Category Archives: Macau

Chinas two special administrative regions announced their list of eligible banks to participate in the cross-border wealth management scheme.

In Hong Kong, HSBC, Standard Chartered, Citi and more were amongst those on the list of 19 approved banks, according to an announcement yesterday from the citys central bank.

Three banks Bank of East Asia, DBS and Dah Sing Bank were only allowed to sell products via the southbound route.

Considering that it will be the first time for retail investors to conduct cross-boundary investments, we will closely monitor the operation of the cross-boundary Wealth Management Connect and step up investor education and investor protection work together with the industry, said Hong Kong Monetary Authority chief executive Eddie Yue Wai-man in a statement.

Macau List

Concurrently, Macaus central bank also announced its list of seven lenders approved for the cross-border scheme earlier this week.

Bank of China, Bank of Communications, China Construction Bank, China Guangfa Bank, CMB Wing Lung Bank, ICBC and Luso International Banking were approved to launch services in the Wealth Connect program as of yesterday, according to the Monetary Authority of Macau.

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Hong Kong and Macau Announce Wealth Connect Bank List - finews.asia

Several hundred people were seen lining up yesterday before noon, when the major restrictions were scheduled to be lifted. Many had suitcases with them as they eagerly waited to cross the border.The Workers Stadium nucleic acid test (NAT) station, located near the border gate, had people lining up at 7 a.m. so as to skip the crowds due to the lifting of restrictions. One citizen suggested that there should be more NAT stations located around the area for convenience, so travelers could get home quicker.Border restrictions in Zhuhai were lifted yesterday for people who have been in Macau. Travelers no longer need to quarantine when going to Zhuhai but are required to present a negative nucleic acid test valid within 48 hours. They also do not need to be vaccinated.Most are happy that restrictions have been lifted and borders have been reopened.I havent been able to work for the past two weeks, so its been a little tough financially, but Im happy to be able to work again, said Chung, who lives in the Mainland and works in Macau.A Macau resident, Lao, was especially happy as her place of residence is undergoing renovations. She can return to her home in Zhuhai temporarily as a getaway.Some people were indifferent about the restrictions easing at the borders. I work in Macau and live in Zhuhai, but I had no issues staying here to work during the lockdown, said a woman surnamed Mak.Measures for entering Macau from Zhuhai remain the same. A NAT with a validity of seven days is required. Whereas, in order to enter Zhuhai from Macau, a NAT valid within 48 hours is required. This excludes those who were in close contact with Covid-19 cases and have not completed seven days post quarantine, residents who live in red and yellow zones that were lifted within the last 7 days, as well as high risk workers who have not completed 14 days post-work. Staff reporter

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Crowds at the Border Gate as Zhuhai restrictions eased - Macau Daily Times

Posted on: October 13, 2021, 01:21h.

Last updated on: October 13, 2021, 01:39h.

Macaus effort to understand where the public stands on the regions gaming industry certainly hasnt gone according to plan.

The six licensed commercial casino operators in the Chinese enclave are set to see their operating rights expire next June. Macaus Gaming Inspection and Coordination Bureau (DICJ) hopes to consult residents for input on what, if any, new governing conditions should be imposed on the gaming industry under the next regulatory regime.

The DICJ earlier this year announced four town halls to discuss potential operating conditions that the commercial casinos will be required to adhere to under their new terms. COVID-19 canceled the first two, which were slated for September 29 and October 9.

Now, Typhoon Kompasu, a severe storm that this week battered nearby Hong Kong and other parts of the Pearl River Delta, has led to the DICJ calling off its hearing that was scheduled for today, October 13.

Only one public consultation October 19 remains scheduled before the enclaves 45-day review period is to conclude on October 29. The DICJ said today upon canceling the public meet that its considering adding public hearings before Oct. 29.

With only eight months remaining before Macaus gaming permits are to terminate, theres a growing opinion that the Chinese Special Administrative Region (SAR) will take advantage of the available one-time licensing extension that its 2001 gaming law allows.

I do believe in the next 60 days give or take we should hear something around extension, MGM Resorts CEO Bill Hornbuckle revealed last month during the JP Morgan Gaming, Lodging, Restaurant, and Leisure Management Access Forum in Las Vegas.

We are all just trying to figure our way through this, the MGM boss continued. We dont have an official word, but we are believing the licenses get extended. Time will tell.

Executives at Wynn Macau and SJM Resorts recently shared similar sentiments.

The company is monitoring developments with respect to the Macau governments concession renewal or extension process, and at this time believes that its concession will be renewed or extended beyond June 26, 2022, a Wynn statement explained.

As for the remainder of 2021, analysts monitoring Macau are further reeling in their expectations. With COVID-19-related border restrictions potentially lingering into the middle of next year, a note from Sanford C. Bernstein today lowered full-year 2021 gaming forecasts.

Bernstein edited its 2021 gross gaming revenue (GGR) outlook from about half of 2019 levels to only 31 percent. The reduction is the result of new local COVID-19 cases being detected in Macau, and the regions pledge to carry on with its zero COVID-19 policy approach until 80 percent of the area population is fully vaccinated.

GGR in 2019 totaled approximately $36.5 billion, meaning Bernstein believes 2021 casino income will tally around $11.3 billion. Through nine months, Macaus six casinos have won a combined $8.46 billion.

Macaus September GGR dropped 73 percent from September 2019, and October will be worse due to the recent COVID outbreaks in Macau, the Bernstein note reasoned.

Bernstein expects GGR in 2022 to reach 59 percent of Macaus 2019 casino win, or about $21.5 billion.

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Macau Gaming Bureau Cancels Yet Another Public Consultation, Owing to... - Casino.Org News

Macaus Gaming Inspection and Coordination Bureau has reportedly rescheduled four public consultations on the amendments to the revised gaming law.

The reason behind the delays is the new cases of Covid-19 detected in Macau in October. The new date for the meetings is set for 22-25 October 2021 and will be divided into morning and evening sessions to adhere to the social distancing regulations.

The government previously stated that the consultation period will not be extended, despite the disruptions in the schedule. The consultations originally began on 15 September and are set to run until 29 October, and community members who cannot make it to the meetings can submit their opinions in writing.

Not only public consultations are being impacted by the new surge of cases; organisers of Global Gaming Expo (G2E) Asia announced the in-person event was cancelled, reported GGRAsia. In light of the ongoing Covid-19 disruption and continued travel restrictions across Asia Pacific, G2E Asia has shifted its focus to 2022 to ensure we meet the shows high expectations, which we share with our valued exhibitors and attendees, said Vera Ng, Project Director, Reed Exhibitions.

G2E Asia for 2021 was originally scheduled to take place in spring but was delayed several times, with the latest date set for 9-11 November. The organisers hope to have a proper in-person event again in 2022, as the last such event took place in 2019. The new plan is to hold the 2022 edition of G2E Asia from 30 August to 1 September in Cotai Expo at the Venetian Macao.

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Macau delays public consultations on gaming law revisions - Gambling Insider - In-depth Analysis for the Gaming Industry

Signature restaurants at Sandsproperties have been recognisedfor their outstanding wine selections at the 2021 Chinas Wine List of the Year, the company said yesterday.In the note to the press, Tom Connolly, Senior Vice President of Food and Beverage Operations atSands Resorts Macao, is quoted as saying that, Great food is enhanced with complementary wine, and at SandsResorts Macao, we provide both extensive and imaginative wine choices at our signature restaurants to create exceptional culinary experiences for guests. We are honoured to have again been recognised at this key industry event. The event was held recently in Shanghai.Chinas Wine List of the Year is an annual event that appraises winners in three award categories in mainland China, Hong Kong, Macau and Taiwan: the One Glass,Two Glasses and Three Glasses awards.A total of thirteen Sands restaurants were listed, with Portofino and North at The Venetian Macao, Churchills Table at The Londoner Macao, Golden Court and Copa Steakhouse at Sands Macao receiving the top distinction of the Three Glasses Award.The Wine List of the Year Awards was established in 1994 to recognise and reward the best quality wine lists in hospitality. Chinas Wine List of the Year Awards was launched in 2012. The panel includes some of the worlds most respected international and Chinese experts in wine, wine service and wine commentary.According to the Sands press release, the event is also influential in raising the publics interest in fine wine, and has improved consumer appreciation of the participating establishments.

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Corporate bits | Sands restaurants honoured at 2021 Chinas Wine List of the Year Awards - Macau Daily Times

The Macau SAR Executive Council has completed a proposal to revamp and update the local Tax Code in accordance with international standards, which will be submitted to the Legislative Assembly for evaluation.

In order to establish a more modern tax regime that meets the economic development requirements of the Macau SAR and public administration reform, authorities consider it essential to draw up a Tax Code which will, in the future, form the basis of the tax regime of the Macau SAR, the Executive Council added.

TheExecutive Councilis a formal body of advisers to the Chief Executive that serves as a core policy-making organ of the local Government.

Macau is currently considered internationally as a tax haven for its advantageous personal and corporate tax structure, with residents and non-residents alike benefiting from low taxes levied against professional and business income.

For example, foreign earnings are not taxed, but residents are taxed on income earned from Macanese companies, with the first MOP144,000 earned exempt from personal taxation, after which the top tier is taxed at 12 per cent.

According to the advisory body, the current tax regime in force in the Macau SAR was gradually created in the 1970s and constitutes for the most part of separate tax laws, drawn up in accordance with the need for tax collection without including tax concepts and principles that apply uniformly and globally.

For this purpose, it is necessary to systematize them and establish even clearer standards, it added.

The new tax code includes a total of 293 legal articles, divided into five sections, namely: Tax Order, Tax Legal Relationship, Tax Proceedings, Tax Legal Proceedings and Tax Foreclosure Proceedings.

The code draft introduces concepts such as tax resident and tax residence so as to better comply with its international tax obligations and better attract more foreign investors to the SAR.

It also aims to unify the separate rules of the current tax legislation, as well as to clearly define the rights and obligations in tax legal relations, in the tax judicial process and in the process of tax enforcement, in order to fully safeguard the legitimate rights and interests of taxpayers and other taxpayers, while ensuring citys tax revenues.

In order to comply with the latest international standards on the exchange of information on request and the automatic exchange of information, established by the Global Forum on Transparency and Exchange of Information in Tax Matters from the Organisation for Economic Co-operation and Development (OECD), as well as further improving the legal framework for exchanging tax information in the SAR local authorities also advanced with a new legal framework for the exchange of information in tax matters.

The proposal also to be submitted to the recently sworn-in AL proposes an expansion of the scope of application of the exchange of information on request to information that is in the availability of pension funds and non-mandatory central pension fund management entities and a repeal of the provisions in which the information involved in exchanging information on request is limited only to that relating to the year in which Macau has received the request and the previous five fiscal years.

It also proposes that sanctions be applied for violating or circumventing the obligations on due diligence; to financial institutions that have not obtained, from their customers, self-certification or relevant documents proving that they are foreign tax residents; or for not keeping, during the indicated period, the required financial information.

Last year the Macau Executive Council also concluded new administrative regulations for the registration and exchange of information on the financial activities conducted by multinational groups operating in the city.

The new regulations came into force on January 26, 2020 and were devised as was way to align Macau with international taxation rules set by the OECD for preventing the erosion of the tax base and the transfer of profits.

In October, 2018 the AL also passed a bill revoking the current offshore law, with offshore companies operating in the Macau SAR having until January 1, 2021 to request Macau Trade and Investment Promotion Institute (IPIM) to transition to onshore companies or cancel their operations.

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Gov't looking to revamp current tax code - Macau Business

The 2021 World Conference on the VR (virtual reality) Industry kicked off Tuesday in Nanchang, capital of east Chinas Jiangxi Province, highlighting the latest achievements in the industry.

Themed integrated development, innovative applications, this years conference focuses on promoting application and popular consumption of VR, integrating global VR resources, and building platforms for innovation and cooperation.

The event is held both online and offline this year. According to organizers, more than 2,000 experts, scholars and entrepreneurs in the field of VR, AR (augmented reality) and MR (mixed reality) from home and abroad are expected at the offline conference.

More than 260 speakers, including over 80 from overseas, will share their insights at the main forum and 16 parallel forums.

Co-hosted by the Ministry of Industry and Information Technology and the provincial government of Jiangxi, the conference has been held annually in Nanchang since 2018. A total of 321 projects worth 194.6 billion yuan (about 30.3 billion U.S. dollars) have been signed during the conferences in the past three years.

From Oct. 17 to 20, a VR expo with a 30,000-square-meter display area is also featured in Nanchang. Over 200 domestic and overseas corporate exhibitors were invited to show their latest developments of VR and AR products and applications.

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Conference on VR industry opens in east China - Macau Business

Britains music industry lost more than one third of its jobs owing to the pandemic, an industry body revealed Tuesday, as it urged greater government support to aid the recovery.

Employment across the sector slumped 35 percent annually to 128,000 jobs in 2020, UK Music said in a report.

The music creators and live music sectors experienced the greatest decline, the report added.

The majority of those working in the industry are self-employed, and they have been hit especially hard by Covid-19.

The UK music industrys contribution to the economy slumped 46 percent to 3.1 billion between 2019 and last year, the report noted.

The past 18 months have been exceptionally challenging for the UK music industry, with billions wiped off the value of the sector but we are determined to look to the future and focus on recovery, said the trade bodys chief executive Jamie Njoku-Goodwin.

With the right support, the UK music industry can help drive the post-pandemic recovery, he added.

The famous Glastonbury Festival was among the hundreds of live music events cancelled during Britains pandemic lockdowns.

It wasnt until August this year that the UK launched an insurance scheme to cover music festivals and other live events, in a package worth 750 million.

The UK music industry has additionally been hit in recent times by post-Brexit curbs on touring in the European Union.

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UK music industry lost third of jobs over Covid: trade - Macau Business

Arturo Sosa, S.J., the superior general of the Society of Jesus, appointed Stephen Tong, S.J., to be the new provincial of the Chinese province of the Jesuits. He will assume his new mission on Nov. 1, 2021.

Father Tong succeeds the current provincial, Stephen Chow, S.J., whom Pope Francis appointed as the new bishop of Hong Kong on May 17.

We thank our Lord for giving us a new Provincial through the appointment of Father General. And we should give thanks to Father Stephen Tong for his generous availability for this arduous and challenging mission, Bishop-elect Chow said in a letter breaking the news to fellow Jesuits in the Chinese province, which includes Hong Kong, Macau, Taiwan and mainland China. He told them that their ardent support and closest cooperation with Father Tong is crucial for the fruitfulness of Gods Mission through our Province, united among the four regions.

Father Tong was born and brought up in Macau in a non-Catholic family as the youngest son among five siblings. He finished his basic and secondary education in Macau, and he was baptized before he flew to Taiwan for his tertiary study in civil engineering in 1981. Following the example of his eldest sister, he began to consider religious life and in 1990 decided to join the Society of Jesus.

He entered the novitiate in Singapore and studied philosophy in Manila, followed by two years of regency, during which he taught in the Jesuit school in Macau, called Estrala de Mar. In 1996, he began theology studies in the Holy Spirit Seminary College and was then ordained a deacon in 1999. He subsequently spent two years in Boston to pursue a licentiate in theology. He was ordained a priest in Macau on June 24, 2000. He was sent to Manila for his first priestly mission as the pre-novitiate director and socius to the novice master. From then on, his ministry involved formation and Ignatian spirituality.

After finishing his tertianship training in 2004, he was sent to Hong Kong to be director of Xavier House on Cheung Chau Island, where he led retreats and offered spiritual direction. He has also served as the province consultor since 2010 and as the superior of the Hong Kong Jesuit community since 2012.

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Father Stephen Tong of Macau named Jesuit provincial of China - America Magazine

Another hearing of the Las Vegas Sands (LVS) lawsuit regarding a potential USD12 billion damages payout will be held today at the Court of First Instance.The plaintiff, Taiwanese mogul Marshall Hao and his company the Asian American Entertainment Corp Ltd (AAEC), is accusing LVS of violating their contract for a casino license in Macau in the period from 2004-2022.According to a source familiar with the case, LVS will bring in David Green as a key witness. Green, a gaming adviser is the head of New Page Consulting which has been a consultant to the Macau government, involving the further development of the SARs gambling regulatory framework.Green was flown from Australia on August 30 and spent a month in a hotel quarantine.The legal dispute between Asian American and LVS has been ongoing since 2007, when the lawsuit against LVS was first filed in the U.S. It was later dismissed there for exceeding the statute of limitations and other procedural reasons.AAEC and LVS were partners in attempting to bid for a license to operate casinos in Macau in the early 2000s, when the local government was opening up the market and inviting operators from around the world. They later parted ways, and LVS partnered with Galaxy Entertainment Group to organize the bid.According to information available, Hao thought the bidding documents submitted by the then partners were significantly similar to those prepared jointly by AAEC and LVS when they were still partners. This remains the foundation of the lawsuit at the Macau court.The damages AAEC is asking for represent 70% of the profits made by LVS in Macau during the filed period. AL

Note: Updated with a correction of David Greens past work in Macau. He was never a staff member of LVS or its subsidiaries.

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LVS to bring in David Green as key witness in multi-billion dollar case - Macau Daily Times