LAS VEGAS SEEKS TO AMEND MACAU LOANS reuters.com
Las Vegas Sands Corp released a statement Wednesday, announcing their intention to amend its Macau bank loans of about $3.4 billion. An IPO of its Macau operations is still under consideration, but it will require the consent of lenders.
A spokesman refused to elaborate on a timeframe for the lender discussions or disclose the degree to which banks are being asked to relax covenant restrictions.
MACAU CHIEF EXECUTIVE'S FAMILY FIRMS SELL STAKE IN AIR MACAU scmp.com
Two companies controlled by Chief Executive Edmund Ho Hau-wah have sold their combined 1.25% stake in Air Macau to a subsidiary of mainland flag carrier Air China. The private sale comes just weeks after shareholders of the loss-making and technically insolvent Macau airline voted for a government-backed MOP 507.3 million rescue package.
The selling of the stake will ease concerns over conflict of interest regarding the bailout plan and rescue the family from having to dedicate additional capital into the troubled airline. Mr. Ho was a founding member of Air Macau in 1994.
MACAO'S LONE TOP JOB CANDIDATE PROMISES TO LOOK INTO GAMING TAX ISSUES chinaview.cn
Chui Sai On, the sole candidate for the position of Chief Executive of Macau, stated on Wednesday that he will examine the issues of the SAR's gaming tax and declining gaming revenues. In a meeting the members of the General Association of Administrators and Promoters for Macao Gaming Industry, Chui stopped short of disclosing any specific measures and instead promised to study the issues gaming tax and declining gaming revenues.
Presently, Macau casinos pay almost 40% of total revenues to Macau's government. This income provides over 70% of the SAR government's total revenues. Other nations such as Singapore may join the Asian gaming market in the near future. Macau clearly needs to ensure competitiveness in Asia and Chui has pledged to create a better environment for the gaming companies to operate in.