While the pandemic has hit Macao extremely hard, the credit rating agency remains confident that the city will bounce back in time.
Business
SJM Holdings subsidiary Champion Moments Limited successfully issued senior notes in the Macao bond market in the amounts of HK$1.25 billion and MOP 300 million.
GEG’S flagship Galaxy Macau in Cotai earnings rose to adjusted first-quarter EBITDA of HK$764 million.
Both commercial and residential sales rise as banks hand out loans and government backs first-time buyers.
Owner welcomes mass footfall and increased spend in hotels, casinos and malls and looks forward to a busy summer as tourism industry revives.
One-off insurance payment and gradual return of visitors boost the group’s performance, however Raffles on Cotai may not open until 2022.
The company’s Macao operations generated 74.5 per cent of its total adjusted property EBITDA in the first quarter of 2021.
The money is there for the taking, even for new-born babies, but the application process is far from straightforward, and non-resident workers are still shut out.
Gaming operator takes a hit, but remains determined about new super-luxury hotel opening and prospects for 2021.