MGM Grand Paradise, Galaxy Casino, Venetian Macau, Melco Resorts (Macau), Wynn Resorts (Macau) and SJM Resorts commit to investing MOP 100 billion over the next 10 years following 3 years of severe Covid-19 losses.
Business
MOP 22 billion allocated for infrastructure projects, MOP 650 million to attract more visitors as city focuses on big health, modern finance, hi-tech, and MICE.
Internship programme suffers high drop-out rate, with 200 out of 500 quitting; Finance Secretary admits 5% unemployment rate ‘not low’.
Renovated store is group’s biggest and first ‘green’ premises; grand opening of T Galleria at The Londoner Macao takes place this Friday.
Covid-19 restrictions hammer the economy across the board; GDP down 27% in first three quarters of 2022.
More than 60 SMEs from Macao and 10 from mainland China due to attend expo; organisers predict exhibitors’ total turnover to exceed MOP 3 million.
Government will continue to give MOP 10,000 to permanent residents and MOP 6,000 to temporary residents in 2023; city’s ‘birth subsidy’ will give each parent MOP 5,418 for every baby born next year.
However, unaudited profit after tax MOP 228.1 million, year-on-year decrease of MOP 110.4 million. Hengqin branch performing well.
Junket organisers likely to be held accountable for illegal deposit taking; six weeks left before deadline to appoint six new concessionaires.