Category Archives: Macau

The Omicron coronavirus variant is more transmissible than the Delta strain and reduces vaccine efficacy but causes less severe symptoms according to early data, the World Health Organization said Sunday.

The Delta variant, first identified in India earlier this year, is responsible for most of the worlds coronavirus infections.

But South Africas discovery of Omicron which has a large number of mutations last month prompted countries around the world to impose travel bans on southern African countries and reintroduce domestic restrictions to slow its spread.

The WHO said Omicron had spread to 63 countries as of December 9. Faster transmission was noted in South Africa, where Delta is less prevalent, and in Britain, where Delta is the dominant strain.

But it stressed that a lack of data meant it could not say if Omicrons rate of transmission was because it was less prone to immune responses, higher transmissibility or a combination of both.

Early evidence suggests Omicron causes a reduction in vaccine efficacy against infection and transmission, the WHO said in a technical brief.

Given the current available data, it is likely that Omicron will outpace the Delta variant where community transmission occurs, it added.

Omicron infections have so far caused mild illness or asymptomatic cases, but the WHO said the data was insufficient to establish the variants clinical severity.

South Africa reported Omicron to the WHO on November 24. Vaccine manufacturers Pfizer/BioNTech last week said three doses of their jabs were still effective against Omicron.

Countries with sufficient vaccine supplies such as Britain and France have encouraged their populations to receive a third booster jab to fight Omicron.

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Omicron spreads faster and weakens jabs: WHO - Macau Business

Beijing has granted final approval to drop its hard border with Hong Kong, opening the door for fully vaccinated Hong Kong residents to resume quarantine-free travel with Guangdong Province and Macau before the end of the year, according toa report by the South China Morning Post.

The scheme will launch shortly after Hong Kong holds its legislative election on 19 December pending certain requirements, the SCMP says, including the use of a new Hong Kong Health Code system that will be compatible with those used in Guangdong and Macau and utilize a similar traffic light system. Only those showing a green health code will be allowed to travel across the border.

Eligible participants must also have been using Hong Kongs existing Leave Home Safe risk-exposure app for at least three weeks before traveling in order to allow enough time for it to collect data. However, the data will only be transferred to mainland authorities if the individual either tests positive to COVID-19 or is identified as a close contact a directive aimed at easing privacy concerns.

Despite the SCMP report, there has not yet been any official word from the governments of mainland China, Hong Kong or Macau on reopening, although Hong Kong confirmed Thursday that registration for the new Hong Kong Health Code system was launching today (Friday 10 December) to allow members of the public to familiarise themselves with its functions earlier with a view to facilitating a smoother operation when quarantine-free travel with the Mainland and Macau officially resumes.

At a press conference on Thursday afternoon, Macaus Health Bureau also stated that quarantine-free travel between Hong Kong and mainland China has not been approved yet, but said that when it does priority would likely be given to people with urgent needs, such as visiting relatives or visiting ill family, in the first phase.

Authorities are currently working on developing a mechanism for mutual recognition of vaccination records and NAT results with Hong Kong, the Bureau said.

Speaking at Chinese travel giant Trip.coms 2021 Global Partner Summit in Macau on Thursday, Trip.com Chairman and founder James Liang said he expects the border between Hong Kong and mainland China to open next week but also suggested China could reopen to the world in six months time if the regional COVID-19 situation shows promise.

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Hong Kong to open borders with Guangdong, Macau after Beijing gives final approval: reports - IAG - Inside Asian Gaming

STAKES IN PUNTO BANCO, a popular version of the card game baccarat, have often risen to well over $100,000 in Macaus VIP suites. The high-rollers have usually come from the Chinese mainland. Even before flying into the gambling haven they would commonly agree to bet upwards of $1m during their stays. Those who have arrived short of cash because of the mainlands strict capital controls have easily found lenders of Macanese patacas.

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The flow of super-rich punters from the mainland has been enabled by junket agents and promoters. In 2019 SJM Holdings, which owns a huge French Renaissance-style casino in Macau, brought in almost all of its VIP customers through such middlemen. The share of non- VIP gambling in the city has been rising in recent years. But before the pandemic, VIPs still accounted for about a third of the territorys gross revenues from gaming.

Covid-19 has been a blow to the industry. So, too, have stepped-up efforts by Chinas government to curb the junket business. Betting is illegal on the mainland. In March China said assisting cross-border gambling was also against the law. On November 26th police in the coastal city of Wenzhou issued an arrest warrant for Alvin Chau, the head of SunCity, Macaus biggest junket firm. He was later seized in Macau. Officials there claimed this was unrelated to the mainlands warrant, but many in his business felt a deep chill.

The charges against Mr Chau hint at the scope of the junket industry in Macau. Wenzhous police say he had 12,000 agents serving 80,000 customers on the mainland. SunCity allegedly arranged underground banking services to help them evade capital controls. Junkets are legal in Macau. But the mainlands laws appear to have trumped local ones.

How will Macau survive? China wants to see it transformed from a city of vice into a regional entertainment centre and tech hub. This has proved difficult because most of its available land has been used to build casinos. Macaus government hopes a new development zone will help. It is on nearby Hengqin, an island three times Macaus size. It belongs to the mainland and has been leased in part to Macau. Hengqin will have theme parks, family attractions and a high-speed rail link with Chinas interior. The former Portuguese enclave will become even more like a mainland city.

This article appeared in the China section of the print edition under the headline "No dice for vice"

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China wants Macau to break its gambling addiction - The Economist

CBRE Equity Research has warned against short-term investment in Macau-facing operators, with the exception of Wynn Resorts, after resuming equity research coverage of the large cap global gaming sector this week.

The resumption follows CBREs acquisition of Union Gaming in June and will see the new CBRE Equity Research provide initial coverage of Caesars Entertainment, Gaming and Leisure Properties, Las Vegas Sands, MGM Resorts, Penn National Gaming, VICI Properties, Wynn Resorts, DraftKings, Entain PLC and Flutter Entertainment.

In a lengthy industry overview to kick off CBREs coverage, Senior Analyst John DeCree cited multiple opportunities to get involved in the sector at attractive levels for those companies targeting the US domestic casino and online gaming markets but warned against investment in Macau given considerable uncertainty around the re-tendering of concessions, the reopening of borders and most pressingly Chinas crackdown on cross-border gambling and headwinds facing the junket industry following last weeks arrest of Suncity Group CEO Alvin Chau.

Given these notable headwinds, we remain guarded on the near-term outlook in Macau, DeCree said.

Notably, DeCree believes the emergence of the Omicron variant and Chinas cautious approach to the COVID-19 pandemic will result in Macau extending the current licenses of its six gaming concessions and sub-concessions for at least one year from their June 2022 expiry date due to the increasingly short timeline.

Recall, it took about seven months for the government to award the final three licenses after publishing the Gaming Law in 2001, he said. While an extension would create some breathing room, it would hardly remove the overhang.

On recovery from COVID-19, DeCree is bullish on the mass market which he expects to fully recover by 2023, but the arrest of Chau will send a far-reaching ripple across the entire Asian gaming industry which will inevitably impact the premium segments, including premium mass, in the near-term.

The VIP segment, he said, could recover to 25% of pre-COVID levels in 2023 on direct and non-junket play, although the actual number could be much lower.

Despite the cautious approach to Macau, DeCree does see value in Wynn Resorts as a clear pick of the bunch.

Although the Macau portfolio will need to be repositioned to cater to the mass market going forward, the Wynn assets are among the best in the business, he wrote.

We see value in the shares of Wynn as a special situation and contrarian play. We believe many investors are overly focused on Macau and the companys VIP exposure that they are overlooking the considerable value of the best-in-class, generational assets built by Steve Wynn.

We believe newly-promoted CEO Craig Billings will have plenty of levers at his disposal to unlock value while waiting for a broader reopening and recovery in Macau.

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CBRE resumes global gaming coverage, wary on Macau - IAG - Inside Asian Gaming

This article is brought to you by AXA Hong Kong and Macau.

Working at AXA is all about creating a 360o employee experience, says Isabel Lam, Chief People and Corporate Management Officer of AXA Hong Kong and Macau. From our talents first interaction with AXA, the time they join the AXA Family, to when they leave the organisation for another career challenge, were fully committed to delivering our employer promises - Grow your potential, Shape the way you work, Thrive within a diverse community, and Move the world forward - to our talents.

Formally underway since September 2021, AXA has adopted what it describes as Smart Working. This arrangement allows employees to work from home two days a week if they so choose. Moreover, they have the flexibility to arrange their working hours so long as they meet their business objectives. The adoption of a flexible work strategy has accelerated culture change as well as grown empowerment and trust while co-creating a greener way of living with enhanced resilience.

We use AXA offices as a hub for interaction, and to collaborate and feel connected as a team; while we use our technology to make sure were just as productive and able to contribute equally whether working remotely or on site being One AXA, wherever we are working, said Lam.

AXA believes everyone has the potential to become a future leader. It has tailor-made learning & development opportunities across different levels, from general staff to people managers. It offers LinkedIn Learning to every employee to grow and learn anytime at anywhere, as well as has featured campaigns like Learning Friday and Learn & Earn that come packed with incentives.

Further, AXAs AXELERATE programme for people managers is an experiential training programme to support its transformational leadership. This adds to the companys mission to create cultural enablers through collaboration, agility, and empowerment that shape the overall corporate culture of the business. Another programme, Shine through your Uniqueness identifies and nurtures high potential employees. In fact, AXA encourages both vertical and horizontal internal mobility across the company. This is made easy with features like its agile talent pool, and personalised employees growth journey powered by self-directed mentorship and job shadowing.

Thrive within a diverse community & Move the world forward

Fostering diversity and inclusion is at the heart of AXAs corporate culture. It has built a diverse workplace community that cares about its people and makes inclusion and wellbeing a priority. Moreover, its contribution in the environmental, social, and governance (ESG) arena is how AXA manifests its values to the broader society.

We are committed to promoting diversity and inclusion (D&I) by creating a work environment where all employees are treated with dignity and respect, and where individual differences are valued, said Lam.

On this note, the AXA Health Campaign this year is a joint initiative among HR, Marketing, and Employee Benefits teams. They organised various wellbeing activities and volunteering opportunities. Focused on all-round staff wellbeing, (mental, physical, financial and social), the campaign included activities like AXA Master Chef to promote a green diet and AXA Fitness Challenge to keep its employees fit and healthy.

Furthermore, AXA provides an employee assistance programme that offers a 24/7 free professional consultation hotline for mental health support; and has launched a series of holistic wellness digital tools via AXA BetterMe on the Emma by AXA mobile app.

Completing its all-encompassing employee strategy is AXA TV. The newly launched staff communication channel engages employees, keeps them informed, and helps build an inclusive company culture. The team produces its own signature content like AXA Master Chef, Game Master of AXA, AXVENTURE, and its Smart Working series to explore some common challenges with smart working, together with professional advice from a registered organisational psychologist.

AXAs purpose is to act for human progress by protecting what matters, said Lam. We believe that progress is all about giving employees, customers, and communities the confidence to thrive. Thats why, AXA HRs vision is to be a top-notch inspiring and inclusive employer, enabling employees to realise their full potential to drive progress.

ALSO READ: What the future of work looks like: The great resignation, hybrid work, and more trends to watch

Photo supplied /AXA Hong Kong and Macau

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Why AXA Hong Kong and Macau is the best employer to work for - Human Resources Online

Emperor Cinemas at Lisboeta Macau has opened an IMAX theatre with the largest screen and 12.0 surround sound system in Hong Kong and Macau.

The first Emperor Cinemas in the city opened at the Cotai property managed byMacau Theme Park and Resort in November, offering about 1,200 seats across nine theatres.

The cinema includes an IMAX Theatre with a seating capacity of 466, with a screen measuring approximately 23m in width and 12m in height, including a new-generation IMAX With Laser projection system using a high-powered laser light engine to light the screen sheet and a new 12-channel surround sound system.

The venue also has an MX4D motion EFX theatre with 4D cinematic technology developed by American firm MediaMation, which create 3 degrees of freedom from movement up, down, left, right and forward, backward.

The cinema house combines wind, lightning, stamping, neck-sweeping, leg-sweeping, with more than 10 kinds of motion and environmental effects such as vibration, including water spray, rain effects.

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Emperor Cinemas opens first IMAX with laser theatre in Macau - Macau Business

Amid a spate of top-level regional appointments, Willis Towers Watson has promoted Ted Hodgkinson to Leader of its Hong Kong and Macau division.

Ted Hodgkinson has been with the globalconsulting firm and investment broker for five years, and will hold the top regional role in addition to this current position of Head of Corporate Risk and Broking for Hong Kong and Macau.

In the top regional seat, Hodgkinson is responsible for leading and overseeing over 300 Willis Towers Watsoncolleagues operating from the firms offices in Hong Kong and Macau.

We are extremely pleased to have Ted lead our operations in Hong Kong and Macau, which are key markets for Willis Towers Watson in Asia, said Clare Muhiudeen, the recently installed Head of Asia at Willis Towers Watson.

I am confident that Ted will continue delivering on our vision and priorities, and position Willis Towers Watson for a successful future in our markets.

Hodgkinson steps into the shoes of Roger Steel, who held the role since early 2018. Now formally retired, Steel previously held various key positions at Sun Life Financial between 2008 and 2017, including president of the new markets and business development department for Asia at Sun Life Financial and chief executive officer of Sun Life Financial in Hong Kong.

Our colleagues work across cultures and borders to bring the best advice, broking and solutions in the areas of people, risk and capital to our clients. We have an exciting journey ahead of us and I look forward to leading our team of dedicated colleagues to bring our unique client value proposition and help our clients address todays complex challenges and succeed, said Hodgkinson.

Prior to joining Willis Towers Watson, Hodgkinson held various leadership roles in the insurance industry including having worked at Aon in Hong Kong, Singapore and Sydney.

Meanwhile, in Oceania, Willis Towers Watson recently named Michael Brown as its next New Zealand country head.The firm will also welcome Carl Hess as its new CEO from the beginning of next year, along with a refreshed global leadership team.

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Ted Hodgkinson leads Willis Towers Watson in Hong Kong and Macau - Consultancy.asia

US consumer prices rose last month at a rate not seen in nearly 40 years, the government reported Friday, underscoring how inflation threatens the worlds largest economy and President Joe Bidens public support.

The Labor Departments consumer price index (CPI) jumped 6.8 percent compared to November of last year, its biggest gain since June 1982 as prices for gasoline, used cars, rent, food and other goods continued to climb.

While the report contained signs that the inflation wave may be reaching a crest, it nonetheless poses a political liability for the president, with the Republican opposition using it to argue against his economic policies.

On Thursday, the White House had attempted to get ahead of the data, releasing an unusual statement saying the report will not encompass recent declines in prices of energy and used cars, two main drivers of the high inflation readings seen this year.

The information being released tomorrow on energy in November does not reflect todays reality, and it does not reflect the expected price decreases in the weeks and months ahead, such as in the auto market, Biden said, noting that gasoline prices have begun to come down nationally since the latest data was collected.

In a Friday statement, top Senate Republican Mitch McConnell put the blame on the president, saying the data confirm what every American family already knows: Inflation is out of control on the Democrats watch.

Gasoline prices rose 6.1 percent last month, while prices of used cars climbed 2.5 percent, according to the CPI report.

However, those were both the same increases as in October.

The month-on-month rate of consumer price inflation also decelerated slightly to 0.8 percent, but that was nonetheless higher than expected.

Biden made fighting inflation a top priority last month after the CPI in October saw its sharpest annual increase since 1990.

That surprised analysts and gave Republicans ammunition to use against his landmark Build Back Better plan, which would spend $1.8 trillion on improving social services and fighting climate change but faces a tough road in Congress, which his Democrats control by a narrow margin.

A variety of factors have caused the price increases, including shortages of components and workers, high demand for goods and rebounds in industries that were disrupted by the Covid-19 pandemic but are now recovering with the help of vaccines.

The degree to which Biden deserves blame for the inflation spike is the subject of debate.

Mickey Levy, chief economist covering the Americas and Asia at Berenberg Capital Markets, pointed to the supply bottlenecks, the Federal Reserves low interest rate policies and pandemic recovery legislation enacted under Biden and his Republican predecessor Donald Trump.

The Biden administration fears the negative political fallout of the impact of higher inflation on households and is trying to defer the blame on special factors, Levy said.

The White House has argued that its actions helped get the country back on its feet after last years economic collapse, citing steady declines in the unemployment rate and the number of people filing for unemployment assistance.

Some of the high inflation readings have stemmed from price increases for commodities like oil, which went negative last year at the nadir of the downturn but have risen this year as worldwide demand recovered.

That has pushed gas prices higher in the United States, but they have started to dial back in recent weeks.

Another sticky issue has been prices of automobiles, as a worldwide shortage of semiconductors has caused scarcity of new cars, and raised prices for used cars.

Michael Gapen, chief US economist at Barclays Investment Bank, noted that auto prices had started to show signs of decreasing, but then Hurricane Ida destroyed 200,000 cars in the United States in late August, creating a renewed scarcity.

However, he predicted price increases would reach their peak in the months to come, a view shared by other economists as supply chains unkink themselves and factories rebuild depleted inventories.

Looking forward, we expect we are at the point, basically, where year-on-year inflation is peaking, and we do expect inflation to slow pretty dramatically over the course of 2022, he said.

by Chris Stein

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US inflation surges to near-40 year high, testing Biden - Macau Business

American workers are quitting their jobs by the millions every month taking advantage of new opportunities created by the pandemic recovery, and creating an unprecedented labor shortage for companies.

In October, 4.2 million Americans resigned, after 4.4 million in September and 4.3 million in August, according to data from the Labor Department.

Meanwhile, new applicationsfor unemployment benefits last week fell to just 184,000, the lowest level since September 1969, the Labor Department said Thursday.

There are 11 million job openings, and the number of vacancies is peaking as demand picks up in bars, hotels, restaurants and other service industries.

The economy remains about four million jobs short of the pre-pandemic level, and even though job gains have averaged 555,000 a month this year, hiring, especially unskilled staff willing to work in person, has become a headache for many employers.

Weve never had a gap like that where theres just so many more openings and there are unemployed workers, said Curtis Dubay, economist at the US Chamber of Commerce.

The pandemic is changing attitudes to work, he told AFP.

Jobs that are traditionally less pleasant and with less skills are having a harder time retaining workers. Workers are just not putting up with it anymore.

Since April, a record number of workers, the overwhelming majority in low-skilled jobs in the service sector, have quit, no longer concerned that they will struggle to find a new position.

The hashtag #GreatResignation is trending on Twitter, with one post offering this explanation: Were leaving jobs because we have nothing to lose.

The author called on companies to show more human kindness and compassion, and step up their offers on remote work, health care and retirement savings. Bring your best to the table and maybe we will too.

Erik Lundh, economist at The Conference Board research center, said the current environment definitely gives workers more bargaining power, in terms of negotiating for benefits and wages.

There are signs employers are raising pay and improving benefits to try to attract workers.

The share of job offers offering signing bonuses in addition to the base salary has more than doubled since March 2020at the start of the pandemic and October 2021, according to a study by The Conference Boardpublished on Wednesday.

And the prevalence of bonuses is more marked for manual work that does not require a university degree and cannot offer telework, as well as for jobs in industries facing the greatest labor shortages, notably education and healthcare.

The trend is expected to continue next year.

Most companies are looking at almost a four percent jump in wages next year, Lundh said.

Lydia Boussour, economist for Oxford Economics warns that the tight labor market could exacerbate current inflationary dynamics.

The rapid turnaround in the labor market following the damage inflicted by Covid-19 came as a surprise to most forecasters and policymakers.

Unemployment peaked in April 2020 at 14.8 percent the highest since the government started measuring the data in 1948 but by last month it had dropped to 4.2 percent.

Policymakers have welcomed signs employers are willing to pay more since wages had stagnated for years.

Dubay notes that Americans forced to stay home during the pandemic built up a stockpile of savings helped by massive government aid and therefore can afford to quit their jobs and take time to get back to work.

But he expects the situation to get back to normal in coming months.

In the current dynamic, however, Its very risky for firms to let go staff unless they have no other choice, because re-hiring people later will be difficult and likely expensive, said Ian Shepherdson of Pantheon Macroeconomics.

by Delphine TOUITOU

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American workers leaving their jobs in droves, companies struggle to hire - Macau Business

In Macau, southern China, a ceremony has been held to commemorate the topping out of Studio City Phase 2, a 250,000 sq m development designed by Zaha Hadid Architects (ZHA).

The art deco project, for developer Melco Resorts & Entertainment, will include two towers containing 900 rooms and suites, 21,000 sq m of shops and restaurants and 2,300 sq m of gaming space.

Studio City originally opened in 2015 and ZHA was appointed to design the extension in 2017.

Phase 2 will contain one of Asias largest indoor and outdoor water parks, a six-screen cineplex and conference and exhibition spaces.

The extension will have green features such as a triple graded facade to reduce solar glare, and gained a prize at the 2021 Breeam Awards.

David Sisk, Melcos chief operating officer in Macau, said: Since opening in 2015, Studio City has become a destination landmark in Macau with its unique entertainment theme and experience.

The extension project will complement our existing offering of next-generation world-class entertainment and further enhance the distinctive Studio City experience.

Lawrence Ho, Melco Resorts & Entertainment chairman, said: Studio City Phase 2 reaffirms our ongoing commitment to the city and contributes to reinforcing Macaus non-gaming proposition in Asia and internationally. We are grateful for the support of the Central and Macau governments during the project construction.

Studio City Phase 2 is due to be completed in December 2022.

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Zaha Hadid Architects' hotel tops out in Macau - GCR