Each November during the Macau Grand Prix, Macau wakes up with a jolt as more than 200 racing drivers and riders, as well as thousands of motor sports fans, descend on the territory for the world’s only international street circuit race meeting which features both car and motorcycle races.
The 61st running of the legendary event, the Macau Grand Prix 2014 will be held with a total of three days of extraordinary racing from November 13th to 16th.
Macau Grand Prix Straight
The program is unprecedented in its depth of talent, diversity, and prestige, with an impressive combination of exciting young talent, established stars and the world’s most famous names in automotive excellence.
Macau junket operator Jimei Group Ltd’s chairman, Lam Yin Lok, and his associates have failed in their effort to buy all the stock of Sinogreen Energy International Group Ltd, a supplier of conductive silicon rubber keypads.
Sinogreen Energy and Mr Lam’s Reach Luck International Ltd jointly told the Hong Kong Stock Exchange that the mandatory unconditional cash offer had been accepted by the holders of only 0.005 percent of its issued share capital, leaving about 25.15 percent in the hands of the investing public.
The stock exchange’s rules obliged Mr Lam and his associates to make the offer after they took possession last month of 65.85 percent of Sinogreen Energy.
Macau casino operator Sands China Ltd’s labour costs will grow to over US$1 billion (about MOP8 billion) this year, their highest ever, according to Sheldon Adelson, the boss of parent company Las Vegas Sands Corp.
Mr Adelson attributes the increase to the need to pay workers more to attract and keep them in a competitive labour market.
He told investors: “There has been a great deal of noise lately from certain circles about the negative impact of rising labour costs in Macau. Let me share with you that we are more than happy to increase the salaries of our employees there.”
The legalisation of casino gambling in Japan will probably be delayed again, Reuters reports.
The news agency quotes Keiichi Ishii, the policy chief of one of the parties in the country’s governing coalition, as saying parliament is unlikely to have enough time to pass the necessary legislation during its current session, so putting back the legalisation of casinos.
Macau casino operators Las Vegas Sands Corp, MGM Resorts International and Melco Crown Entertainment Ltd are among the companies attracted by a casino gaming market in Japan.
This year’s Macau International Trade and Investment Fair opens on Thursday.
The fair is a manifestation of Macau’s ambition to be a place for China and Portuguese-speaking countries to do business.
The president of the Macau Trade and Investment Promotion Institute, Jackson Cheong Chou Weng, says the fair will have pavilions for lusophone countries, and that business matching sessions would be held during the four-day event.
Mr Cheong said he expected at least 48 trade agreements to be signed.
Estate agents disagree about the main purpose of Macau people that buy housing just over the border on Hengqin Island, Business Daily reports.
The newspaper quotes Centaline Macau Property Agency Ltd as saying most Macau buyers or prospective buyers are property investors with money to spare.
But it quotes three other estate agencies as saying considerable proportions of their Macau clients are interested in making a home on Hengqin.
Business Daily says the prospect of being able to cross the border with greater ease may spur demand among Macau people for homes on the island.
On-call cab operator VangIek Radio-Taxi Co Ltd has kept losing money since the government extended its contract in February, Business Daily reports.
The newspaper quotes VangIek Radio-Taxi executive director Eugenio Cheng Weng Chiu as saying his company is struggling with a high turnover rate among its drivers.
Mr Cheng said VangIek Radio-Taxi had met the requirement of its contract that it have 60 of its yellow taxis on call for the first nine months of the extension, with a view to increasing the number to 100 eventually.
He declined to say how much money his company had lost in the past nine months.
While a lot of the food is the same as in Hong Kong and China, you can also find exotic East-meets-West flavors thanks to Macau’s Portuguese roots. And you want to know the best part about these delicious blends? Most of them come in the form of desserts.
Pansy Ho Chiu King, co-chairperson of casino operator MGM China Holdings Ltd, on Friday indicated the downturn in Macau gross gaming revenue (GGR) would help Macau gaming operators become more efficient, more competitive.
Wells Fargo Securities LLC senior gaming analyst and managing director Cameron McKnight says he expects Macau’s casino gaming market to grow to be worth US$100 billion (about MOP800 billion) a year by 2020, Business Daily reports.
The newspaper quotes Mr McKnight as saying in an interview that mass-market gaming will lead the growth, and that VIP gaming and junkets will account for smaller proportions of casino gaming revenue than they do now.
But he added: “Like all great growth stories, nothing occurs in a straight line and there are some issues that have to be worked through before growth resumes and that longer-term target is achieved.”
The co-chairman of MGM China Holdings Ltd, Pansy Ho Chiu-king, has said costs and the shortage of workers may put back the opening of the company’s casino-resort in Cotai.
Ms Ho told reporters that that completion of the project might be delayed slightly.
The US$2.6 billion (MOP20.8 billion) casino-resort is scheduled to open in 2016.