THE M3: SO COMMENTS; CHINA CUTTING SPEND; SRI LANKA

THE MACAU METRO MONITOR, JULY 8, 2013

 

 

GAMING SPARED FROM MAINLAND SLOWDOWN: SJM Macau Business

The city’s gaming industry is safe from the mainland’s economic slowdown, SJM CEO Ambrose So said.  So believes gaming revenue can maintain “at least double-digit growth” in 2H 2013.

 

SJM HAS POTENTIAL SITES FOR SLOT PARLORS RELOCATION Macau Daily News, Macau Business

SJM CEO Ambrose So said that the company has found potential locations for relocating their slot parlors (Yat Yuen Canidrome Slot Lounge and Treasure Hunt Slot Lounge), and expected to relocate the parlors to the new location before November this year.  He added that SJM focuses more on traditional gaming models, slot business only take up 5% of its overall business, therefore, the relocation will not have much impact on the overall business.  Jai Alai casino is expected to be re-opened to public in the first quarter of 2014.

 

CENTRAL GOVERNMENT CURBS ON EXPENDITURE AFFECT MACAU Macau Daily News

China’s Ministry of Finance recently issued an announcement requiring all departments in the central government to cut general expenditure for 2013 by 5%.  Some local scholars said that the central government’s move indicates that China may see a slowdown of economic growth in 2H 2013, and it may have a slight effect on Macau’s gaming industry.

 

NEW PACKER DEAL: ASIA CASINO Sydney Morning Herald

Crown Group and Rank Holdings, Sri Lanka's biggest gaming corporation, will build a $350 million, 36-story entertainment complex, including a casino and a 400-bed hotel, on prime real estate in downtown Colombo. The casino is slated to open in 2016.

 

The complex will be exempt from paying corporate income tax for 10 years and will receive a hugely discounted rate for 12 years after that.  A spokesman for Crown said: “Negotiations on a proposed resort project in Colombo are still ongoing.”

 



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