THE M3: JUNKETS IN SINGAPORE; MORE COLOR ON MGM GRAND MACAU LOAN; VARIOUS STATS; VISAS

The Macau Metro Monitor, June 18th, 2010

 

JUNKETS 'SIDESTEP' SINGAPORE'S SUPPOSEDLY TOUGH RULES ON VIP CREDIT Asian Gaming Intelligence

According to three gaming sources, Macau junket representatives are getting around Singapore's tough rules by checking in as individual VIPs and then giving their chips to 'friends'.  The allegation is that these 'friends' also happen to be customers of Macau junkets.

 

"What it means in practice is that junkets are operating in Singapore, whatever the regulations say about background checks. It's a grey area as there is nothing in the CRA regulations to say a customer cannot pass chips to his friends," says one source. 

 

Potential tax avoidance could also be in play as these 'friends' would still be classified as premium players (5% of gross + 7% GST) rather than mass market players (15% of gross +7% GST) even though they are playing with chips valued below the minimum VIP level of SD 100,000.

 

MGM GRAND MACAU OPTS FOR CLUB ON $850 MILLION LOAN Reuters

MGM Grand's new loan facility, expected to comprise a term loan and a revolving credit with an average life of around four years, could be upsized to as much as $950 million depending on banks' commitments.  Pricing is in line with the deals for Venetian Macau and Galaxy in the high 400s, banking sources suggested.

 

MORE TOURISTS OVER THE DRAGON BOAT FESTIVAL HOLIDAYS macaubusiness.com

The total number of tourist arrivals over the Dragon Boat Festival holidays (June 14-16, 2010) stood at 257,374, (25.45% YoY growth), according to official data.


LOANS GROWING FASTER THAN DEPOSITS macaubusiness.com

Total deposits with the banking sector rose 0.3% MoM in April to MOP300.8 billion.  Domestic loans to the private sector expanded 1.1% MoM in April to MOP106.2 billion.  The loan-to-deposit ratio at end-April 2010 rose 0.7 points MoM to 71.2%.

 

USD 30 ENTRY VISAS FOR SIX COUNTRIES Macau Daily Times

According to the Security Forces Coordination Office, citizens from Bangladesh, Nepal, Nigeria, Pakistan, Sri Lanka and Vietnam have to pay at least USD 30 for an entry permit to Macau, starting from July 1.  In 1Q 2010, only 46,187 people visited Macau from these six countries, less than 1% of total Macau visitors.


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