MACAU BUSINESS
Revenues drop 87.8pct y-on-y Gross gaming revenues have dropped by a dramatic 87.8
per cent year-on-year in February to MOP3.1 billion (US$386.6 million), data released by the Gaming Inspection and Co-ordination Bureau (DICJ) revealed. The fi rst two months of the year reported MOP25.2 billion in accumulated gaming results, a 50 per cent year-on-year decrease, with the Covid-19 epidemic taking a considerable toll in the local gaming sector. Due to the outbreak of novel coronavirus casino operations were suspended from February 5 to 20.
Sands China reappoints Wilfred Wong as President
Small in risk
During this diffi cult time, Mr. Lam pointed out the junkets have mostly heeded the calls of the government for enterprises to not lay off staff and cut salaries. He, however, wonders how long could some of his peers could go on if the economic fundamentals do not see signifi cant changes in the next few months. “If there has not been any improvements in the near
future, some junkets, in particular the small ones, might choose to exit the market,” he added. In a stark contrast to small junkets, the large players seem
to have more resources and capacity to withstand this turmoil. Not only have the large junkets from the Suncity Group to the Guangdong Group mostly resumed normal operation after the 15-day shutdown of the casinos, they have also made donations in terms of money and medical supplies to the city and across the border. The Tak Chun Group, headed by Levo Chan, has donated
HK$20 million and 100,000 facemasks to Hubei, in addition to the donation of 100,000 masks to the Macau SAR Government. Through its charity foundation, another junket, the Guangdong Group, has also donated HK$20 million, including medical supplies worth HK$10 million to the mainland in the fi ght against COVID-19.
Gaming operator Sands China announced that Wilfred Wong Ying Wai was re-appointed as President but with Grant Chum Kwan Lock taking over his positions as Chief Operating Offi cer. Wong has served as Sands China’s President and Chief Operating Offi cer since November 1, 2015. He is also an Executive Director, a member of the Remuneration Committee and the Sands China Capital Expenditure Committee and a director of various subsidiaries of the gaming operator. Meanwhile, Grant Chum has acted as the Sands China’s Chief of Staff since March 9, 2015. He is also a director in several of the group’s subsidiaries, having joined Las Vegas Sands Corp. as Senior Vice President, Global Gaming Strategy in July 2013. Prior to joining the Sands Group, Mr. Chum spent 14 years at UBS Investment Bank.
One of the leaders in the market, the Suncity Group, has
donated MOP30 million to help the mainland via the Chinese liaison offi ce in the territory, and RMB10 million to the nearby Guangdong province. In a video produced for his staff and circulated online,
Alvin Chau Cheok Wa, CEO of Suncity Group, noted the company will stay united with the staff in this diffi cult time, ensuring it has the capacity to overcome this plague: “We will defi nitely be able to earn it [money] again when the good times come,” he emphasised.
24 APRIL 2020
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