THE M3: CONCESSION CONTRACTS DEBATE; MGM MACAU REFURB; S'PORE GDP

THE MACAU METRO MONITOR, AUGUST 8, 2013

 

 

TAM SAYS CASINO OPERATORS PAID TAXES OVER SUB-CONCESSION CONTRACTS

In the plenary meeting held yesterday, lawmaker Chan Wai Chi accused the government of lacking transparency in allowing casino operators to grant sub-concessions, going even further to say: “The government didn’t see a penny of this money.”

 

In response, Secretary Tam said that WYNN, SJM, and Galaxy – the three existing casino concessionaires – had declared the money earned through the establishment of sub-concessions as profit.  “They paid taxes over that money, because they had to declare it as profit. Therefore, the government charged taxes over that income,” Tam reasoned.  Tam refuted the accusations of lawmakers on the irregularity of the casino sub-concession contracts and added that the government “had no intention of deceiving anyone”.  Moreover, he added that the government is planning to study the casino concessionaires’ contracts in 2015: ““We can renew the existent contracts for another five years or we terminate the contracts and launch a new public tender [to replace them],” he explained. 

 

MGM MACAU TO REVAMP PREMIUM AREA Macau Business

The MGM Macau is to close an 18-table premium mass-market area on its main floor for refurbishment next month.  MGM China CEO Grant Bowie says his company will spend US$56 million (MOP448 million) on the MGM Macau this year.
The casino will also revamp a high-limit slot-machine room. 

 

SINGAPORE ECONOMY EXPECTED TO GROW 2.5-3.5% THIS YEAR Channel News Asia

According to Prime Minister Lee Hsien Loong, Singapore's economic growth forecast for this year is between 2.5%-3.5%.  This is higher than the previous official forecast of between 1-3%.  In the first half of 2013, Singapore's economy grew by 2%.



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