Analysts just love predicting what’s going to happen in Macau. Gaming revenues in China’s gambling city exceeded expectations once again when results showed an increase of 28% for January and February this year. But that hasn’t stopped the secretary for economy and finance predicting gross gaming revenue growth will post a sharp slowdown in 2012.
For the whole of last year, Macau’s local casinos recorded total gross gaming revenue of $33.5 billion, which was up by 42%. But in a report by Macao Daily News, Francis Tam Pak Yuen said he expects the growth rate to be in the low double-digits or high single-digits this year.
However, when taking into account the expected revenue from direct taxes from gaming included in the 2012 government budget, that would actually mean a contraction of the sector – contradicting the general view among most industry analysts. What are your predictions?
A Hong Kong branch of an international law firm is suing casino resort developer, Melco Crown Entertainment, after a former partner allegedly took clients’ money to gamble in Macau.
South China Morning Post reports that the law firm, known as K&L Gates – which was founded by Microsoft architect Bill Gates, believes Melco knew all about the cheeky “misappropriation” of funds
K&L Gates is now seeking a court order to find out how much of Melco Crown’s property represents money that Aggarwal stole and to have it repaid.
The money allegedly misappropriated by Aggarwal stands at a whopping HK$780 million. In a court filing, K&L Gates says that at least HK$34 million was transferred from clients’ accounts to Melco Crown, and Aggarwal made a net loss of at least HK$9.9 million.
The report reveals the firm’s former employee, Navin Kumar Aggarwal, has apologised for his actions, which he said were to pay his gambling habit. He resigned in June last year.