agost 24
The slow pace of ramp of SJM’s Cotai integrated resort Grand Lisboa Palace (GLP) continues to worry analysts, with Seaport Research Partners claiming the property may never achieve “anything approaching positive value creation”.
The comments, from Senior Analyst Vitaly Umansky, come after SJM released its 2Q24 financial results overnight, which showed flat quarter-on-quarter GGR across the group of HK$6.90 billion (US$885 million).
Although GLP, opened in 2021, saw market share of 2.2% for the quarter grow by 22bps from Q1, Umansky noted that this was helped by high VIP hold of 3.7% and described the pace of ramp during the quarter as “weak”. He also noted that ramp had slowed compared with previous quarters.
“While the property will continue to ramp, the return on the investment remains abysmally low and unlikely to achieve anything approaching positive value creation (vs cost of investment) in the foreseeable future (if at all),” he said.
“The strategy around GLP is still being worked on, with the company hiring additional sales and marketing staff during the quarter. With mass table revenue below our expectations in Q2, we expect the build out of marketing and service capability for premium mass to continue to take some time.
“We expect the ramp up at GLP to remain slow and the long-term ROI on the GLP investment is likely to be suboptimal.”
On a more positive note, Umansky noted following the company’s 2Q24 earnings call that excess costs at the company’s satellite casinos – a result of the closure of five properties during the concession re-tender process of late 2022 – continue to come down, which finally saw the satellite segment achieve profitability in the satellite business.
SJM also continues to reduce debt via free cash flow, with leverage down to 8x for the quarter from 13.8x in 2023 and forecast to hit 6.3x by year-end.
https://www.macaubusiness.com/ce-candidate-sam-highlights-new-era-for-macaus-alignment-with-national-goals/
ago24
Esta eleição foi agendada para uma data posterior àquela em que foram realizadas as anteriores. A eleição de 2014 teve lugar a 31 de Agosto e a de 2019 a 25 desse mês. Não se sabe ao certo se este adiamento está relacionado com o prolongamento do período de licença do actual Chefe do Executivo, num total de 39 dias, devido à necessidade de ser submetido a exames médicos, mas é certo que o cumprimento dos deveres públicos requer boa forma física.
https://hojemacau.com.mo/2024/08/16/candidato-unico-2/
ago24
The election for the Chief Executive (CE) Election Committee happened yesterday with some 6,265 registered voters representing over 500 local associations and groups being called to vote.
The balloting occurred between 9 a.m. and 6 p.m. Sunday (Aug. 11) with many voting in the first half of the nine-hour period.
Until 2 p.m. the Electoral Affairs Commission saw a turnout of 70.55% of voters (4,420) with this figure increasing to 83.64% (5,240 voters) by 4 p.m.
Over the whole day, the sub-sector of “Labor” saw a higher turnover, reaching about 84% by 2 p.m.
At closing time (6 p.m.) 88.12% (5,520) had voted, making it the highest turnout for this type of election.
Although there was a very high participation rate, these elections served mostly to endorse many of the candidates as the number of candidates equaled the number of seats in all the sectors and sub-sectors but two.
Only the sub-sectors of “Education” and “Labor” had a real election, as there were four candidates more than the number of seats available.
In total, 344 of 348 candidates were elected.
From these, as the CAECE had previously noted, almost 35% (120 candidates) were newcomers to this election, although they were not unknown.
Among those running for the first time were the former CE, Chui Sai On, the president of the Macau Institute of Management, Samuel Tong, as well as the president of the Macau Catering Industry Association, Lei Iam Leong, the lawyer Jorge Neto Valente, former public broadcaster TDM executive committee chairman Manuel Pires and emcee, presenter, and entertainer José Chan Rodrigues.
The president of the Confraria da Gastronomia Macaense [Macanese Cuisine Confraternity], Carlos Anok Cabral was another new name, as were architect André Ritchie and translator Manuela de Sousa Aguiar.
João Paes d´Assumpção, Eurico de Jesus, and Daniela de Souza Fão were also on the list of candidates for the first time.
Besides the members elected yesterday, the CE Election Committee also includes 12 local delegates to the National People’s Congress (NPC) and 14 representatives to the National Committee of the Chinese People’s Political Consultative Conference, names that include the former CE, Edmund Ho, and businessmen Lawrence Ho and Lao Nga Wong.
The Election Committee also includes representatives from religious associations and municipal bodies as well as 22 of the 33 Legislative Assembly (AL) members who were chosen in an internal election.
Considering that the AL’s president, Kou Hoi In, is already a member via the NPC seat as are the lawmakers Chui Sai Peng, and Si Ka Lon, very few of AL lawmakers were left out.
Among those who will not be part of the CE Electoral Committee is lawmaker José Pereira Coutinho.
https://macaudailytimes.com.mo/more-an-endorsement-than-an-election.html
juk24
PWCC
Paralelamente à convocação da Terceira Sessão Plenária do 20.º Comité Central do Partido Comunista da China em Pequim, a eleição dos membros da Comissão Eleitoral do Chefe do Executivo da RAEM está marcada para 11 de Agosto, onde 344 dos 400 membros da Comissão Eleitoral do Chefe do Executivo serão eleitos. Os 348 candidatos inscritos foram avaliados pela Comissão de Defesa da Segurança do Estado da RAEM e todos cumpriam os requisitos de defesa da Lei Básica e de fidelidade à RAEM. Após verificação, o número de eleitores aptos excedeu os 6.200, mais do que os 5.700 das eleições anteriores. A Lei Básica da RAEM não prevê o sufrágio universal à semelhança da Lei Básica de Hong Kong. Seja qual for o método eleitoral usado, a escolha do Chefe do Executivo deverá resultar de uma ampla representação e de uma participação equilibrada, e um dos factores mais determinantes dessa decisão deverá ser a opinião pública. Embora a sociedade de Macau não tenha vivido grandes tumultos políticos desde o regresso à soberania chinesa, a prática do princípio “Um País, Dois Sistemas” evoluiu a par da situação de Hong Kong. Como Macau transitou do princípio “Macau governado pelas suas próprias gentes” para o princípio “Macau governado por patriotas”, a governação de Macau é actualmente caracterizada pela combinação de um “elevado grau de autonomia” com uma “governação abrangente do Governo Central”.
À primeira vista, a sociedade de Macau é estável, mas em termos de desenvolvimento, deve ainda envidar esforços para atingir o ritmo de recuperação económica de outras regiões, neste período pós-pandemia. Só quem enfrenta a tempestade tem capacidade para a acalmar!
https://hojemacau.com.mo/2024/07/20/tempestade-politica/
jul24
Cjul24
“Se for uma questão de capacidade não vou perder para Ho Iat Seng”
O empresário Jorge Chiang, presidente da Associação de Institucionalismo de Macau, anuncia-se como candidato a Chefe do Executivo. E está convencido de que ganha a Ho Iat Seng. Porque “muitas coisas têm sido feitas de forma caótica; e isso está relacionado com o líder máximo”
https://www.plataformamedia.com/2024/07/19/se-for-uma-questao-de-capacidade-nao-vou-perder-para-ho-iat-seng/
hief Executive Ho Iat Seng has seen his bid for a second term in office challenged by an unfamiliar face in the city’s business community, with Jorge Chiang announcing he wants run for the city’s top job.
Chiang’s announcement on his Facebook account on Wednesday comes about a week after the government confirmed the candidacy of 348 people vying to be gain elector status for the city’s next leader.
Earlier this week, the Macau News Agency reported that the incumbent leader is set to formally announce his intention to stay in office for another five years.
Under existing laws, the chief executive is selected by a panel of 400 electors known as the Chief Executive Election Committee.
344 of them are picked from four sectors, which include seven sub-sectors.
According to his profile, Chiang is a member of the leadership of three groups — one dealing with the city’s system, one with business and one with martial arts.
In his announcement, he stressed that “Macau’s existing management methods are no longer suited to the development of the times and have even become obstacles to future development”.
However, his announced intention to run has so far received little support in the comments section, with many mocking him in their comments.
https://www.macaubusiness.com/city-leader-ho-iat-seng-faces-unlikely-challenger-in-bid-for-second-term-in-office/
Numa publicação de Facebook divulgada na quarta-feira, o empresário afirma que “o antigo sistema de gestão em Macau já não é adequado ao desenvolvimento” e que “até se tornou uma barreira para o futuro”. Chiang diz que Macau precisa de ter ousadia para “inovar” e “recomeçar do zero”, mantendo o “espírito original do socialismo com características chinesas”.
https://www.plataformamedia.com/2024/07/11/empresario-jorge-chiang-apresenta-candidatura-a-chefe-do-executivo-de-macau/
