CHOW MISSES MACAU RESORT BUYOUT DEADLINE scmp.com
David Chow Kam-fai has missed a deadline to pay US$200 million to buy out a group of shareholders in Macau Legend Development, Mr. Chow’s company which owns the Landmark hotel and gaming hall and the Fisherman’s Wharf entertainment resort. The buyout had been offered by Mr. Chow as a means to ending the business relationship between him and the shareholders after the shareholders’ investment in Fisherman’s Wharf (at 10x EBIT) fell flat; Fisherman’s Wharf failed to make financial targets after intense competition from other resorts including the Venetian.
The businessman and former lawmaker has pledged to spend HK$3 billion on a revamp of Fisherman’s Wharf. Shareholders have been selling large tranches of their stakes but remain in the consortium.
UNEMPLOYMENT IN MACAU ROSE TO 3.6% IN THE SECOND QUARTER macaunews.com.mo
The rate of unemployment in Macau rose by 0.1% to 3.6% in the second quarter compared to the first three months of the year, according to official statistics. According to the Census and Statistics Bureau, the rate of unemployment between April and June also rose 0.8% compared to 2Q08.