The US-based Oak Tree Group has revealed a plan to build a US $5 billion resort in Lien Chieu district, central Da Nang city. The group presented the project, the biggest of its kind in Vietnam so far, to leaders of the municipal People’s Committee on April 7. The 500 hectare Sunrise resort will house a golf >>>Asia Casino News
The peg of the pataca to the Hong Kong dollar is an established policy of the Government and will not be changed for a long time, the Chief Executive, Mr Edmund Ho Hau Wah, said when he attended a plenary session of the Legislative Assembly this afternoon.
Mr Ho, who was answering legislators’ questions, said he understood that the increasing exchange rate of RMB had stimulated inflation; however, the pataca’s link exchange rate relationship with the Hong Kong dollar will not be changed in order to maintain financial stability.
Last week’s announced slowing of casino development and fixing of commission rates for junket operators was welcomed by the director of Sociedade de Jogos de Macau (SJM), Dr Stanley Ho Hung-sun yesterday as necessary to stop the “cut throat” competition between operators.
“I think it is excellent news for Macau in general. It is high time to take care of the gaming sections problems,” he said. “It is no good with all the six operators always fighting together using cut throat measures of getting customers into their casino, this is not correct because there is enough room for all six of us.”
Bangkok Airways will begin flights to Macau in July, becoming the third carrier to offer scheduled non-stop service on the fast-growing route between Bangkok and the former Portuguese colony. The Thai carrier is set to commence daily flights using a new twin engine Airbus A319, which is capable of carrying 120 passengers, on July 4.
The launch would give Bangkok Airways a share of the lucrative and booming air traffic demand of the city. Two operators have been serving the city: the no-frills carrier Thai AirAsia and the full-service airline Air Macau.
More than one rally which were originally planned to be staged on May 1 demanding measures to tackle illegal workers as well as soaring living costs could be called off after the Chief Executive announced the two-billion pataca subsidy for Macau residents on Tuesday, reports Macau Daily Times.
According to lawmaker and chief member of the New Macau Association, Au Kam San, the latest government announcement of distributing a one-time 5,000 pataca or 3,000 pataca subsidy to every permanent and non-permanent resident in July did “cool down the May 1 rally sentiment”.
In the face of mounting competition for motor-sport fans, Macau Grand Prix organisers should consider packaging tickets with the the city’s other attractions to maintain interest in the race.
Macau visitor arrivals reached 2,713,457 in March 2008, a year-on-year increase of 25.6%. Visitors from Mainland China (1,566,179), Hong Kong (743,250) and Southeast Asia (153,921) grew by 32.4%, 11.5% and 60.4% respectively. Same-day visitors accounted for 53.2% of the total arrivals, at 1,444,785.
The majority of the visitors came from Mainland China and Hong Kong, which accounted for 57.7% and 27.4% of the total respectively. Among the Mainland visitors, 43.3% (678,822) travelled to Macao under the Individual Visit Scheme.
Macau’s financial health is solid although there are some risks that make the territory vulnerable to external shocks, according to US ratings agency Moody’s Investors Service.
“Macau’s solid fiscal position has produced considerable public sector surpluses over the past five years and because it does not have any public debt that needs to be repaid, its budget surpluses are all saved,” said Steven Hess, senior credit analysts of Moody’s sovereign risk unit.
