Legendary status for Macau
MACAU | CASINO
Macau’s Legend Palace opens its doors on Fisherman’s Wharf
The latest five star boutique hotel from Macau Legend Development Ltd has officially opened its doors to the city’s residents and tourists on February 27, 2017.
Macau’s Legend Palace, the newest casino hotel from local businessman David Chow, launched with an exclusive hotel tour and dinner party attended by SAR government officials.
Commenting on the project, Macau Legend co-chairman and chief executive David Chow Kam Fa claimed the hotel, which features 223 rooms, three outside-run junket rooms and a self-run VIP operation, will launch with up to 66 live-dealer gaming tables the majority of which will be for mass play.
Head to Head
MACAU | ECONOMY
Non-gaming spend in Macau outperforms upsurge in casino takings
Despite the current rebound in casino revenues, the non-gaming spending growth in Macau is beating the gaming sector figures, according to the Macau Statistics and Census Service.
Recovery in tourist’s non-gaming spending outpaced the rebound rate seen in the casino sector in Q4 2016, with non-gaming rising 17.4 percent year-on-year to MOP14.64 billion, whilst casino gross gaming revenue (GGR) increased by 1.2 percent to MOP55.01 billion.
During the same period, the total non-gaming spending of visitors to Macau increased by 13.3 percent year-on-year, compared to a 10.2 percent year-on-year rise for gross gaming revenue in Macau’s casinos.
Paradise City set for success
JAPAN | CASINO
Analysts state new Paradise casino resort a long-term investment
The new foreigner-only casino resort in South Korea from Paradise Co Ltd. will see initial profit losses but then boost the firm’s revenue in 2018, according to Seoul-based brokerage Shinhan Investment Corp.
Scheduled to open in April this year, the new Paradise City resort in Incheon, a joint venture project between the South Korean casino operator and Japanese pachinko operator Sega Sammy Holdings Inc, is projected to see operating profit drop 57 percent year-on-year in first half 2017 due to cost hikes, states the brokerage firm.
Shinhan Investment Corp explained it expects the casino operator to report consolidated operating profit of about KRW54.6 billion (US$48.2 million) for 2017, down 16.5 percent year-on-year, which should then expand by 53.3 percent in year-on-year terms, to KRW83.7 billion in 2018.