MACAU BUSINESS
Macau Business S
SJM’s Kam Pek Community Centre to become market
JM Holdings announced that the Kam Pek Community Centre will be transformed into the ‘Kam Pek Market’, a culinary and cultural hub on San Ma Lo.
As part of the revitalisation plan for Avenida de Almeida Ribeiro (San Ma Lo), the market will provide a diverse array of international casual dining, shopping, entertainment, as well as art and cultural offerings.
At a press conference, Daisy Ho, chair of SJM, told media that the project will create synergy for the entire street.
The renovation for the building will incorporate art deco style to create a chill atmosphere that appeals to young customers without compromising the former role of the building as an entertainment and recreation hub.
The first phase of the project includes 10 food stalls, with a tendering to open for the first floors soon. Local entrepreneurs are expected to move in sometime between mid-December and the Chinese New Year.
CE issues new rules on money trading business in casinos
C
hief Executive (CE) Ho Iat Seng has approved new rules on currency trading on casino premises, with the six major gaming operators and their respective casinos specified in a series of new directives issued on 19 August.
These official orders from the city’s leader have now allowed the Monetary Authority of Macao to set ‘special conditions’ for such a business, while the gaming regulator, the Gaming Inspection and Coordination Bureau, will now be responsible for overseeing the ‘location’ of the trading counters and their ‘technical standards’.
It is understood that no specific cap has been set on the number of counters allowed to be set up. The CE orders are the latest development in a perceived crackdown on unlicensed money-changing channels, which have long been used to circumvent cross-border capital controls.
G2E Asia and Asian IR Expo to take place on May 7-9 G P
2E Asia and Asian IR Expo are scheduled to return to Macau in May next year, with the 2024 edition attracting 6,300 industry professionals this year.
The 2025 editions will take place at Venetian Macao between 7 and 9 May, with G2E Asia @ the Philippines set to reconvene at Manila Marriott Hotel on December 10 and 11. International visitors to the two events accounted for 65 per cent of the total attendance, while 100 exhibitors had their offerings on display across 22,000 square metres of exhibition space. In addition, two accompanying conference programmes also featured 30 sessions and 100 speakers who exchanged insights and views with one another.
Paradise Entertainment reports HK$119 mln profit in H1
aradise Entertainment’s first-half revenue rose more than 72 per cent year-on-year to HK$425 million (US$54.5 million), according to a company filing with the Hong Kong stock exchange.
According to the unaudited document filed on 28 August, Paradise’s revenue from casino management services rose 48.5 per cent to HK$356.5 million in the first half. Gross profit, meanwhile, rose 124.7 per cent year-on-year to HK$258 million. As the manager of Casino Kam Pek Paradise, one of SJM Holdings’ satellite casinos, the company rebounded to a profit of HK$119.4 million in the first half of this year, compared to a loss of HK$3 million in the same period last year.
Kam Pek’s revenue for the six months ending June was HK$356.5 million, up from HK$240 million in the first half of last year.
First-half adjsuted EBITDA was HK$147.7 million – up 376.5 per cent from HK$31 million.
30 OCTOBER 2024
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