MOP 6.00 Closing editor: Joanne Kuai Publisher: Paulo A. Azevedo Number 762 Thursday April 2, 2015 Year IV
Gaming revenue plunges further Beware the Ides of March. Macau’s gross gaming revenue fell 39.4 pct in the month Y-o-Y. The second worst decline on record - to MOP21.5 billion (US$2.7 billion). And its worst Q1 results since 2011. It also represents the 10th consecutive month of decline. The bright side is that investors are taking heart. BNP Paribas sense the market stabilising. And investors have pushed up stock on the HKSE. Nevertheless, “It’s going to be a long time before any upside catalyst,” says the bank Page 5
Optimistic realtor
Cambodian gaming operator NagaCorp’s VIP revenues double in Q1
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It’s crystal ball gazing time. Local real estate agency RicaCorp (Macau) Properties Ltd., predicts housing transactions may start increasing this month. In the first two months of this year, they dropped more than 46 pct to 649 cases. Low-end and high-end investors, however, are waiting on the sidelines, it is claimed. With the arrival of mid to senior resort management expected to galvanise the market
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Alvin Chau appointed Cultural Industry Committee member
Page 7 Two more surveys confirm stabilization of Chinese house prices
Page 9 U.S. Treasury Secretary: Yuan not ready to join IMF basket
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Prudent planning critical
HSI - Movers March 1
Name
Better safe than sorry? The gov’t has down-adjusted its forecast for gaming tax revenue. To MOP84 billion (US$10.5 billion) for 2015. Down 27.3 pct from the initial estimate of MOP115.5 billion. Secretary for Economy and Finance Lionel Leong Vai Tac warns that funding for a basket of funds and social welfare-related items will be affected
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%Day
China Unicom Hong Ko
5.59
Want Want China Hol
3.52
Cathay Pacific Airwa
3.34
China Overseas Land
3.19
China Resources Powe
3.03
Belle International
-0.78
Power Assets Holding
-1.01
China Mengniu Dairy
-1.58
Tingyi Cayman Island
-2.04
CLP Holdings Ltd
-2.44
Source: Bloomberg
www.macaubusinessdaily.com
I SSN 2226-8294
Grounded in law
On tenterhooks
Not taking off after all. A Macau court has rejected Australian carrier Qantas Airways request to register budget brand Jetstar. Indonesian tobacco trading company N.V. Sumatra forestalled it on name registration. The airline claims Jetstar is a prestigious brand and that the Indonesian company performed an act of ‘bad faith’
Yet more stimuli on the horizon. If economic figures from China’s factory and service engines continue to disappoint. And especially if quarterly growth sinks below 7 pct - the official red line
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