Entries Categorized as 'Macau Business'
October 10, 2008
Las Vegas Sands Chairman Sheldon Adelson saw his net worth decline by $4 billion last month due to the slumping national economy; and that was before today’s nearly 679-point stock market meltdown.
The value of Adelson’s holdings in the casino company declined again today as shares of Las Vegas Sands fell $2.83, or 16.97 percent on the New York Stock Exchange to close at $13.85.
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Posted in Cotai Strip, Las Vegas Sands, Macau Casino, Macau Gaming, Sheldon Adelson, Venetian Macao 
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October 2, 2008
The Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, said today he expected Macao’s Gross Domestic Product (GDP) to grow by about 10 per cent this year.
During a reception, Mr Tam told the press that with the global economy slowing down and international financial market fluctuating even more wildly, he expected Macao’s economy to grow by about 10 per cent, down from his earlier projection of 15 per cent.
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Posted in Economy & Business, Macau Business, Macau Government, Macau Investment No Comments »
September 25, 2008
Macau Success Ltd, part owners of Ponte 16 Casino, shares were sharply lower after the company warned of a net loss for the year to September.
The stock was down today 0.16 hkd or 20.51 pct at 0.62, off a low of 0.60.
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Posted in Macau Business, Macau Success, Sofitel Ponte 16 No Comments »
September 21, 2008
Galaxy Entertainment Group Ltd., the Macau gambling operator part owned by Permira Advisers LLP, posted a wider first-half loss after writing down the value of its casino license.
The company’s loss widened to HK$7.43 billion (US$955 million), or HK$1.89 a share, from HK$267.8 million, or 8.1 Hong Kong cents a share, a year earlier, it said in a Hong Kong stock exchange filing today. Sales declined to HK$5.39 billion from HK$6.33 billion.
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Posted in Galaxy Entertainment, Galaxy Grand Waldo, Galaxy Mega Resort, Galaxy Star World No Comments »
September 18, 2008
Amax Entertainment Holdings Limited announced that its partnership with Crown Macau to deliver VIP rolling chip volume (as defined below) through its indirect effective 80% interest in AMA International Limited remains solid.
Mr. Ted Chan, Chief Executive Officer of Amax, commented, “We deny the rumors that AMA is leaving Crown Macau.”
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Posted in Crown Macau, James Packer, Lawrence Ho, Macau Casino, Macau Gaming No Comments »
September 9, 2008
The Mall at Macau’s Studio City, a two-level development slated for launch in 2011, has revealed a confirmed list of 23 luxury brand tenants - each of which has committed to opening flagship stores.
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Posted in CapitaLand, Cotai Strip, Macau Retail, Macau Studio City, Tang Cotai No Comments »
July 26, 2008
Consolidated net loss for the year ended 31 March 2008 amounted to HK$1.3 billion (US$155 million), as compared to a loss of HK$119 million over the same period in the prior year. The loss was primarily attributable to non-cash and non-operational charges associated with the acquisition of Greek Mythology. Excluding these one time, non-cash and non-operating items, the Group recorded an operating profit of HK$181 million from continuing gaming and entertainment business for the year ended 31 March 2008, representing growth of approximately 56% over operating profit of HK$116 million in the prior year.
Mr. Ted Chan, CEO of A-Max, said, “During the fiscal year ended 31 March 2008 A-Max completed a share placement that generated net proceeds of approximately HK$1.95 billion. The net proceeds from this share placement provided us with the capitalization necessary to enter the junket aggregation business in Macau through an indirect 80% interest in AMA International Limited (”AMA”) with Crown Macau. Since effecting this new business model in mid December 2007, we generated aggregate rolling chip volume of approximately HK$139 billion in three and a half months ended 31 March 2008, or approximately HK$40 billion per month. As a result of the success of this transition, A-Max has been transformed from a company that was largely known by local investors to one that currently has a significantly diversified worldwide shareholder base.
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Posted in Crown Macau, Macau Business, Macau Casino, Macau Gaming No Comments »
July 26, 2008
Tighter credit conditions have delayed financing for Macau Studio City, a massive casino, hotel and retail project planned for the Chinese territory of Macau, the head of project partner Taubman Centers said on Friday.
The US$1.3 billion in financing was to have been completed by now. “Given the current capital market conditions, it has taken much longer,” Taubman Chairman and CEO Robert Taubman said.
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Posted in CapitaLand, Cotai Strip, Macau Studio City, eSun No Comments »
