When someone shares with you something of value, you have an obligation to share it with others.
Tuesday, 11 November 2008
Macau's Edmond Ho vows to take over Sands if casino folds
Macau Chief Executive Edmund Ho Hau-wah said his government would take over the running of Las Vegas Sands’ casinos in Macau in the event of the company’s collapse.
Macau Chief Executive Edmund Ho Hau-wah said his government would take over the running of Las Vegas Sands’ casinos in Macau in the event of the company’s collapse.
“The government will allow no gaming company to go under. If any casino company closes down, the bricks and gaming tables there can’t be moved away and the government can step in.”
Mr Ho made the comments during his ninth policy address on Tuesday.
He said the government had no plan to bail out Sands and Venetian or help arrange loans for them. “The government will not intervene into a private firm’s financing plan. The government has no plan to help with its financing.”
Mr Ho also said there was no plan to cut gaming tax: “We haven’t considered changing the tax rate at all. This is a matter of principle.”
There was no immediate danger that Macau casinos including Sands and Venetian would fold up, he said.
But Mr Ho predicted that Macau will have casino revenue of 7 billion patacas (HK$6.9 billion) a month next year.
“The whole industry will surely have correction,” he said, “There will certainly be pressure [on gaming firms], but they will maintain a certain level of business income.”
“When the global economy is experiencing correction, Macau could still have 7 billion patacas per month. What more can we ask for?”
Mr Ho indicated that in the event of the government taking over a casino, eventually it will find an investor to buy it. “The gaming licence may not be so valuable this year or next year, but eventually things will improve,” he said.
Regarding Beijing’s travel curbs, Mr Ho said though it would not ease in the short term, they would not be tightened further. “There won’t be any further tightening of restrictions targeting Macau. It’s good news for us.”
Mr Ho said his government might discuss easing the travel curbs with the central government and the Guangdong government “depending on the needs next year”.
1 comment:
Edmond Ho vows to take over Sands if casino folds
Fox Yi Hu in Macau
11 November 2008
Macau Chief Executive Edmund Ho Hau-wah said his government would take over the running of Las Vegas Sands’ casinos in Macau in the event of the company’s collapse.
“The government will allow no gaming company to go under. If any casino company closes down, the bricks and gaming tables there can’t be moved away and the government can step in.”
Mr Ho made the comments during his ninth policy address on Tuesday.
He said the government had no plan to bail out Sands and Venetian or help arrange loans for them. “The government will not intervene into a private firm’s financing plan. The government has no plan to help with its financing.”
Mr Ho also said there was no plan to cut gaming tax: “We haven’t considered changing the tax rate at all. This is a matter of principle.”
There was no immediate danger that Macau casinos including Sands and Venetian would fold up, he said.
But Mr Ho predicted that Macau will have casino revenue of 7 billion patacas (HK$6.9 billion) a month next year.
“The whole industry will surely have correction,” he said, “There will certainly be pressure [on gaming firms], but they will maintain a certain level of business income.”
“When the global economy is experiencing correction, Macau could still have 7 billion patacas per month. What more can we ask for?”
Mr Ho indicated that in the event of the government taking over a casino, eventually it will find an investor to buy it. “The gaming licence may not be so valuable this year or next year, but eventually things will improve,” he said.
Regarding Beijing’s travel curbs, Mr Ho said though it would not ease in the short term, they would not be tightened further. “There won’t be any further tightening of restrictions targeting Macau. It’s good news for us.”
Mr Ho said his government might discuss easing the travel curbs with the central government and the Guangdong government “depending on the needs next year”.
Post a Comment