The Macau Metro Monitor, April 19th, 2010
SANDS CHINA CEO: COTAI EXPANSION ON TRACK FOR JULY 2011 OPENING WSJ.com
Sands China CEO Steve Jacobs said Monday that the expansion project in Cotai is on track to open in July 2011, and the company plans to have 670 gaming tables at the opening. According to Jacobs, Sands China has no funding constraints and is ramping up the construction of the project.
The comments come after Sands China postponed a news conference for a signing ceremony with contractors to restart construction of the project last month. The postponement raised concerns the project would face further delays after construction was halted in 2008 at the height of the financial crisis.
GAMING REVENUES UP 57.4% macaubusiness.com
According to official figures released by the Gaming Inspection and Coordination Bureau, Macau casinos raked in MOP40.95 billion in the first quarter of 2010, an increase of 57.4% YOY. Overall gross revenues from different gaming activities – including casino, greyhound racing, horse racing, Chinese lottery, instant lottery and sports lottery – rose to MOP41.25 billion. VIP baccarat continues to lead with MOP28.76 billion, around 70% of the overall gross gaming revenue, followed by mass market baccarat at MOP 8.02 billion. Together, both forms of baccarat accounted for almost 90% of the casino gross gaming revenues for the first quarter of the year.
REAL ESTATE MATTERS: THE FEE FACTOR Macau Daily Times
Like elsewhere in the world, fees and taxes do apply to property purchases. With the exception of the Purchase Deed, fees and taxes are applicable after the sales contract has been signed. Some fees and taxes to consider:
1. Purchase Deed Fee: The cost varies according to your purchase price. Approximate fee is .1% of the purchase price. If your purchase deed involves a mortgage you will need to add approximately HKD1,500 to the fee quoted above.
2. Notary and Registration Fees--payable to the Macau Legal Affairs Bureau. Fees are again determined by the property purchase price. A set fee of HK4500 is payable plus .3% of excess over 1Million. The registration fee for a property of the same value attracts a set fee of HK3500 plus .2% of excess over 1Million.
3. Property Tax--applicable whether you are an owner occupier or an investor. Property tax is 10% on the official rateable value for owner occupied property, Tax is charged at 16% on the actual rental income or 10% on the official rateable value if not rented out.
4. Stamp Duty – Transfer of real estate is subject to a stamp duty equal to 3% + a further 0.15% of the property purchase price or the official ratable value, whichever is higher. Stamp Duty should be paid to the Macau Finance Department upon completion of the property purchase. The government has announced a reduction in stamp duty to 1% in 2009.