Today’s Macau news round-up
Analysts can continue to fall in love with Macau as its total public revenue for January rose by 21.5% when compared to the same month in 2011, and it’s all thanks to gambling tax revenue. Macau Business has reported that the noticeable increase, equal to $1.2 billion, was from direct taxes on gaming, which were up by 24.2%, according to the Financial Services Bureau. However, it’s interesting to note that while public revenue was up in January, total public expenditure for the month dropped to $137 million; a sharp year-on-year decline of 40%. Although a fiscal surplus of $1.1 billion was recorded in the first months of 2012, up by 39.4% from the same period last year.
When looking at the total spending of visitors in Macau excluding gaming expenses in the fourth quarter of 2011, an amount equal to $1.68 billion was reached, which was up by 25% compared with a year earlier. Due to the increase in visitor arrivals and in per-capita spending, Macau Business reports the total spending of visitors for the whole year of 2011 climbed by an impressive 20% year-on-year to $5.6 billion.
Sands China Ltd’s planned resort – the Sands Cotai Central - in the gambling hub of the world’s most densely populated country is already accepting accommodation reservations for stays made from 2 May onward. A press release issued by Sands China Ltd yesterday states Sands Cotai Central is scheduled to only open in April and there is still no official opening date yet. Accommodation reservations start at HK$1,198. Sands Cotai Central will feature 600 rooms and suites from Conrad, and over 1,200 guestrooms and suites from Holiday Inn.