM CEO Ambrose So says he does not see a significant increase in salaries for staff in the gaming industry taking place in the coming years. Average monthly earnings for employees in the gaming industry increased 22% from MOP14,491 (US$1,811) in June 2007 to MOP17,740 in June this year, according to government statistics.
PUBLIC WORKERS GET EXTRA DAY OFF ON GOLDEN WEEK Macau Business
The government today announced it would give public workers a special grant for exemption from work on October 3. That means public workers will have a five-day break during the National Day Golden Week. The leave period starts on Saturday (September 29) and continues until Wednesday (October 3).