Macau-based Banco National Ultramarino (BNU) officially inaugurated its Hengqin branch, becoming Macau’s first local incorporated bank to open a branch in the mainland.
Business
Mass market baccarat ended 2016 with an increase in gross revenue while the mainstay of Macau casinos, VIP baccarat, saw a year on year decline, according to figures released by the region’s Gaming Inspection and Coordination Bureau (DICJ).
Secretary for Economy and Finance Lionel Leong Vai Tac said on Tuesday that the gaming tax rate was not the only factor in determining the local gaming industry’s competitiveness.
Leong made the remarks on the sidelines of a press conference at the Macau Chamber of Commerce about local gaming operators’ procurement partnerships with small- and medium-sized enterprises (SMEs).
Discussion over gaming tax rates in Macau has prompted the director of the Gaming Inspection and Coordination Bureau (DICJ) to announce the possibility of amending existing casino taxation laws. Such an amendment would occur before the casino license renewal period due in the next decade.
Secretary for Economy and Finance Lionel Leong Vai Tac pledged on Thursday that the government will further promote the development of the convention and exhibition industry, with priority being given to the organisation of conferences.
Leong also vowed that the government will strive to bring more “good quality” international conventions and exhibitions to the city.
The government of Macau will give new impetus to the integration of the service platform for trade cooperation between China and Portuguese-speaking countries in the “One Belt, One Road,” initiative said the Secretary for Economy and Finance, Leong Vai Tac.
Echo Chan Keng Hong, the re-appointed deputy secretary-general of the Permanent Secretariat of the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (PSCs), said on Tuesday she was glad that she has been re-appointed to the post after she resigned in late 2015.
Chan said her important tasks would include pushing for the implementation of the various support measures announced by the central government last year.
Praveen Choudhary, managing director and head of Hong Kong Property, Hong Kong/China Conglomerates and Asia Gaming Research at Morgan Stanley, said on Tuesday it was very difficult for Macau to massively increase its non-gaming revenue per centage due to the city’s limited land resources.
Choudhary made the remarks while speaking to reporters on the sidelines of a press conference at Galaxy Macau about the upcoming 11th G2E Asia gaming expo, where he was one of the main speakers.
The New Macau Gaming Workers’ Rights Union organised a protest march on Monday, urging the government to push the city’s six gaming operators to raise their workers’ wages by at least five per cent.