Category Archives: Macau

The Monetary Authority of Macau (AMCM) informed today (Monday) that it brought together the central banks of Portuguese-speaking countries to discuss the future of statistics in these institutions after the Covid-19 pandemic.

The chairman of the board of directors of AMCM, Chan Sau San, underlined during the initiative that the statistical function of the central institutions will play an increasingly active role, establishing indispensable objective foundations for the studies and the definition of policies and the subsequent supervision , due to the uncertainty caused by the pandemic scenario in the economy and in the financial sector.

The importance of the statistical function and financial statistical data of central banks for the assessment of the economy and financial stability in the pandemic context, as well as the technological challenges, were also discussed in a videoconference that brought together the central banks of Angola, Brazil, Cabo Verde, Mozambique, Portugal, So Tom and Prncipe and Timor-Leste, in addition to AMCM.

The XI Statistics Meeting of the Central Banks of Portuguese-speaking Countries is a biannual event that should have taken place in 2020, but was postponed due to the pandemic, having taken place by videoconference.

For AMCM, the event strengthened contact with the central banks of Portuguese-speaking countries and reinforced the promotion of multilateral cooperation, consolidating the role of Macau as a financial services platform between China and Portuguese-speaking countries.

The event was under the theme From survival to innovation: the statistical function in the post-epidemic.

Chan Sau San recalled that statistical data prepared and published by central banking institutions play a relevant role in promoting the monitoring of economic trends, potential risks to the financial system, as well as the overall performance of the financial sector, in addition to providing a solid () basis for policy-making and evaluation.

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Lusophone central banks meet in Macau to debate the future of statistics after the pandemic - Macau Business

Macau karateka Kuok Kin Hang made history on Saturday, delivering the Special Administrative Regions first ever medal at Chinas National Games in the mens karate.

Kuok, a gold medalist at the 2013 East Asian Games, beat Song Zhengwang from Zhejiang Province to claim the bronze in the mens kata (routine) event.

This is the first time that a Macau athlete has stepped on the National Games podium since the region made its debut at Chinas quadrennial multi-sport event in 2001.

Im glad to take this honor. Its a special moment for Macau sports. It means that Macao athletes can do something on this big stage, said Kuok.

The 28-year-old was close to winning a medal at the 18th Asian Games in Jakarta, where he lost to South Koreas Park Hee-hun in the mens karate kata competition.

I kept pushing myself and didnt eat too much since yesterday. Its my first time competing at the National Games, and I was hungry to win a medal for my team, he said.

Im so glad to compete with other Chinese competitors on such a huge stage, since I havent had any events outside Macao because of the pandemic, Kuok added.

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Kuok Kin Hang wins first-ever medal for Macau at China's National Games - Macau Business

By Newsgd.com

The administrative organizations of the Guangdong-Macao In-depth Cooperation Zone in Hengqin were inaugurated on Friday. Guangdong, Hong Kong and Macau have once again grabbed the limelight from businessmen and investors from around the world, particularly the Portuguese speaking countries (PSCs).

Henry Osvald is the President at BraCham. Having been in China since 2004, he started his own business specializing in technical development. Osvald shared his view on the plan in an exclusive interview with Newsgd.com & GDToday.

Speaking of the Macaus appropriate economic diversification, Osvald recollected his first impression of China.

When Osvald came to China to set up his factory, he was impressed with not only the infrastructure, but also how China can nurture talent in terms of technical knowledge.

China has been showing the world that by investing in education, you can really grow fast because you have all the qualified resources, with reputed universities such as Tsinghua University and Fudan University. Osvald believes Macau, with a long history of international communication, could also go in the same direction and be a perfect hub to attract foreigners, especially students.

According to the general plan for building the Guangdong-Macao In-depth Cooperation Zone in Hengqin, the strategic position of the zone is to boost Macaus appropriate economic diversification. The plan also encourages Macao to develop sci-tech research and development and high-end manufacturing.

Henry thinks Macau also needs to train technicians specializing in machinery, software, AI and so on, so that foreign companies can grow within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

Knowing that Macau University already has a campus in Hengqin, Osvald said: Im sure the cooperation zone will be a great hub in terms of education. With Portuguese-speaking people, it can attract bright minds from universities in Brazil so they can join local students and entrepreneurs to develop technology.

I believe Macau can play an important role in software, finance, business, and education. Zhuhai can be the place to house manufacturers and tech hubs.

Osvald has been to Hengqin with a delegation. They visited the Latin America Integrated Bonded Logistics Hub, and Traditional Chinese Medicine Science and Technology Industrial Park of Co-operation between Guangdong and Macao.

Recalling this visit, he said: The infrastructure that has already been built drew our attention, for example, the Hong Kong-Zhuhai-Macao Bridge, adding theres a huge potential now that Macao is going to get more involved, as the region has more experience in dealing with PSCs in Latin American countries.

According to Osvald, there about 38 Brazilian enterprises in Guangdong, most of them are based in Guangzhou, Shenzhen, Dongguan and Zhuhai, engaged in food and garments, construction material, electric appliances, digital technology and automation businesses.

Guangdong is an economic powerhouse. By connecting the strengths in terms of human resources in Macau and Hong Kong, which boasts great business and finance backgrounds, this area will attract foreign companies to come to China because this is still a huge market for consuming and manufacturing for all these years, he added.

Osvald said, China is one of the best places in the world now in terms of safety, infrastructure, and food. A lot of people dont know the real Chinese food, and dont know its a safe and clean place, where they would be welcomed.

He concluded: Im sure the people in PSCs would love it, once you understand how easy online shopping in China is, you see that you dont need actually an area with big supermarkets or big shopping malls, and there are a lot of bars and restaurants.

Reporter: Keane/Author: Hannah Zhou, Huang Yanting (intern)/Editor: Wing, Jerry

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President at BraCham: Hengqin will be favored by international education industry - Macau Business

Judging from the context and content of the central governments integration blueprint on Macau-Hengqin Cooperation Zone and the Hong Kong-Qianhai developmental areas, it is quite likely that Beijing has a holistic plan of moving Macau-Hengqin zone and Hong Kong-Qianhai zone toward a possible territorial merger near the year of 2049 and 2047, respectively, with very significant geopolitical implications for Beijing-Taipei economic interactions in the long run.

The Macau-Hengqin Cooperation Zone has revealed its institutional structures three days after the Macau government published its consultative document on the amendment of Law No. 16/2001 (Legal Framework for the Operations of Casino Games of Fortune). The Hengqin Island is divided into two parts: one under Macaus administration and the other cooperative zone under the mutual governance of Guangdong and Macau. This cooperative zone is characterized by a joint governance structure, namely the Management Committee of the Cooperation Zone, which is led by the Guangdong Governor Ma Xingrui and Macau Chief Executive Ho Iat Seng and under which the executive deputy director is the Macau Secretary for Administration and Justice, Cheong Weng Chon. Under the Management Committee, a secretariat and an executive committee led by Macau Secretary for Economy and Finance, Lei Wai Nong, are formed to oversee several bureaus, including administration, law, economy, monetary and financial development, commerce, treasury, statistics, urban planning and construction, and the peoples livelihood. Macau people can arrange driving licenses and permits to go in and out of Hengqin, while the Macau East-West Meeting Point (Hengqin) Development Company has become one of the 33 projects going into the Guangdong-Macau Cooperative Industrial Park (Ming Pao, September 18, 2021).

This Cooperation Zone aims at making Macaus economy more diversified than ever before. According to the Hengqin-Guangdong-Macau In-depth Cooperation Zones Construction Blueprint published on September 5, the new zone aims at helping Macaus economic diversification, population movement to reside in Hengqin, and the expansion of social services in 2024. In 2029, the four areas of developing Macaus economic diversification Chinese medicine, innovation and high-tech industry, cultural and convention exhibition center, and modern monetary and financial center will be expected to make prominent achievements. In 2035, it is expected that all the four realms of Macaus economic diversification will be achieved. As such, a clear timeline is outlined in the important document designed by the central authorities and with the active participation of Guangdong provincial and Hengqin-Macau local authorities.

To stimulate economic development and investment, the Zone is going to levy 15 percent enterprise tax while exempting parts of individual income taxes that are over 15 percent to attract talents to work and stay there. While Macau youths are encouraged to work and live in Hengqin, a whole range of social services will be provided and expanded in the Zone. Transportation links like Macau Light Rail will be extended into Hengqin. Under these circumstances, Hengqin-Macau will be integrated as oneness or yi tihua with the first line being opened and second line under controlled (Blueprint, p. 11). The second line will have goods entering the mainland with more elaborated custom and immigration control and taxes levied. Clearly, three lines of administrative structure has been established, with the possibility of moving these administrative lines in accordance with geoeconomics and political needs in the long run.

The establishment of the Cooperation Zone is marked by the necessity of party building (Blueprint, pp. 17-18), meaning that political and legal protection is necessary for the governance of the Zone. The Partys construction is put on the priority of the agenda of development, meaning that the process of opening up Hengqin to Macau must be characterized by the leadership of the Chinese Communist Party. The protection of the rule of law is emphasized in the Blueprint, giving Zhuhai certain degree of autonomy in legislative affairs so that the Zones commercial and civil regulations will converge with Macau (Blueprint, p. 18). Other areas of risks management, like anti-terrorism, anti-tax evasion and anti-money laundering will be monitored in the name of emphasizing the thinking of bottom line (p. 19). In a nutshell, the entire Blueprint is characterized by mutual governance structure, gradual and orderly openness, necessary control in the areas of tax, customs and cross-boundary crimes, and the realization of the plan of making Macaus economy more diversified and less reliant on the casino industry.

Under this broader context of economic diversification, the Macau governments consultative document on the amendment of Law No. 16/2001 is politically significant and administratively progressive. The document delineates several areas of casino concessionaries that will need more governmental control: (1) the emphasis on the quality rather than the quantity of concessionaries; (2) the flexibility in the period of the concessionaries to be granted; (3) more control over the capital requirement of the concessionaries; (4) the localization of the membership of the Board of Directors; (5) the governmental approval of profit sharing by concessionaries; (6) employees training and protection; (7) more control over the intermediaries and their related background checks; (8) the strategic development of non-gaming areas so as to stimulate the growth of small and medium enterprises; (9) the enhancement of social responsibility through the 4 percent tax levy that will be used for the development of culture, charity and urban development; and most importantly (10) the addition and role of governmental representative in the casino concessionaries.

Although the prices of some Macau casino stocks dropped soon after the publication of this document, those stakeholders with vested interest might not fully understand that the consultative documents proposed amendments are accurately plugging the loopholes of casino and gaming governance in Macau. Arguably, there is and will be a genuine need for the government representative to oversee each casino concessionarys operation, perhaps through the governments appointment of its representative into the Board of Directors with the direct say on the most crucial issue, notably profit sharing which in the past was criticized as siphoning off the tremendous profits away from Macau to overseas. A careful study of the consultative document shows that governmental supervision and stricter control over casino governance is long overdue, ranging from the control over profit sharing to the supervision over casino-related crimes. The objectives are to modernize casino governance further and to shape its healthy development, with contributions back to the society of Macau and its economic diversification.

The Hengqin-Macau development is simultaneously accompanied by the Qianhai-Hong Kong integration. On September 6, the State Council published the Comprehensive Reform and Open Plan for Qianhai-Shenzhen-Hong Kong Modern Service Sector Cooperation Zone. The document states clearly that it aims at enhancing Hong Kong comrades centrifugal force toward the motherland and that it plays a demonstrative and leading function of deepening reforms in the Greater Bay Area. The plan outlines all the areas of rapid development: the service sector, monetary and financial development, high-tech development, artificial intelligence, smart cities, innovative experiments and research, the protection of civilian enterprises, the deepening of the reform of state-owned enterprises, the relaxation in allowing the people of Hong Kong, Macau and foreign countries to work and stay in Qian, the establishment of arbitration center and international law services center, and the expansion of international trade. One striking similarity of the Qianhai-Hong Kong plan and the Hengqin-Macau developmental blueprint is that both emphasize the importance of Party building and the improvement of the rule of law in the two zones an indication that politics and law remain in command amid deepening and accelerated economic liberalization.

Unlike Hengqin which is reshaped to accommodate the needs of Macau, Shenzhens Qianhai is urged to accelerate and deepen its reforms by working with Hong Kong in all the strategic areas. Given that Hong Kongs universities are strong in research, the integration between Qianhai and Hong Kong clearly taps the Hong Kong knowledge and research expertise to maximize the potentiality of further technological development in Shenzhens Qianhai.

Although the Plan for Qianhai-Shenzhen-Hong Kong cooperation zone does not have a timeline of development, it has an important area in common with the Hengqin-Macau cooperation zone: within the two special administrative regions of Hong Kong and Macau, a special mainland cooperation zone is already carved out for each of them. This special administrative zone within each of the two special administrative regions has important geopolitical and economic significance in the long run.

First, if the Greater Bay Area plan is shaped, structured and developed in such a way as to incorporate Hong Kong and Macau, the Hengqin-Macau and Qianhai-Hong Kong integration will likely develop into a possible territorial merger in 2049 and 2047 respectively. The Hengqin-Macau Cooperation Zone has already delineated the timeline up to 2035. Hence, when both Macau and Hong Kong approach 2049 and 2047 respectively, it will be quite likely that the central government will have a new plan along the line of a possible territorial merger, relaxing the first line or even the second line of the special cooperative zones to be integrated into Macau and Hong Kong. In both Macau and Hong Kong, physical and geographical space remains limited. Hong Kongs limited land supply would have a huge boost if Hengqin were territorially integrated into the special administrative region, especially if a plan is underway to build a railway connecting the New Territories with Hengqin.

Second, the central governments blueprint of development for Macau and Hong Kong demonstrates a strong developmental state in Beijing, which may have Taiwans economic integration in its mind. In other words, if Taiwan is going to be economically lured and integrated back into mainland China in the future, the Greater Bay Area (GBA) with the special developmental roles of Hong Kong and Macau will play a collective demonstration model where special administrative regions can have special zones, and where Taiwan will be economically attracted to interact with the GBA in a more intensive way than the present. Of course, Beijing-Taipei relations are more complex and will depend on other factors, including Taiwans domestic political change and Beijings strategic calculations.

In conclusion, the Hengqin-Macau cooperation zone must be analyzed together with the Qianhai-Hong Kong cooperation zone in the context of using the one country, two systems to show its demonstrative economic liberalization impacts on Taiwan. Economic liberalization and reform deepening are the hallmarks of Chinas development, especially in the Greater Bay Area where the Hengqin-Macau and Qianhai-Hong Kong cooperation zones have profound economic, social and political implications. Socio-economically, Macaus economic diversification will be realized sooner or later, while Hong Kongs strengths are fully maximized with a win-win situation of utilizing the vast physical space and technological expertise in Qianhai. The Chinese identity of the people of Hong Kong and Macau are expected to be strengthened with their increased centrifugal tendency toward their motherland. On the other hand, Hengqin is going to be developed into a more international city than ever, as with the case of Qianhai. Economic interdependence can be witnessed in the rapid and closer economic integration between Qianhai, Hong Kong, Hengqin and Macau. Approaching 2047 and 2049, it will be likely that the boundaries of Hong Kong and Macau respectively will be redrawn so that the two administrative regions will go deeper and integrate territorially with Qianhai and Hengqin respectively.

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OPINION-Central Planning on Macau-Hengqin and Hong Kong-Qianhai Integration: Implications for 2049, 2047 and Taiwan - Macau Business

The Chinese government has accused the report on the EU/China strategy, approved by the European Parliament (EP), of being based on prejudice and lies, after criticising Beijing's interference in affairs of Macau.

The report makes irresponsible comments on the practice of the 'one country, two systems' principle in Macao and openly interferes in Macao's affairs and China's internal affairs, said the Chinese Ministry of Foreign Affairs, in a statement sent to Lusa.

The same note accused the report of violating international law and the basic norms of international relations.

"We strongly condemn and strongly oppose" the position of the European Parliament, he added.

In the document approved by MEPs in Strasbourg, the EP urged Beijing to respect the Basic Law of Macau (mini-constitution of the territory), which will be in force until 2049.

The EP recalled that any interference in the country's electoral processes and in the functioning of the media is prohibited, in a reference to the exclusion of pro-democracy candidates from elections to the local parliament and to acts of editorial interference in the public radio and television station.

Beijing recalled that, in the last 20 years, since Macau's return to Chinese sovereignty, with the strong support of the central government, the authorities of the semi-autonomous region united and led all sectors of society to act in strict accordance with the Constitution and the Basic Law of Macau.

In the report, MEPs recalled that, after banning ceremonies to mark the anniversary of the Tiananmen massacre and pressing media organisations to adopt a pro-China editorial line this summer, Chinese authorities excluded 21 candidates, most of them of members of pro-democracy movements of participation in the legislative elections in Macau.

The document also condemns "the systematic violations of human rights in China", requesting that this issue be regularly addressed at the highest political level and the respective evaluation of the progress achieved.

We urge the European Parliament to seriously respect China's sovereignty and to immediately stop preaching like a 'teacher' and interfering in the affairs of the Special Administrative Region and China's internal affairs, said the Chinese diplomat.

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EU criticism of Beijing's interference in Macau based on lies - The Portugal News

A general view shows casinos and hotels following the coronavirus outbreak in Macau, China Feb 5, 2020. (File photo by Reuters)

HONG KONG (Sept 14): Macau wants government representatives to supervise casino operators and plans to increase local ownership in gaming companies, signalling tighter control over the worlds largest gambling hub amid Beijings efforts to clamp down on money laundering and currency outflows.

The government aims to increase direct supervising in gaming companies to better monitor their operations, Macaus Secretary for Economy and Finance Lei Wai Nong said in a press briefing on Tuesday, without elaborating how the proposed changes will be enacted. Officials also suggested raising the shareholdings of local directors in gaming companies from the currently required minimum of 10%, according to a public consultation paper on the proposal.

Authorities also proposed to increase scrutiny on the so-called junkets which service high-rollers and extend credit to them, including raising entry barriers for junket operators as well as allowing background checks. The proposed changes could be made in a long-gestating revision of the casino law, which will be passed ahead of Macaus issuance of new gaming licences to operators. Current gaming licences expire in June 2022.

China has been clamping down on activity by so-called VIP punters in Macau for several years now over concerns that the high-stakes betting there which takes place in convertible Hong Kong dollars can sometimes be an illicit channel of currency outflow and money-laundering efforts. Beijing has also cracked down on organized gambling trips to Macau and other overseas destinations by junkets.

The development of the gaming industry has evidently driven local economic and social development, but has also created some social problems, said Lei.

The governments proposal also includes reviewing the number of gaming licences and their terms. The current licences came with a 20-year effective period. Officials will consult the industry and public for 45 days before reaching a final bill to be tabled to the local legislature.

Macau, whose economy is almost entirely reliant on casinos, has been languishing during the pandemic as border curbs prevented its lifeblood of Chinese punters from entering the city. Gaming revenue for the month of August was 82% lower than the same month in 2019.

The government has been seeking ways to weed out potential illegal activities, including the possibility of introducing a digital currency to better combat money laundering and tax evasion.

While China has been tightening its scrutiny over Macaus gaming sector for years, this move comes as Beijing undertakes a widespread crackdown on business and society. While initially focused on the growing influence of Chinas tech giants, the campaign has taken on a moralistic tone, targeting childrens video game use to after-school tutoring. The Communist Party has long had a dim view of gambling.

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Macau to increase government supervision of casinos - The Edge Markets MY

A major fire that broke out Sunday evening at the Vathy migrant camp on the Greek island of Samos, was brought under control, the Greek Ministry of Migration said.

There is no danger for those who are still there because the fire broke out in abandoned sheds in the western side of the camp, the ministry statement added.

Thirteen firefighters with six engines were fighting the blaze, according to the Fire Brigade that added there was no report of injury.

Earlier, as the fire still burned, the mayor of Samos, Girgos Stantzos, told AFP that the site had been entirely evacuated.

A number of migrants, including several children in tears, could be seen gathered at a car park near the camp.

The camp, due for closure at the end of the month, was still housing 300 people awaiting transfer Monday to a new closed camp opened this weekend by Migration Minister Notis Mitarachi.

According to the Ministry, all the asylum-seekers were evacuated to an empty space near the entrance of the camp.

While, 10 unaccompanied minors were expected to be transported to the new closed Samos facility later on Sunday, the rest of them will be transported there as planned on Monday.

The new Samos facility opened on Saturday is the first of five such camps, which are opposed by rights groups who say the tight access measures are too restrictive.

A double barbed wire fence surrounds the 12,000-square-metre camp, which is also installed with surveillance cameras, x-ray scanners and magnetic doors.

It also includes a detention centre for migrants whose asylum claims have been rejected and who are to be sent back to Turkey.

Campaigners had long denounced conditions at Vathy camp on Samos.

Located on one of the Aegean islands taking in migrants arriving from nearby Turkey, between 2015 and 2016 it sheltered nearly 7,000 asylum-seekers. It was only built to take in 680 people.

A year ago, the overcrowded camp at Moria, on the nearby Greek island of Lesbos went up in flames, destroyed in two fires that in quick succession that left 13,000 without shelter for several days.

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Major fire at migrant camp on Greek island of Samos - Macau Business

If you want to know who really controls Macau Legend Development Limited (HKG:1680), then you'll have to look at the makeup of its share registry. Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. Warren Buffett said that he likes "a business with enduring competitive advantages that is run by able and owner-oriented people." So it's nice to see some insider ownership, because it may suggest that management is owner-oriented.

With a market capitalization of HK$5.4b, Macau Legend Development is a small cap stock, so it might not be well known by many institutional investors. In the chart below, we can see that institutions are not really that prevalent on the share registry. Let's take a closer look to see what the different types of shareholders can tell us about Macau Legend Development.

Check out our latest analysis for Macau Legend Development

Institutional investors often avoid companies that are too small, too illiquid or too risky for their tastes. But it's unusual to see larger companies without any institutional investors.

There are many reasons why a company might not have any institutions on the share registry. It may be hard for institutions to buy large amounts of shares, if liquidity (the amount of shares traded each day) is low. If the company has not needed to raise capital, institutions might lack the opportunity to build a position. Alternatively, there might be something about the company that has kept institutional investors away. Macau Legend Development's earnings and revenue track record (below) may not be compelling to institutional investors -- or they simply might not have looked at the business closely.

We note that hedge funds don't have a meaningful investment in Macau Legend Development. Looking at our data, we can see that the largest shareholder is the CEO Weng Lin Chan with 33% of shares outstanding. In comparison, the second and third largest shareholders hold about 16% and 15% of the stock.

To make our study more interesting, we found that the top 3 shareholders have a majority ownership in the company, meaning that they are powerful enough to influence the decisions of the company.

While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. Our information suggests that there isn't any analyst coverage of the stock, so it is probably little known.

The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.

Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.

Our information suggests that insiders maintain a significant holding in Macau Legend Development Limited. It has a market capitalization of just HK$5.4b, and insiders have HK$2.5b worth of shares in their own names. I would say this shows alignment with shareholders, but it is worth noting that the company is still quite small; some insiders may have founded the business. You can click here to see if those insiders have been buying or selling.

The general public holds a 20% stake in Macau Legend Development. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.

Our data indicates that Private Companies hold 33%, of the company's shares. It might be worth looking deeper into this. If related parties, such as insiders, have an interest in one of these private companies, that should be disclosed in the annual report. Private companies may also have a strategic interest in the company.

I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too. For instance, we've identified 3 warning signs for Macau Legend Development (2 can't be ignored) that you should be aware of.

If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, backed by strong financial data.

NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. *Interactive Brokers Rated Lowest Cost Broker by StockBrokers.com Annual Online Review 2020

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

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What Type Of Shareholders Own The Most Number of Macau Legend Development Limited (HKG:1680) Shares? - Simply Wall St

Los Angeles, the second largest city of the United States, announced Thursday its official bid to host games for the FIFA 2026 World Cup.

The World Cup in 2026 was scheduled to be held in the U.S., Canada and Mexico. It will be the first to feature an expanded field of 48 teams.

In a bid video released by the L.A. World Cup Host Committee, former Los Angeles Galaxy and U.S. national star player Cobi Jones called the city as a soccer city, saying theres no better place in the United States to have World Cup matches.

Will Ferrell, actor and co-owner of Los Angeles Football Club (LAFC), another American professional soccer team based in Los Angeles besides LA Galaxy, also appeared in the video, noting many great players including Zlatan, Beckham, Landon Donovan, Carlos Vela, had played in the city.

When I think of soccer and L.A., I think of the 1994 World Cup, Ferrell said in the video. I think of the Womens World Cup in 1999. A hundred-thousand screaming fans at the Rose Bowl.

The 1994 FIFA World Cup Final was held at the Rose Bowl in Pasadena, a neighboring city of Los Angeles, where Brazil defeated Italy in a penalty shootout.

The final of the Womens World Cup in 1999 also played at the Rose Bowl. 90,185 attended the game, setting an international record for spectators at a womens sporting event. The United States won the tournament by defeating China in a penalty shootout after a scoreless draw.

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Los Angeles bids to host games of 2026 World Cup - Macau Business

HONG KONG, Sept 15 (Reuters) - Shares of Macau casino operators on Wednesday shed as much as a third of their value, losing about $18 billion, as the government kicked off a regulatory overhaul that could see its officials supervising companies in the world's largest gambling hub.

With Macau's lucrative casino licences up for rebidding next year, the plan spooked a Hong Kong market already deep in the red after Beijing's regulatory crackdown on sectors from technology to education and property that sliced hundreds of billions of dollars off asset values.

Wynn Macau (1128.HK) led the plunge, falling as much as 34% to a record low, followed by a 28% tumble for Sands China (1928.HK). Peers MGM China (2282.HK), Galaxy Entertainment (0027.HK), SJM (0880.HK) and Melco Entertainment (0200.HK) all fell heavily, taking the drop to HK$143 billion ($18 billion).

U.S. casino companies also fell for the second straight day, losing as much as $4 billion in market capitalization on Wednesday, with Las Vegas Sands Corp (LVS.N) slumping to more than a year low, Wynn Resorts Ltd (WYNN.O) and MGM Resorts International (MGM.N), dropping 8% and 5%, respectively.

The slump came after Lei Wai Nong, Macau's secretary for economy and finance, gave notice on Tuesday of a 45-day consultation period on the gambling industry to begin from the following day, pointing to deficiencies in industry supervision.

Beijing, increasingly wary of Macau's acute reliance on gambling, has not yet said how the licence rebidding process will be judged.

"Margins will be crushed at the gambling capital of the world and that will drag down all the big casinos," said Edward Moya, senior market analyst at OANDA in New York.

Some Hong Kong stock analysts wasted little time in downgrading their view of near-term prospects for casino operators in the Chinese special administrative region, who must all rebid for licences when current permits expire in June 2022.

J.P. Morgan is downgrading to neutral or underweight all Macau gaming names from overweight, because of the tougher scrutiny on capital management and daily operations ahead of licence renewals, said analyst D.S. Kim.

"We admit it's only a 'directional' signal, while the level of actual regulation or execution still remains a moot point," he said, adding the news would have already put doubt in investors' minds.

Brokerage CFRA downgraded Wynn Resorts to "Strong Sell" from "Buy", citing heightened regulatory risks and said the review was a major overhang for the company as well as other operators.

TIGHTER REGULATION

A woman rest next to the decoration inside the Wynn Palace casino resort in Macau, China December 20, 2019, on the 20th anniversary of the former Portuguese colony's return to China. REUTERS/Jason Lee

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At a news briefing on Tuesday, Lei detailed nine areas for the consultation, such as the number of licenses, better regulation and employee welfare, as well as having government representatives to supervise daily casino operations. read more

The government also plans to increase voting shares in gaming concessionaires for permanent residents of Macau, as well as more rules on transfer and distribution of profits to shareholders.

Discussions over the future of Macau's casino licences come amid rocky U.S.-China relations, leaving some investors fearing an edge for domestic players over U.S.-based casino operators.

The government has not singled out any U.S. players, but companies have moved to beef up the presence of Chinese or local executives as they position themselves more as Macau operators than foreign one.

Before licence expiry, operators have tried to strengthen corporate responsibility and diversify into non-gaming offerings to placate Beijing, which fears over-reliance on gambling.

Macau has boosted scrutiny of casinos in recent years, clamping down on illicit capital flows from mainland China and targeting underground lending and illegal cash transfers.

Beijing has also stepped up a war on cross-border flows of funds for gambling, hitting the funding of Macau's junket operators and their VIP customers.

In June, Macau more than doubled the number of gaming inspectors and restructured departments to boost supervision. read more

George Choi, a Citigroup analyst in Hong Kong, said while the public consultation document gave few details, the suggested changes benefit long-term sustainable growth, with "positive implications on the six casino operators".

However, he cautioned, "We will not be surprised if the market focuses only on the potentially negative implications, given the weak investor sentiment."

The consultation comes as Macau has struggled with a dearth of travellers because of coronavirus curbs since the start of 2020. While gambling revenues have picked up in recent months, they remain less than half of 2019 monthly figures.

($1=7.7785 Hong Kong dollars)

Additional reporting by Donny Kwok, Shreyasee Raj, Kannaki Deka and Shreyashi Sanyal; Editing by Anne Marie Roantree, Clarence Fernandez and Arun Koyyur

Our Standards: The Thomson Reuters Trust Principles.

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Billions blown as Macau casino investors fold amid gambling review - Reuters