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Tag: Melco Crown

  • Gaming boosts Macau retail

    Gaming boosts Macau retail

    Macau retail and wholesale has tripled in value thanks to the knock-on effect of the territory’s gaming industry.

    Macau government research shows that as the gaming industry has developed, it has scaled up the added value of other industries. Conducted by Institute for the Study of Commercial Gaming at the University of Macau, the report looks at the spread of added value through gaming in Macau over the 10 years to 2013.

    The gaming industry was liberalised in 2002, and this is the first report following a mid-term review on the sector. It notes that the added value of the gaming industry has increased 6.9 times in the 10 years, with the hotel industry increasing 11.4 times.

    Data from six gaming companies showed that their non-gaming activities created an income of 23.2 billion patacas (US$2.9 billion) in 2014, while the total non-gaming spend of tourists in Macau is comparable to that of Las Vegas.

    Gaming dominates the Macau economy with a 58.3 per cent slice of the pie, while the wholesale/retail sector has a humble 5.2 per cent.

    Meanwhile, the report will probably help Macau set policy direction for the $30 billion gaming industry as units of casino groups such as Melco Crown Entertainment Group and MGM Resorts International struggle to cope with Macau’s two-year gambling downturn, reports Bloomberg.

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  • Melco Crown delists from Hong Kong Exchange

    Melco Crown delists from Hong Kong Exchange

    Australian gambling operator Melco Crown has issued a corporate statement, confirming that conditions for its delisting from the Hong Kong Stock Exchange had been met as of 26 June.

    Today will represent the last day of trading by Melco Crown, as the operator expects to be fully withdrawn from the Asian exchange by 4pm Friday 3 July.

    In January Melco Crown governance had submitted the application to voluntary delist from the Hong Kong Exchange, citing reasons of cost and utility and stating that the company had not found a lack “appropriate opportunities to raise additional equity in Hong Kong” and the “very limited” volume of trading in its shares on the exchange.

    Melco Crown operator of casino enterprises in Macau and the Philippines, stated that it would allow its investor the option to transfer their stock onto its primary listing on the US Nasdaq exchange. The operator will further bear the costs of holding shares in a depositary bank for a period of 60 days following its last day of trading.

    Melco Crown further announced last week that it had entered an amendment of its loan facilities, which entitled the business to a total $1.75 billion credit facility supplied via a syndicate of banks.

     

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  • Melco Crown Entertainment teams up with Taubman Asia to develop Boulevard project at Studio City resort in Macau

    Melco Crown Entertainment teams up with Taubman Asia to develop Boulevard project at Studio City resort in Macau

    Melco Crown Entertainment and Taubman Asia, the Asian arm of the US Mall operator Taubman Centres, on Thursday unveiled plans to develop the Boulevard project at Macau’s entertainment, retail and gaming resort, Studio City.

    Studio City is a new cinematically-themed entertainment and leisure destination in Macau which is scheduled to open in the third quarter of 2015. Taubman Asia is providing merchandising, marketing and management services for its retail project.

    “The Boulevard at Studio City, a unique, 300,000 sq. ft. ‘immersive’ retail entertainment environment, will bring the world’s best shopping to life in Macau by transporting guests to high-energy street-scapes, entertaining them at every turn with featured streets and squares inspired by iconic shopping and entertainment locations, including New York’s Times Square and Hollywood’s Beverly Hills,” the two companies said in a statement.

    The retail project will open in the third quarter this year, coinciding with the opening of the Studio City integrated resort.

    “Taubman Asia is in the business of creating world-class experiences for our customers,” said René Tremblay, President of Taubman Asia. “Along with Melco Crown Entertainment, we are developing a one-of-a-kind retail entertainment experience that will cater to the discerning tastes of Greater China’s consumers.”

    Taubman Asia has conducted detailed research of the Macau landscape in order to develop a strategic and focused approach which brings together the right mix of fashion-forward brands to deliver an unmatched retail experience for customers.

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