THE M3: JACOBS CAUTIOUS IN 2H; JOBS; S'PORE RE; SANDS- CHINESE AIRLINE; MANDARIN OPENS; AND MORE

The Macau Metro Monitor, June 29th, 2010

 

 

SANDS: GAMING REVENUE 'RELATIVELY FLAT' IN SECOND HALF Macau Daily Times

Local gaming revenue growth could be “relatively flat” in 2H 2010, Sands CEO Jacobs told Reuters yesterday.  Jacobs added that he believes in DICJ's forecast of 30% growth for 2010 and that a more flexible exchange rate between USD and RMB would “positively impact” the casino industry.  Again, Jacobs said imported labor laws are not impacting hiring at sites 5 & 6.


JOB CREATION HIGHEST IN TWO YEARS Macau Daily Times

Construction on Sands' sites 5 & 6 on Cotai “could explain” the creation of 2,300 new jobs in May, according to economist Henry Lei.  This was the highest monthly increase in two years, since August 2008, when 2,600 people found work.  Lei also mentioned that the May 1 demonstration could have impacted jobs as the government “may have posted certain pressure to different local companies to open new vacancies for local workers.” 

 

MORE SIGNS OF SLOWDOWN IN SINGAPORE PROPERTY MARKET Channel News Asia

CBRE forecasts some 4,000 new homes were sold in 2Q, lower than 1Q's figure of 4,380.  Also, CBRE estimates a 15-20% decline in resale homes sold in 2Q.

 

SANDS CHINA SEEKS CHINESE AIRLINE PARTNER FOR MACAU FLIGHTS Bloomberg

According to CEO Jacobs, Sands China seeks to partner with a Chinese airline flying to Macau. Sands is also interested in starting low-budget, 2-4 days package deals.  About 85% of Sands' customers come from mainland China.  Air China Ltd., China Eastern Airlines Corp.’s Shanghai Airlines, Air Macau and Xiamen Airlines are among the carriers that have flights to Macau from mainland China.

 

MANDARIN ORIENTAL OPENS AT ONE CENTRAL macaubusiness.com

Part of MGM's One Central complex, the 213-room Mandarin Oriental Hotel will open today.  Two weeks ago, the Mandarin Oriental Hotel Group announced an agreement to brand and manage 56 residences and 36 apartments that are located above Mandarin Oriental.  “The Residences & Apartments” in Macau plan to open in 2011 as the first Mandarin Oriental residential project in Asia.


REVISED BUDGET APPROVED macaubusiness.com

According to the new version, Macau’s 2010 budget is now estimated at MOP58.87 billion (including autonomous agencies), an increase of 12.3% in comparison to the previous forecast.  Direct taxes from gaming totaled MOP24.01 billion, representing 84.5% of the public finance revenue between January and May.

 

RESIDENTS TO GET MONEY IN LATE JULY  Macau Daily Times

Eligible Macau residents are expected to receive cash handouts as well as the MOP 10,000 start-up capital for their central saving accounts from the Government at the end of July.  Each eligible Macau permanent and non-permanent resident will be able to get MOP 6,000 and MOP 3,600 respectively, the same amounts as in 2009.  About 300,000 eligible residents will receive notification letters within the next month.  


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