Business
January 8, 2021
MGM China Has No Plans for Company Restructuring
MGM China, following a statement from its parent company MGM Resorts in response to a letter sent by the Chinese subsidiary’s largest public shareholder Snow Lake Capital, released a statement of its own, claiming the company has no plans for ownership restructuring. Open Letter to MGM Resorts The letter from Snow Lake Capital which holds […]
Industry
January 8, 2021
Macau to Help China’s Efforts in Enforcing New Overseas Gambling Law
Authorities in Macau are ready to assist Mainland China in enforcing a law criminalizing promotions that incite citizens to visit overseas destinations and gamble. Macau to Assist Mainland China in Combatting Overseas Gambling Macau will play ball with China’s new law criminalizing certain aspects of the gambling industry, and specifically focusing on tourist agencies organizing […]
Business
January 7, 2021
Snow Lake Capital Urged MGM Resorts to Sell 20% in MGM China
MGM Resorts would achieve synergies and ensure a retendering of the MGM China concession in Macau if it sells a 20% stake from its Chinese subsidiary to a strategic partner from the internet or travel and leisure industries in China, Sean Ma, Founder and CEO of Snow Lake Capital investment fund wrote in a letter […]
Casino
January 7, 2021
Trump’s Executive Order Could Harm US Casinos in Macau
President Trump’s executive ban on several Chinese apps could have big implications for US Companies in China, Macau and Taiwan. Executive Ban on Chinese Apps US President Donald Trump’s recent executive order to ban several high-profile Chinese apps may spell trouble for Macau’s three US casino operators. Macau is one of the gambling capitals of […]
Business
January 4, 2021
SJM Employees to Receive Living Subsidy Payment on January 6
SJM Holdings Limited revealed that some of its employees will be receiving a living subsidy bonus. The bonus payments will be done in two equal installments this month and in July. Eligible SJM Employees to Receive Living Subsidy Bonus SJM Holdings Limited, which is the holding company of Sociedade de Jogos de Macau, S.A. (“SJM”) […]
Casino
January 2, 2021
Macau December Revenue Completed the Worst Year on Record
The casino industry in Macau registered in December another month to forget, to complete the worst year on record, the Monthly Gross Revenue from Games of Fortune report released by the Gaming Inspection & Coordination Bureau revealed. December YoY Decline Less than in November Casinos in the Special Administrative Region (SAR) of China showed little […]
Casino
January 2, 2021
Macau Casinos Extend Furloughs to 2021 to Help Recovery
Voluntary unpaid leave for staff extends in more than four Macau Casinos in 2021. At least four of Macau’s six casino operators approached by GGRAsia have already extended furlough for their staff to 2021. Gaming Staff in Macau Takes Voluntary Unpaid Leave Six gaming operators in Macau were approached by GGRAsia with questions about their […]
Casino
January 2, 2021
Macau’s Annual Casino GGR Crash to 79.3% in 2020
With 2020 over, Macau has posted its worst year to date for the special administrative region’s casino industry. Macau’s GGR Collapses to 79.3% YOY Macau has turned the key on its worst year for gambling to date, with casino gross gaming revenue (GGR) plummeting by 79.3% year-over-year in 2020. All of that has been caused […]
Legal
December 30, 2020
JP Morgan Outlines China Criminal Law Amendment Implications
The criminal law amendment in China seeking punishment for organizers of trips with gambling purposes outside the country for mainland residents could make junket operators who used to bring high-rollers to Macau casinos anxious, a Tuesday memo from JP Morgan Securities (Asia Pacific) outlines. Junket Industry under Threat The ban effective from March 1, 2021 […]
Legal
December 29, 2020
Macau Police Force Stops $1.78 Billion Criminal Network
Macau’s Judiciary Police and Chinese authorities have stopped a $ 1.78 billion criminal operation. Macau Stops Illegal Operation Macau’s Judiciary Police announced on Tuesday that it had successfully stopped an illegal point-of-sale (POS) operation in the gambling capital of the world. According to the report, the alleged criminal operation has been running since 2016. Since […]