Macao News https://macaonews.org Tue, 12 Dec 2023 00:20:29 +0000 Tue, 12 Dec 2023 08:07:37 +0800 Mariana César de Sá 68263 2023-12-12 08:09:04 2023-12-12 08:07:37 8 The University of Saint Joseph wants to merge China’s cutting-edge oceanic technologies with Portugal’s sustainable approach to marine farming, right here in Macao.]]>Macao could become home to a marine biotechnology hub where companies from China and Portugal work together on projects relating to the blue economy, Lusa reports. The University of Saint Joseph (USJ) is behind the concept, which would build on its newly minted Sino-Portuguese Joint Laboratory of Marine and Environmental Sciences. The lab was established in October, in partnership with the Portuguese Catholic University (UCP), the Portuguese Institute of the Sea and Atmosphere and the Chinese Academy of Sciences. The director of USJ’s Institute of Science and Environment, David Gonçalves, said he believed a partnership between China and Portugal that fostered the development of “blue and green biotechnology” would yield innovative, market-applicable results. He said that Portugal was already “pioneering” modern, sustainable methods to better utilise the ocean’s resources, noting “interesting steps” the country was taking to define protected areas in its Exclusive Economic Zone. [See more: How local researchers have taken the lead in Macao’s sustainability movement] Gonçalves said that Portugal’s approach could complement China’s “extremely advanced” oceanic monitoring systems and technologically sophisticated research ships, submersibles and remotely operated vehicles. “Successful teams could be created here [in Macao] to investigate certain topics at sea,” he said. Gonçalves is also president of Macao Association for Scientific Cooperation between China and Portuguese Speaking Countries. In connection with its Sino-Portuguese Joint Laboratory of Marine and Environmental Sciences, USJ reportedly plans to offer a new degree in biotechnology for the 2024-25 academic year.  ]]> Mon, 11 Dec 2023 16:08:55 +0800 Mariana César de Sá 68244 2023-12-11 16:08:55 2023-12-11 16:08:55 8 While the decrease – just 1.3 percent overall – is small, a trend has become evident, the latest figures show.]]>The overall residential property price index for the August to October period fell by 1.3 percent when compared to the July to September period, the Statistics and Census Service (DSEC) says. Prices for existing properties on the Macao peninsula fell by 1.5 percent. Those in Taipa and Coloane fared a little better – decreasing by 0.7 percent. Meanwhile, the pre-sale prices of residential units stayed stable across the board. When analysed by age, units in buildings aged between 11 and 20 years old saw the biggest decline: 5.4 percent. Those in even older buildings saw 0.8 percent dips, while prices for units in buildings less than five years old grew by 0.4 percent. [See more: Macao residents can now buy more property in Shenzhen] Units with a usable floor area of between 50 and 74.9 square metres experienced a marginal increase in value of 0.2 percent. Prices fell for units of all other sizes. Last month, the government announced it would ease cooling measures implemented to curb property speculation more than a decade ago. The deregulation, set to start on 1 January, will see the 5 percent stamp duty for second homes axed. Also last month, the government put its so-called sandwich-class housing scheme on hold due to lacklustre demand.  The scheme had been intended to help those who earned too much to buy a flat under Macao’s home-ownership scheme, but not enough to afford a flat in the private housing market, get onto the housing ladder.  ]]> Mon, 11 Dec 2023 15:46:57 +0800 Mariana César de Sá 68238 2023-12-11 15:46:57 2023-12-11 15:46:57 8 Not only will Macao increase the number of MICE events it hosts, it will broaden the scope of subject matter covered at these events, an IPIM official says. ]]>Next year should see a greater variety of MICE events unfold in Macao, branching out from the traditional business and trade topics, local media reports. The Macao Trade and Investment Promotion Institute (IPIM)’s president, Vincent U, has said that more emphasis will be placed on events championing sports as well as arts and culture in 2024. Speaking at the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) Forum on MICE Tourism Economy last week, U also reiterated IPIM’s goal to increase the number of MICE events held in Macao. [See more: Marketing and technology are the keys to unlocking Macao’s MICE potential, says IPIM] He had previously said that the government aimed to host around 1,500 MICE events next year – 50 percent more than 2023’s tally.  One example of Macao diversifying its MICE events was last month’s Global Legal & Sustainable Timber Forum, held at the Galaxy International Convention Center. A local academic involved in the forum cited the SAR’s excellent MICE facilities and supportive academic environment as reasons why the SAR was well-positioned to host events across the subject matter spectrum.  ]]> Mon, 11 Dec 2023 08:23:24 +0800 Mariana César de Sá 68226 2023-12-11 08:23:51 2023-12-11 08:23:24 8 If achieved, the tally would be 70 percent of 2019’s tourism numbers – slightly better than what the government predicted in November.]]>The SAR saw 25 million visitors arrive in the first 11 months of the year and finance secretary Lei Wai Nong says it shouldn’t be too difficult to squeeze an additional three million in by the end of December – bringing the total to 28 million. Lei made this prediction at the 40th Macau Walk for a Million charity event on Sunday, local media reported, upping a prediction made by the government in early November. Twenty-eight million would be more than 70 percent of the 39.4 million visitors welcomed in 2019 – the last year before Macao effectively closed its borders under a draconian zero-Covid policy. [See more: The government has proposed a budget to lure foreign tourists to Macao] Lei also noted that next year’s tourism campaign will focus on attracting visitors from Northeast and Southeast Asia. Last month, the government announced its plan to spend 235 million patacas on promoting Macao as a destination for foreign tourists in a bid to reduce its dependence on mainland Chinese travelling to the city to gamble. Foreigners currently make up less than 6 percent of arrivals.  ]]> Mon, 11 Dec 2023 07:36:44 +0800 Mariana César de Sá 68224 2023-12-11 07:36:44 2023-12-11 07:36:44 8 The top ratings agency has made its predictions for next year’s global gaming industry, and sees continuing growth in Asia in spite of China’s weakening economy.]]>Fitch Ratings believes that Macao’s gross gaming revenue (GRR) in 2024 will rebound to 79 percent of what it was in 2019, according to its recently published Global Gaming Outlook. That would mean earnings of 231 billion patacas, compared to the pre-pandemic figure of 292 billion. The US credit rating agency’s forecast is more optimistic than the local government’s – which has said it expects GGR to reach 216 billion patacas next year. Globally speaking, Fitch Ratings’ gaming outlook for next year is neutral. This reflects a “slight pullback from the pent-up demand seen in the US” and a “continuation of improving visitor demand” in the Asia-Pacific region, the report noted.  [See more: Moody’s downgrades Macao’s outlook from stable to negative] “All eyes will be on Macau in 2024, as visitation continues to grow against a backdrop of a weakening China economy,” it continued. Singapore’s gaming sector was also performing above expectations and seeing its customer base diversify away from China, Fitch Ratings said. As of the end of November, accumulated GGR for 2023 stood at 164.4 billion patacas. Analysts have predicted the yearly total could top 180 billion patacas.  ]]> Thu, 07 Dec 2023 08:02:24 +0800 Erico Dias 68172 2023-12-07 08:24:45 2023-12-07 08:02:24 8 The local government has strongly condemned the new rating, which was made because of the city's close ties to mainland China’s sluggish economy.]]>Top credit rating agency Moody’s has downgraded Macao’s outlook from stable to negative, mirroring its latest assessment of mainland China’s deteriorating economic situation.  Macao’s rating change was due to “tight political, institutional, economic and financial linkages” between the SAR and China, Moody’s explained in a statement issued yesterday. The US-headquartered agency also downgraded Hong Kong’s outlook from stable to negative for the same reasons.  “Macao's large tourism and gaming sectors are heavily dependent on China, while its banking system is similarly exposed to cross-border claims to the mainland,” Moody’s said. Areas of optimism were Macao’s “formidable credit strengths” (including high per capita income, no outstanding government debt, and strong financial buffers) moderate political risks, and low foreign currency risks, according to the statement. [See more: Why have Macao’s gaming stocks fallen?] “Moody’s could revise the outlook to stable upon evidence that Macao's economy, government's finances and institutions are effectively and durably protected from developments in mainland China,” it noted. The local government has objected to its new rating and to Moody’s position on China, according to Macau Post Daily. In a statement cited by the paper, the Monetary Authority said that the SAR’s close economic ties with the mainland provided strong support for long-term development. “China's macro-economy continues to recover and high-quality development is steadily advancing,” the statement read. “China's economy will maintain its upward momentum, and China will remain an important engine for stable growth of the world economy.” The authority also pointed to Macao’s GDP growing by 77.7 percent in real terms, year-on-year, and the momentum its diversification strategy would deliver to the economy.  ]]> Thu, 07 Dec 2023 07:58:54 +0800 Erico Dias 68167 2023-12-07 08:28:08 2023-12-07 07:58:54 8 Macao’s oldest gaming concessionaire has a new chief financial officer, one with extensive experience in investments, real estate and corporate finance.]]>Effective yesterday, Ip Shih Ming has taken over from Toh Hup Hoc as SJM Holdings’ chief financial officer (CFO), the company’s board of directors has announced. Toh, who had been both CFO and the chief operating officer (COO) at the gaming concessionaire, remains in the latter role. The new CFO, Ip, has “extensive experience in the businesses of investments, real estate transactions and corporate finance,” a statement from SJM Holdings read. [See more: SJM’s gross gaming revenue barely moved in the third quarter] The 54-year-old was previously CFO at the Hongkong and Shanghai Hotels, and has held senior management positions at the Jardine Matheson Group, Morgan Stanley and Deutsche Bank. Ip holds a BA (majoring in international relations) from Brown University in the US, and an MBA from the London Business School in the UK. SJM Holdings was Macau’s first gaming concessionaire. Its flagship property is the iconic Grand Lisboa.   ]]> Wed, 06 Dec 2023 15:11:52 +0800 Erico Dias 68150 2023-12-06 15:11:52 2023-12-06 15:11:52 8 Analysts say the US-based gambling empire’s move shows the high level of confidence that it has for its Macao-based subsidiary. ]]>Las Vegas Sands (LVS) has expanded its shareholding in Sands China through the purchase of 1.19 percent of the company’s issued stocks, which have a total value of HK$1.95 billion (US$250 million).  According to a regulatory announcement made by the Macao-based subsidiary yesterday, LVS purchased roughly 96 million shares at HK$20.20 each. The American parent company currently owns about 70 percent of Sands China.  Experts view this purchase positively, with gaming specialist publication GGRAsia quoting J.P. Morgan analyst, D.S. Kim, who said “the news signals strong confidence … from management, which is something that is needed to stabilise frustratingly bearish investment sentiment of late.”  [See more: Why have Macao’s gaming stocks fallen?] Kim also noted that the purchase amount was not small in that it is “equivalent to 6.5 days’ worth of Sands China trading value.”  This purchase comes shortly after LVS’s majority shareholder, Miriam Adelson, announced last week her intention to sell off 10 percent or US$2 billion of her stake in the company, as part of her plan to gain ownership of the NBA team Dallas Mavericks. Following Adelson’s announcement, Las Vegas Sands stated that it would acquire $US250 million of the shares that Adelson was intending to sell.  —With reporting by Kenny Fong  ]]> Wed, 06 Dec 2023 07:49:31 +0800 Erico Dias 68137 2023-12-06 07:49:31 2023-12-06 07:49:31 8 MGM China is trading just a fraction above its 1 January level. The five other concessionaires’ share prices have dropped between 21 and 48 percent. ]]>Macao gaming stocks have fallen to their lowest level since last December, despite all six concessionaires reporting relatively healthy financial performances, specialist publication Inside Asian Gaming (IAG) reports.  On 4 December, MGM China was the only concessionaire selling shares above its 1 January price – a rise of just one percent. SJM Holdings was down by 48 percent, Melco by 38 percent, Wynn by 32 percent, Sands China by 22 percent and Galaxy by 21 percent, IAG said. The five gaming operators’ stocks have been trending downward since August. [See more: Miriam Adelson’s sale of Las Vegas Sands stock will not impact Macao, says analyst] Gaming consultancy 2NT8 Ltd has linked the falling share prices to China’s troubled economy. “The culprit is most likely the fear of a slowdown in China, especially as it relates to non-essential spending such as luxury items, gaming and leisure,” its managing director, Alidad Tash, told IAG. In contrast, the concessionaires – all listed in Hong Kong – have experienced better-than-predicted growth in revenue since Macao re-opened its borders in January. By the end of November in Macao, accumulated gross gaming revenue stood at 164.4 billion patacas – significantly more than the government’s target of 130 billion patacas for the year.  ]]> Mon, 04 Dec 2023 07:50:45 +0800 Erico Dias 68059 2023-12-04 08:00:38 2023-12-04 07:50:45 8 The official designation is a significant win for Macao’s tourism industry, which wants to lure more foreign visitors to the city.]]>The Portuguese Association of Travel and Tourism Agencies (APAVT) has declared Macao its Preferred International Destination for 2024 – a special status boding well for the SAR’s goal to crank up foreign tourist numbers. The designation was an “excellent opportunity” to increase the flow of Portuguese travellers, as well as those from other European countries, the Macao Government Tourism Office (MGTO) said in a statement. APAVT made the announcement at its 48th National Congress, last Friday, in Porto, Portugal.  An MGTO delegation attended the event, at which APAVT’s president, Pedro Costa Ferreira, described Macao as “a unique destination, standing as an example of coexistence of cultures and shared history.” [See more: Macao airport’s passenger volume is still well below pre-pandemic levels] At next year’s Lisbon Travel Market (taking place in late February and early March), the MGTO will launch an e-learning programme to help Portuguese travel agents become “Macao experts,” the statement read. “[They will gain] knowledge about flights, hotels, events, gastronomy, culture, history and other relevant destination content, to encourage the travel trade to sell more Macao tourism products to Portuguese travellers.” Macao is already set to host APAVT’s 50th National Congress, in 2025. It will be the sixth time the city has received this honour in four decades.  ]]>