MACAU CASINO OPERATORS LOOK SET TO PULL ACES FOR REST OF YEAR scmp.com
Macau’s casino revenue is growing again, with August being a particularly impressive month. With trough compares for the rest of the year, many are predicting soaring growth figures in the coming months. The financial crisis, Beijing’s visa restrictions, and a credit crunch among VIP junket operators all contributed to the steep fall in earnings by Macau operators last year.
Cost cuts implemented by most casino operators have been effective; the companies are far leaner than before. With speculation mounting that visa restrictions will be relaxed this month, and upcoming calendar catalysts (such as the eight-day Golden Week holiday to mark China’s 60th National Day) boosting traffic, there could be significant mass market growth in the coming weeks and months.
HO SAYS “UNCLEAR” FACTORS OF FINANCIAL CRISIS STILL AFFECT MACAU macaunews.com.mo
Macau’s Chief Executive Edmund Ho Hau Wah warned on Monday that the public should remain cautious given the “unclear” factors of the financial crisis still affecting Macau. The remarks were made prior to his attendance at the 13th China International Fair for Investment and Trade in Xiamen.
Ho was quoted as saying, “different indices…show that the situation is not too bad, but unclear factors do exist, so we still need to make full use of all types of support the central government has given us, and maximize our efforts to promote economic development and guarantee employment and people's livelihood, efforts that will not be neglected." Ho’s term ends on December 19th, 2009.
GRAND HYATT MACAU AT CITY OF DREAMS OFFICIAL OPENING SET FOR SEPTEMBER 29, 2009 reuters.com
Melco Crown Entertainment, LTD today announced that Grand Hyatt Macau will open on Tuesday, September 29, 2009. The property adds approximately 800 guest rooms to City of Dreams and offers spectacular views over the City of Dreams resort or the west bank of the Pearl River. According to Lawrence Ho, Co-Chairman and CEO of MPEL, “Grand Hyatt Macau is set to become Macau’s most sophisticated luxury conference and special events venue”.