The Macau government will keep the non-gaming business performance of casino operators as a key consideration when granting them new gaming tables and reviewing their licenses, a top official was quoted as saying Wednesday.
The city has no plan at the moment to issue new gaming licenses but will ask the existing six license holders to boost their investment in non-gaming facilities, which will become a major determining factor when the time comes to renew their licenses in 2020 and 2022, Macau’s Secretary for Economy and Finance Francis Tam said, according to the Hou Kong Daily.
Some Hong Kong newspapers last week speculated that Macau will consider issuing a seventh gaming license to a local operator. The rumor led to some swings in the share prices of second-tier gaming firms like Macau Legend Development Ltd. (01680.HK), Amax International Holdings Ltd. (00959.HK) and Success Universe Group Ltd. (00487.HK).
However, observers say such expectation runs contrary to the common belief about the path that Macau would take in its economic development. The chance of the government issuing more gaming licenses over the next decade is slim as what Macau needs is not more casinos, but a diversification of its economy to the retail, cultural and convention sectors, they say.
Also, as Macau is having very limited land supply, issuing more gaming licenses to build more casinos will not be a wise move.
In fact, the Macau government has recently secured extra land resources through landfill and some special deals with the neighboring Hengqin in Zhuhai. The government will use the sites to build public facilities such as elderly homes, hospitals and schools, rather than casinos. Given the current situation, macro control such as a cap on new gaming tables is expected to continue.
China fiscal revenue up 15.9% on year in November
China’s fiscal revenue for November was up 15.9 percent from a year earlier at 912.5 billion yuan (US$150.28 billion), Xinhua news agency reported Wednesday, citing data from the Ministry of Finance. Of the total, 428.5 billion yuan was collected by the central government, up 16.7 percent from a year ago, while local government revenue grew 15.3 percent to 484 billion yuan. For the 11 months to November, fiscal revenue was up 9.9 percent at 11.96 trillion yuan.
Govt to curb misleading TV shopping commercials
The Chinese government will launch a seven-month campaign to combat fraud and other irregularities in television shopping programs, according to a joint statement from the Ministry of Commerce, the Ministry of Industry and Information Technology and five other government agencies late Wednesday. Many TV shopping commercials contain misleading information or sell pirated goods, the statement said, adding that such irregularities have seriously hurt consumer interests and undermined the credibility of TV broadcasters.
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