THE M3: RUSSIA; TAM COMMENTS ON CURRENCY MONITORING; SJM COTAI NON-GAMING

THE MACAU METRO MONITOR, JULY 11, 2013

 

 

MACAU MOGUL LAWRENCE HO COMMITS TO CASINO IN RUSSIA WSJ

Lawrence Ho's Summit Ascent Holdings Ltd. said Wednesday it agreed to buy a 46% stake in an initial US$130 million phase of the casino project on the outskirts of Vladivostok.  Melco International Development Ltd, which also is run by Ho would take a 5% stake.  It is unclear if MPEL is not involved. 

 

Ho and his Russian associates also signed a memorandum of understanding to be equal partners in a second phase of the project, estimated to cost US$500 million.  Ho's companies cited Russia's low tax rate, proximity to northeast China, "cordial diplomatic relationship" with Beijing and Vladivostok's tourism potential as reasons for the investment.

 

The first phase of the planned casino resort in Primorye—a vast eastern region bordering China and Korea—is scheduled to open in September of next year. The developers plan to build around 120 hotel rooms and install 65 gambling tables and 800 slot machines. The second phase could include 170 gambling tables, 500 slot machines, 500 hotel rooms and entertainment and conference facilities.

 

GOVT SAYS TOURISTS' CASH DECLARATION WON'T UNDERMINE MACAU'S FREE PORT STATUS Macau News

Secretary for Economy and Finance Tam Pak Yuen said that cash flow across the border would not be restricted “as long as it is not related to money laundering”, insisting that the city’s status as a free economy and free port would hardly be affected by the possible implementation of the cash declaration system.  The purpose of the system was to enable “higher transparency and monitoring of the flow of cash", he added.

 
When asked if the “threshold” was currently being studied, Tam said that “the relevant entity is studying the amount suitable for Macau’s situation”, reiterating that the first priority was to study “if Macau needs to implement this system”.
 
Tam also said that the cash declaration system “is not targeting the gaming industry,” stressing that the possible measure was not “a limitation on the movement of cash at all.”

 

SJM HOLDINGS SIGNS NON-GAMING ENTERTAINMENT FOR COTAI Macau Business

Olympics 2008 supplier Beijing Gehua Cultural Development Group will create an entertainment precinct and cultural attractions for SJM Holdings Ltd’s Cotai development.  The RMB2-billion (MOP 2.6 billion) deal will lead to the creation of the Wonderland of Art and Literature, including performances, exhibitions and amusement park rides based on Chinese cultural themes.

 




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