Macau to open bidding for six casino licences by AFP Staff Writers Hong Kong (AFP) July 28, 2022 Macau will start taking bids for six gaming licences on Friday as the Chinese casino hub strives for recovery following Beijing's anti-corruption drive and a Covid-induced economic slump. The former Portuguese colony is the only territory in China where casinos are permitted, and issues just six operating concessions for a multibillion-dollar industry that until recently was bigger than Las Vegas. Macau, which adheres to China's strict zero-Covid strategy, is in the middle of easing a coronavirus lockdown which earlier this month temporarily closed most businesses -- including casinos, which had resisted shutdowns for more than two years. Gaming revenue plunged 46 percent in the first six months of this year, according to Bloomberg. For decades Macau's gaming industry was run as a monopoly by casino magnate Stanley Ho, but in 2002 more operators were brought in and issued 20-year concessions as part of a liberalisation effort. But in January authorities slashed the concession period of gaming licenses from 20 years to 10 and unveiled regulations seeking to increase local ownership and government supervision. Chinese President Xi Jinping has spearheaded an anti-corruption campaign that has seen increased scrutiny of the high-rollers and officials who travel to gamble in Macau, where cases of money laundering are common. Former Macau junket boss Alvin Chau is facing decades in prison after he was arrested last year on charges of fraud, money laundering and illegal gambling. Macau's casino giants welcomed the new rules earlier this year, but analysts have warned recovery may still be a way off. Bids for the six licences will be judged on factors such as the ability to court foreign tourists, prior business experience and proposals to prevent illegal activity, authorities said Thursday. Those applying must submit their proposal along with a minimum deposit of 10 million patacas ($1.2 million). The bidding period will end on September 14, they added.
UK PM rivals spar over tax, China in first head-to-head TV debate London (AFP) July 25, 2022 Britain's two prime ministerial contenders clashed fiercely over tax, China and character on Monday night in their first head-to-head televised debate, as Rishi Sunak seeks to peg back the frontrunner Liz Truss. The primetime debate kicked off a crucial 12-day period featuring three such live TV duels and four husting events in front of Conservative party members who will decide the contest and begin receiving their postal votes next week. The weeks-old Tory leadership contest to replace outgoi ... read more
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |