MACAU BUSINESS B
Lawrence Ho’s private investment arm applies for listing in HK stock exchange
companies in Greater China that are related to the entertainment, lifestyle and healthcare industry, with UBS being the sole sponsor for the proposed offering. A SPAC is a company that has no commercial operations and is formed strictly to raise capital. Aside from Ho, the listing is being
backed by BOCHK Asset Management, a subsidiary of the state-owned commercial bank Bank of China (Hong Kong) Limited. Established in 2017, Black Spade has a portfolio of diversified asset
classes and companies in information technology, medical and green energy in the Greater China region. Ho’s personal investment arm has been managing assets with a combined value of not less than HK$8 billion for the past three years as of December 2021, according to the stock exchange filing.
lack Spade Asia Acquisition, the private investment arm held by Melco Resorts & Entertainment, Lawrence Ho, has filed for listing with the Hong Kong Stock Exchange. The special purpose acquisition company (SPAC) headquartered in Hong Kong announced it intends to target
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Macau Golden Group to stop all VIP gaming operations
unket operator Macau Golden Group will terminate all its VIP gaming operations starting from March 30, an internal memo issued by the group to its employees revealed. A “reasonable and appropriate dismissal
compensation” will be given to its 200 employees within nine working days in accordance with the Labour Relations Law, the junket’s internal announcement indicates. Macau Golden Group stressed to all its employees that this
“resigned and painful decision” was made after “careful consideration”. As a long-term junket partner with SJM Holdings Ltd, the Macau Golden Group had run VIP gaming tables in many local casinos, including Grand Lisboa, Casa Real Hotel, and the old Hotel Lisboa.
Macau Golden Group completed the acquisition of Casa Real
Hotel and Grandview Hotel respectively in 2005, and later in 2010 acquired the holding company of Kingston Group for MOP12 billion (US$1.48 billion).
22 MAY 2022
Wynn to add more hotel rooms and non-gaming facilities in the SAR – CEO
he CEO of Wynn Resorts stated in an interview with Bloomberg that the gaming and tourism group intends to build more hotel rooms in the Macau SAR, with plans understudy for developing sports facilities, art and cultural attractions, or even rooms designed to encourage medical tourism.
In the interview, Craig Billings noted that the group intends to
expand into new businesses and focus on younger, affluent guests, including people who don’t gamble as it changes course from that established by former CEO, Steve Wynn. Following a series
of sexual harassment allegations, Wynn resigned in February 2018 as chairman and chief executive of Wynn Resorts and Wynn Macau, with Matt Maddox taking over but then leaving the post for Billings, who was officially appointed on January, 2022. If Wynn Macau is successfully handed a new gaming license in
the SAR this year, the new CEO warned it will be a very different business environment, with the SAR government requiring a larger investment in non-gaming facilities. The current deadline for the expiration of the city’s six gaming
concessions and sub-concessions is set to expire on June 26 but local authorities have already indicated they will be extended by six months until December, 31.
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Seven satellite casinos planning to stop operations by mid-year – Reports
even satellite casinos are planning to stop operations by mid-year, due to the tightening of visa applications to Macau, lack of cash flow, and the negative impact of the repeated pandemic outbreaks, gaming industry insiders indicated to Chinese-language newspaper Macao Daily.
Currently, there are 18 operational satellite casinos among a total
of 40 casinos in the territory, and 14 of these third-party promoted casinos are run under the license of gaming operator SJM Holdings Ltd while the other four are linked to Galaxy Entertainment Group (GEG) and Melco Resorts and Entertainment Ltd. However, some industry insiders said that at least seven satellite
casinos located in NAPE and Taipa, are planning to stop operation in the middle of the year, due to the negative impact brought by restrictions on mainland residents’ visas application to Macau and pandemic policy.
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