MACAU BUSINESS MGM Macau gets closer to HK IPO M
GM Macau is closer to being listed on the Hong Kong stock exchange. MGM China Holdings Limited, a Cayman Islands company which has been formed by MGM Resorts International and businesswoman Pansy Ho Chiu King, last month filed a proposed listing application with the Hong Kong Stock Exchange, MGM Resorts International announced. MGM China Holdings will “become the owner of substantially all of the economic share interests of MGM Grand Paradise, S.A.”, a joint venture between MGM Resorts International and Ms Ho, which owns and operates the MGM Macau. According to MGM Resorts International, “there have not been any decisions made regarding the timing
or terms of any such listing or whether MGM China Holdings Limited will ultimately proceed with such a transaction or whether the proposed transaction will ultimately be approved by the Hong Kong Exchange.” According to previous media reports, the goal of the IPO is to raise US$300 million (MOP2.4 billion).
Under pressure T
he main source of work pressure for local casino staff in Macau is handling rude customers, according to a survey released by the Macau Federation of Trade Unions. The second main source of pressure is
second-hand smoking.
Rude clients are main cause of work stress for Macau’s casino staff The study noted that 78.2 percent of the 372
respondents felt that they were working under pressure, the media reported.
Lack of opportunities Among the pressure sources identified by the
survey were the need to pay extra attention to their work; the long shift hours causing muscle pains; working on shift; and the lack of job promotion opportunities. Some casino workers were identified by the survey
as not being able to handle pressure in a positive way. From the total number of respondents, 8.6 percent said they used alcohol to deal with work pressure, while 5.1 percent admitted they used drugs for the same purpose.
Gamble
A total of 12.4 percent of respondents said they gambled to deal with work pressure. At the end of the second quarter of 2010, the gaming sector had 43,870 employees, down slightly by 0.2 percent year-on-year. Among the employees who are directly related to betting services, 18,684 were dealers, up by 3.3 percent year-on-year. Overall, in June 2010 average earnings (excluding
bonuses and allowances) of full-time employees in the gaming sector rose slightly by 0.9 percent year- on-year to MOP15,390. In June 2010, average earnings of local dealers rose by 3.6 percent over June 2009 to MOP13,590 (US$1,699), official data shows. At the end of June 2010, the number of vacancies in the gaming sector increased substantially by 74.0 percent year-on-year to 628, with 174 for dealers needed for the gaming tables.
26 NOVEMBER 2010
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