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Macau Gambling Profits Up 22.3%

10/21/09 - After months of slow business occasioned by the economic meltdown and political interference, Macau land casinos seem to be on an improvement curve, judging by the latest numbers from the Macau Inspection and Coordination Bureau.
 
The Bureau reported that casino revenue climbed 22.3 percent in the three months July to September, reaching 31.78 billion patacas ($3.81 billion).

Aladdins Gold Online Casino - All USA Players WelcomeDespite the positive statistics, shares generally traded down, with operators reportedly still concerned over recent government moves that have again introduced visa restrictions hampering travel to the gambling islands from other Chinese mainland regions. Visas are now restricted to one visit every two months  instead of one a month.
 
The tightened travel restrictions were viewed by some analysts and casino executives as an attempt to cool growth in the city's gambling industry amid growing unease that the cash flooding into casinos could be siphoning off funds needed to spur China's domestic economy.
 
Other challenges face the island gambling industry. The government has resumed its review of gaming policy, disrupted by the global financial crisis. TamPak Yuen, the government's secretary for economy and finance, said recently that Macau's social and natural resources are very limited, and the over-expansion of the gaming industry could have a negative impact on the diversification of the local economy, which is the long term goal of the government.
 
He was speaking on measures supported by the six major operators on the island to restrict further expansion of gambling on the island.
 
The implementation of such restrictions depends on the completion of the government review and its recommendations, Yuen said. It was therefore likely that a final policy leading to a regulatory regime may not be possible within the term of office of the incumbent administration, which ends in December 2009.
 
Gambling operations in Macau generated revenues of 10.8 billion patacas (US$1.37 billion) in September, surging by 52 percent over the same period last year. Dr. Stanley Ho's SJM group, which owns 20 of Macau's 33 local casinos, was still the industry leader with a market share of 30 percent in September.
 
In a further move to cool down the gambling market, the goverment has prevailed upon Macau operators to reduce and restrict the amounts paid in commissions to junket operators - agents that bring the high rollers who are the main engine driving the business - to the casinos. In return, the casino operators pay a percentage of bets placed by VIP gamblers to the junket operators as commissions.

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The commission rate rose to a high of 1.35 percent as competition heated up after the liberalisation of Macau's gaming sector in 2002, compared with just 0.8 percent when the sector was still monopolised by SJM, the newspaper Xinghua reports. Macau's six licensed gaming operators have now generally agreed that the maximum commission rate should be fixed at 1.25 percent, a number accepted by the government.
 
Yuen revealed that the government is drafting new laws and rules concerning the age limit of persons entering local casinos and the location of slot machine halls. The draft bill will soon be submitted to the Macau legislature, and proposes an increase in the minimum age for casino entry to 21 years, a limit that will also apply to casino staff. The bill also contains restrictions on the setting up of new slot machine halls.

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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