VOTER’S REJECTION OF GAMBLING MAY KILL NAVEGANTE GROUP’S CASINO PLANS IN TAIWAN lvrj.com
Voters in Taiwan recently voted against casino gaming over the weekend. Gambling entrepreneur Larry Woolf’s Navegante Group spent nearly four years taking over a 27 acre beachfront site on Penghu island for a potential hotel, casino and resort project.
The vote kills the option for a casino for at least three more years. Some commentators have declared the vote to be a small positive for the Macau market given that Macau derives a small portion of its visitation from Taiwan.
WYNN MACAO SEES STRONG DEMAND AMID SHAKY HK IPO MARKET reuters.com
Sources have said that the Wynn Macau $1.6 billion IPO is several times covered, with one source saying the institutional portion was more than 10 times over-subscribed. Pricing is still a day or two away but if priced at the top of the price range of HK$8.52 to HK$10.08 per share, Wynn Macau will raise HK$12.6 billion in the fourth largest global IPO this year.
CHINESE CARRIERS ENJOY ROBUST DOMESTIC GROWTH, INTERNATIONAL RECOVERY atwonline.com
Buoyed by strong GDP gains and improved global economic conditions, Chinese carriers enjoyed increased traffic in August. Chinese airlines transported a total of 22.46 million passengers in August, up 41.6% over the same period a year ago. The Hong Kong and Macau markets also experienced a new peak this year as passenger boarding jumped by 17% year-over-year. August 2008 figures were negatively impacted by strict security measures implemented in advance of the Olympics.
MACAU BANKS CASH IN macaubusiness.com
Figures released yesterday by the Monetary Authority of Macau show that deposits with banks in July increased 2.2% from the previous month to MOP289.5 billion. Patacas and Hong Kong Dollars comprised of 22.1% and 46.2% of total deposits respectively. Deposits with banks rose at a faster pace than loans; the loan-to-deposit ratio edged down from a month ago.