The senior notes to be listed on the Macau bond exchange were issued by Melco Resorts’ unit Melco Resorts Finance Limited in December 2019 and January 2021. The 5.375% senior notes are due in 2029.

Macau has pledged to diversify its economy beyond tourism and casino gambling, including via the creation of a market for financial services.

Listing of, and permission to deal in, the Melco Resorts notes were granted by the Chongwa Financial Asset Exchange effective on June 29, said Melco Resorts.

Melco Resorts’ chairman and chief executive, Lawrence Ho, said the firm “gladly supports the diversified development of local Macau industries” through the company’s “wide-reaching series of corporate social responsibility initiatives.”

In May, SJM Holdings said it had completed a listing on the Chongwa Financial Asset Exchange of senior notes at 3.90% interest and due in 2026, to the value of HKD1.25 billion and MOP300 million respectively.

SJM Holdings said at the time the move was “the first time that a major tourism business in Macau has issued debt instruments for listing” on the Macao exchange.

Also in May, MGM China Holdings said that its US$750-million in 4.75% senior notes due in 2027 had also been listed on Macau’s bond market.

Editing by Rachel Hu

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“None of the demands from workers were accepted or settled in the Wednesday meeting at the Ministry of Labour and Vocational Training, but the ministry… requested both parties meet again next week on June 30 at 9am,” said the union representative Sithar Chhim on last Friday.

Ms Chhim’s union – “Labour Rights Supported Union of Khmer Employees of NagaWorld” – is asking NagaWorld’s management to reverse its lay-off decision, and to rehire some workers already let go.

The casino resort promoter, NagaCorp Ltd, confirmed in a June 7 filing some lay-offs at the complex, as well as pay cuts, the latter effective since March. 

The firm said at the time that these were “proactive measures” to manage the impact of the Covid-19 pandemic, as the casino resort has been shuttered since early March.

Subsequently a general increase in Covid-19 cases in Phnom Penh brought about forms of lockdown.

Editing by Rachel Hu

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The casino permit-holding entity, Sociedade de Jogos de Macau SA, is now to be known as “SJM Resorts Ltd”.

Wednesday’s filing said SJM Holdings would “soon open” its newest flagship property, the HKD 39 billion Grand Lisboa Palace, a gaming resort in Cotai, “extending the traditions of its forerunners Hotel Lisboa and Grand Lisboa,” its main properties on Macau peninsula.

Grand Lisboa Palace would be “setting a new milestone in Macau’s development,” added the document.

According to SJM Holdings’ first-quarter highlights filed with the Hong Kong Stock Exchange on May 4, Grand Lisboa Palace is due to launch in the first half this year.

A recent memo from banking group Morgan Stanley suggested the latter’s launch could be put back to the third quarter.

Editing by Rachel Hu

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The executive council that advises Macau’s chief executive announced proposals to boost the number of inspectors from 192 to 459, as well as creating a new director-level post at the regulator.

According to a statement on the government’s website, the regulations will take effect once published in the city’s official gazette, with local media saying it was likely to be within a few weeks.

The change comes just months before the expiry of multi-billion-dollar casino licenses that will require operators Sands China, Wynn Macau, MGM China, SJM Holdings, Melco Resorts and Galaxy Entertainment to rebid for new gaming concessions.

A Chinese special administrative region, Macau has massively tightened scrutiny of casinos in recent years, with authorities clamping down on illicit capital flows from mainland China and targeting underground lending and illegal cash transfers.

Beijing has also intensified a war on cross border flows of funds for gambling, affecting the financing channels of Macau’s junket operators and their VIP customers.

Macau has struggled with a dearth of travelers because of the pandemic outbreak since the start of 2020. While gambling revenues have picked up in recent months, they are less than half the level of 2019.

Editing by Rachel Hu

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Anyone arriving at Macau’s border gates who has been in the cities of Guangzhou, Foshan, Shenzhen, Maoming, or Zhanjiang in the prior 14 days was required to quarantine upon entry for two weeks.

But on 16th, the Macau Government Tourism Office announced that Shenzhen and Maoming were no longer part of the mandatory quarantine list. 

Macau remains relatively isolated, as the Special Administrative Region is only allowing entry from mainland China, Hong Kong, and Taiwan. All arrivals must present a negative recent test. 

For people coming from Hong Kong, the test must have been conducted within the past 24 hours. Taiwan tests must have been completed within the past three days, and within the past week for people coming from mainland China. 

With Macau continuing to limit entry to non-residents, analysts are lowering gross gaming revenue expectations for June. A note from Bernstein predicts that Macau casinos will see their gaming win decline 34% in June from May 2021.

If that month-to-month GGR slide is realized, the total GGR for June will be around $865 million. The six casino operators reported gaming revenue of $1.31 billion last month.

“The impediments to Macau travel are still largely in place. Daily visitor arrivals to and departures from Macau averaged only 30,000 during June 7-13, which was down 26% vs. the prior week of May 31 to June 4, due to the travel restrictions imposed on cities of Guangdong,” the Bernstein note explained.

“Any easing of travel restrictions should meaningfully increase visitation, and more importantly, GGR. But Covid outbreaks could derail travel temporarily,” the analysts added.

Editing by Rachel Hu

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NagaCorp said these were “proactive measures” to manage the impact of the Covid-19 pandemic, as the casino resort has been closed since early March.

“We launched a rationalization program to improve cost efficiency, which will impact some of our employees,” stated the Hong Kong listed company.

“We believe that these changes and other changes we have made as part of our Covid-19 strategy will help with the quick return to business normality and help deliver continued financial stability over the long term,” it added.

In Monday’s filing, the company said it would provide affected employees “with enhanced termination compensation over and above payments required by the applicable Cambodian laws,” in order to “assist their transition into other career or business interests.”

Talks of “potential lay-offs” at NagaWorld had been confirmed in April. At the time, a Cambodian labour group representative revealed that more than 1,300 jobs could be at risk.

NagaCorp also said it was implementing other measures to minimize cash expenditure. These include: reducing payroll expenses by limiting staff on site, and reducing employee pay since March 2021; scaling back hotel and food and beverage operations; and closing some of the facilities to reduce spending on utilities.

Editing by Rachel Hu

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