CASINO

Macau is not easing transit visa scheme

TAGs: iao kun group holding company ltd., Macau

macau-is-not-changing-transit-visa-scheme-yetRumors that Macau would relax China’s transit visa restriction are just wishful thinking, according to local authorities.

Public Security Police denied rumors that Macau is easing the existing transit visa rules again for Mainland Chinese passport holders by year-end.

“We’ve recently noticed that there have been many comments in the social media saying the transit visa rules for Mainland Chinese passport holders are likely to be adjusted in December,” a spokesperson from the Public Security Police told Business Daily. “That is not true.”

Union Gaming, in a note, had claimed that the Macau’s transit visa scheme was about to undergo a significant positive shift by the end of 2015, allowing people who can provide documents that they will travel to a third destination, to stay up to 14 days during their first entry—a change from the existing rule of 7 days.

Union Gaming analyst Grant Govertsen also explained that it would be beneficial most especially to the junket agents who want to spend as much time in Macau as possible as they want to escort their customers for the duration of the customer’s trip but added that it will unlikely to have a material near-term impact in the city’s gross gaming revenue.

Iao Kun posts 57% decline in rolling chip

Junket operator Iao Kun Group Holding Company Limited (IKGH) has announced that its unaudited rolling chip turnover for October slid 57% year-on-year to $470m.

IKGH’s rolling chip turnover for the first ten months was also down 62% year-on-year to $5.67b from $14.87b. In August, IKGH adjusted its 2015 rolling chip turnover target to $6b to $7b, from a previous range of $7b to $8.5b.

Aside from the five gaming rooms it’s promoting in Macau at Galaxy Entertainment’s StarWorld Hotel, Sands Cotai Central, Melco Crown Entertainment’s City of Dreams Macau, and SJM’s Le Royal Arc, IKGH also started trial operations at Australian casinos Crown Perth and Crown Melbourne in May, in a bid to diversify sources of revenue and to expand its presence internationally.

 

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