Some members of Macau’s Legislative Assembly have requested answers in regard to proposed gaming law amendments. The committee has held meetings for four days in a row to discuss the bill.
At the last meeting, the president of the committee, Chan Chak Mo, did not reveal a final date for the meeting with government officials, because the Assembly has to compile a list of questions in regard to a clause within the gaming law amendment bill.
The bill now states that the Macau Government has the right to end a concessionaire’s contract for reasons that include threats to national security, public interest or a breach of contractual obligations.
According to the president of the committee, these clarifications are critical because the bill also provides for the revocation of concessions on national security grounds; therefore, the committee expects the Government to further define ‘national security.'
The Assembly also requires an explanation from the Government on ‘associated responsibilities’ within the bill connected with the management of concessionaires. The lawmaker gave an example in this situation by asking who would be answerable when associated responsibilities were under investigation: the entire senior management or just the managing director.
Genting Singapore revamping casino resort theme park
Genting Singapore, controlled by billionaire Lim Kok Thay, is planning to invest S$400m ($298m) in revamping its casino resort and theme park.
Genting additionally plans the expansion of its Universal Studios Singapore theme park. The plan includes the construction of new attractions such as Minion Land and Singapore Oceanarium
According to the plan, the revamp will begin soon and aims to prepare the property for a post-pandemic tourism recovery.
The operator's three hotels, with more than 1,200 rooms at Resorts World Sentosa, will undergo progressive renovation works; starting with the second quarter of 2022 onward through 2023.
Genting additionally plans the expansion of its Universal Studios Singapore theme park. The plan includes the construction of new attractions such as Minion Land and Singapore Oceanarium.
Last year, the company purchased additional land from the Singapore Government to facilitate the project.
Vietnam supports two casino projects
Vietnam’s Ministry of Finance (MOF) has announced its support for the Da Nang and Khanh Hoa casino projects.
After MOF finalised its latest report on casino businesses, it asked for the allowance of the development of two projects.
One of the projects is located in a tourism site in Da Nang, a region that has only one small casino, Silver Stores.
The second project is located in the service and tourism complex on Hon Tre Island of Nha Trang City.
According to an MOF statement, both projects have the potential for development, as they are in areas with advantages tourism-wise.
Paradise Co reports Q4 2021 results
Paradise Co, the South Korean casino operator, has reported a 7% increase in sales for Q4 2021, as well as a 57% increase in hotel operations, which resulted in KRW111.5bn ($93m) sales revenue.
The report showed a net loss of KRW57.4bn for the fourth quarter and a 61% EBITDA decrease year-on-year.
In terms of casino sales, the Walkerhill property reported KRW454m in revenue for Q4 2021, Paradise City reported revenue of KRW115m, and Busan and Jeju Grand reported KRW39m and KRW6m revenue, respectively.
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