The Macau Metro Monitor, July 9th, 2010


GOVERNMENT CUTS GALAXY 1,000 WORKERS Macau Daily Times, Inside Asian Gaming

Coordinator of the HR Office (GRH) Wong Chi Hong said at the Legislative Assembly that the Labor Affairs Bureau (DSAL) has decided to cut 1/3 of Galaxy’s imported labour quotas for its Cotai construction because Galaxy failed to comply with the 1:1 labor policy.  As a result, nearly 1,000 non-local workers will be leaving Macau.


Wong also said the Venetian has been placing recruitment notices seeking Macau workers at the DSAL for sites 5 & 6.  Although he has previously confirmed that the Venetian has already filed an imported construction worker application, he stressed yesterday that the GRH will only say yes according to the recruitment results at the DSAL.


According to IAG, Galaxy had known for some weeks that it had a potential labor problem and was privately advising 3rd parties of possible 'adjustments' to the Q1 2011 opening date. 



Macao Dragon's weekday single economy fare from Hong Kong to the Pac On Ferry Terminal at Taipa, is HKD88, a steep discount to CotaiJet's HKD134, TurboJET's HKD134, and New World First Ferry's HKD133 for the same route.  IAG believes this could initiate a ferry price war.


It's possible that Macao Dragon may team up with a casino operator.  CotaiJet is a Sands China entity; TurboJET is operated by Pansy Ho's Shun Tak Holdings; New World First Ferry Services Ltd is owned by Chow Tai Fook Enterprises Ltd, whose Chairman, Cheng Yu-tung, was a L'Arc investor.



Total deposits with the banking sector dropped 0.7% MoM.  Domestic loans to the private sector grew 2% MoM.  The loan-to-deposit ratio rose 1.0% MoM.

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