THE MACAU METRO MONITOR, NOVEMBER 4, 2013
SJM EXPANDS SHARE OF GAMING MARKET LAST MONTH Macau Business
SJM Holdings Ltd extended its lead in the gaming market last month. SJM Holdings had 26% GGR share and Galaxy had 21% share. Sands China fell to third place after its share shrank by two % points to 20%.
OKADA'S UNIVERSAL SELLS PART OF MANILA BAY PROJECT Macau Business
Kazuo Okada’s Universal Entertainment Corp has signed a deal with a Philippine developer that appears to be meant to calm a legal storm over a US$2-billion (MOP16 billion) gaming project in Manila.
Century Properties Group Inc signed a deal to develop 5 hectares of a 44-hectare site earmarked for an entertainment and gaming project. It also acquired a 26% interest in the Universal subsidiary that controls the Manila land. Universal’s move appears to be meant to undermine allegations that it broke Philippine law by setting up dummy companies to get around a rule that limits foreign ownership of land to 40%.
In a separate deal, Universal sold another parcel of shares in its Philippine subsidiary to First Paramount Holdings 888 Inc.
The combined effect of both deals means 60% of the project is in Filipino hands, Universal said.