Suncity Group, the former prominent junket company in Macau, took to Facebook to reflect on its contributions to the city amidst ongoing legal challenges faced by its former executives.

Alvin Chau, the former CEO of Suncity Group, was sentenced to 18 years in prison following a trial in 2022-2023 centered around under-the-table betting and illicit online gaming operations.

The company itself terminated its operations in the Macau SAR after the arrests of its management, with its assets auctioned by authorities to pay for compensation demands.

However, the group’s remaining Facebook page has suddenly issued a heartfelt post – the first since November 2021 – in which the Suncity Group addressed former colleagues and friends, reflecting on its connection to Macau and contributions to the city.

“It’s been over two years already! This period, neither too long nor too short, has been enough for me to thoroughly reflect on the past 16 years or so,” the post stated.

The post highlighted the company’s deep roots in Macau, emphasizing its founder’s dedication to the city’s growth and development since establishing Suncity Group in 2007. “Macau is my home and my roots!” the post declared, underscoring the founder’s lifelong commitment to enhancing the city’s global standing.

Suncity Group detailed its “extensive efforts” to promote Macau as a leading entertainment and cultural hub, stating that over the years, the company has organized and sponsored over 50 major concerts and performances, and heavily invested in promoting Macau as a premier tourism destination.

Key sponsored events include the Macau Grand Prix, the Macau International Film Festival, the Wushu Masters Challenge, and the Miss Macau pageant.

“Additionally, Suncity Group has been a strong supporter of social welfare and sports development in Macau. The company has made significant charitable donations, established the Suncity volunteer team, and founded several sports teams, including football, basketball, and dragon boat teams. The Youth Inspiration Association, another initiative by the company, aims to nurture the city’s young talent,” the post read.

“The only reason I have contributed so much to Macau is because I truly love this place!” it read.

The post resembles an “open letter” issued by Chau to President Xi Jinping, pleading for a reduction in the 18-year prison sentence imposed by the Court of First Instance in January.

In a recent development, Macau’s Court of Final Appeal rejected Chau’s appeal, upholding his 18-year sentence.

Eight other co-appellants also had their appeals denied. The court maintained the original sentences of between 9 and 18 years for Si Tou Chi Hou, Cheung Yat Ping Ellute, Ali Celestino, Cheong Chi Kin, Chau Chun Hee, Lou Seak Fong, Wong Pak Ling Philip, and Leong Su Weng.

The prosecution’s appeal for harsher sentences was also rejected. The defendants are now required to pay a total of HKD24.865 billion (MOP25.61 billion/US$3.18 billion) to the Macau SAR, as stipulated under the new ruling.

In January 2023 the Hong Kong-listed Suncity group entity was rebranded as LET Group, with Andrew Lo Kai Bang, a former executive in Suncity appointed as its chairman.

LET holds a nearly 70 percent stake in Summit Ascent, responsible for managing hotel and gaming businesses within the Integrated Entertainment Zone located in the Primorye Region of the Russian Federation.

澳門娛樂場引入“智慧”賭枱引起業界關注。有關產品具備了有效的遊戲數據收集和分析功能。有報道指，目前澳門約一成賭枱配置了此類技術，營運商計劃進一步部署。分析師認為，智慧賭枱有助提升娛樂場營運效率，顯著推高業績，料年內將獲廣泛應用。 

文：倪熙晨 

鑒於其遊戲數據收集和分析功能，澳門娛樂場引入的“智慧”賭枱成為了最近的熱門話題。 

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The total value of imports and exports that passed through the Hong Kong Zhuhai Macau Bridge customs facilities has exceeded RMB845 billion ($116.4 billion) since its opening in October 2018 and April 2024, involving goods from more than 230 countries and regions, a bridge official said according to Hong Kong media.

According to a report by the newspaper Wen Weipo, the Assistant Secretary of the HZMB Authority,Li Qiang, also revealed that from January to May this year, the cumulative number of passengers traveling via HZMB was about 11.65 million, representing a year-on-year increase of 57 per cent, with a daily average of 77,000 passenger trips.

The total two-way traffic flow of HZMB had also increased by 1.8 times year-on-year, with about 1,300 Golden Bus service trips per day, and nearly 50,000 passengers taking the shuttle buses every day.

The official also said that with further optimization of northbound vehicle policies, the number of people using the HZMB may further increase, and the scope of consumption of tourism activities in the mainland will also be expanded.

With the convergence of regulations and standards among Hong Kong, Zhuhai, and Macau becoming faster and faster, Li added that the role of the HZMB will be further emphasized, and the integration and development of the cities within the Greater Bay Area further accelerated.

The gaming industry is grappling with the challenge of introducing new experiences to casino gamblers, especially younger players.

Lloyd Robson, General Manager for Asia at Aristocrat Gaming, and Ken Jolly, Vice President and Managing Director for Asia at Light & Wonder, both addressed these issues at a panel session held today at G2E Asia, emphasizing the role of technology and innovation in their strategies.

Robson mentioned exciting developments in personalized technology. “Similar to online shopping platforms like Amazon, once players log in some information, we can provide recommendations for other games on the floor that they might enjoy. This is an exciting piece of technology we’re looking to implement.”

Ken Jolly discussed the integration of advanced technologies, particularly AI, in the gaming industry.

“I’ve always said that gaming industry technology typically lags behind general technology in other industries. However, there’s now much more AI integrated into our systems, providing valuable player data and insights,” Jolly remarked.

Jolly emphasized the benefits of real-time data tracking. “We can now get play-by-play data and real-time insights. This allows us to understand what players really want and implement new features accordingly. AI programs in our systems are incredibly beneficial for operators and us, as we can leverage the data to enhance the gaming experience.”

He also stressed the importance of a seamless player experience. “Players shouldn’t have to register to join a club manually. There are systems now that recognize card players automatically. Similar to booking a hotel or restaurant online, gaming environments should offer convenience through technology,” Jolly said.

Lloyd Robson highlighted the difficulties mainland Chinese players in Macau face in understanding how some slot machines operate.

“The main feed of the Macau market is the mainland Chinese, and their lack of understanding of how a slot machine actually works is significant,” Robson stated. “Market research has shown that many of them don’t even know where to insert money into the machine.”

To tackle this, Aristocrat Gaming is focusing on using technology to educate players. “We’ve been thinking about how we use technology to work with operators to educate players on how to buy and consume gaming experiences. The goal is to create an environment where they can learn comfortably,” Robson explained.

Attracting Younger Demographics

Both industry leaders highlighted the need to attract a younger demographic to the casino floors. Robson noted the demographic gap, stating, “The player base for slot machines is a bit older. We’re always thinking about how we can partner with properties to bring in a different generation of players.” He pointed to successful collaborations, like their work with the NFL in the US, which has drawn a younger crowd.

Jolly echoed this sentiment, acknowledging that traditional slot machines appeal mainly to an older demographic.

“Slot machines have traditionally been the same for many years. Now they have more features, but we still need to find ways to attract the younger generation,” Jolly added. He suggested that improving the casino environment and offering innovative game designs could make the experience more appealing to younger players.

In conclusion, both Robson and Jolly see technology as a key factor in educating players and enhancing the overall gaming experience. By leveraging AI and personalized technology, operators now aim to bridge the demographic gap and create a more engaging and efficient environment for all players.

Robust team training and thorough process evaluation are needed from the start when implementing smart tables into casinos, Graeme Croft, Vice President of Table Operations at MGM China, said today (Wednesday).

Croft was part of a round table centered on the theme ‘Smart Table: New Era of Cohabitating with Innovations’, and included in the G2E Asia conference held at The Venetian.

The implementation of “smart” gaming tables in Macau casinos has become a hot topic of late, due to their capacity to collect and analyze gameplay data.

In a recent report, Citi revealed that such tables now represent approximately 10 percent of all tables in the SAR, citing its use across various casinos in the city, including observations at MGM, Londoner Casino, and Wynn, and plans for further rollout by Galaxy, Melco, and SJM throughout 2024.

In MGM China’s first quarter conference call, the group’s CFO and President, Hubert Wang, described that thanks to the capability of tracking all the play, smart tables allow operators to have a lot more data to be used for precision marketing based on various customers’ playing levels and for real-time rewards.

In the talk today, the MGM China Vice President of Table Operations emphasized the transformative potential of smart tables in gaming operations, from improving efficiency and security to enhancing the player experience.

However, he warned that the transition requires meticulous planning and a dedicated team.

“One of the critical factors is ensuring a strong training team and examining all processes,” Croft stated. “This is vital because the system involves many moving parts. While the basic game mechanics remain the same, there are idiosyncrasies such as side bets that require consideration. It’s crucial to get everyone on board and synchronize all departments.”

Croft also highlighted the importance of workshops and feedback sessions with dealers and sellers. “Receiving feedback from our team members and working with adaptable vendors is essential. Training is a continuous process, and it may take about six months to see significant changes.”

Benchmarking is another key aspect of the implementation process. “We benchmark many of our processes, timing them and making layout adjustments as needed,” Croft explained. “By identifying where staff performance deviates from expectations, we can provide targeted training and coaching. Placing the right people in the right roles is crucial for improvement.”

Operational efficiency is a major benefit of smart tables, according to Croft. “Automation enhances efficiency in various tasks such as closing tables, credits, ratings, and rolling tables. The time saved on these tasks compared to manual operations is substantial, leading to significant outcomes.”

Smart tables also offer improvements in security and integrity. “With automated systems, thresholds can be increased without waiting for supervisor approval, enhancing the player experience. Additionally, the security of chips and transactions is bolstered, protecting company assets and reducing fraudulent activities like collusion,” Croft noted.

Moreover, smart tables address issues such as payment discrepancies. “Dealers, being human, can make mistakes, resulting in over or under payments. The data and alerts provided by the system help in managing and correcting these errors, contributing to overall operational integrity.”

The gaming industry in Macau has witnessed a strong rebound since the pandemic, an industry expert pointed out today at the G2E Asia conference, with the city still managing to adapt to a shift in gaming behavior and consumer preferences.

In a panel discussion on Emerging Market Talks, Angus Chan, Associate Director of Research at UBS AG, highlighted the positive trajectory of Macau’s gaming revenue.

“Macau has reported a pretty strong recovery of gaming revenue last year, and the trend looks pretty happy this year as well,” he noted.

Macau recorded gross gaming revenue of MOP183.1 billion (US$22.7 billion) in 2023, representing a 334 per cent year-on-year increase. However, this amount was also 62.6 per cent of 2019 levels.

Chan also observed a shift in gaming behavior and consumer preferences in Macau and other regional markets. “We see some trade-up,” he said. “The high-end customers, the rich, are traveling to Macau and other places in the region, including Singapore, leading to a higher per capita spend.”

This shift towards a more premium and experience-driven gaming landscape is further corroborated by Chan’s remarks. “The future seems to be more content-driven and experience-driven. Governments around the region have also picked up in terms of marketing efforts,” he explained.

The introduction of new hotel rooms, concerts, and various events, he says, have played a crucial role in enhancing the overall appeal of Macau as a gaming and entertainment destination.

“That’s one structure change person to our team, and that’s been able to have to customers, whether it’s going to Singapore or town. I think that remains a driver in the future in an environment where there’s a fair bit of land left,” Chan said.

Interestingly, the gaming industry’s resilience seems to be defying the broader macroeconomic conditions.

As Chan noted, “It’s quite surprising because we do have a relatively weak macro environment. But I think in terms of the locations and the gaming destinations, in general, I think that is a big push for higher content, new hotel rooms, new content, a lot of concerts, a lot of events.”

The positive outlook extends beyond Macau, with Chan highlighting the strong performance of the gaming industry in Singapore as well. “Singapore is doing very well. That looks like it’s going to continue with visa travel, trying to add in more flights. That should continue to drive revenue,” he stated.

Macau’s gross gaming revenue (GGR) future growth will have a strong correlation with China’s nominal GDP, a Morgan Stanley analyst commented today (Tuesday) at the G2E Asia conference.

During a talk focused on the ‘Outlook of Asian Gaming Markets’, Praveen Choudhary, managing director of Morgan Stanley Asia, discussed the factors contributing to Macau’s potential for growth in the next years and the SAR’s possible GGR ceiling.

“We all are trying to figure this out,” Choudhary remarked, addressing the uncertainty surrounding the city’s future GGR.

Macau recorded gross gaming revenue of MOP183.1 billion (US$22.7 billion) in 2023, representing a 334 per cent year-on-year increase. However, this amount was also 62.6 per cent of 2019 levels, casting doubts over the city’s future growth with a much lower VIP sector.

Choudhary emphasized the significant correlation between China’s nominal GDP and Macau’s mass gaming revenue, using historical data as a reference point.

“You have to see when you look at 2024, 2025, what would be the nominal GDP? Not the real GDP, but nominal GDP. That has a perfect correlation with mass revenue,” he explained.

Choudhary pointed out that China’s nominal GDP is currently 20-25 per cent higher than pre-COVID levels, indicating a potential rise in Macau’s gaming revenue.

“The reported number, whether we agree or not, that’s the number. Then you put that percentage, and hopefully, we can get there without doing anything,” he stated.

The number of hotel rooms in Macau has also increased by 16 per cent compared to pre-pandemic figures, with Choudhary noting that many of these new rooms are of higher quality, contributing further to the potential revenue increase.

“Some of these rooms are, dare I say, bigger, better. We look at the Londoner renovation and so on. We can get a little bit more than 16 per cent on any index basis,” he elaborated.

The MS analyst then highlighted the importance of increasing per capita spending to maximize GGR. Using Singapore as a case study, he noted that despite no increase in hotel rooms or visitors, Singapore’s gaming revenue rose by 30-40 per cent.

“The number of rooms in Singapore has not gone up. The number of visitors have not come up. The revenue is up 30, 40 per cent,” he said, emphasizing the potential for Macau to replicate this success.

Choudary then stressed the need to attract high-end visitors and improve the overall quality of the guest experience to drive revenue growth.

The crucial role of the Chinese government support and infrastructure development in driving Macau’s growth was also highlighted, with the MS analyst praising the expansion of the individual visa scheme from 40 to 60 cities, calling it “an incredibly positive signal.”

Recently 10 Chinese mainland cities were added to China’s exit visa system for independent travellers to go to Macau or Hong Kong, known as the Individual Visit Scheme (IVS).

“It doesn’t matter whether those cities are which cities. It’s irrelevant. It’s just that government is saying, I’m going to give you 12 more cities. It’s amazing. It takes away all the risk factors that people think about, ‘Oh, China is against Macau’ [gaming],” he pointed out

Infrastructure improvements, such as new bridges, high-speed trains, and airports, were also highlighted as key factors.

“Mainland putting money on infrastructure to connect to Macau is incredible. We have more bridges, more trains, more speed trains, more airports, Zhuhai Airport, Hong Kong Airport. We really can’t ask more,” Choudhary said.

In conclusion, Choudhary expressed his optimism for Macau’s gaming revenue growth.

“My answer to your question is that I am very hopeful for mass revenue for the next couple of years, at least grow at GDP/plus. If it’s 10 per cent or 12 per cent that’s anybody’s guess, but there is very clear room for growth in the next years.”

Macau News Agency (MNA) is Official Host Publication of G2E Asia + Asian IR Expo 2024

The introduction of “smart” gaming tables in Macau casinos has ignited industry interest due to their efficient gameplay data analysis. Analysts project significant revenue growth, leading to widespread implementation this year

Nelson Moura

The implementation of “smart” gaming tables in Macau casinos has become a hot topic of late, due to their capacity to collect and analyse gameplay data.

In the current market, casinos have three choices of smart tables, namely, those with radio frequency identification (RFID) technology embedded in the table, float, and chips to track gameplay and patron activity, those equipped with cameras, including in some instances facial and body recognition, to track gameplay and patron activity; and hybrid tables, utilize a blend of RFID combined with video analytics to track gameplay and patron activity.

In a recent report, Citi revealed that such tables now represent approximately 10 percent of all tables in the SAR, citing its use across various casinos in the city, including observations at MGM, Londoner Casino, and Wynn, and plans for further rollout by Galaxy, Melco, and SJM throughout 2024, the brokerage added,

For analysts George Choi and Ryan Cheung, such technology has the potential for a 5.9 percent increase in GGR for every five seconds saved per game of baccarat, an acceleration expected to contribute significantly to revenue growth without relying on higher footfall. 

The brokerage considered that gaming operators have a widespread plan to implement smart gaming tables across all baccarat tables, with some aiming to complete the rollout by the end of this year. 

One by one

Smart gaming tables have already been deployed in Asia Pacific integrated resorts, namely, in Singapore and Australia, with Macau now progressing with its adaptation to the technology with the backing of local gaming regulatory authorities.

In March of this year, during a meeting with Macau gaming operators, the casino regulatory body, the Gaming Inspection and Coordination Bureau (DICJ), urged them to update their monitoring systems on the gaming floor, and implement ‘comprehensive management through technology’.

This specific term used by the DICJ seemed to indirectly address the installation of smart gaming tables, as a way to improve the efficiency of casino operation and management, and of course, assets the gaming watchdog to oversee gambling operations.

Recently, some of the SAR’s six gaming concessionaires mentioned the implementation of this technology in their properties in their most recent financial reports for the first quarter of 2024.

The Chairman of Galaxy Entertainment Group, Lui Che Woo, indicated that the gaming operator is in the process of “implementing smart tables, which will drive further efficiency across the gaming floor.”.

Brokerage Jefferies Hong Kong Ltd, in a note citing key points discussed by Galaxy Entertainment’s management during a conference call on the recent results, stated that smart table deployment by GEG will be launched from July onwards and be “completed by year-end.”.

In a previous conference call, GEG’s CFO, Ted Chan Ying Tat, stated that RFID would contribute to a lot of improvements in the effectiveness of the gaming floor as well as its “integrity.”. 

“We’re already starting the process, and we are planning to launch out all these technology-related initiatives during the year,” he said at the time.

In MGM China’s first quarter conference call, the group’s CFO and President, Hubert Wang, gave a comprehensive explanation of the multiple benefits of smart tables. 

“First of all, you have game security. Everything is tracked, and it’s very difficult to cheat a game; it’s almost impossible. We have cases where people thought that they got away, but as long as the chips come back, they were caught,” Wang noted.

There is also operating efficiency because it could require far less supervision, and manning. These are just from a basic operations standpoint. 

The MGM China CFO also described how, thanks to the capability of tracking all the play, smart tables allow operators to have a lot more data to be used for precision marketing based on various customers’ playing levels and for real-time rewards.

“It allows us to develop new games as well. For instance, we already launched insurance back in this market, and this is impossible to do manually. And with this technology, we can do it. And it’s also very favourably viewed by the regulators in this environment,” he described.

“Everybody is trying to implement that, and I think that we have at least several years of lead in the implementation and also take advantage of this technology to execute various programmes.”

In their respective first quarter conference call, the CEO of Melco Resort & Entertainment Limited described that once every operator implements smart tables, illegal activities such as those connected to “unlicensed junkets”, will be eliminated.

In the same call, Geoffrey Stuart Davis Executive VP and CFO of Melco revealed the group would receive the delivery of its first set of tables in the second quarter, with full implementation by approximately the same time next year.

“Although it will be a small enough number, it will be more on a pilot or trial basis as we continue to do our learnings with full-scale adoption pacing out really over the next year until we have our full force of tables. In the short term, we’re looking at how we might deploy them within specific areas within the property,” Davis described.

In response to questions submitted by Macau Business about the use of AI, RFID, and facial recognition in smart gaming tables, the Director of the Office for Personal Data Protection (DSPDP) highlighted that these technologies fall under the purview of the Personal Data Protection Act (Law no. 8/2005). Based on these provisions, the Office stated that if smart gaming tables collect and process personal data, they must adhere to these regulations. Specifically, facial recognition technology may involve sensitive data, requiring strict compliance with the outlined conditions for lawful processing and principles like data adequacy and security. The DSPDP added that all electronic surveillance and operational equipment used by gaming operators in Macau must be approved by the Gaming Inspection and Coordination Bureau (DICJ).

Macau Business contacted the DICJ with a series of questions on this matter, including how many gaming concessionaires have requested to implement these smart tables in their properties, how many smart tables are currently being used in Macau, and if the Bureau has made any special requests regarding what data these tables should collect or what functions they should provide. We also asked the gaming watchdog if it is actively incentivising gaming companies to implement smart tables and what advantages the technology could offer for regulatory purposes. However, no response had been provided by the DICJ at the time of printing.

The supplier side

 For Angel Macau President, Asuka Kurahashi, smart table technology offers considerable advantages in improving gaming operations efficiency and security while maintaining the pace of live casino games. 

In an interview for Macau Business, Kurahashi highlighted that smart tables collect data using AI and RFID technology, digitising bet movements without disrupting gameplay, and were able to reduce supervision workload rather than necessitate additional personnel.

Mostly known for its playing cards and card shoes in the casino equipment supply market, the Japan-based Angel Group is also taking a chance in the smart tables business, having developed an AI-RFID hybrid design.

AI and RFID enable the real-time capture of data, such as game results per table, betting amounts, and casino chip inventory. By comparing the digital information of the game result, the bet amount for each bet location, and the chip inventory in the chip float, the theoretically correct balance of the game can be analyzed. Game progress can be confirmed, by checking the collection and payout conducted by the dealer at each table, and by checking for any fraud during the game.

“While the primary interest of casino operators is data collection and security enhancement, they also prioritise maintaining game speed and table layout flexibility to optimise player experience and revenue generation,” Kurahashi noted.

Kurahashi noted the successful implementations of smart tables in other gaming markets like Singapore and Australia, emphasising the significant operational changes associated with adopting this technology. 

“The main interest of the casino operators is, of course, they want to obtain all those data of that table games, how much betting is taking place and how much they are playing on each hand. But of course, they want to increase the security,” she described. 

“They want to have those kinds of data and they want to secure the game integrity. But at the same time, their concern is that they don’t want to slow the game speed because of the system. Because it’s revenue, right? If they slow the game, then they lose the revenue. 

Operators also do not want to have to change the table’s layout or design, or if implanting changes, they do not want the system to limit the table layout design.

“This is because the table layout design impacts how players bet. A side bet is much higher than a house bet, right? So the casino wants more side bets and wants to encourage the player to side bet,” Kurahashi adds. 

“To do this table layout design is very important. So the casino wants to have a free experience. Any table layer they can use and system their system can support.”

Angel is currently working with a Macau concessionaire, initially only in one Cotai property but with plans to progressively roll out smart tables across all properties, with an initial focus on Baccarat tables.

At the same time, Angel has maintained negotiations with operators across various Asian countries, including South Korea, Australia, the Philippines, Singapore, and Malaysia.

Smart table technology has been in development for over a decade, with Angel foreseeing its market entry. However, the complexity of smart table development, along with external factors like the COVID-19 pandemic, delayed its adoption. 

“Smart tables will change the way table game operates. It’s a big thing. It’s a big change for users as well. It involves a load of different departments. One is table operation, of course. One is surveillance because they need to monitor the game security,” Kurahashi told MB.

“Another is the marketing team because now they can get the data of each patron’s betting history. It’s a huge project.”

Cheong Kun Pain Reliever Oil goes international with roots firmly planted in Macau.

The legacy of Cheong Kun Pain Reliever Oil, a historic traditional Chinese medicine brand from Macau, continues to thrive under the management of the Cheong family’s third generation. With a new 2,000-square-metre factory in the Seac Pai Van Industrial Park, the company has ambitious expansion plans, aiming to reach production of 10 million bottles in three years and explore Portuguese-speaking markets.

By Nelson Moura

It was already in the 1950s that Cheong Kun He established a clinic on Rua dos Vendilhões where he would produce and sell his Cheong Kun Analgesic Oil.

The founder’s grandson, now the company’s technical director, Cheong Lok Kei tells Macau Business how his grandfather was inspired by his experience as a sailor to come up with this remedy.

“Sailors were regularly injured during navigation, and with limited first aid resources on the ship, injured workers could only let wounds heal on their own and endure the pain. My grandfather decided that there should be a portable medicine that could be taken for navigation,” Cheong explains. 

“When they went out to sea they would get injuries and wounds that could easily bleed and also become infected by bacteria. After years of experience, he refined his recipe and in the 1960s licensed Cheung Kun Oil,” the director points out in an interview at the brand’s new factory in Seac Pai Van.

The recommended use for the oil has remained the same: pain relief and treatment of wounds, including burns, haemorrhages, or rheumatisms. 

However, according to the director of the company – officially Cheong Kun Pain Reliever Oil Chinese Medicine Factory (Macau) Ltd. – the brand is now promoting a larger use for sports injuries and children.

“When applied to the wound, the oil anaesthetizes and stops bleeding quickly. That’s why mothers feel safe applying the oil to their children. This is how Chinese medicine can be passed on to the next generation,” Cheng tells Macau Business.

As for the process of selecting Chinese herbs, the company followed Cheng Kun’s original recipe, with the entire process, from extraction to bottling, carried out in Macau, following industrial quality standards. “In the past, my grandfather produced the oil in his clinic. He made it in the kitchen and then sold it in the shop in the same building. He made his packaging,” the manager recounts.

Growing in scale

After his grandfather passed away in 1998, Cheong’s father bought a factory in the Tamagnini Barbosa north district neighbourhood in 1999. 

“At that time, sector regulations changed, and Chinese medicine had to be produced in factories and meet certain requirements. Some traditional Macau brands did not make the change and only sold in their clinic or shop,” he says. Only with these improvements did it become possible to gain greater confidence from an international audience, with Cheong highlighting that the most difficult thing for the industry is for people to think that it has no scientific support. After studying management and Chinese medicine in the United States and Hong Kong, Cheong decided to apply his knowledge to not only continue the family legacy but also to reach another level.

The move to the Seac Pai Van Industrial Park marks a step towards this goal, allowing for a significant expansion of production capacity and production standards while maintaining the brand’s Macau roots.

The new factory got its licence early on, around March of last year, and after three months of testing, it opened in June. With the factory following international Good Manufacturing Practice standards, it can now sell all over the world.

“When the oil reaches the standards we want, we place it in a tank, and the entire batch is transferred to the filling and packaging process. We will send samples for safety testing and distribute them ourselves. The entire process is 100 percent done in Macau,” Cheng adds.

Previously, production was limited to less than 1 million bottles per year, but now the company aims to produce up to 1.5 million bottles in 2024, with ambitious plans to triple this capacity by 2027. 

“But we will study the market demand. We sell about a third in Macau in 400 pharmacies, a third in Hong Kong, and a third in China, mainly in Guangdong. We recently sold our first batch to Singapore, a market where we see a lot of potential,” he describes. 

Despite the incentives provided for TCM companies to establish themselves in Hengqin, the choice for the new factory fell on RAEM, with Cheong justifying the decision with the family’s strong emotional bond with the region and the desire to become an international brand that maintains its local roots. “We are a local brand from Macau, created by residents of Macau, but we believe that we can become an international brand. We hope to be a ‘unicorn,'” he describes. 

Their efforts also brought some public recognition, with Cheong Kun awarded the Medal of Merit for Industry and Commerce last year from the Macau SAR government.

Reaching Mozambique and beyond

However, it was with the support of the Traditional Chinese Medicine Science and Industrial Park in Hengqin that the company started selling to Mozambique in 2017.

At the time, Cheung Kund and Chinese COVID-19 medication, Liangwen Qingwen were the first two TCM products to undergo a translation and registration process for sale to Lusophone countries.

”The Park went to Mozambique to understand the government requirements and the herb registration process. We consider Mozambique as a gateway to Lusophone countries, and as a Macau brand, we have advantages in this connection. In two or three years, we want to reach another country, perhaps Brazil or Portugal,” he describes.

In the Portuguese-speaking African country, the oil is distributed to local pharmacies and also to schools or TCM clinics, where doctors use it.

“These therapists teach acupuncture and also massage skills and how to apply Chinese medicine to different symptoms. This is more practical because people who use it end up buying it. I think this is the easiest way for people to better understand Chinese medicine,” Cheong highlights.

With a new store on Rua dos Ervanários and a diverse line of merchandising products, the company now seeks not only to attract tourists but also to educate local customers about the benefits of the oil and its history. 

“We target two types of customers. One is not familiar with the brand and to whom we have to explain its history and uses. The others are repeat customers, who may have only partial knowledge of the oil and how to use it. But by entering the store, they can better understand how to use it to treat the elderly, children, and in different scenarios,” he describes. “This is how Chinese medicine can pass on to the next generation.”

作為一個歷史悠久的澳門中藥品牌，張權破痛油在張氏家族第三代的經營下，其傳承得以繼續發揚光大。公司於石排灣設立了佔地約2,000平方米的新工廠，還制定了雄心勃勃的擴張計劃，期望在三年內達到生產1,000萬瓶的目標，並著手開拓葡語市場。 

文：倪熙晨 

早在 20 世紀 50 年代，張權中醫師就已在澳門下環小市街設館行醫，並生產和銷售其 “張權破痛油”。  

創始人之孫、現任技術總監張樂祈與記者分享，其祖父從海員經驗受到啟發並成功鑽研出該種療法。 

 “水手們在航行中經常受傷。由於船上急救物資有限，人們受傷後只能等待傷口自行癒合，忍受痛苦。祖父認為應該有一種能夠在航行期間隨身攜帶的藥物。”張樂祈解釋。 

“他們出海時會不時受傷，傷口很容易流血，也容易被細菌感染。經過多年經驗，他改進了配方，並在上世紀 60 年代註冊了張權破痛油。”這位未來接班人在公司位於石排灣的新廠房接受採訪時指出。 

此藥油的建議用途始終如一：緩解燒傷、出血或風濕病引起的疼痛，亦有幫助傷口愈合之功效。 

據這位張權破痛油中藥廠（澳門）有限公司的董事介紹，品牌目前正致力推廣藥油更廣泛的用途，例如運動傷害和兒童用藥。 

“將藥油塗抹在傷口上後，可迅速消除疼痛並止血。因此，母親們放心地將我們的破痛油用於孩子身上。這也是中醫世代傳承的方式。” 張樂祈告訴本刊。 

在中藥材的甄選過程中，公司沿用了張權的原始藥方，從提取到裝瓶的整個過程均在澳門進行，遵循工業品質標準。“過去，祖父在醫館的廚房製作藥油，在醫館銷售，連包裝都是自己一手一腳完成的。”他回憶道。 

規模持續壯大 

祖父1998 年去世後，張樂祈的父親於 1999 年在北區巴波沙附近購置了一家工廠。 

“當時，行業規定發生了變化，中藥必須在工廠生產且符合一定的要求。某些傳統品牌未有做出改變，只能在本地診所或門店出售，”他坦言，這些改進讓企業更有信心取得國際客戶的支持。張樂祈強調，行業最大的挑戰是人們認為它沒有科學支持。在美國和香港學習管理和中醫後，他決定運用所學到的知識，傳承家族事業並使其更上一層樓。 

將廠房遷往石排灣工業園區令產能進一步擴大，質量亦持續提升，還確保了品牌的澳門根基，標誌著公司朝著目標邁出了重要一步。 

新廠房早在去年3月就已獲政府批出許可證，經過三個月的測試，於同年6月開幕。工廠採用GMP（Good Manufacturing Practice）國際生產標準，其產品能夠銷往世界各地。 

“我們將符合標準的藥油注入罐中，繼而進行分裝和包裝工序，並對樣品進行安全測試和分發。整個生產過程均在澳門完成，”張樂祈補充道。 

此前，工廠的每年產量被限制在 100 萬瓶以下，但公司現時的目標是到 2024 年產量達到 150 萬瓶，並雄心勃勃地計劃至2027 年產能提高兩倍。 

“我們研究市場需求。現時澳門400家藥房為我們貢獻了約三分之一的銷售額，餘下的銷售分別在香港和內地，尤其是廣東，各佔三分之一。我們看到了新加坡市場的巨大潛力並於最近將首批產品銷往新加坡。”他介紹道。 

儘管橫琴為吸引中藥企業進駐提供了激勵措施，但他們仍選擇將廠房設在澳門特區境內。對張氏而言，家族與這座城市的深厚情感紐帶，加上對打造一個扎根本土的國際品牌的殷切期望，這一決定完全合理。“我們是澳門本地品牌，由澳門居民創立，我們同時堅信自己能夠成為一個國際品牌。我們希望成為‘獨角獸’，”張樂祈與記者分享道。 

他們的努力也獲得了公眾的認可。張權破痛油中藥廠（澳門）有限公司去年獲澳門特別行政區政府授予工商功績勳章。 

進軍莫桑比克等市場 

然而，正是得到了橫琴粵澳中醫藥科技產業園區的支持，該公司於2017年開始進入莫桑比克市場並進行銷售。 

在當時，張權破痛油和內地新冠肺炎治療藥品連花清瘟膠囊是首批完成翻譯和註冊程序，成功銷往葡語國家的兩種中藥產品。 

“產業園區前往莫桑比克了解該國政府的要求和植物藥註冊流程，我們將莫桑比克視作通往葡語國家的門戶。作為澳門品牌，我們在這方面擁有優勢。我們希望兩三年後能夠拓展至其他葡語國家市場，例如巴西或葡萄牙。”他坦言。 

在這個位於非洲的葡語國度，藥油被分發至當地藥房、學校和中醫診所，供醫生使用。 

“這些治療師到當地傳授針灸和按摩技巧，以及將中醫應用於不同症狀的辦法。此舉更為實用，因為藥油的用家最終也會成為買家。我認為，這是加深人們對中醫了解的最快捷途徑，”張樂祈強調。 

公司在關前街開設了一家新店，並推出了多元化的商品系列。除了吸引旅客外，他們還致力向本地顧客推廣藥油的好處及其歷史。 

“我們針對兩類客戶。一是不熟悉‘張權’品牌的客戶，我們必須向他們解釋品牌歷史和功用。另一類是回頭客，他們或許對產品及使用方式有些許了解。只要他們走進店鋪，就能夠更好地了解藥油在不同場景的應用，例如用於老人或兒童身上。”他認為，“這就是中醫世代傳承的秘訣。” 

Several former Portuguese international football players were present on Saturday in Taipa for a training session with local young players, as part of the celebrations for the 25th Anniversary of the Establishment of the Macau SAR.

With former FIFA World Player of the Year and Ballon d’Or winner Luis Figo as the delegation head, players Pauleta, Nuno Gomes, Dimas, Maniche, Bosingwa, Tiago, Hélder Postiga, and Ricardo Quaresma will be in Macau this weekend for a friendly game of football and a series of promotional events sponsored by SJM.

The former players were present on Saturday for a training and socializing session with local young players at 11:30am, followed by a panoramic bus tour of Macau in the afternoon.

Former Fiorentina and Benfica striker Nuno Gomes commented he was very happy to return to Macau for the first time in almost 20 years for ” a special occasion”. Gomes last passed by the territory as part of the Portugal call-up that held its 2002 World Cup pre-season in the SAR.

“For me, it is a happy return, even if the World Cup itself didn’t go as we wanted. The time we spent in pre-season in Macau, with the local Portuguese community, was good despite what happened after we went to Korea.”

The Portugal team – which also included Figo and Pauleta would go on to fail to progress from the group stage, after losses with the United States and host South Korea.

The 2002 pre-season also included a friendly match between the Portuguese and Chinese national teams, both of which were to take part in that year’s World Cup, and a match that was not to be repeated in Macau territory since then.

The Portuguese team, which at the time also included the likes of Rui Costa, Paulo Sousa, Jorge Costa, and Beto won the match 2-0, with goals from Pauleta and Nuno Gomes himself.

“We are excited to play even if we are not professional players anymore, with some in better shape than others,” Gomes joked pointing to Portuguese player Bonsingwa, “I’m counting on him to score many goals.”

Luis Figo also expressed the same sentiment of content for being able to return to Macau “on an important date to celebrate” and have a chance to play and interact with local young players and veterans.

On Sunday, the group will engage in a 5-aside friendly match with GBA Flying Dragon, a team consisting of football players from the Guangdong-Hong Kong-Macao Greater Bay Area and Hong Kong All Stars Sports Association.

The GBA team will include Macanese professional football players such as goalkeeper Domingos Chan Tat Sun and defender Emannuel Noruega.

The remaining roster includes mainland and Hong Kong players such as Natalis Chan, Eddie Ng, Frankie Lam, Eddie Cheung, Danny Chan, Chan Chi Hong, Leslie George Santos, Wong Chin Hung, Che Chi Man, Hoi Man Io, Wu Qunli, Hu Zhijun, and Lu Lin.

The event organized by SJM is supported and organized by the Macau Sports Bureau and the Macau Football Association.

After a peculiar case was revealed by the Macau Judiciary Police of a local teenager rescued in Mexico after being the target of a phone scam, many details concerning this peculiar case are still to be uncovered.

Earlier this year, in a press conference organized on April 9 and dedicated to a scam prevention campaign, PJ revealed the case of a local teenage girl scammed out of RMB3.5 million ($484,456) by fraudsters posing as mainland police officers.

According to authorities, scammers convinced the victim that she was implicated in a money-laundering case and needed to hide.

The young woman was convinced to pay the money in order to prove her innocence in relation to the accusation of money laundering, having thus made transfers to several bank accounts, with a total value of RMB 3.5 million.

Believing their threats and alledgelly fearing for her life, she hid herself from her family members in five to six countries and regions, ending up in an undisclosed remote area of Mexico.

Her disappearance was reported by her father on March 17, prompting a rescue operation by the PJ, with the victim being rescued on March 31.

Two days after the press conference MNA reached out to police authorities to know more information about this peculiar case, namely: more details concerning the police cooperation with Chinese, Mexican, and international authorities; the victim’s travels abroad, and where she had hidden herself; and if any information is known on the alleged criminal group that targetted her.

However, not much additional information was provided in a reply only issued almost a month after MNA submitted its questions.

It was revealed, however, that in the latter half of March 2024, after PJ received news that a victim had traveled to Mexico, the police department immediately activated its emergency response system, and a ‘team of officers, accompanied by the victim’s father, traveled to Mexico to rescue the victim’. 

‘With the assistance of the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in Macau Special Administrative Region, the Ministry of Public Security of the People’s Republic of China, and the Mexican Police, we were able to successfully rescue the victim,’ PJ told MNA.

Although previous information disclosed in the press conference alleged cooperation with the International Criminal Police Organisation (INTERPOL), no details concerning this cooperation were mentioned by police authorities in their reply.

INTERPOL Beijing has two sub-bureaus, each with delegated regional authority in the special administrative regions of Hong Kong and Macau.

PJ also indicated it had opened a specialized investigation into the case and informed the Public Prosecutions Office, as required by law, with no further details.

The Macau SAR government will take a ‘wait-and-see’ approach concerning Artificial Intelligence regulations, while closely observing regulatory framework experiences in regions such as the European Union that can be used as a reference, Macao Post and Telecommunications Bureau (CTT) Director Debbie Lau said yesterday.

Lau took part as a speaker in a seminar centered on ‘Regulation in AI Development’, included in the XXXI AICEP Forum of Portuguese-Speaking Communications 2024.

“We don’t have legal regulations to oversee AI uses yet. Since its implementation in the city is in the early stages, the government will wait to see what happens and look at regulations such as the EU framework. The extension of AI uses to personal life needs to be closely studied and EU European directives can be a guideline,” Lau pointed out.

The European Union’s AI Act, a regulation aiming to ensure AI is human-centric and trustworthy is expected to come into effect in June.

This regulation, poised to be the world’s first comprehensive law for AI, is designed to maintain a balance between encouraging technological advancement and protecting the rights of European consumers.

While mainland China presented a draft for an Artificial Intelligence Law in March, Macau is yet to advance its local legal framework.

China’s proposed law would enforce curbs on data use, for example, with providers not able to use AI to analyze and evaluate individuals’ behaviors and habits, interests and hobbies, or their economic, health, and credit information.

Speaking during a panel this Friday, Lau pointed out that AI implementation in Macau is still in its “early stages” with local operator CTM already providing some services using AI.

In April of this year, for example, local tourism authorities CTM and Baibu jointly announced the official launch of Macau’s first “AI Macau Smart Tourism Service” integrating Big Data, AI algorithms, and AR technology that supports multilingual translation.

In a recent United Nations University (UNU) AI Conference held in Macau, Secretary for Social Affairs and Culture, Elsie Ao, also stated that Macau aims to attract “talents and experts from scientific and technological areas worldwide to come to the SAR to initiate and develop their businesses,” with advanced tech industries, including AI, being part of Macau’s development priorities for the next five years.

“In terms of tech or even postal services, AI can improve service efficiency and alleviate personnel shortages. Macau and most places in the world are facing qualified staff shortages, and AI can help with it. The use of AI is an unstoppable global trend,” she noted.

However, the CTT Director still advised that Asia and China tend to have a different approach towards technological innovations and respective regulations.

“Things usually go faster [in Asia and China], when there are innovations there is always a risk, but if we think too much about safety nothing will happen. It is like the parents, if they control the children, they will be babies until they are 40. Too much regulation can also harm innovation,” she added.

After several delays, the 6th Forum Macau Ministerial Conference finally took place last month, almost eight years since its last convening in 2016. Despite fewer top officials in attendance compared to the previous edition, the conference still served as a launching pad for China’s vision of Sino-Lusophone cooperation, outlining its aspirations at least until 2027.

Nelson Moura

The 6th ministerial conference of Forum Macau concluded this week, marking a significant milestone after an eight-year hiatus since its last edition. Representatives from Portuguese-speaking countries gathered to discuss the future of Sino-Lusophone cooperation until 2027, with Chinese authorities unveiling a new Action Plan focusing on the digital economy, blue economy, health, and environment.

Five ministerial conferences were held in the SAR in 2003, 2006, 2010, 2013, and 2016, during which action plans for Economic and Commercial Cooperation were approved. Initially scheduled for 2019, the sixth ministerial conference, which ended on Tuesday, was postponed to June 2020 due to the Macau Chief Executive election. However, due to the COVID-19 pandemic, it ultimately did not take place. Nine Portuguese-speaking countries were represented, namely Angola, Brazil, Cape Verde, Guinea-Bissau, Equatorial Guinea, Mozambique, Portugal, São Tomé and Príncipe, and Timor-Leste.

However, unlike eight years ago when some top officials were present, including China’s Premier Li Keqiang and Portugal’s Prime Minister António Costa, the attendance this year was more modest. Both the Chinese and Lusophone sides mainly appointed ministers linked to the economy to attend the conference.

Guests bearing gifts

 During the conference, the Vice Chairman of the Standing Committee of the National People’s Congress, Li Hongzhong, announced twenty measures aimed at elevating economic and commercial cooperation between China and Portuguese-speaking countries.

In total, Portuguese-speaking countries registered 6.2 percent year-on-year growth in exports to China in 2023, posting a record full-year tally of US$147.5 billion.

Brazil, however, accounted for an unprecedented US$122.4 billion in sales to China, up nearly 12 percent from the previous year, cementing its spot as China’s top lusophone trade partner.

Overall, total trade between Portuguese-speaking countries totaled US$220.9 billion, with China experiencing a record trade deficit of US$74.1 billion with the Portuguese-speaking nine-country group.

Chinese exports dropped 3.5 percent to US$73.4 billion, around 80 percent of which went to Brazil, which purchased US$59.1 billion, followed by Portugal with US$5.79 billion.

The measures disclosed during the 6th Forum Macau Ministerial Conference span trade and investment cooperation, industrial collaboration, economic assistance, and health initiatives, among others. Li reassured delegates of China’s commitment to reform and opening up, emphasising continued efforts to promote openness and cooperation.

Overall, these policies include encouraging the participation of companies from Portuguese-speaking countries in major exhibitions such as the China International Import Expo, as well as providing export credit insurance to stimulate imports. The simplification of inspection and quarantine processes for food and agricultural products from these countries, coupled with the development of a trade and investment manual, seeks to streamline trade and enhance policy exchange. Additionally, efforts to modernise agricultural demonstration centres, conduct joint research projects, and facilitate air transport agreements aim to foster personal exchange and bolster cooperation.

Support measures extend to economic development planning and collaboration in various sectors, including agriculture, health, culture, transportation, and infrastructure, in Portuguese-speaking countries in Asia and Africa. Providing training opportunities for students from these countries in China, along with internship support in Macau, aims to enhance educational and professional exchange. Furthermore, initiatives to strengthen cooperation between Chinese and Portuguese-speaking country hospitals, conduct short-term health projects, and train traditional medicine professionals demonstrate a commitment to improving healthcare infrastructure in Portuguese-speaking countries.

Efforts to establish a financial services platform, develop an international securities market, and create a platform for scientific and technological cooperation underscore a broader commitment to advancing cooperation across sectors, particularly in areas such as audiovisual. These measures aim to facilitate financial transactions, enhance investment opportunities, and promote technological innovation and collaboration between China and Portuguese-speaking countries.

Meanwhile, China’s Commerce Minister, Wang Wentao, also mentioned that China has signed cooperation agreements related to the joint creation of the “Belt and Road Initiative” with most Lusophone countries. 

He affirmed that the Ministry of Commerce will earnestly implement the eight actions announced by President Xi Jinping to ensure the high-quality development of this strategy, aiming to better align it with the Forum’s development. 

Wang also expressed China’s willingness to work with PLP to enhance trade and investment facilitation, deepen openness and cooperation in the industrial and supply chain, support welfare projects, and continuously enrich and improve the Macau Forum mechanism, aiming to foster a new model of multi-level cooperation.

Compliments and suggestions

Despite delays caused by the COVID-19 pandemic, the conference witnessed active participation from nine Portuguese-speaking countries. Lusophone representatives praised China’s intentions but urged greater agility and utilisation of the Forum’s financial instruments. Requests focused on easing entry measures for entrepreneurs and maximising the use of the Sino-Lusophone Fund.

Pedro Reis, the Minister of Economy of Portugal, emphasised the importance of a joint reflection on existing financing mechanisms, particularly highlighting the China-Portuguese Speaking Countries Cooperation and Development Fund. Established in 2013, the Fund invested approximately US$500 million in projects across Portuguese-speaking countries, spanning various sectors including clean energy, infrastructure, and agriculture.

Moreover, reinforcement measures outlined during the conference aim to enhance cooperation between China and Portuguese-speaking countries, encompassing initiatives such as trade promotion, agricultural modernization, and support for student exchange programs. The measures also include the creation of a financial services platform and a scientific cooperation platform between China and Portuguese-speaking countries.

The conference concluded with optimism for strengthened cooperation between China and Portuguese-speaking countries, driven by shared goals and reinforced by concrete measures outlined in the new Action Plan.

The executive secretary of the Brazilian Ministry of Entrepreneurship, Microenterprise, and Small Business, Francisco Tadeu Barbosa de Alencar, indicated during the conference that, as the most important trading partner of the South American country, the relationship with China is of utmost importance to Brazilian President Lula da Silva. Alencar also indicated that the appointment of a permanent delegate from Brazil to the Macau Forum would be considered, a position that remains unfilled.

Users of 14 e-wallets from nine countries and regions, including Macau’s MPay, will now have the capability to make payments within the city using their home apps through Alipay+.

Alipay+, a suite of cross-border mobile payment and digitalization technology solutions operated by Ant International, announced it has extended its services to cover a population of over 1.2 billion individuals.

Users of these widely-used e-wallets will benefit from a smooth payment experience with transparent and competitive exchange rates when encountering the Alipay+/AlipayHK logo at participating merchants across the city.

The company considered that this development not only ‘enhances convenience for consumers but also presents opportunities for local merchants, particularly small and medium-sized businesses (SMEs)’, to seamlessly accept payments from global e-wallet operators, thereby expanding their reach without additional investment.

Among the e-wallets and bank apps newly introduced to the city by Alipay+ are MPay from Macau; Changi Pay and OCBC Digital from Singapore; GCash and HelloMoney from The Philippines; Hipay from Mongolia; Kakao Pay, Naver Pay, and Toss Pay from South Korea; MyPB by Public Bank Berhad and Touch ‘n Go eWallet from Malaysia; TrueMoney from Thailand; and Tinaba from Italy.

These wallets, similar to Alipay from the Chinese mainland, are now accepted at over 90 per cent of local outlets in Hong Kong.

This marks the largest influx of international payment apps introduced to Hong Kong’s offline commercial network through cross-border cooperation at a single time.

Additionally, Alipay+ and its wallet partners have announced the establishment of a joint mechanism on customer services, named the Alipay+ Service Collaboration Mechanism, in Hong Kong.

This mechanism aims to support partners in enhancing cross-border payment experiences, operational efficiency, and overall services for global digital wallet users and merchants through operational collaboration and product innovation.

Sun Ho, Chairman and CEO of Macau Pass, Macao SAR, highlighted the benefits of collaboration, stating, that “through collaboration with Alipay+, our e-wallet MPay enables residents of Macau to enjoy a seamless cross-border mobile payment experience in Hong Kong without the need for currency exchange, thus greatly enhancing the convenience and security of payments.”

The MPay cross-border payment service, launched by Macau Pass in August 2023, has already expanded its coverage to over fifty countries overseas, enabling the MPay wallet within the Chinese mainland and Hong Kong SAR.

Forbes unveiled its 38th edition of the world’s wealthiest individuals last week, with some notable presences from Macau.

Among the familiar names are Lui Che Woo, the founder and chairman of Galaxy Entertainment Group, Pansy Ho, serving as chairperson of MGM China, and Angela Leong, director at SJM, all maintaining their spots from the 2023 list.

However, Lawrence Ho and Hoi King Hong didn’t make the cut this year. Topping the global rankings remains the French magnate Bernard Arnault, while within the gaming sector, Miriam Adelson, the widow of Sheldon Adelson, stands out.

This renowned list of the world’s richest individuals continues to break records annually. In the realm of ten-digit fortunes, there are now 2,781 individuals holding billionaire status in 2024, surpassing the 2023 count and even outdoing the 2021 record of 2,755 billionaires.

The billionaire cohort is expanding, both in numbers and the size of their fortunes, as per Forbes. The collective wealth of those featured in this latest Forbes edition amounts to US$14.2 trillion, marking a 14 per cent increase, or US$2 trillion, compared to 2023.

A substantial portion of this wealth surge stems from the top 20 members, primarily dominated by individuals based in the United States, contributing US$700 billion to the total.

The U.S. maintains its lead in the density of billionaires per square kilometer, with a record-breaking 813 individuals belonging to the 1 per cent, up from 735 in 2023.

While China, including Macau and Hong Kong, retains its second position among the world’s wealthiest regions, the number of billionaires has declined from 562 in 2023 to 473. India claims the third spot with 200 billionaires, marking another record for 2024.

According to Forbes, China’s wealthiest individual remains Zhong Shanshan, despite sliding 9 positions to 24th globally. Notably, Macau-linked entrepreneurs like Lui Che Woo and Pansy Ho hold prominent positions among China’s elite.

Lui Che Woo, chairman of Galaxy Entertainment Group and K. Wah International Holdings, holds the 180th spot on Forbes’ list with a fortune of $11.2 billion, showcasing Macau’s influence in the global wealth landscape.

Pansy Ho, daughter of Stanley Ho, stands as CEO of MGM and chairs Shun Tak Holdings, securing the 835th position on the list with an estimated wealth of $3.8 billion.

Another notable Macau figure, Angela Leong, widow of casino mogul Stanley Ho and current director of SJM, has an estimated wealth of US$2.4 billion, ranking 1,380th globally.

Miriam Adelson, widow of Las Vegas Sands founder Sheldon Adelson, continues to be a leading figure in the international gaming industry. The Adelson family’s significant role in Macau’s gaming sector has propelled them to 53rd place on the Forbes list, with an accumulated wealth of US$32 billion.

龍躍在庭，新一期MBTV辯論會請來多位業界專家，回顧新賭牌生效首年的發展變遷。分析師認為，當局仍需為博彩業者履行非博彩投資承諾提供明確指引。專家小組還探討了中場業務將成為未來賭收的核心組成及針對博彩中介活動推行的新限制等議題。 

文：倪熙晨 

1月15日，前立法會議員、博彩專業學者馮家超、MdME 管理合夥人執業大律師布路平（Rui Pinto Proença）、分析師 Niall Murray和經濟學家José I. Duarte齊聚官樂怡基金會，出席由基金會和Macau Business合辦的最新一期MBTV研討會，探討主題聚焦“新賭牌：一年後”。 

業界專家們總結了新賭牌生效首年的高低起伏及市場結構的變化。經濟學家José I. Duarte強調，博彩業自2002年開放後迎來空前盛世，此次調整旨在加強對行業的控制。 

先前的酒店基礎設施是基於旅客數量持續增長的假設，但情況或不再如此。 

使其明徹透亮 

對於Murray International Group創辦人兼董事長Niall Murray來說，政府為博彩業經營者制定的新多元化計劃讓承批公司感到“些許震驚”。 

“尤其是考慮‘1+4’政策時。在我為綜合度假村工作的那些日子裡，我們的團隊成員從來都不包括金融、大健康或高科技方面的專家。我認為，承批公司目前面對許多令人頭疼的問題，他們只能說，‘好吧，我們將協助這項實驗，但我們沒有資源或專業知識實現這一點’，”他如是描述。 

因此，這位行業顧問認為，業者將目光集中在那些更熟悉的領域，即會展、文化產業和體育盛事。 

“我相信，越過最初的灰色地帶，發展道路上的迷霧正被驅散，人們將篤定前行。當局仍有必要制定總體戰略，將所有相關項目串聯起來並加以指引，使之成為一項具凝聚力的策略，從而實現十年目標。否則，各自為戰，最終或一無所獲。”他補充道。 

José I. Duarte強調，當局需就某些非博彩項目和委託六大博企進行的城區活化計劃進行澄清和協調。 

“在某些方面，特區政府試圖將原本屬於公共政策領域的責任外包，這令人費解，因為這些公共政策缺乏明確的目標和方向。”這位經濟學家指出當局要求私人企業規劃不同片區的發展，卻“無須以協調的方式”。 

 中場助力行業壯大 

澳門大學博彩研究所所長馮家超認為，由於目前澳門中場業務茁壯成長，城市博彩總收入將隨著入境旅客增加，迎來更可持續發展。 

“我嘗試計算2019年至2023年間中場業務的平均表現。若參考旅客數量和中場業績，基本上每名玩家貢獻了澳門幣15,000元（折合約1,861美元）。在拉斯維加斯，每名賭徒平均貢獻約300 美元，”他指出。“這意味著澳門中場的平均投注額比拉斯維加斯高且高得多。” 

新冠肺炎疫情爆發前，澳門接待入境旅客約3,900萬人次，博彩業總收入約2,920億元。2023年，澳門接待入境旅客約2,823萬人次，全年賭收為1,830.6 億元。 

馮家超透露，本地博彩業總收入的構成發生了巨變，當中約八成來自中場玩家，兩成來自貴賓廳業務。他認為，與往年相比，現時的賭收或更容易計算。 

這位研究人員解釋，以2023年第四季為例，將所有博彩收入相加，再除以三，即月均賭收約180億元。若以全年賭收除以入境旅客人數，則每位旅客貢獻約6,400元。 

“這是一個極為穩定的數字。繼此新博彩模式推行一年後，我們相信如城市能夠持續提升其入境旅客數量，則可預期與之成正比的賭收升幅。因此，如果澳門2024年的旅客數量增加 20%，那麼賭收將增加約20%。”他總結道。 

MdME 管理合夥人執業大律師布路平強調，澳門正逐步實現“已定的公共政策目標”，“行業踏上了一條更通透、更可持續的發展道路，這有助於經濟多元化的建設”。 

關於新博彩法和合約條款的適用，布路平認為，政府和承批公司“仍在學習，同時在法律和合約的字面意義及其日常適用的現實之間尋求平衡”。 

特區政府希望實現旅客來源多元化方面，他表示，現在是時候專注於“長期戰略”， “在世界舞台上，澳門必須與許多其他旅遊目的地一較高下”。 

“娛樂場營運商已經投入大量資源，竭力引入來自其他市場的玩家，但競爭非常激烈。我認為，政府應該在這方面做更多工作。”他指出。 

“當然，基礎設施、交通或工作簽證等等都缺一不可，但一切都需要投入大量時間和資源。 但政府也可以輕鬆採取其他措施，只需要紙和筆。” 

博彩中介的致命打擊 

最後，研討會聚焦當局針對博彩中介人運作提出的新法律障礙，包括禁止中介人提供信貸的可能性。 

澳門立法會第二常設委員會目前正著手審議一部針對娛樂場幸運博彩信貸的草案，這將成為壓垮澳門博彩中介行業的“最後一根稻草”。 

“這個問題尚未被納入遞交立法會審議的法案最初文本，但我們知道當局正考慮。在我看來，這成為打垮博彩中介行業的致命一擊，但對娛樂場營運商收入而言，這不太可能產生重大影響，”布路平強調。 

直到數年前，貴賓廳中介人業務仍是澳門娛樂場的主要收入來源。然而，去年頒布的新博彩法標誌著特區博彩中介人業務監管的重大改革。 

除此之外，立法會目前正在審議新的《娛樂場幸運博彩信貸法律制度》，該草案最近已通過一般性討論及表決。 

委員會主席陳澤武透露，當局對法案草案提出重大修改，建議只有持牌公司才能向賭客提供信貸，博彩中介機構將被禁止從事這項活動。 

根據現行法規，承批公司和博彩中介都有權向玩家發放信貸。陳澤武解釋，未來只有獲得許可的公司方能向賭客出借博彩籌碼。博彩中介將不得從事信貸業務，但據當局稱，他們仍然能夠協助承批公司引入或招待玩家。 

政府解釋，這些修改旨在促進博彩業健康發展，加上綜合考慮有關風險，將博彩中介人限制為輔助角色。這些修訂一旦生效，將重創本已奄奄一息的本地博彩中介和貴賓廳產業。 

根據今年實施的新博彩法，每家博彩中介只能與一家承批公司合作。當局最近還公佈，2024年澳門博彩中介數量上限為50個，合作人數量上限為250人。 

儘管如此，現時持有牌照的博彩中介數量甚至低於政府的規定，2024年僅18個。與疫情爆發前的100 多個持牌博彩中介形成鮮明對比，更不用說，十年前行業鼎盛時期的200 多個持牌博彩中介了。 

布路平還談到了行政會去年年底公佈的另一項法規，即《打擊非法賭博犯罪法》，該法將取代現行的《不法賭博》。 

該法案明確禁止經營、促進及組織線上幸運博彩及互相博彩，不論所涉及的電腦系統、裝置及設備是否設於澳門。 

布路平強調，政府的目標似乎是將某些活動類型或行為定為刑事犯罪，這些活動通常與博彩中介人有關，例如“賭底面”和利用網路博彩，並賦予警察部隊更大的調查權力、施加更嚴厲的處罰和制裁。 

“衍生的一個大問題是，正如保安司司長去年9月提出，娛樂場中未經授權的兌換貨幣活動會否被定為刑事犯罪，”他強調。 

保安司司長黃少澤去年透露，法務部門已開始分析“關於非法兌換活動刑事化可行性”的建議，希望藉此遏制此類活動並提高執法效率。 

SJM Resorts has inaugurated the Palazzo Versace hotel at its Grand Lisboa Palace property, Versace’s first luxury hotel in Asia.

The hotel, spanning across one of the resort’s towers, boasts 271 rooms and suites exuding an Italian Palazzo ambiance, furnished with bespoke linens, Versace Home textiles, and Italian terrazzo flooring.

Daisy Ho, Managing Director of SJM Resorts indicated in the ceremony that the opening “fully realised” the group’s vision for its first Cotai integrated resort, the Grand Lisboa Palace,

Dining options at the hotel include two Italian restaurants: Don Alfonso 1890 and La Scala del Palazzo.

In addition to dining, Palazzo Versace Macau features a wellness retreat, personal training studio, and both indoor and outdoor swimming pools.

“The Grand Lisboa Palace now stands out as home to the only couture-focused designer hotels in Macau, positioning our city as one of the few destinations worldwide offering such ultraluxe branded hospitality experiences,” Daisy Ho pointed out.

The property opening included a surprise music performance from world-renowned musician, John Legend, in an event that had in attendance, Donatella Versace, Chief Creative Officer Versace, and celebrities such as Austin Lin, Chang Huasen, Shin Hae Sun and Blue Pongtiwat Tangwancharoen, K-pop star Ok Taec-yeon.

SJM Holdings has reported nearly HKD1.73 billion (US$220 million/MOP1.78 billion) in adjusted EBITDA for the 12 months to December last year, reversing a loss of HKD3.1 billion a year earlier.

Its Cotai property, Grand Lisboa Palace, earned HKD3.67 billion in gross revenue, of which 73 per cent, or HKD2.69 billion came from gaming activity. The latter was up from HKD346 million in 2022.

為配合國家實現“雙碳目標”，澳門政府近日公佈規劃，致力於2030年前達到碳排放峰值並在2050年達至“近”實現零排放。儘管計劃被譽為減少澳門碳足跡的“重要一步”，但環保人士認為計劃缺乏雄心且過度理想化。 

文：倪熙晨 

為推動澳門溫室氣體減排工作，配合國家“雙碳目標＂，澳門環境保護局制定了《澳門長期減碳策略》（《策略》），分別在電力、陸上交通、建築節能、清潔能源替代及廢物處理等方面制訂策略，以引領各相關範疇在政策制定時兼顧減排效益，以及引導社會大眾共同參與推進社會綠色發展。 

澳門也受到氣候變化的影響，包括年平均氣溫上升、熱帶氣旋影響加劇、酷熱天數增加等。根據地球物理氣象局統計數據，澳門平均最高氣溫及歷年平均氣溫均呈上升趨勢。 

此外，1968年至2022年間，澳門共發出7次10號風球信號，其中2017年至2020年間發出3次，表明澳門近年受超強颱風影響的頻率較高，風暴和洪水災害亦相應增加。 

環保局表示，澳門特別行政區政府一直積極推動應對氣候變化工作，2011年訂立了2020年碳排放率比2005年下降40%-45%的目標，有關目標已完成。 

習近平主席在第七十五屆聯合國大會上宣佈，中國將提高國家自主貢獻力度，採取更有力的政策和措施，二氧化碳排放力爭於2030年前達到峰值，努力爭取2060年前實現碳中和。 

為此，特區政府在《澳門特別行政區經濟和社會發展第二個五年規劃（2021-2025年）》中提出做好碳達峰、碳中和工作，並提出2030年前達到碳排放峰值的目標。 

同時，政府承諾推動電力、陸上交通運輸兩個主要碳排放領域優先於2050年前實現深度減碳。 

建構新能源體系 

目前，澳門第三產業的碳排放比重超過九成，工業及建築業產業佔比不足一成。電力方面，澳門近年由境外購入的電量約佔全澳電量的九成。 

《策略》坦言：“在推行減碳工作上雖然相對有優勢，但要構建新型的能源體系，改變大眾原有的生活方式，仍需突破多方面的限制” 。 

若同時考慮外地購電的間接排放，則本地碳排放估算量約佔總排放的四成，外地購電的碳排放估算量約佔六成。 

按領域分，電力領域約佔總排放的七成，陸上交通運輸佔13%，其他燃料的使用及廢物處理佔餘下的16%。 

《策略》提出“構建低碳電力體系”、“陸上交通綠色轉型”、“節能與清潔能源替代”、“源頭減廢，轉廢為能”、“大眾共同實踐低碳生活”及“技術創新與區域合作”等六個關鍵策略。 

“透過加強推動社會大眾共同參與節能、減廢，並積極落實電力、交通領域的轉型及深度減排，以及探索新技術的應用等措施，預計將實現澳門的碳達峰、碳中和。”該文件補充道。 

異想天開 

澳門環保人士賈加路(Gilberto Camacho)在接受採訪時指出，脫碳策略的提出是朝著地球可持續生活方式邁出的“可喜的一步”。 

“然而，文件提出的目標或不太可能實現。當局根據我們今天所掌握的數據，定下了2035年和2050年要實現的目標，當中未將之後產生的其他數據納入考慮。”他警告。 

對於這位環保人士來說，為如此遙遠的未來作出預測的失準幾率甚高，因為未來或將發生意料以外的事情，阻礙實現目標。 

“以德國為例，由於俄羅斯和烏克蘭之間的戰爭，該國發電廠被迫重新採用高污染的煤炭作為嚴冬期間的室內供暖能源，”他指出。 

“澳門當局以‘最理想的情況’作出預測，我質疑目標能否實現”。 

道路交通電氣化 

為減低整體車輛的碳排放水平，政府推行的策略之一是在公私營領域普及電動車使用。 

當局推出了一系列措施，例如提供稅收優惠和《淘汰老舊摩托車並置換新電動摩托車資助計劃》、《淘汰老舊柴油車資助計劃》。 

其他包括為新建公共停車場和新建公共建築的所有停車位預留慢速充電供電容量和基礎設施；2022年底啟動為舊區公共停車場增設電動車充電位工程，至今已安裝了輕型汽車充電位2,000多個、重型摩托車和輕型摩托車充電位500個以上。 

政府鼓勵酒店和娛樂企業使用新能源汽車接送客人，尤其是選用再生能源車輛作穿梭巴士之用。 

本澳兩間巴士公司澳門公共汽車公司（澳巴）和新福利均已承諾大部分的營運車輛將於2024年更換為環保能源車輛。 

作為本地最大型的巴士營運商，澳巴承諾營運車隊中95%車輛為環保新能源車輛；新福利則表明整個營運車隊將使用綠色巴士。 

同時，政府於2023年6月啟動了第二階段的《淘汰老舊摩托車並置換新電動摩托車資助計劃》、《淘汰老舊柴油車資助計劃》，第一申請期由去年6月1日至2024年5月31日；第二申請期計劃於2024年6月1日至2025年5月31日期間持續。 

根據《淘汰老舊柴油車資助計劃》，在2008年12月31日或之前註冊及登記的老舊柴油車車主，如取消有關車輛的註冊並確定將車輛運離本澳，可獲最高澳門幣155,000元資助。 

至於摩托車置換計劃，2010年12月31日或之前註冊或登記的老舊電單車車主可獲高達8,800元的報廢獎勵金。 

大膽前行 

根據交通局數據，截至2023年底，全澳註冊電動車輛共8,131輛，僅佔總數的3.2%。 

“我注意到澳門本地的電動車持續增多。也就是說，汽油或柴油驅動的車輛逐步被電動車所替代。在我看來，這是邁向永續發展的一步。”賈加路向記者表示。 

然而，這位環保人士指出，仍需付出更多努力，他還對電動車在澳門的發展可能提出質疑。“當車輛電池達到使用壽命時，如何處置？為何那些氣體排放量超過公共衛生最低標準的車輛仍被允許在澳門道路上行駛？” 他指出。 

對於賈加路來說，城市步行化及減少城市註冊車輛總數亦是重中之重。DSAT數據顯示，澳門登記在冊的車輛數量持續增長，從2016年約24萬輛增至2023年的 25.1萬輛。 

 “受城市規模限制，鬧市某些街道只允許行人、自行車及部分政府車輛、警察、消防員和救護車通行，”他補充道。 

“我認為，就此而言，我們仍有很多方面要向鄰近地區取經，尤其是香港。在內地，我們也看到電動車逐漸取代汽油動力車的趨勢。” 

賈加路強調，世界各地同行提出了多個開創性計劃，澳門應更堅定、更大膽地向前邁進。 

“當局應該更堅定、更積極地實施可持續的環境舉措。澳門作為一座小型城市，具備成為這領域先驅的一切條件。這將是澳門的驕傲，也是中國的驕傲。”他總結道。 

生態島還是垃圾場？ 

政府其他提案相對沒有那麼受歡迎，包括最近提出在黑沙海灘附近利用建築垃圾建造“生態島”的提案。 

環保局環境規劃處處長吳時要介紹，生態島與新加坡實馬高垃圾掩埋場類似，有效解決城市廢料處置問題且使用年限不少於20年，並將打造成“公共親海空間”和“城市綠肺”。 

海事局日前公佈《海洋功能區劃》和《海域規劃》諮詢文件並在文件中提出興建生態島的草案。 

本地環保組織綠色未來會長袁嘉浩表示，原則上同意該計劃，但希望不會衍生“擁有生態島就意味著我們可以製造無限廢物”的心態。 

該提案促使環保人士陳俊明在網路上發起聯署，提出為保護澳門海洋生態系統，要求暫停生態島計劃。 

在Change.org網站上題為《Stop landfilling our ocean》請願書中，澳門環保學生聯會會長表示，這項計劃“必定對海洋生態造成破壞、加劇泳灘水質的污染（危害泳客及水上活動人士健康），更摧毁珍稀中華白海豚生境”。 

陳俊明指出公開諮詢期限僅50天，該項政策將“永久損傷珍貴海洋資源”，且“既沒有提出任何科學數據支持填海的唯一及必要性，又未通過環境影響評估”。 

他感嘆道：“如果我們今日沉默，我們的海洋未來必定沉默，只剩充滿垃圾沒有生氣的海及灘！” 

*In Manila

Some Macau-linked companies and personalities were honored at this year’s Asia Gaming Awards.

The ASEAN Gaming Summit 2024, hosted by Asia Gaming Brief, wrapped up its three-day stint in Manila, Philippines, yesterday, boasting a turnout of almost 1,600 participants.

The three-day summit included attendees hailing from a multitude of locales such as Macau, Armenia, Australia, Hong Kong, Malaysia, Cambodia, India, Germany, the UK, Indonesia, Japan, Korea, Vietnam, and Singapore.

Of the gaming operators with a presence in the Macau SAR, Melco Resorts & Entertainment received one of the awards handed by this year’s Asia Gaming Awards. taking home the Best Responsible Gaming Program, in a ceremony held at the Shangri-La The Fort Manila Hotel.

Lorraine Koo, who previously held executive positions in Macau with Galaxy Entertainment Group, Meg-Star, and The 13 Hotel, was one of the three personalities awarded with an Outstanding Leader Award. Koo is currently the COO of the Philippines junket operator Dowinn Group.

*In Manila

A laxer regulatory framework, similar to the approach taken in the Philippines, would help gaming supplier SMEs, a representative from Han Xin Industry (Macau) Limited, a locally registered gaming supplier told Macau Business.

“Compared to Macau, the Philippines offers more freedom for business,” sales manager Felicity Cai told MB on the sidelines of the 6th ASEAN Gaming Summit.

In a State of the Industry Address held yesterday at the same event, Alejandro H. Tengco, Chairman and CEO of PAGCOR, the country’s gaming operator/regulator, asserted that privatization and regulatory reforms should position the country ahead of Singapore, just behind Macau, in the ASEAN market.

Registered in the Macau SAR, most of the gaming electronic components, including casino tables, supplied by Han Xin are produced in the Dongguan city of Guangdong Province. In the SAR it supplies Sands and MGM.

“We have a PAGCCOR accreditation since 2016, and we have been exploring the market ever since. The business has recovered a lot since the pandemic ended but compared to other countries the Philippines is a promising market for us,” sales manager Felicity Cai told MB.

“In the Macau SAR gaming operators also usually purchase large bulk orders for gaming equipment suppliers so we are trying to focus our attention on the Philippines”.

The sales representative noted that since the pandemic ended, the company’s factory in Dongguan has expanded its production lines and increased manufacturing.

*In Manila

The Philippines will become the second largest gaming market in the Asia-Pacific sphere in the near and middle term, only surpassed by Macau, the country’s gaming regulator announced today.

In a State of the Industry Address held today at the opening of the 6th ASEAN Gaming Summit, Alejandro H. Tengco, Chairman and CEO of PAGCOR, the country’s gaming operator/regulator asserted that privatization and regulatory reforms should position the country ahead of Singapore.

Macau gross gaming revenue (GGR) reached MOP180 billion ($22.3 billion) in 2023, with Tengco estimating that Singapore’s annual GGR was roughly $6 billion, an amount he believes the Philippines can surpass.

Singapore doesn’t publish official GGR figures, with its gaming revenue generated by its two gaming licensees, Resorts World Sentosa, operated by Genting Singapore Ltd; and Marina Bay Sands, run by a unit of Las Vegas Sands Corp.

The Philippines ended last year with a record of approximately $5.1 billion, representing an 11 percent increase from the previous year and surpassing pre-pandemic figures.

Meanwhile, PAGCOR anticipates gross gaming revenue to soar to a new high of PHP336 billion (US$6.1 billion) this year, on the back of the privatisation of its publically operate casinos and further regulatory improvements.

As the public gaming operator and watchdog, PAGCOR regulates commercial casinos across the country, including special economic areas like the Clark Freeport Zone in Central Luzon, while also operating casinos on behalf of the state under the Casino Filipino brand.

“We expect gaming revenue to sustain growth both this year and beyond, driven by increased entertainment options for both local and foreign tourists. Revenue from our licensed casinos in Entertainment City, Clark, Metro Manila, Cebu, and Fiesta casinos in Rizon is projected to contribute PHP257 billion ($4.6 billion) to our GGR in 2024,” noted Tengco.

“Meanwhile, e-casinos, e-bingo, and sports betting together are expected to contribute PHP61.7 billion pesos ($1.1 billion) to the 2024 GGR, making it the fastest-growing sector in recent years.”

Tengco emphasized that the sustainable growth of the country’s gaming sector is anchored in three major factors: the opening of more integrated resorts, the strong performance of the electronic gaming sector, and the privatization of PAGCOR-operated casinos.

The 6th edition of the ASEAN Gaming Summit will take place between March 19 and 21 in Manila, with a lineup of speakers that includes Alejandro H. Tengco, Chairman of the Philippine Amusement and Gaming Corporation (PAGCOR), and Thomas Arasi, President and Chief Operating Officer of Bloomberry Resorts Corp.

Tengco will kick off the Summit at the Shangri-La The Fort on March 19 with a State of the Industry Opening Address shedding light on the current landscape of the gaming industry.

Following Tengco’s address, Thomas Arasi will take the stage to deliver the ASEAN Gaming Summit 2024 Keynote address, to discuss the upcoming opening of Solaire Resort North, the latest venture by Bloomberry Resorts Corp., slated for late May in Quezon City.

A major highlight of the summit’s program is the C-Level panel, moderated by Alex Leese, CEO of Pronet Gaming.

This panel will feature industry experts Michael Charlton, Asia Pacific Director of Entain, and Simon Lidzén, CEO of Fast Track, engaging in a candid discussion about the gaming industry’s outlook in Asia, with a spotlight on the Philippines.

Continuing the focus on the Philippines, Hakan Dagtas, Chief Operating Officer of Newport World Resorts, will headline the operators’ panel on Wednesday, March 20th. The panel will delve into the growth prospects of the Philippine gaming market, which holds a prominent position in the Asian gaming industry.

The summit will also feature other sessions, including a fireside chat with Walter Power, CEO of The Grand Ho Tram Resort & Casino, and a presentation by Katrina Ponce Enrile, Administrator and CEO of CEZA, discussing the economic zone’s initiatives.

Additionally, Evan Spytma, CEO of Hotel Stotsenberg, will explore the transformative opportunities presented by the Remote Gaming Licensees.

The Asia Gaming Awards will also return for a second edition in the Philippines, with the ceremony held on March 20.

Banco Nacional Ultramarino (BNU) made a considerable contribution to the net income reported by Portuguese public bank Caixa Geral de Depósito (CGD) in 2023.

According to the CGD’s financial report, BNU contributed about 5 per cent, some 67 million euros ($73 million), to its parent company’s 1.2 billion euros in total income for last year.

It also represented about a third of the 206 million euros in net income reported by CGD’s international entities, the highest value of this century the bank pointed out.

BNU has recorded unaudited profits of MOP587.3 million (US$73.4 million) in 2023, marking a 62 per cent increase from the MOP224.5 million figure of 2022.

The bank’s financial performance in 2023 was driven by a MOP242.6 million or 31 per cent increase in net interest income, mainly due to interest rate hikes, a press release indicated

Apart from BNU, the Portuguese banking group also operates branches in Angola, Brazil, Mozambique, Cape Verde and France.

Banco Comercial e de Investimentos made the largest overseas contribution to CGD’s results, some 75 million euros.

The Macau Government announced recently its plan to help the SAR reach its peak carbon emissions volume before 2030, and ‘almost’ zero emissions by 2050 in line with national objectives. Although welcomed as an “important step” to reduce Macau’s carbon footprint, environmentalists consider that the plan lacks ambition and focuses too much on best-case scenarios

Nelson Moura

To promote the work of reducing greenhouse gas emissions in Macau in line with the national “Dual Carbon Goal”, the Environmental Protection Bureau (DSPA) has concluded its “Long-Term Decarbonisation Strategy of Macau”. This strategy includes plans for electricity, land transport, energy conservation in buildings, clean energy substitution, and waste treatment, with the objective of encouraging all relevant sectors to consider the benefits of emission reduction when formulating policies and guiding the public to participate in promoting green social development.

Macau has also been affected by climate change, including the increase in the average annual temperature, more frequent impacts of tropical cyclones, an increase in the number of extremely hot days, etc. 

According to statistical data from the Meteorological and Geophysical Services Directorate (SMG), the average maximum temperature and average temperature over the years have been increasing. 

Furthermore, between 1968 and 2022, Macau issued a total of 7 No. 10 typhoon signals, three of which were issued between 2017 and 2020, indicating that Macau has been more frequently affected by super typhoons in recent years and the corresponding number of storms and the number of recorded floods also increased compared to previous periods.

The DSPA stated that the Macao SAR Government has been actively promoting work on climate change, having in 2011 set the target of reducing the carbon emission rate by 40-45 per cent in 2020 when compared to 2005, a target said to have been achieved.

At the seventy-fifth session of the United Nations General Assembly, President Xi Jinping announced that China will sharply increase its nationally determined contributions, adopt more powerful policies and measures, strive to peak carbon dioxide emissions before 2030, and will strive to achieve carbon neutrality before 2060. 

To this end, the “Second Five-Year Plan for Socio-Economic Development of the Macau Special Administrative Region (2021-2025)” proposes to do a good job towards peak carbon and carbon neutrality, and presents the objective of the effort to reach peak carbon by 2030 or before.

At the same time, it looks to promote deep decarbonisation in the two main carbon emission areas of electricity and land transport to achieve near-zero emissions by 2050.

Building a new energy system 

Currently, Macau’s tertiary industry represents more than 90 per cent of the total carbon emissions, with industry and construction accounting for less than 10 per cent. 

In the area of electricity, the purchase of electricity abroad in Macau accounted for about 90 per cent of Macau’s total electricity volume in recent years.

“Although it has advantages in promoting decarbonisation, it is necessary to build a new energy system and change people’s original lifestyle and, it is still necessary to overcome limitations in many aspects,” the report points out.

If indirect emissions from purchasing electricity outside Macau are also considered, the estimated volume of local carbon emissions represents about 40 per cent of total emissions, and the estimated carbon emissions from purchasing electricity outside Macau represent about 60 per cent. 

Divided into sectors, electricity represents around 70 per cent of total emissions, land transport represents 13 per cent and the use of other fuels and waste treatment represents 16 per cent of the remaining emissions.

The plan’s six main strategies include: building a low-carbon energy system; green transformation of land transport; energy conservation and clean energy substitution; source reduction of waste, transformation of waste into energy; public collectively practices low-carbon living; technological innovation and regional cooperation.

“By strengthening the promotion of public participation in energy conservation and waste reduction, actively implementing transformation and deep emission reduction in the electricity and land transport sectors, as well as exploring the application of new technologies, among other measures, it is expected to achieve carbon peak and carbon neutrality in Macau,” the report adds.

Wishful thinking’

In comments to Macau Business, Gilberto Camacho, a local environmental advocate, points out that the announced decarbonisation strategy is a “welcome step” forward towards adopting a sustainable lifestyle for the planet. 

“However, it is unlikely that the outlined objectives will be achieved. The forecast is made for 2035 and 2050, and the calculations were based on the data we have today. Tomorrow we will have other data that did not enter today’s equation,” Camacho warns. 

For the environmentalist, making predictions so many years ahead, it is most likely that they will turn out to be inaccurate since there are external factors that will happen by then and that will delay the outlined goals. 

“Take the example of Germany, which, due to the war between Russia and Ukraine, was forced to resort back to using highly polluting coal in its power plants in order to keep its homes warm during the harsh winter,” he points out.

“The predictions made by the authorities in Macau are for a ‘best case scenario,’ and even then, I doubt that the goals will be met”.

Electrifying the streets

One of the strategies taken by the government to reduce the overall carbon emission level of vehicles, is promoting the use of electric vehicles, be it in the public or private sectors.

Some of the measures have included providing tax incentives and launching the Plan for granting financial support for the removal of obsolete motorcycles and their replacement with new electric motorcycles.

Others include reserving electricity charging capacity and infrastructure for all parking spaces in new public parking lots and new public buildings; promoting the addition of electricity charging facilities in public parking lots in the old neighbourhoods by the end of 2022, with more than 2,000 public electricity charging stations for light vehicles and 500 electricity charging stations for electric motorcycles and mopeds having already been installed in public car parks.

Hotel and entertainment companies have also been incentivised to use new energy vehicles to transport passengers, with the use of renewable energy shuttle buses for tourists highlighted.

Macau’s two public bus service providers, TCM and Transmac, have pledged to update most of their fleet with green buses in 2024.

The largest bus operator, TCM, pledged to convert 95 percent of its fleet to new energy buses, with Transmac promising that the company will be operating with only green buses.

At the same time, the government has launched the second phase of its two schemes to grant financial support to individuals who intend to either scrap their old diesel-powered vehicles or replace their petrol-powered motorcycles with an electric one. 

The new phase of both initiatives was launched in June 2023, with the first round of applications due to end on May 31, 2024. The second round is scheduled to last between 1 June 2024 to 31 May 2025. 

Under the first application period of the diesel-powered vehicle scrapping scheme, people who own diesel vehicles registered on or before December 31, 2008, are eligible for a grant of up to MOP 155,000 if they deregister their vehicles and remove them from the city. 

As for the motorcycle replacement programme, applicants with a bike registered on or before December 31, 2010 are eligible for a scrapping grant of up to MOP8,800.

The case for bolder moves

According to Transport Bureau data, as of the end of 2023, there were 8.131 vehicles moved by renewable energies in Macau streets, a mere 3.2 per cent of the total.

“I have noticed a greater presence of electric vehicles on the roads of Macau, year after year. That is, vehicles that were once powered by gasoline/diesel are now electric. For me, it is a step forward towards sustainability,” Camacho tells MB. 

However, the activist notes that there is still much to be done, and raises questions over the possible growth of EVs in the city. 

“Where do the car batteries go when they reach the end of their life? Why is the circulation of vehicles that emit gases exceeding minimally acceptable standards for public health still allowed on the roads of Macau?” he points out.

For Camacho, there should also be a focus on pedestrianising the city and reducing the number of overall vehicles on the streets.

The number of vehicles in the city has continued to grow, going from about 240,000 in 2016 to 251,000 by 2023, DSAT data shows.

“Due to the size of the city, on some streets in the city centre, only pedestrians, bicycles, and some government vehicles, police, firefighters, and ambulances should be allowed,” he adds.

“I think that in this chapter, we have much more to learn from our neighbours than from the neighbourhood itself, notably Hong Kong. On the mainland, we have also seen a gradual replacement of gasoline-powered vehicles by electric vehicles.”

The environmentalist underlined that pioneering projects in this area around the world are plentiful, and Macau should be more determined and assertive in implementing them.

“The authorities should be more determined and aggressive in implementing sustainable measures for the environment. Macau is a small city and has all the conditions to be a pioneer in this field. It will be a pride for Macau and consequently a pride for China,” he concluded.

Eco-island or garbage dump?

Other government proposals have not been so well received, including a recent proposal to build a so-called “ecological island” from construction refuse, near Hac Sa Beach.

The Environmental Protection Bureau ’s environmental planning director Ng Si Io stated that the island – which mirrors Singapoire Semakau Landfill – could be used for waste disposal for at least 20 years, and would be transformed into a “multifunctional public space” and an “urban green lung.” 

The construction of an ecological island is foreseen in the current consultation document on the “Functional Maritime Zoning” and “Maritime Areas Plan”, launched by the Maritime Affairs Bureau (DSAMA)

The president of a local environmental group, Green Future, Un Ka Hot, said he agreed with the plan in principle, but hoped it wouldn’t create the “mindset that having an ecological island means we can generate unlimited waste”

The proposal led environmentalist Joe Chan to launch an online petition to defend Macau’s marine ecosystems, requesting in particular the suspension of the ecological island project.

In the petition – entitled ‘Stop landfilling our ocean’ on Change.org website – the Green Students Union President states that this plan “will definitely harm marine ecosystems, worsen the pollution of water quality on beaches, which is dangerous for the health of bathers and water sportspeople, and will also destroy the habitat of rare pink dolphins”.

Joe Chan also lamented the fact that the Government only provides 50 days for public consultation on the policy that “implies permanent damage to precious marine resources”, and that, at the same time, the policy does not suggest any scientific data or have an environmental impact assessment. 

“If we remain silent today, our ocean will remain silent in the future, and we will be left with a lifeless sea and beaches full of rubbish”, lamented the environmentalist.

Thai airline Really Cool Airlines of Thailand and AirAsia Cambodia to add to Southeast Asia routes operating from the Macau International Airport.

In a recent statement, the company responsible for operating MIA indicated that Really Cool Airlines of Thailand will start operating routes between Thailand and Macau, while AirAsia Cambodia has confirmed operating a Phnom Penh-Macau route.

Founded in March 2023, Really Cool Airlines expects to receive its Thai air operator’s certificate in the first quarter of 2024 and to launch operations in the second quarter.

A delegation from the Macau airport attended the Route Development Forum for Asia held from 27th to 29th February 2024 in Malaysia, to establish contacts and seek new opportunities for co-operation.

As of February 2024, MIA operated 213 round-trip flights per week to 18 cities in Southeast Asia and Northeast Asia, with the airport operator noting that airline operations have returned to about 40 per cent of the pre-pandemic level.

The overall passenger volume has also exceeded 600,000 for the first time after the pandemic.

The airport operating company also noted that representatives from Nepalese and Sri Lankan Airlines were interested in the Macau market and hoped to develop charter flights to and from Macau in the fourth quarter of 2024.

Meanwhile, Turkish Airlines, which previously held discussions to establish routes between Europe and Macau, has also expressed its interest in the Macau market and its willingness to cooperate with other airlines to develop the market.

Macau liquor importer and retailer Epsium Enterprise Limited has submitted another initial public offering (IPO) application at NASDAQ to the U.S. Securities and Exchange Commission (SEC), intending to raise up to US$10 million.

Epsium Enterprise, headquartered in Macau, was established in 2010, and imports and wholesales beverages through Companhia de Comercio Luz Limitada, an indirectly owned subsidiary incorporated under the laws of Macau.

Luz is an import trader and wholesaler of primarily alcoholic beverages that operates only in Macau, importing and selling a broad range of premium beverages, primarily alcoholic beverages, to hotel-casinos, restaurants, and (food and alcoholic beverages distributors and liquor stores, and holding a 30 per cent market share of the Macau market.

It sells mainly Chinese liquor, French cognac, Scottish whiskey, fine wine, Champagne, and other miscellaneous beverage alcohol, with Chinese liquor ‘by far’ its most significant operations, including famous Chinese liquor brands such as Moutai, Wuliangye, and Xijiu.

The company submitted its latest formal listing application on February 23 to SEC via Epsium Enterprise Limited, a company registered in the British Virgin Islands, and plans to list in the Nasdaq with the stock code “EPSM.”

The company has previously made attempts to list with NASDAQ, with this application the most recent.

EEL expects the initial public offering to issue some 12 million ordinary shares, priced between US$4 and US$5 per ordinary share.

The Macau-based company reported some US$18 million in net revenue in the first half of 2023, with US$3 million in net profit.

The company structure is comprised of a British Virgin Island holding entity, Epsium BVI,a Hong Kong holding entity, Epsium HK, which is majority-owned by Epsium BVI, and its Macau operating entity, Luz Limitada, which is majority-owned by Epsium HK.

Luz Limitada is 80 per cent owned by Epsium HK and 20 per cent owned by Son I Tam, the founder, CEO, CFO, Chairman, and principal shareholder of the group.

According to the company, Tam has been in the alcoholic beverages distribution and wholesale business veteran for more than 15 years.

‘Epsium HK is a holding company and does not conduct any substantive operations in Hong Kong except for facilitating inventory procurement in Hong Kong for our only operating subsidiary, which is in Macau,’ the company points out.

Chief Executive Ho Iat Seng thanked the Central Government for expanding the cities covered by individual visa policies, noting that it will help boost Macau’s tourism sector.

On Friday the National Immigration Service announced that effective March 6, Xi’an City in Shaanxi Province and Qingdao City in Shandong Province will be integrated into the individual visa program, opening up new avenues for travelers from these cities to visit Hong Kong and Macau.

For local authorities, this measure is a ‘pivotal moment’ in visa policies to facilitate tourism between mainland China and the Special Administrative Regions of Hong Kong and Macau.

In response to this development, the MSAR Government pledges continuous efforts to enhance tourist resources and hospitality capacity in collaboration with relevant sectors.

These efforts will include improving border entry and exit measures, customs clearance, and transit facilities to ensure a seamless experience for visitors to Macau.

Moreover, the integration of Xi’an and Qingdao into the “individual visa” program is expected to bolster the sustainable development of Macau’s tourism sector.

‘The MSAR Government is dedicated to enriching the overall tourist experience by investing in human resources and enhancing various tourist infrastructures,’ a Chief Executive dispatch read.

Chief Executive Ho Iat Seng thanked the National Immigration Service and relevant ministries for their support in advancing Macau’s tourism sector, and emphasized the importance of continuous exchange and cooperation to create a more favorable environment for mainland Chinese visitors traveling to Macau.

‘Since the implementation of the “individual visa” policy in 2003, there has been a steady increase in the number of visitors from mainland China to Macau. This growth has played a crucial role in driving the sustainable development of Macau’s tourism sector and its economy,’ the local administration stated.

‘The expansion of the “individual visa” program to include Xi’an and Qingdao reflects the ongoing efforts to promote tourism growth and enhance regional integration, further solidifying Macau’s position as a key player in the national development landscape.’

Meanwhile, Macao Government Tourism Office (MGTO) Director Maria Helena de Senna Fernandes stated it hoped that the measure would help increase the number of air connections between Macau and the two cities.

At the moment the connections already exist, but they could increase, Fernandes said according to reports by Macao Daily News.

The new Artyzen Habitat Hengqin Zhuhai offering 230 guestrooms is scheduled to open in March of this year, the property’s website indicates.

The hotel is adjacent to the Hengqin Port and included in the Shun Tak Hengqin Port Commercial Centre, and will also connected to the Zhuhai Jinwan Airport, Zhuhai Railway Station, and Chimelong Ocean Kingdom via the Hengqin metro line.

Artyzen Hospitality Group Limited is a wholly-owned subsidiary of Shun Tak Holdings Limited, headed by Pansy Ho.

The hotel is part of Shun Tak’s Hengqin Integrated Development, which aside from the new hotel also offers 426 residential units, 42,300 square meters of Grade A office space, and a 43,000-square-meter shopping mall.

The mall is expected to open in the third quarter of 2024, and pre-leasing is progressing as planned. To cater for local families and tourists, the mall will focus on a leisure-themed tenant mix with specialty and casual dining,’ Shun Tak stated in its 2023 financial report.

‘As of 30 June 2023, a total of 422 residential units were sold, of which 421 units were handed over to homebuyers. The remaining four show flats are expected to be
sold within 2023.’

In 2023, the group opened new properties in mainland China, including Artyzen Habitat Suzhou, Artyzen Habitat Taopu Shanghai, Artyzen NEW BUND 31 in Shanghai, and Artyzen’s first hotel outside Greater China, Artyzen Singapore.

Artyzen Habitat Chongqing is scheduled to open later this year.

According to Shun Tak’s financial report for 2023, by mid-year, it held HK$43 million ($5.4 million) in outstanding commitments for developing hotel properties in Singapore and Hengqin.

In Macau, Artyzen Hospitality Group operates Artyzen Grand Lapa Macau and Grand Coloane Resort.

The Court of Final Appeal (TUI in its portuguese acronym) has rejected a habeas corpus petition submitted by William Kuan Vai Lam, a key figure in a corruption case involving former Land, Public Works, and Transport Bureau officials.

Having been detained since December 24, 2021, and initially sentenced on March 31, 2023, to 18 years in prison for various offenses including corruption, Kuan’s case underwent appeals resulting in a revised sentence of 5 years and 6 months by November 21, 2023.

A Public Prosecutor’s appeal later left the case pending, with Kuan’s defense team arguing that the maximum two-year period of preventive detention had elapsed without a final judgment by December 24, 2023, and therefore filed for habeas corpus, seeking immediate release.

However, his request was summarily rejected on the basis that the previous rulings had already addressed the commencement of his sentence, rendering the grounds for habeas corpus invalid.

Kuan then appealed the rulings on his sentence and detention cessation, claiming illegality before the plenary session of the Court of Final Appeal.

However, the Court emphasized that any illegality must be evident and directly verifiable based on facts, not subject to the writ of habeas corpus but rather ordinary appeals.

Highlighting that habeas corpus isn’t suitable for challenging sentence counts, the Judge Panel noted that Kuan Vai Lam remained detained pending appeal decisions from lower courts.

Since alternative avenues exist for reviewing detention legality, the Collective Court concluded that the exceptional habeas corpus provision was no longer applicable.

After more than a month since a report revealed that a foreign national was detained for alleged espionage activities in Hengqin with the help of a Macau SAR public servant, very little has been revealed about the case.

Despite repeated questions by Macau New Agency, no information on the nationality and activity of the detainee was revealed by Macau and Hengqin security and public departments.

The arrest was first revealed on January 10th of this year, in a report by Chinese state television CCTV.

According to a report from the Chinese broadcaster, a foreigner of undisclosed nationality was detained on suspicion of stealing information and engaging in espionage activities in Hengqin.

This alleged spy reportedly took advantage of the simplified border crossing possibility in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin to gather information illegally.

Since the report was disclosed, little else has been discovered about the case and the detained individual. According to the report, the person who denounced the alleged spy is a public servant from Macau, surnamed Lei, who works in the Cooperation Zone.

Macau News Agency sent questions to various public departments in Macau and Hengqin, including police and public administration departments, inquiring whether more information about the case could be disclosed.

So far, only one response has been provided, by the administration of the Cooperation Zone, indicating that the questions would be forwarded to the relevant departments.

Regarding the suspect, the report only indicates that they work for a governmental department of a foreign country. This person, who appears to be male, is shown in the report from the back being interrogated; however, the nationality was not revealed.

No official statement about the case has been issued by either the Chinese authorities or any foreign country that could confirm the suspect’s nationality.

The report suggests that the suspect had invited this public servant from Macau to dinners and private meetings and to participate in cultural activities organized by foreign embassies.

The suspect even supposedly offered its support to sponsor the informant’s studies abroad, according to statements from an employee of the Chinese national security agency to CCTV, who the station did not identify.

“At the same time, this person actively asked her about the investigation and implementation of Hengqin’s policies and the Cooperation Zone, and frequently asked her for internal information under the pretext of conducting surveys and investigations,” added the official.

According to security elements, this public servant found this behavior “strange” and reported the situation to the national security agency.

The report continues to indicate that national security authorities discovered that the man used to cross the border regularly in the cooperation zone, “to enter the country frequently, to carry out espionage activities” and “to lure Macau residents in Hengqin through a network to take illegal photographs, posing a real danger to national security.”

Macau authorities in the dark

“I believe that whether it is the Macau SAR or the residents of the Macau SAR, or public servants when they are performing duties in Hengqin, they also need to obey the law,” Cheong pointed out, who is also the deputy permanent coordinator of the management committee of the In-depth Cooperation Zone.

Secretary for Security Wong Sio Chak has yet to make any public comments on the arrest.

A longtime Hengqin-based foreign businessman told MNA the issue is also a mystery for the business community in Zhuhai.

“I don’t know how much of this story is true. If it’s true, the guy lacked finesse,” the businessman, who preferred to not be identified due to the sensitive nature of the issue told MNA.

Despite questions being sent to the offices of the Secretaries for Administration and Justice and Security, and the police and public administration departments of Macau, no response was provided.

When the development plan for the Guangdong-Macao In-Depth Cooperation Zone in Hengqin was first announced in 2021, it stipulated the area would encourage and support domestic and foreign investors to use RMB in cross‑border venture capital projects and related investment and trade.

As part of these efforts, Chinese central authorities expressed in 2022 that a visa facilitation policy for foreigners would be enacted to foster progress and attract qualified professionals who could assist with the area’s development.

Permanent residents of Macau of foreign nationalities would be eligible to apply for multiple-entry visas that are valid for five years, while non-permanent residents will be eligible to apply for multiple-entry visas that are valid for the validity of their Macau IDs.

Specialized non-resident workers are also now eligible to apply for multiple-entry visas with a validity period of a year, while foreign visitors to Macau who need to visit Hengqin for convention and exhibition purposes will be eligible for multiple visas valid for three months.

According to the security authorities featured in the CCTV report, the alleged spy operative made use of these cross-border policies to gather intelligence on the cooperation zone’s policies.

However, it is not clear what kind of information collected was confidential, with most information on Hengqin policies available to the general public.

Counter-Espionage changes

The detention comes after changes made by the Ministry of Security of China to the country’s Counter-Espionage Law.

In April, the country amended its Counter-Espionage Law to include “collaboration with espionage organizations and their agents” in the espionage category.

The legislation now prohibits the transfer of any information related to national security and expanded the definition of espionage, as Chinese President Xi Jinping emphasizes the need to build a “new security architecture.”

All “documents, data, material, and items related to national security and interests” are now under the same degree of protection as state secrets, according to the amendment.

The Ministry of Security of China called for the mobilization of “the entire society” to “prevent and combat espionage” and announced a series of measures to “strengthen national defense” against “foreign intelligence activities.”

The legislative change led to concerns from some multinational companies and the American Chamber of Commerce in the country that this decision could affect foreign investment confidence in the country.

In response to the reactions, the Ministry of Security of China argued that the amendment to the counter-espionage law “does not affect normal business activities and legitimate investment and operations” of foreign companies in China. The Ministry also stated that the amendment made the law “more accurate, clear, and transparent,” which “reflects the progress of the Chinese legal system.”

澳門賽馬會的壽終正寢為意料中事，但其突然消亡卻讓人感到意外。在許多分析師看來，賽馬會深陷財務困境早已眾所周知。問題在於，當局為何一開始就批出長達24年的專營權？為何該地塊未來不會再用於博彩用途？總而言之，作為澳門博彩脈絡的組成部分，賽馬將走進歷史。

文：倪熙晨

圍繞澳門賽馬場前途的公開討論已持續數月，決斷卻來得出人意料地快。行政法務司司長張永春出席1月16日的記者會時表示，經雙方達成協議，特區政府將於2024年4月1日正式解除經營賽馬專營批給合同。

張永春透露，澳門賽馬會（馬會）以“經營困難”為由，於2023年提出終止合約的要求，“特區政府決定接納有關申請。解除合同並不意味著馬會要支付任何賠償，只需還清欠政府的澳門幣1.5億元稅款” 。

談判自去年年中啟動，馬會持有的土地及相關設施將無償歸還特區政府。公司承諾，將在2025年3月31日前將現有近290匹馬轉運至往中國內地或其他國家，同時妥善安排旗下逾500名受影響員工，依法解僱賠償，或轉介至與馬會相關之企業以實現僱員的再就業。

當局堅稱，這幅佔地近40萬平方米的土地將不會用於“娛樂場”或“博彩”用途。

對博彩專家兼律師溫令韜(António Lobo Vilela)來說，終止澳門賽馬運動非明智決定，因為賽馬是澳門特色之一，理應保留。 “在我看來，終止澳門賽馬是錯誤的。賽馬是澳門特色，應該珍惜並支持，絕非放棄。”温令韜告訴記者。

“經濟多元化並不意味著要放棄澳門本身的特色，反而，有必要探索賽車運動以外的機遇。 令人驚訝的是，似乎沒有人有興趣將這座城市改造成綜合休閒區。保持澳門特色對於真正的經濟多元化而言，至關重要。”對於這位前博彩法律顧問來說，關鍵的問題是：當局是否已經諮詢了本地六大博企或其他業者成為賽馬場新管理者的意願？

“香港賽馬會或其他有意開展業務的營運商才是重中之重。”他補充道。

2018年，澳門賽馬會與政府談判，並成功將其專營權延長24年，至2042年8月。條件是馬會須分階段斥資15億元進行項目升級，致力為城市實現經濟多元化注入動力。

“項目佔地達404,000平方米，擬於24年內注資15億元，相當於每年6,000萬元。目睹一家企業因創造賽馬之外的包容性發展陷入艱難境地且放棄如此大的空間，實在令人擔憂。”溫令韜坦言。

動盪的結局

連月來，不時有報道指特區當局對賽馬場運營施加限制，例如禁止馬會從國外進口馬匹，或馬會未能獲批進行海外轉播等。在此背景下，令人詫異的決定隨之而至。然而，澳門政府批准2023-2024賽季繼續進行似乎表明，所預言的終點或被誇大了。

博彩業專家和歷史學家Jorge Godinho認為，賽馬場的曲終人散不過是博彩市場的自然演變。“博彩業豐富多元且活力十足，這十分重要。確實存在那些不斷發展的博彩活動能夠吸引大量需求，例如百家樂或體育博彩。相反，有的活動類型卻節節敗退，逐漸被大眾所拋棄。”他在《今日澳門》發表評論文章並坦言，“從澳門的現實來看，賽馬博彩就是如此。”

“偏好和潮流不停演變；每個世代均有各自的優先事項；科技不斷向前邁進並催生新的博彩形式。這樣一來，玩家的利益就會發生變化，玩家的行為永遠無法完全預測。”

一場四十年的賽事

這條至今已有40多年歷史的賽馬賽道始於1980年，當時的氹仔新填海地塊註定將迎來一項與別不同的運動——賽馬。商人葉漢提出了設立澳門賽馬車會的創意想法。然而，這項亞洲獨有的運動始終未有真正發展起來。

1988年2月1日，賽馬車場被改建為傳統賽馬場。次年，澳門旅遊娛樂有限公司接手澳門賽馬會，由博彩大亨何鴻燊出任主席兼首席執行官。澳博控股執行董事梁安琪目前負責馬場營運，但是，這從來就不是一趟一帆風順的旅程。

行政法務司司長張永春透露，馬會自2002年以來就一直處於虧損狀態，無法找到“經營的解決方案”，尤其是三年疫情期間，經歷一個“賭注暴跌”的黑暗時期。

政府公佈該消息後不久，馬會召開新聞發佈會，表示公司累積虧損超過25億元（折合約3.1億美元），澳門賽馬業的發展和增長空間有限。

根據官方記錄，2023年馬會投注額僅為1.4億元（折合約1,740萬美元）。

時代變遷

在出席最新一期的“MBtv辯論”研討會時，澳門大學博彩研究所所長馮家超教授也分享了同樣的觀點。

“博彩產品相互競爭，越來越多玩家來到澳門，並根據個人喜好選擇博彩產品。大約20年前，澳門有賽馬、賽狗、白鴿票和娛樂場，但最終娛樂場憑藉更出色的表現在眾多博彩產品選擇中脫穎而出。”馮家超指出。

“在美國，每當娛樂場步入輝煌時期，你就會發現賽馬等其他博彩產品的競爭和壓力隨之加劇。這就是競爭的本質。此外，香港賽馬會就在澳門的不遠處。”

事實上，許多分析人士認為，令人驚訝的非賽馬場即將關閉的消息，而是馬會的經營權期限在約六年前獲得的延期之長令人感到詫異。

“馬會糟糕的財務狀況眾所周知，實在不可持續。得出結論，並了解問題是出在運營商身上，還是產品不再具吸引力，這才重要。” MdME律師事務所管理合夥人布路平（Rui Pinto Proença）在參與是次“MBtv辯論”研討會時表示。

在澳門奧林匹克體育中心舉行的韓流演唱會吸引了多達4萬名觀眾後，社會文化司司長歐陽瑜甚至提議，如果條件允許，未來可考慮利用馬場舉辦演唱會。

儘管如此，布路平對這種情況表示悲傷，認為這是“城市部分歷史和何鴻燊遺贈”的終結。

Murray International Group創始人兼主席Niall Murray將澳門和香港兩地的賽馬會進行了比較，強調兩者在投資上的顯著差異。

與澳門賽馬會形成鮮明對比，儘管香港同樣遭受新冠肺炎疫情的重擊，但香港賽馬會的投注總額仍在2022/2023賽季創下了3,048億港元的歷史新高，按年升5.1%。

他表示，當何鴻燊退出歷史舞台後，“繼續經營的熱情和意志均消散了”。這位博彩顧問補充道：“我認為運營商未有全力以赴，使賽馬成為一項有利可圖的業務，亦未能向這項業務注入活力。”

There has been a significant surge in daily mobile payment transaction volume in mainland China among Macau residents during the fourth quarter of last year, with a more than fourfold increase compared to the previous quarter, MPay data reveals.

‘Since the mainland resumed full clearance with Hong Kong and Macau last year, there has been a noticeable uptick in Macau residents traveling to mainland China for leisure and consumption,’ the mobile payment service held by Macau Pass pointed out

‘Zhuhai, Zhongshan, and Jiangmen emerged as the most favored mainland cities among Macau residents’.

Macau Pass did not disclose the full amount of cross-border transactions carried out in the covered period.

In September 2023 Macau Pass announced that its e-wallet Mpay users will now be able to make payments in both mainland China and Hong Kong after a cooperation agreement with Alipay+.

According to Macau Pass, this growing trend of Macau residents traveling north for leisure and consumption is further facilitated by the convenience of mobile payments, with the MPay service now allowing Alipay service payments, with direct currency exchange for bank account holders in the SAR.

Previously holding a bank account within mainland China was a requirement for Macau residents to be able to register and carry out Alipay payments.

‘The increasing frequency of Macau residents traveling north for leisure and consumption, coupled with the adoption of mobile payments, signifies a growing trend that is reshaping cross-border consumer behaviors and preferences,’ Macau Pass added.

MPay became the first overseas financial institution headquartered outside China to be authorized for cross-border use in mainland China in 2019.

AGTech, an Alibaba affiliate, acquired Macau Pass Holding for HKD778 million (US$99.6 million) in 2022, with the company having unveiled plans to expand Mpay services to additional foreign countries in the third or fourth quarter of 2023, with hopes to be available in more than 40 countries by the end of 2024.

It now covers more than 40 countries, including the United States, the United Kingdom, Switzerland, France, the UAE, Australia, Singapore, Japan and South Korea.

A total of 66,977 visitors entered the Macau SAR on February 9, the eve of the Chinese New Year holiday period.

In 2024, the Chinese New Year falls on February 10, marking the beginning of the Year of the Dragon, with the holiday period lasting until February 17.

According to a recent Tourism Office estimate, up to 120,000 visitors could travel to Macau from the Chinese mainland, Taiwan, or Hong Kong daily starting this weekend, potentially accumulating at least 960,000 arrivals in eight days.

The head of the Association of Macao Tourist Agents has also predicted that some 200 group tours are expected to descend on the SAR this Lunar New Year.

The Hong Kong-Zhuhai-Macao Bridge surpassed the Border Gate and the main entry point of visitors to Macau, with some 18,208 entries reported on Friday.

Brokerage Morgan Stanley also expects that the daily gaming revenue average in the city could even surge to MOP900 million ($111.7 million) per day in the week-long holiday – a level that is about 78 per cent of 2019’s and 9 per cent above the last year’s Golden Week’s.

The former president of the Macau Chinese Bank, Yau Wai Chu, is facing allegations of leading a criminal organization involved in a bank fraud scheme related to the financial institution, broadcaster TDM TV reported.

According to the Public Prosecutions Office indictment, Bobo Ng, former director of the Hou Kong newspaper, was involved in the alleged criminal group, with the businesswoman said to represent one of the companies that requested funds from the bank for fictitious contracts.

The fraudulent activities included contracts for projects with casino operators and the light rail system, resulting in the bank reportedly losing nearly MOP500 million (US$.

It was disclosed that there are 15 defendants, with only five currently in preventive detention.

Among them is Yau Wai Chu, the former president and CEO of the Macau Chinese Bank, who is accused of orchestrating the criminal association aimed at securing loans for nonexistent projects.

The accusation also implicates Bobo Ng, who is currently in preventive detention, along with two other defendants awaiting trial at EPM: Ng Man Un, director of the bank’s Business Department, and Cheang Chak Chong, Director of the Business Department.

The Public Prosecution alleges that Bobo Ng had a longstanding partnership and familial ties with another leader of the association, Liu Haigui, who is currently untraceable. Liu is accused of co-leading the criminal association with the former bank president, determining which companies would request bank loans and the specifics of those loans.

The defendants are accused of creating fake companies with relatives and friends to obtain loans for personal gain, as the projects and acquisitions used to justify the loans were falsified.

The accusation further details loan requests purportedly for construction projects at prominent establishments such as the Londoner, Venetian, Grand Lisboa, MGM, and Wynn casinos.

There were also loan requests related to agreements with Sands China and for projects at the Treasure Island Hotel development, as well as the expansion of the light rapid transit line to Hengqin.

The Public Prosecution claims that the granted loans resulted in losses of 456 million patacas for the Macau Chinese Bank. Approvals were allegedly obtained through collusion among bank employees who were aware of the falsified documents.

Yau Wai Chu is additionally accused of intentionally committing crimes by persuading the bank’s administration to bypass the Credit Approval Committee and recruiting employees from other banks to join Macau Chinese Bank.

Some of these recruited employees are among the defendants, accused of knowingly participating in criminal activities.

While two defendants are in preventive detention, others are at liberty, including one with an unknown whereabouts. Sam Ka Leong, the current manager of Macau Development Bank, is listed as a defendant.

Bobo Ng’s ex-husband, David Zou, and sister are also implicated in the case, with the accusation alleging their involvement in the loan requests. Bobo Ng is stated to have been responsible for at least one of the companies involved.

In addition to charges of criminal association, the suspects are also accused of fraud and document forgery.

Witnesses listed by the Public Prosecution include employees of the Monetary Authority of Macau (AMCM) and representatives of at least two operators.

Macau media needs to find ways to expand its audience outside of the SAR, if it wants to increase its audience and, thereafter, its advertisement revenue, local businessman and investor Kevin Ho King Lun said today (Tuesday).

Ho, the co-founder of KNJ Investment, has been a shareholder in the Portuguese media group Global Media Group since 2017.

Ho, together with the director of the Portuguese channel of public broadcaster TDM, João Francisco Pinto, took part in the first Plataforma Talks, a debate session co-organized by newspaper Plataforma Macau and the Rui Cunha Foundation, centered on how to promote Macau via international media networks.

“Macau needs to change its mindset to be more international. We have the best tourism infrastructure, MICE space, all we need is to let everyone know. If we want to survive in the media industry we need to look for ways to attract more people, and then the advertisement will come,” Ho stated.

“The first rule for any business or entrepreneur will be to achieve financial sustainability and ensure you stay alive, media is no different. Traditional media has a lot of problems in reducing readership and audience, fewer newspapers and magazines being sold”

At the same time, social media use has gone up, with Ho stating that while in the past media center its revenue streams on subscriptions, sales, and advertisements, it now had to find creative and modern solutions to reach a larger audience.

“All brands are facing the same thing. Media is like a cafe, you have to find ways to make sure you fit better in your audience’s mindsets. Digitalization is the way to go, you need to create content that people will be attracted to. Every news you create on social media can keep the interest for at least 3 minutes,” Ho noted.

“If you can adapt to the audience and then show the analytics to your clients they might put their advertisement to you. It’s a cruel world, a lot of brands will probably fail, but that happens in the media industry and every part of the business world”

Global Media Group new deal negotiations ongoing

The businessman also addressed the recent troubles surrounding Global Media Group, after the Bahamas-based World Opportunity Fund (WOF) acquired a 51 per cent stake in the company.

The acquisition was followed by delayed payments to employees in several of the group’s media brands, which led to successive strikes and even committee hearings by the Portuguese parliament on several of the current and former management executives.

Last week, Portuguese businessman Diogo Freitas, from Officetotal Food Brands, told Lusa that an agreement to purchase some newspapers and magazines from GMG and TSF radio “is closed”, but that it still needed to be signed.

However, according to Ho a final deal is still a long way off with negotiations “still at a very premature stage”.

“We were very close to signing a memorandum of understanding, but we are still far from an agreement”, explained the businessman.

Kevin Ho did not confirm this information, stressing that “there are many different options” on the table, which will be discussed “over the next few weeks”.

The shareholder also denied that GMG has a debt worth 2.1 million euros in Macau.

“We simply have, like any company, suppliers who are needed, loans from shareholders,” Ho said today when inquired about the putative deal.

On January 10, the former president of the GMG Executive Committee, José Paulo Fafe, told the parliamentary committee on Culture, Communication, Youth and Sports that the group had debts worth 2.1 million euros in Macau and 700 thousand euros in Malta, “online gambling companies that never operated, or rather, online gambling licenses”.

Photos by Luís Almoster ©

The end of the Macau Jockey Club was somehow expected by some, but its abrupt demise still came as a surprise. For many analysts, the dire financial situation of the racetrack was well known, and the question remains why such a lengthy 24-year concession was provided in the first place and why no more gaming uses will be given to the property in the future. All things considered, it is a part of Macau’s gaming history that has disappeared.

After months of public discussion surrounding the future of the Macau Jockey Club racetrack, the end came more swiftly than expected.

At a press conference held on January 16, the Secretary for Administration and Justice, André Cheong Weng Chon, announced that the Macau Jockey Club concession would end on April 1, 2024, after a mutual agreement had been reached between the two sides.

Cheong revealed that the company requested the termination of the contract in 2023 due to “exploitation difficulties,” a request accepted by the Government by mutual consent. The termination does not imply the payment of any compensation by the operator, which only needed to deduct around MOP150 million in taxes owed to the Public Administration.

After negotiations were ignited in the middle of last year, all the existing facilities and land currently possessed by the horse racing operator will be unconditionally returned to the government.

Subsequently, nearly 290 horses are set to be transferred to the Chinese mainland or other countries for follow-up arrangements no later than March 31, 2025. The race track will also have to find a solution for its more than 500 workers, with the concessionaire having to either compensate the dismissed workers or transfer them to positions in companies linked to the operator.

Authorities were also adamant that the almost 400,000-square-metre area would not be used for a “casino” or for “gaming” purposes.

For gaming expert and lawyer António Lobo Vilela, the decision to discontinue horse racing in Macau is not the most appropriate, considering it a distinctive feature that should be preserved.

“In my view, discontinuing horse racing in Macau is misguided. Horse racing is a distinctive feature of Macau and should be cherished and supported rather than abandoned,” Vilela told Macau Business.

“Economic diversification doesn’t involve discontinuing distinctive features of Macau. It requires exploring opportunities beyond racing alone. Surprisingly, no one seems interested in developing the area into an integrated leisure zone. Preserving Macau’s distinctive features is vital for true economic diversification.”

For the former gaming legal consultant, the key question is whether the six gaming operators or other gaming companies were consulted as possible new racetrack managers.

“It’s crucial to inquire whether the Hong Kong Jockey Club or if other interested operators were consulted,” he added.

In 2018, MJC was granted a 24-year extension to its concession until August 2042, following negotiations with the government. This was on the condition that the club would pour MOP1.5 billion in stages into an upgrade project to drive the city’s economic diversification.

“The area in question spans 404,000 square metres, and the proposed MOP1.5 billion investment over 24 years translated to MOP60 million per year. It’s concerning to witness a company relinquish such a substantial space due to challenges in creating an inclusive development beyond just horse racing,” stated Vilela.

For Desmond Lam, a Professor in Integrated Resort and Tourism Management at the University of Macau, the lack of attendance and interest in horse locally racing betting was one of the main causes for the closing, but of course the role of the concessionaire could not be dismissed.

“The inability to turn it around may be due to a lack of commitment by the operator to do so as strategies to maintain or even strive need to consider the investment outlays and possible returns; such that costs of doing so outweigh the potential benefits reaped,” he added.

“It must be also hard for MJC to invest in any viable non-gaming or modernizing activities that have significant financial benefits (i.e, to improve its book) in order to align itself to Macau’s long-term goals.”

Still, the researcher considered that with horse racing still a big business worldwide, the closure of the Macau racetrack, together with the closing of the same type of activities in Singapore, will be a loss to this type of gaming business in the region.

Turbulent end

The decision comes after months of reports of limitations imposed by authorities on the race track operations, including imports of horses from abroad and broadcasts of the races on foreign soil for increased betting.

However, the authorization by the Macau government for the 2023–2024 racing season to go ahead seemed to be a sign that the foretold end of the track could be exaggerated.

For gaming researcher and historian Jorge Godinho, the demise of the race track is just part of the natural evolution of the gaming market.

“The gaming industry is rich and diverse and, above all, very dynamic. Some games grow and attract a lot of demand, such as baccarat or sports betting. Other types of games, on the contrary, lose ground and are gradually abandoned by the betting public. This is the case, looking at the reality in Macau, of betting on horse races,” Godinho said in an opinion article published at the newspaper Hoje Macau.

“Preferences and fashions change; different generations have different priorities; technology evolves and promotes new game formats. In this way, the interests of the players change, and player behaviour is never entirely predictable.”

A 40-year-old race

The 40-year-old history of the track begins in 1980 when a much different sport was destined for a new horse racing built on the Taipa landfill, horse harness racing. The Macau Trotting Club was an idea by businessman Yip Hon, however, the sport, unique in Asia, did not really take off.

On February 1, 1988, the track was changed to a more conventional hippodrome, and the next year STDM took full control of the Macau Jockey Club, with gaming tycoon Stanley Ho becoming its chairman and chief executive officer. 

Nowadays, Angela Leong, spouse of the late gaming businessman and managing director at SJM, is the current administrator of the track. However, it hasn’t been a smooth (horse) ride so far.

Secretary for Administration and Justice, André Cheong, revealed that since 2002, the Macau Jockey Club, had recorded financial losses, having been unable to find “a solution for the operation”, especially during the three years of the pandemic. covid-19, a time when “the stakes have dropped a lot”.

Shortly after the government announcement The MJC held its own press conference, in which it noted that it had accumulated operating losses exceeding MOP2.5 billion (US$310 million) and limited room for development and growth of the horse racing industry in Macau.

According to official records, in 2023 the racetrack only saw MOP140 million (US$17.4 million) in betting volume.

Changing times

In comments made during the latest edition of the MBtv Debates Series, Professor Davis Fong, Director of the Institute for the Study of Commercial Gaming at the University of Macau, reflected the same view.

“Gambling products are competing with each other. More and more gamblers are coming to Macau and they may choose what gaming products they want. In Macau some 20 years ago we had horse racing, greyhound racing, lotteries and casinos but in the end, casinos have outperformed all other forms of gaming products,” Davis Fong noted.

“We can see in the United States, that every time you have a boom of casinos, you will see an increase in competition and pressure on other gambling products like horse racing. It is the nature of competition. Also, right next to us we already have the Hong Kong Jockey Club”.

In fact many analysts pointed out that the surprise was not the impending closure of the racetrack, but the fact it received such a lengthy extension about six years ago.

“The financial situation of the MJC was known, it was not sustainable. What is important is to draw some conclusions and understand if the problem was the operator or the product was just not appealing anymore,” Rui Pinto Proença, Managing Partner of law firm MdME, said also at the recent MB.tv debate.

After a K-Pop concert at the Olympic Sports Centre attracted as many as 40,000 spectators, Secretary for Social Affairs and Culture, Elsie Ao Ieong, even suggested that the MJC area could be used for future concerts if conditions allowed.

Still, Proença expressed sadness at the situation, stating, it was the end of a “part of the city’s history and of Stanley Ho’s legacy”.

For Desmond Lam the closing of the race track itself wouldn’t be a great loss, considering it is not currently a “very attractive tourism product”.

“Culturally, it will be missed by our residents as it plays a significant part in our local culture. We could, however, retain some aspects of this history and its culture via a jockey club museum. I can imagine the establishment of an interactive museum with high-tech exhibits and even live horses to attract tourists, which fit our current pursuit of non-gaming investment,” the tourism and gaming researcher told Macau Business.

Founder and Chairman of Murray International Group, Niall Murray, drew a comparison with the Hong Kong Jockey Club, highlighting a significant difference in investment.

In stark contrast to the local racecourse, the Hong Kong Jockey Club declared a record turnover of HK$304.8 billion in the 2022-23 season, an increase of 5.1 percent year on year, despite the effects of the Covid-19 pandemic.

Murray remarked that “the passion and will to keep it going were lost” when Stanley Ho stepped back from the operation.

“I think the operator was not putting the full effort to make it a profitable operation to keep it really vibrant,” the gaming consultant added.

With the Year of the Dragon fast approaching, several gaming and economy experts joined the new Macau Business and Rui Cunha Foundation debate session to give an overview of the first year of the new gaming concessions. Analysts pointed out that clarity is still needed to guide gaming operators on their non-gaming investment commitments. Future gross gaming revenue with a mostly mass market and new restrictions on junket activities were also on the table of discussion.

Nelson Moura

Several local industry experts came together for the latest installment of the MBtv Debates Series organised by Macau Business and Rui Cunha Foundation (FRC). Titled “The New Gaming Concessions: One Year On”, the conference at the FRC included the participation of Davis Fong, former legislator and academic specializing in gambling, Rui Pinto Proença, managing partner at law firm MdME, analyst Niall Murray, and economist José I. Duarte.

The debate provided a roundup of the first year after the entry into force of the new gaming concessions to the six operators and how the market makeup has changed since its enforcement.

Economist José Duarte, highlighted that the rejig was intended to bring greater control to a sector that faced unparalleled growth after the 2002 gaming industry liberalisation.

However, the previous hotel infrastructure was predicated on the assumption that tourist numbers would continue to grow, which might not be in the case from now on.

Making it crystal clear

For Niall Murray, Founder and Chairman of Murray International Group, the new government diversification plans laid out to the operators came as a “bit of a shock” to the concessionaires.

“Especially when you consider the 1+4 policy. In all my days working in integrated resorts, we never had experts in finance, Big Health, or high tech. I think there’s a lot of head scratching going now, saying ‘okay we will have to assist in this experiment, however we don’t have the resources or expertise to do this’,” he described.

Therefore, the consultant pointed out that operators are focusing on the goals they have more knowledge of, namely, MICE and cultural industries and sports.

“I think it is getting clearer, and certainty is coming but there was a lot of gray in the beginning. And there is still the need to have one overarching strategy that links and guides all these projects into one cohesive strategy that will get us to that 10-year goal. Otherwise, everyone is just trying their own thing,” he added.

José I. Duarte underlined that when it comes to policy concerning some of the non-gaming projects and the urban revitalization undertakings entrusted to the six casino concessionaires there is a need for clarification and coordination.

“In some ways the government is trying to outsource activities that usually are in the domain of public policies and that is somewhat puzzling in the sense that there is no clear direction on what the objectives of those public policies are”. The economist noted that authorities are asking private companies to define development in different areas in the city “and not necessarily in a coordinated way.”

Growth via mass

The director of the University of Macau Institute for the Study of Commercial Gaming, Davis Fong, pointed out that due to the current prevalence of the mass market in the Macau SAR, gross gaming revenue (GGR) values will now have a more sustainable growth that correlates to any increase in its visitor volume,

“I tried to calculate the average mass market between 2019 and 2023. If you look at the number of visitors and the number of mass markets, basically each player lost MOP15,000 (US$1,861). In Las Vegas that average is about $300 per gambler,” he pointed out

“That means our mass market has a much higher betting average than the mass market in Las Vegas”.

In pre-pandemic times, the city casino sector generated about MOP292 billion, while receiving some 39 million visitors.

However, in 2023 the city welcomed about 28.23 million visitors in 2023, with the total gaming tally for the year, with casino gross gaming revenue (GGR) for calendar year 2023 stood at MOP183.06 billion.

With the city’s revenue made up now at about 80 percent being mass market and 20 percent being the VIP sector, a drastic shift from previous years, Fong pointed out that changes in the SAR gaming venues would now be easier to calculate.

According to the researcher, if one were to pick the fourth quarter of 2023, add all the GGR, and divide it by three, this would represent around MOP18 billion per month.

If one were to take the GGR of all year and divide it by the number of tourists it would be around MOP6,400 per visitor.

“This was a very very stable number, and means that after one year of the new gaming model we understand that if we can keep growing the number of tourists, we can expect that about the same ratio of GGR will come back. So if we increase the number of visitors by 20 percent in 2024, there will be about a 20 percent rise in GGR,” he concluded.

Rui Pinto Proença, managing partner at law firm MdME highlighted that “the public policy objectives that were defined” are being achieved, taking “the path towards a cleaner and more sustainable industry, which contributes to the diversification of the economy”.

Regarding the application of the provisions of the new law and contracts, the lawyer understands that both the Government and the concessionaires “are still learning and finding a balance between what is the letter of the law and contracts, as well as the reality of its application in everyday life”.

Concerning the Government’s desire to diversify tourist sources beyond mainland China, the lawyer expressed it was time to focus on a “long-term strategy” and that Macau has to “compete on the world stage with many other tourist destinations”.

“Operators are already investing significant resources to attract players from other markets, but competition is fierce. I believe that the Government should do more here,” he pointed out.

“Of course, there are infrastructures, transport, or work visas, and everything takes time, requiring some substantial investments. But there are also other measures that the Government could easily adopt and that would only require paper and a pen”

Nail in the ‘junket coffin’

Another issue that ended end being discussed was the new legal hurdles being brought forth against junket operations, including the possibility of junkets being barred from providing credit.

The new legal regime for granting credit for games of chance in casinos, currently under analysis by the deputies of the second standing committee of the Legislative Assembly (AL), will be “the final nail in the coffin” for the junket sector in Macau.

“This issue was not included in the original bill presented to the Assembly, but we know that it is being considered. In my opinion, this is the final nail in the coffin for the junket industry, but it is unlikely to have a major impact as far as operator revenues are concerned,” Proença highlighted.

Until a few years ago, the VIP junket sector served as the primary source of income for Macau’s casinos, however, the enactment of new regulations last year marked a significant overhaul in the regulation of junket operations in the SAR.

Apart from that an AL committee is currently evaluating a new ‘Legal regime of credit concession for gambling in casinos’ that recently passed the legislature’s first reading.

The committee chairman, Chan Chak Mo, revealed that authorities proposed significant amendments to the draft bill, suggesting that only licensed companies would be able to engage in providing credit to gamblers, while gaming intermediaries would be barred from this activity.

Under existing regulations, both gaming concessionaires and junket operators are authorized to issue credit to players, with Chan explaining that in the future, only licensed companies could lend gaming chips to gamblers.

Gaming promoters would then no longer lend chips but according to authorities would still be able to assist gaming operators in finding or accommodating gamblers, among other roles.

The government explained that these modifications aimed to promote the healthy development of the gaming industry and consider risks, hence restricting gaming promoters to auxiliary roles.

The changes, if effected, would be another considerable blow to the already depleted Macau junket and VIP gaming promotion industry.

Under the new gaming law enforced this year, each Macau junket is permitted to partner with only a single gaming concessionaire.

Authorities also recently established a cap of 50 for junket licensees in 2024 and a cap of 250 junket collaborators or intermediaries.

Still, the number of licensed junkets at the moment goes even below that number, with 18 being licensed to operate in 2024, a stark contrast to over 100 licensed companies before the pandemic, or more than 200 junkets during the sector’s heyday a decade ago.

Proença also addressed another piece of legislation announced by the Executive Council at the end of the year, the ‘Law on Combating Illegal Gambling Crimes’, which is set to replace the current Illegal Gambling Law.

The bill prohibits the operation, promotion, and organisation of online gambling and mutual betting, regardless of whether the systems and devices involved are located in Macau.

The lawyer highlighted that the Government’s objective appears to be to criminalize certain types of activities or behaviors associated with the disappearance of junkets, such as side betting and the exploitation of online games, as well as allowing police forces to have strengthened investigative powers and imposing heavier sanctions.

“The big question that arises is whether the activity of unauthorized exchange of money for gambling will be criminalized, as indicated by the Secretary of Security in September last year”, he stressed.

Secretary for Security Wong Sio Chak revealed last year that legal authorities have started analysing the possibility of criminalising illegal money exchange in a bid to curb the rise in such activities and enhance law enforcement efficiency.

政府正著手準備推出新證券法，按所獲得該草案的諮詢文本，澳門銳意發展“現代金融”，該法旨在實現監管與創新之間的平衡。根據《證券法》諮詢文本，負責監督本地金融業的實體擁有調查、檢查和執法權力，監管對象除了債券和證券發行人外，還包括參與該行業的律師和會計師。新的監管框架也將為該領域的創新技術應用提供空間，尤其是區塊鏈和分散式帳本技術。

文：倪熙晨

澳門特別行政區正著手草擬《證券法》，致力持續推動金融業發展並吸引更多公司到澳門設立分支機構。隨著重新訂定的《金融體系法律制度》於11月1日生效，澳門債券公開發行框架正式實施。

澳門金融管理局在一份聲明中表示，已“全面檢視並修訂了債券業務相關指引和行政程序”。本地央行也就新《證券法》與業界展開了首輪諮詢。特區政府在文本中指出，根據“1+4”適度多元發展策略，現代金融產業為“重要的發展方向”。

“2021年，金融業成為澳門特區第二大產業，佔整體行業增加值總額的比重，由2019年的6.9%擴大至2021年的15.4%。截至2022年第三季度，金融業總資產已達2.7萬億澳門元，相當於回歸時的19倍。”文件補充道。

利用債券的力量

當局強調，澳門債券市場正逐步擴大，債券發行的品種也日漸豐富。行政部門相信，建立一個具備適當金融市場基建的金融市場對澳門特區與橫琴粵澳深度合作區協同發展具決定性作用。

此舉還將有利於吸引發行人和投資者進入澳門特區證券市場；參與人民幣國際化進程；透過發行各類證券實現市場多元化；促進中華人民共和國、葡語系國家和其他國家和地區之間的緊密聯繫，以及創造新的就業崗位。

據中華（澳門）金融資產交易股份有限公司(MOX)有關統計，截至2023年9月，澳門發行上市總規模已超過澳門幣5,020億元，其中以人民幣計價的債券發行上市規模約佔32%。當中包括本地和外地發行，並涵蓋公司債券、金融債券和綠色債券等多個不同類型。

然而，大多數債券由內地政府控制的實體甚至政府機構發行，包括中國財政部及廣東省政府發行的債券。

透過《證券法》，特區政府希望建立一個總體監管框架，為澳門中央證券託管結算一人有限公司（MCSD）營運的澳門中央證券託管系統（CSD）運作及本地證券市場發展奠定法律基礎。

CSD於2021年投入運作，負責證券的登記、託管、清算和結算，並獲准加入國際證券服務協會(ISSA)及成為環球同業銀行金融電訊協會(SWIFT)的機構會員。

“現冀望透過本次諮詢，充分聽取澳門特區金融業界協會及相關團體的意見及建議。”行政部門也計劃收集終審法院院長辦公室、檢察長辦公室及代表專業界別的團體的意見。

一個實體管理整個行業

澳門政府冀望《證券法》成為證券市場監管和發展的“重要里程碑”。“《證券法》是確保證券的完整性、減少證券交易及流通的風險、確保所有參與人的良好行為和獲得公平對待，從而降低系統性風險，並創建適當的監管、監察和規範”諮詢文本寫道。

《證券法》的目標之一是賦予證券市場監管實體的監管權、調查權和監督權。監管實體負責對發行人、律師、會計師等金融市場各方參與者進行監督，並被賦予監管權、調查權、監督權和執法權。

“監管實體被賦予廣泛的持續和審慎監管的權力，以及足夠的監督和直接干預的權力，以確保在出現需要保障投資者利益和市場穩定時，證券市場監管實體能夠立即作出回應。”金管局寫道，“監管實體不僅負責提起屬於其職權範圍內的處罰程序，還將擁有直接干預市場參與者的廣泛權力，以便及時保障投資者的利益和市場的穩定性。”

在行政違法行為中，科處罰款及附加處罰，以及中止該等處罰屬行政長官的權限，但不妨礙其依法作出授權。

證券市場監管實體可要求交付或扣押、凍結或檢查與實施非法事實有關的任何文件、有價物或物品，不論其性質如何。

它還可以封存在受其監管的實體的設施內未被扣押的物品，並要求任何個人或實體提供在其權限範圍內進行調查案件或組成卷宗所需的一切解釋和資訊。

監管與創新

特區政府參考中國內地、香港特區、葡萄牙和盧森堡四個司法轄區的金融法規，以擬定法律。新法提出採用非封閉的證券概念，為市場未來引入衍生品和其他金融產品保留空間。

根據該諮詢文本的定義，證券是指代性質相同的法律狀況及可在市場上交易的文件，包括股票、債券；投資基金出資單位；獨立認股權證；其他代表同性質的法律狀況且可在市場上交易的文件。

該文件還強調，儘管無紙化證券是“國際趨勢”，但建議新《證券法》繼續承認現存的憑證式證券，同時允許將憑證式證券轉換為記帳式證券，但不允許從記帳式證券轉換為憑證式證券。

文件補充道：“留意到國際證券市場在科技應用的趨勢，為將來應用新技術，尤其是國際上逐漸興起的在交易平台或基礎設施中應用的區塊鏈技術及分散式帳本技術保留立法空間。”

至於二級市場的構建，特區政府參考了歐盟《金融工具市場指令》，並“因應澳門市場的規模及法律淵源作出適當的簡化”。

該文本補充道：“因此，建議有組織交易平台包括證券交易所、多邊交易設施（MTF）及監管實體許可的其他有組織交易平台。”有組織交易平台的設立須獲行政長官經聽取監管實體的意見批准。

在市場上交易的證券需要滿足可交易性要求，屬可自由轉讓、可替代及未處於負擔狀態的證券，接受有關證券的交易屬管理實體決定，並定期向監管實體通報。管理實體有義務向監管實體報告任何涉嫌構成市場濫用的指令及交易。

證券市場行政違法行為將分為“極嚴重”、 “嚴重”和“輕微”，將被科處不同數額的罰款，分別為澳門幣200萬元至1,000萬元、20萬至500萬元、2萬至300萬澳門元，處罰或根據進一步研究和業界意見進行調整。

嚴重的行政違規行為，例如未向證券市場監管實體通報證券交易情況，最高可處以澳門幣1,000萬元的罰款。

然而，根據行政機構批准的最新帳目，在使用或傳播內幕資訊及操縱市場的行政違法行為中，罰款可能高達營業額的15%。

監管實體亦有權主動向交易平台的管理實體發出直接命令，中止或排除特定的證券交易。中止處罰期間為三個月至兩年之間，自對處罰決定提出司法申訴的期限屆滿之日起計。

中止可以履行某些義務為條件，即對糾正違法情況、彌補損害或預防對證券市場或投資者的危害所需的義務。

新《證券法》諮詢文本

“《證券法》是確保證券的完整性、減少證券交易及流通的風險、確保所有參與人的良好行為和獲得公平對待，從而降低系統性風險，並創建適當的監管、監察和規範。”

“留意到國際證券市場在科技應用的趨勢，為將來應用新技術，尤其是國際上逐漸興起的在交易平台或基礎設施中應用的區塊鏈技術及分散式帳本技術保留立法空間。”

A revamped and rejuvenated Hotel Central, one of the city’s iconic historical hotels, is set to open its doors in the first quarter of 2024. The owner of the property, Simon Sio from the Lek Heng Group, tells Macau Business the historical hotel underwent a careful restoration process aimed at preserving its history and charm, while helping to boost the hospitality offerings in the Senado Square and San Ma Lo area.

Nelson Moura

The almost 100-year-old Hotel Central on Avenida de Almeida Ribeiro is preparing to open to the public after undergoing a series of renovation works.

The Macau Historical Centre property, which a consortium paid MOP1.5 billion (US$186,4 million) for in early 2016, is slated to begin operating in the first quarter of 2024 and offer 114 new rooms.

Its new owner, Simon Sio, manager of the local property developer Lek Heng Group, who spent his childhood in the same area, has always reiterated that the revamp would help preserve the hotel’s history and help revitalize the Senado Square area.

The hotel first opened in 1928, with the then-six-story hotel named Presidente at the time, before being renamed Central in 1932. 

In 1937, the hotel received investment from the Tai Heng Company, at the time the exclusive concessionaire for the operation of games of chance, controlled by traders Fu Tak Iam and Kou Ho Neng. 

Tai Heng renovated the hotel and, that same year, opened the Central Hotel and Casino, offering gaming space on its fifth and seventh floors.

More floors were built in 1942, following a request to the Government of Portugal, reaching a total of 12, which helped make not just the tallest building in the city but also of the entire Portuguese overseas colonial territories.

However, in the early 1960s, when STDM received the main gaming concession in Macau, the Hotel Central casino was forced to close, initiating the hotel’s decline and several decades of abandonment.

“In 2009, I learned that some shareholders of the hotel wanted to sell their shares. Recognising the hotel’s rarity, historical value, and business potential, I contacted them. After seven years of hard negotiations, I finally purchased all the shares of the Hotel Central in 2016 for almost MOP1.5 billion,” Sio told Macau Business.

“It took an additional three years to obtain the necessary approvals for the restoration and redevelopment of the hotel. Construction began at the end of 2019, coinciding with the onset of the COVID-19 pandemic.”

Recovering an old giant

Hotel Central required three primary types of rehabilitation and reconstruction work: foundation strengthening, structural reinforcement, and interior redecoration.

According to Sio, the hotel underwent expansion in stages from the mid-1930s to the early 1940s, increasing from its original seven floors to its current 11 floors without any improvements to the foundations, which lacked piles.

Over the years, the foundations had to bear heavy loads, and the hotel suffered serious structural damage due to poor maintenance; therefore, extensive repairs were necessary before the hotel could reopen.

“After consulting with experts and scholars from various fields, I decided to restore and reinforce the hotel from the foundation, regardless of the cost. I used a self-developed method of pile drilling to drive 129 piles under the original foundation without piles to significantly increase the hotel’s overall load capacity,” the developer pointed out.

The structure above ground level also had to be rebuilt by enlarging the cross-section to make the entire building more stable from the bottom up.

Furthermore, as a result of outdated construction technologies and materials, the exterior walls of Hotel Central have become fragile over time, posing safety risks after nearly a century of exposure to the elements.

To ensure the stability and durability of the wall structure, the Lek hang construction team utilised a special process to fix the interior of the external walls with stainless steel mesh and anchoring. Upon completion of the project, the external walls became more stable and highly waterproof.

Preserving the charm

The property is considered one of the architectural cornerstones of the complexes and sites in that area according to the Cultural Heritage Protection Law.

This implied a careful collaboration between the developer and the Cultural Affairs Bureau, to make sure that the main elements of the hotels facade were kept.

The hotel’s main billboard letters on its rooftop, for example, were also kept in their original size and font.

 “The renovation of Hotel Central followed the principle of ‘restoring the old to the old’. We used durable and long-lasting materials, regardless of the cost, to enable the hotel to keep its former glory for another century,” Sio highlighted.

“After restoration and revitalization, Hotel Central will have 11 storeys and 114 rooms. Each pair of floors will be designed to reflect a specific era, featuring a nostalgic theme and highly intelligent, eco-friendly facilities.”

The rooms located on the 5th and 6th floors will be inspired in the 1920s, with those on the 7th and 8th floors inspired in the 1930s, and those on the 9th and 10th floors inspired in the 1940s.

The hotel formerly held casinos on the 5th and 7th floors of the building and was the first building in Macau with elevators.

In the revamped property the first to third floors will be reserved for commercial use, with the lobby on the fourth and the about 100 hotel rooms to be included located from the 6th floor up.

 The ground floor of Hotel Central will also feature a gallery showcasing the 100-year history of Avenida de Almeida Ribeiro and the hotel through different pictures and an introduction by Ieng Weng Fat, a renowned Macau historian.

One of the most enticing new attractions the revamped property will offer to tourists visiting the area will be its rooftop promenade on the 11th floor which will allow guests and visitors a rare 360-degree view of the city’s historical centre.

“It is also important to mention that the Palace Restaurant on the 4th floor will be reopening to serve the hotel’s auxiliary needs and support Macau in promoting itself as the ‘Creative City of Gastronomy’,” he added.

One thing is sure, the new hotel will not provide a casino as it did for many years, when it received a steady flow of adventurers, pirates, criminals, and gamblers from all corners of the world.

In the end, Sio concluded that he hoped Hotel Central could set a new standard in the heart of Avenida de Almeida Ribeiro and serve as a positive example for the revitalisation of Macau’s historic district.

Hotel Central has amassed many intriguing and curious facts during its 100-year history

• The hotel was officially inaugurated in 1928 as Hotel Presidente, in a grand ceremony presided over by the then-governor of the city, Tamagnini Barbosa.
• At the time, the hotel had 80 rooms and cost about half a million patacas to build.

• Upon its opening, newspapers at the time highlighted some of the main attractions, including the hotel’s ten dining rooms, roof garden, two elevators with a capacity for 9 people each, a “splendid” cinematograph room, and the fact that it housed a refrigerator—a novelty in the city at the time. According to the report, crowds gathered to use the elevators to go up to the hotel’s rooftop and enjoy the view. The electric system for the hotel and its elevators was provided by Melco, not yet a gaming concessionaire, but an electricity company at the time.

• The property also offered billiard rooms, a hairdresser, and its dance ballrooms, including the renowned Grand Central Cabaret, which opened in 1937 on its 6th floor. It operated every day from 9:00 pm to 2:00 am and featured a dancing show with Filipino performers. Many of China’s most famous dance troupes passed through its ballroom after being forced to leave the country following the Japanese invasion and the Second World War.

• When tycoon Huo Zhiting built the International Hotel at the end of San Ma Lou, he ordered it to have nine floors so that when it opened in 1941, it would be taller than the Central Hotel. This prompted those responsible for Hotel Central to immediately order an expansion and renovation of the building, adding two more floors by 1942 and making it once again the tallest structure in Macau with 11 floors.

The new securities law is in the works and Macau Business had access to the consultation paper which aims to strike a balance between supervision and innovation as the city embraces ‘modern finance’.

The supervisory entity responsible for overseeing the local financial sector will have investigation, inspection, and law enforcement powers over not just bond and securities issuers, but also lawyers and accountants involved in the sector, according to the consultation paper for the new securities law. The new regulatory framework will also allow space for the implementation of new technologies in the sector, particularly blockchain and distributed ledger technology.

A new Securities Law is in the works in the Macau SAR, as authorities aim to continue developing the financial sector and attract more companies to set up shop in the city.

With the changes in the New Financial System Act, which came into force on November 1, a framework for the public issuance of bonds in Macau was officially implemented. 

In a statement, the Macau Monetary Authority of Macau indicated it has carried out an “exhaustive analysis and revisedthe guidelines and administrative procedures relating to bond activity”.

The de facto central bank of the city also launched a first round of consultations with the sector concerning a new Securities Law, with Macau Business getting access to the consultation document.

In the document, the SAR government states that the modern financial sector will play a “pivotal role” in line with the strategy of appropriate diversification, known as “1+4”.

“In 2021, the financial sector became the second-largest industry in MSAR, increasing from 6.9 per cent of the total value added in 2019 to 15.4 per cent in 2021. By the end of the third quarter of 2022, the total value of assets in the financial industry reached around MOP 2.7 trillion, equivalent to 19 times the value recorded in the year of Macau’s handover,” the document adds.

Harnessing bond power

The authorities underlined that there has been a gradual expansion of Macau”s bond market, accompanied by a progressive increase in the variety of issued bonds.

For the executive, the creation of a securities market equipped with adequate financial infrastructure represents a decisive instrument for the coordinated development of the MSAR and the Guangdong-Macau In-depth Cooperation Zone in Hengqin.

It will also, allow for the attraction of issuers and investors to the local securities market; the integration into the Renminbi internationalisation process; market diversification through the issuance of various types of securities, plus the contribution to strengthening the connection between the PRC, Portuguese-speaking Countries, and other countries and regions, and the creation of new employment.

The city”s bond market has surged to an impressive MOP502 billion as of September 2023, with approximately 32 per cent of bonds denominated in mainland Chinese currency, as reported by the China (Macau) Financial Asset Exchange.

These included local and foreign issuances, covering different types, namely corporate bonds, financial bonds and green bonds.

However, most of the listings were either by mainland state-controlled entities or even government authorities, including issuances of debt securities by the Ministry of Finance of China and the Government of Guangdong Province.

With this Securities Law bill, the Macau government aims to establish a general regulatory framework that can assist the operations of the Macau Securities Depository Centre (MSDC) and the local securities market.

In 2021, the MSDC ensured the registration, custody, settlement, and clearing of securities and was authorised to join the International Securities Services Association and the SWIFT International system.

“The aim is now, through this consultation, to fully listen to the opinions and recommendations of associations and other relevant entities in the financial sector of the Macau SAR.”

The executive also plans to collect opinions from the Office of the President of the Court of Final Instance and the Public Prosecutions Office, as well as representative bodies of the professional classes involved.

One entity to rule them all

The Macau government wants the law to be a “fundamental innovative milestone” in the regulation and development of the securities market.

“The bill represents an essential tool to ensure the integrity of securities, minimise risks associated with their trading and circulation, guarantee best practices and fair treatment of all participants, reduce systemic risk, and establish adequate mechanisms for supervision, oversight, and regulation,” reads the document.

One of the objectives of the bill is to establish the supervisory, monitoring, and regulatory powers of the securities market regulatory entity.

This entity will be responsible for the supervision of the parties involved in the financial sector, including bond issuers, lawyers, and accountants, and will be endowed with regulatory powers, as well as investigation, inspection, and law enforcement powers.

“The regulator has been granted a wide range of prudential supervision and ongoing monitoring powers, as well as appropriate powers of oversight and direct intervention, to ensure the regulator’s immediate response capability whenever the protection of investors” interests and market stability demands it,” AMCM notes.

The watchdog will not only be responsible for instructing the sanctioning procedures that fall within the scope of its competencies but also providing broad powers of direct intervention with market participants to protect investors” interests promptly and guarantee market stability.

In administrative infractions, the power to apply fines and additional sanctions, as well as to suspend them, belongs to the Chief Executive, without prejudice to delegation under the terms of the law.

The supervising entity may request delivery or proceed with the seizure, freezing, or inspection of any documents, assets, or objects related to the commission of illicit acts, regardless of the nature of their support.

It may also seal objects not seized in the facilities of individuals or entities subject to its supervision and request from any individuals or entities all clarifications and information deemed necessary for investigations or the instruction of processes under its jurisdiction.

Supervision and innovation

The SAR government took the financial regulations used in mainland China, Hong Kong, Portugal and Luxembourg as references to define the proposed law.

The new law will propose the adoption of a non-closed concept of securities, to leave room for the future introduction of derivatives and other financial products on the market.

The bill defines securities as representative documents of homogeneous legal situations suitable for trading in the market. These include shares, bonds; units of participation in collective investment institutions; autonomous warrants; detached rights from securities and other representative documents capable of market transmission.

The document also highlights that although dematerialized securities are an “international trend”, it recommends that the new securities law continue to recognise existing certificated securities, allowing their conversion into book-entry securities; however, the reverse conversion, from book-entry securities to certificated securities, would not be permitted.

“Considering the international trend of applying technology in securities markets, we leave legislative leeway for the future implementation of new technologies, particularly blockchain technology and distributed ledger technology, which are increasingly prominent internationally in trading platforms or infrastructures,” the document adds.

As for the development of a secondary market, the executive used the European Union’s Markets Financial Instruments Directive as a reference while applying “appropriate simplifications in line with the scale of Macau’s market and its legal sources.”.

“Thus, we propose that organised trading platforms include stock exchanges, Multilateral Trading Facilities (MTFs), and other organised trading platforms authorised by the regulatory entity,” the document adds.

The establishment of an organized trading platform will depend on authorization granted by the Chief Executive, following the opinion of the regulatory entity.

The securities traded in the market will be subject to negotiability requirements, being freely negotiable, fungible, and unencumbered securities, and it is up to the management entity to decide on their admission to trading, and regularly inform the regulatory entity.

The management entities will also be obligated to report suspicious orders and transactions that may constitute market abuse, such as obligated to immediately report to the regulatory entity any orders and transactions suspected of constituting market abuse.

Infractions in the securities market will be classified as “very serious”, “serious” and “minor”. Fines could vary from MOP2 million to MOP10 million, MOP20,000 to MOP5 million, and 20,000 to MOP3 million, respectively, with adjustments being possible based on further research and opinions of the industry. 

Serious administrative infractions, such as not communicating securities transactions to the regulatory authority, can reach a fine of up to MOP10 million.

However, in administrative offences involving the use or transmission of privileged information and market manipulation, the fine could reach 15 per cent of the turnover, according to the latest accounts approved by the administrative body.

The regulatory entity may also issue orders directly to the entity managing the trading platform, to suspend or exclude operations on certain securities.

The period of suspension of the sanction will be set between three months and two years, starting from the date on which the period for judicial challenge of the sentencing decision ends.

The suspension may be conditioned on compliance with certain obligations, namely those considered necessary to regularise illegal situations, repair damages, or prevent dangers for the securities market or investors.

Consultation paper on the future Securities Law

“The bill represents an essential tool to ensure the integrity of securities, minimise risks associated with their trading and circulation, guarantee best practices and fair treatment of all participants, reduce systemic risk, and establish adequate mechanisms for supervision, oversight, and regulation”

“Considering the international trend of applying technology in securities markets, we leave legislative leeway for the future implementation of new technologies, particularly blockchain technology and distributed ledger technology, which are increasingly prominent internationally in trading platforms or infrastructures”

歷史悠久的新中央酒店是澳門的標誌性建築之一，經翻新後重新煥發生機並將於2024年首季再度開門迎客。該物業業主為力行集團，集團主席蕭頌銘告訴記者，經過精心修復，這家歷史悠久酒店的歷史和魅力得以延續，項目將有助於提升議事亭前地、新馬路一帶的酒店服務供應。

文：倪熙晨

新中央酒店擁有近100年歷史，位於亞美打利庇盧大馬路（即新馬路），經過一系列翻修工程後，即將再次向公眾開放。

有財團於2016年初斥資澳門幣15億元（折合約1.864億美元）購入了這家澳門的標誌性酒店，並計劃於2024年第一季投入運營，提供114間新酒店客房。

該物業的新業主、本地房地產開發商力行集團主席蕭頌銘在酒店同一地區度過了童年。他多次重申，此次改造將有助於保留酒店的歷史，並帶動議事亭前地一帶的經濟復甦。

該酒店初為樓高六層，原名總統酒店，於1928年首次開業，後於1932年更名為“中央酒店”。

1937年，獲得泰興公司注資。該公司由傅德蔭和高可寧擁有，是當時唯一一家獲得澳門博彩專營權的營運商。泰興對酒店進行了翻新，並於五樓和七樓增設博彩空間。中央酒店和中央娛樂場於同年開幕。

1942年，應澳葡政府要求，業主在原建築上加建五層，總數達到 12 層，重奪澳門最高建築的稱號。

然而，在1960年代初，當澳娛投得澳門博彩經營權後，中央酒店內的娛樂場被迫關閉，導致酒店日益衰落及之後數十年的蕭條。

 “2009年，得知有酒店股東希望出售手上的股份。鑒於到這家酒店的稀有性、歷史價值和商業潛力，便聯繫了他們。經過七年的漫長談判，終於在2016年以近澳門幣15億元的價格收購了新中央酒店的全部股份。”蕭頌銘向本刊記者透露。

“隨後花了三年時間才獲得酒店翻新和重新發展所需的許可。工程自2019年底開始，我們又碰上了新冠肺炎疫情爆發。”

古老巨人的甦醒

新中央酒店的修復和重建工作主要包括三大類：基礎加固、結構加固和內部裝修。

蕭頌銘指出，酒店自1930年代中期到1940年代初經歷了不同階段的擴建，其樓高由最初的7層增至目前的11層，但地基卻從未進行任何加固或改善，始終維持不設基樁的狀態。

日久經年，地基一直承受著沉重的荷載，酒店常年保養不善導致結構損壞；因此，在項目重新開業之前，有必要進行大規模的翻新和維修。

“諮詢了不同領域的專家學者後，我決定不惜一切代價，從地基著手，修復加固整棟酒店。 我採用自主研發的打樁方法，在原無樁基礎下打入了129根樁，大幅提升了建築物本身的整體承載能力。”這名開發商介紹。地面結構也必須透過擴大橫斷面進行重建，從下到上加強整棟建築物的穩定性。

此外，由於當時的建築技術和材料落後，新中央酒店的外牆歷經近一個世紀的風吹日曬，日漸脆弱，存在安全隱患。

為確保牆體結構的穩定性和耐久性，力行施工團隊採用特殊工藝，以不銹鋼網和錨固加固外牆內在結構。工程完成後，外牆變得更加穩定且防水性較高。

保留歷史韻味

根據《文化遺產保護法》，該遺產被認定為該區建築群和遺址的基石之一。這意味著開發商須與文化局通力合作，確保酒店外觀的主要元素得以保留。

例如，酒店屋頂上的主要廣告看板字母也保留了原來的大小和字體。“新中央酒店的改造遵循‘修舊如舊’的原則。我們不惜一切代價，堅持選用耐用、持久材料，讓酒店能夠在下一個世紀繼續維持昔日的輝煌。”蕭頌銘強調。

 “經過修復和活化後，新中央酒店將擁有11層、提供114間客房。每層樓層的設計都將反映一個特定的時代，以懷舊為主題，並配備高智能、環保的設施。”

5樓和6樓的客房設計靈感來自1920年代，7樓和8樓則以自1930年代為特色，9樓和10樓重現了1940年代的獨特韻味。酒店前身設娛樂場，位於大樓的5樓和7樓，更是澳門最早安裝升降機的建築物。

翻新後的酒店1樓至3樓將保留為商業用途，第四層為大堂，6樓及以上樓層為客服樓層，合共提供約100個房間。

酒店地面層設有畫廊，透過不同圖片及澳門著名歷史學家邢榮發的介紹，訴說新馬路一帶及新中央酒店過往100年的故事。

經活化後的新中央酒店將為到訪該區的旅客提供最吸睛的景點，那就是位於11樓的屋頂長廊，居民和旅客將以罕有的360度視角欣賞澳門歷史城區。

他補充說：“值得一提的是，位於四樓的皇宮餐廳將重新開業，以滿足酒店的配套需求，並支持澳門推廣‘創意城市美食之都’的城市名片。”

可以是肯定，酒店將不會設博彩區域。要知道，在當年的輝煌時期，這裡源源不斷地接待了來自世界各地的冒險家、海盜、罪犯和賭徒。

蕭頌銘最後表示，希望新中央酒店能夠成為新馬路中心地的新地標，為澳門歷史城區的振興起到積極的示範作用。

新中央酒店在過去100年間累積了許多有趣的事跡

• 酒店於1928年正式落成，名為總統酒店，由時任澳門總督巴波沙(Tamagnini Barbosa)主持開幕儀式。
• 當時，酒店擁有80間客房，整個工程投資約澳門幣500萬元。
• 開業時，各大報章重點介紹了酒店的主要賣點，包括十間餐廳、屋頂花園、兩部各可容納9人的升降機、一間“金碧輝煌”的放映室，以及酒店內設有一個冰箱——在當時，這絕對是一件新鮮事。據報道，人們乘搭升降機抵達屋頂花園，欣賞城市美景。酒店及其電梯的電力系統由澳門電燈公司（Melco）提供，當時的“Melco”仍未是博彩特許經營商，而是電力公司。
• 酒店另外設撞球室、美髮室和舞廳，還有1937年開業的Grand Central Cabaret。這家著名的酒吧位於酒店6樓，每天晚上9:00至凌晨2:00營業，並以菲律賓舞者的演出為特色。在日本入侵和第二次世界大戰爆發後，許多被迫離開家園的中國最著名舞蹈團都曾到此短暫駐場表演。
• 大亨霍芝庭在新馬路盡頭建造國際酒店時，要求將其打造為樓高九層的大樓，並在1941年開業時超越當時的新中央酒店，成為城中第一高樓。新中央酒店的負責人因此立即下令對建築物進行擴建和翻新，至1942年，建築物增加了兩層，共11層，奪回澳門最高建築的美譽。

In the wake of the Macau Jockey Club’s closing announcement, industry experts joining the latest edition of the MBtv Debates Series on Monday considered that its demise was not a surprise considering its financial situation, and underlined an assessment should be made if this performance was due to the market or to the operator.

At a press conference held this morning, the Secretary for Administration and Justice, André Cheong Weng Chon, announced that the Macau Jockey Club had reached a conclusion with the government that its concession would end on 1 April 2024.

Under the arrangements made by the two sides, which began their negotiations at the middle of last year, all the existing facilities and land currently possessed by the horse racing operator will then unconditionally return to the government.

Subsequently, nearly 290 horses are set to be transferred to the Chinese mainland or other countries for follow-up arrangements, no later than 31 March 2025.

During a debate organised by Macau Business and Rui Cunha Foundation titled “MBtv Debates – The New Gaming Concessions: One Year On”, members of the panel have also weighed in on the demise of the MJC race track.

For economist José Duarte the end of the racing track concession was a “chronicle of a death foretold”.

“We have to think about what to do with the animals, the land plot, and the built premises. The end of the MJC itself was not too surprising; what was surprising was the extension until 2042,” he pointed out.

In 2018, MJC was granted a 24-year extension to its concession until August 2042 following negotiations with the government. This was on the condition that the club would pour MOP1.5 billion in stages into an upgrade project to drive the city’s economic diversification.

Professor Davis Fong, Director of the Institute for the Study of Commercial Gaming at the University of Macau also underlined that the closing “was not a surprise” considering that the race track had been losing its market for a while.

Shortly after the government announcement The MJC held its own press conference, in which it noted that it had accumulated operating losses exceeding MOP2.5 billion (US$310 million) and limited room for development and growth of the horse racing industry in Macau.

However, the horse racing operator could only realise 66 percent, or MOP1 billion, as of the end of last year. According to official records, in 2023 the racetrack only saw MOP140 million (US$17.4 million) in betting volume.

“Gambling products are competing with each other. More and more gamblers are coming to Macau and they may choose what gaming products they want. In Macau some 20 years ago we had horse racing, greyhound racing, lotteries and casinos but in the end, casinos have outperformed all other forms of gaming products,” Davis Fong noted.

“We can see in the United States, that every time you have a boom of casinos, you will see an increase in competition and pressure on other gambling products like horse racing. It is the nature of competition. Also, right next to us we already have the Hong Kong Jockey Club”.

Rui Pinto Proença, Managing Partner of law firm MdME, expressed sadness at the situation, stating, it was the end of a “part of the city’s history and of Stanley Ho’s legacy”.

In 1989, after STDM took full control of the Macau Jockey Club, Ho became its chairman and chief executive officer, with Angela Leong, spouse of the late gaming businessman the current administrator of the track.

“The financial situation of the MJC was known, it was not sustainable. What is important is to draw some conclusions and understand if the problem was the operator or the product was just not appealing anymore,” the lawyer added.

The MdME Managing Partner brought attention to the considerably sized land area to be reclaimed and that could “reshape” that area of the city.

“The most important now is to see what conclusions we can draw. What everyone is thinking is what will be done with the land,” he noted.

Founder and Chairman of Murray International Group, Niall Murray, drew a comparison with the Hong Kong Jockey Club, highlighting a significant difference in investment.

He remarked that “the passion and will to keep it going were lost” when Stanley Ho stepped back from the operation.

“I think the operator was not putting the full effort to make it a profitable operation to keep it really vibrant,” the gaming consultant stated

Murray also highlighted that the issue underscored a point by the Macau SAR government to the concessionaires that if they do not meet their contractual commitments their concessions will be pulled.

“It was a strong message to pull it before 2042. It’s a strong message that we might not have learned from what happened to the junket sector,” Murray pointed out, mentioning the VIP gaming promoting business, which was considerably curtailed by legislative changes and a crackdown on junket activities previously tolerated by authorities.

High interest rates, the global economic slowdown and a slowing economic recovery in mainland China will continue to weigh on the Macau property market, a report by JLL explained.

In its Greater Bay Area Residential Guide, JLL points out that recovery in the region’s housing market remained slow with housing prices expected to remain under downward pressure in 2024.

The real estate agency indicated that the 11 cities in the GBA witnessed uneven recovery in the housing market after the relaxation of cooling measures earlier this year.

‘The mainland cities in the GBA saw a mild and uneven recovery in housing markets, while Hong Kong’s residential market remains subdued. Home sales in Macau rebounded, but the prices continue to fall,’ the report pointed out.

In Macau the property market has been greatly affected by high mortgage interest rates and a significant increase in public housing, leading to a low transaction volume.

The prime interest rate in the Macau SAR has increased from 5.25 per cent in 2022 to 6.125 per cent in July 2023, representing almost a 1 per cent increase in leading rate and the US Fed carried out several rate hikes this year

JLL underlined that transaction volume has remained similar to last year, with a year-on-year decrease of approximately 50.6 per cent, indicating a sluggish market performance.

At the same time, the total transaction volume is expected to increase slightly compared to 2022, driven by price cuts on new projects.

‘Macau implemented adjustments to the property market in November, including stamp duty exemptions and relaxed mortgage loan-to-value ratios for luxury homes, which will help improve the sentiment in the luxury property market,’ the General Manager of JLL Macau, Oliver Tong, says in the report.

The SAR government recently announced a bill that will remove the 5 per cent stamp duty on the purchase of a second home. The bill is expected to become law on the first day of next year.

According to the Financial Services Bureau, nearly 230,000 residents own at least one property in Macau, with over 33,000 of them having more than one unit.

‘However, starting next year, buyers purchasing residential properties below MOP8 million will need to undergo the loan affordability stress test set by the AMCM, with borrowers able to obtain a mortgage loan that covers up to 70 per cent of the property value, which is lower than the existing 90 per cent or 80 per cent mortgage loan options’ the JLL General Manager added.

The value of newly approved mortgage loans dropped by 18.8 per cent month-to-month in September to MOP1.17 billion.

Tong, also pointed out that developers are proactively reducing prices ahead of the new policy to boost sales, leading to a decrease in prices in the secondary market, accompanied by an increase in volume.

‘We believe that housing prices will continue to be under pressure next year,” he concluded.

Transaction volume in the residential market in the Macau SAR jumped 10.1 per cent year-on-year to 2,383 as of September 2023, according to data published by the Financial Services Bureau (DSF).

However, only 50 pre-sale transactions were recorded in the first three-quarters due to the absence of major residential projects.

A house in the GBA?

As for the mainland side of the GBA, the JLL report pointed out that after mainland authorities eased mortgage restrictions and lowered housing mortgage rates in September, the mainland cities in the GBA released specific details regarding the relaxation.

Certain districts in Guangzhou have relaxed restrictions on second home purchases, while Dongguan and Foshan have removed home purchase restrictions on residents of Hong Kong and Macau.

Meanwhile, a series of measures have been implemented to revive housing demand, and developers actively launched new projects during the traditional peak season for home sales, known as the “Golden September, Silver October” period.

This was said to have boosted the new home sales in Guangzhou, Foshan and Dongguan by 60 per cent, 19 per cent and 219 per cent, month-to-month, respectively, however the remaining mainland cities in the GBA experienced a delayed increase in home sales in October.

The transaction cost for buying a second-hand residential home in the GBA’s mainland cities has also dropped, thanks to the relaxation of housing measures, with transactions of upgrading demand in the secondary market reported.

Local transport and payment group Macau Pass S.A. has announced its services will be available to seven Alipay+ market-leading partner e-wallets.

These new e-wallets include Tinaba (Italy), OCBC and Changi Pay (Singapore), MyPB by Public Bank (Malaysia), Toss Pay and NAVER Pay (South Korea) and Hipay (Mongolia).

According to the company, this means that Macau Pass’ payment and acquiring services for merchants will now be available for these overseas e-wallets.

In September Macau Pass announced that its e-wallet Mpay users will now be able to make payments in both mainland China and Hong Kong after a cooperation agreement with Alipay+.

AGTech, an Alibaba affiliate, acquired Macau Pass Holding for HKD778 million (US$99.6 million) last year, with the company having unveiled plans to expand Mpay services to additional foreign countries in the third or fourth quarter of 2023, with hopes to be available in more than 40 countries by the end of 2024.

The expanded coverage of Mpay includes a wide range of countries, namely the United Arab Emirates, the United Kingdom, Switzerland, various European Economic Area nations such as France, Germany, and Italy, Australia, New Zealand, Qatar, Singapore, Malaysia, South Korea, Japan, the Philippines, Thailand, and the United States of America.

In addition to Alipay, AlipayHK, WeChat Pay, Simple Pay and other e-wallets launched by other banks in Macau, Mpay is currently compatible with overseas wallets such as Kakao Pay in South Korea, GCash in the Philippines, Touch’n Go eWallet in Malaysia, and TrueMoney in Thailand

The Volleyball Nations League will return to Macau in 2024, after a four-year hiatus due to the Covid-19 pandemic.

The Volleyball Nations League 2024 will bring international volleyball teams to nine different countries on four continents for six weeks from May to June, when the Preliminary Phase of the sixth edition of the tournament will occur.

Jointly organized by the Sports Bureau, the Galaxy Entertainment Group, and the Macau-China General Volleyball Association, the 2024 Women’s Volleyball Nations League will take place in Macau between May 38 and June 2, 2024, for six consecutive days.

The top 16 female and male national teams will compete in Asia, Europe, North America, and South America before the best eight in each gender play for the titles in the VNL Finals.

Under a new system enforced last year, the VNL includes a total of 6 seasons, with the competition in each season lasting for six days, in which eight participating teams compete in 16 games.

The eight national teams set to compete in the Macau SAR, include China, Dominican Republic, Italy, the Netherlands, Brazil, Thailand, Japan, and France.

The VNL 2024 will play a major role in determining the last national teams that will qualify for the Paris Olympics.

The result of each match of the tournament’s Preliminary Phase will impact the FIVB Volleyball World Rankings, which will determine the teams to occupy the last five spots in next year’s Games.

The finals of the competition for women will take place on June 20-23 and the men from June 27-30, just a few weeks before the start of the Paris 2024 Olympics.

攜程集團與澳門特區政府旅遊主管部門合作，向中國內地及東南亞客戶推廣澳門多元化的旅遊形象。在新加坡聖淘沙名勝世界舉行的攜程集團2023全球合作夥伴高峰會上，集團副總裁陳冠其接受記者採訪，探討當前中國旅客越趨年輕化、消費更謹慎、對深度旅遊體驗要求更高及對娛樂場的熱情減退等旅遊新趨勢。

文：倪熙晨（發自新加坡）

攜程如何描述近期中國出入境旅遊市場的復甦？就內地旅客的喜好而言，澳門在此次復甦過程中扮演什麼角色？

陳冠其 – 如果您談論中國市場的整體復甦，那麼將分成兩個部分。 一是國內部分。若您指的是國內復甦，我們不認為這算復甦，這不是復甦。我們的業績是2019年記錄的 160%，所以這不僅僅是恢復，集團的運作狀況甚至比疫情之前還要強勁。然而，如您談論的是出境遊，該領域的成長速度確實相當快。復甦取決於諸多因素，如航空業務回暖、簽證審批和出行便利。所以，仍需一段時間方能恢復到疫情前的水平，但整個進展非常積極、非常健康。

因此，當人們談論到澳門，這座城市被普遍認為是中國內地居民的第一個出境遊目的地。自澳門取消出入境限制後，我們開始與澳門旅遊局保持極度緊密的合作，我們攜手推出不同的產品和計劃，從文化、獨特體驗、佳餚美食和親子活動等不同方面推廣澳門。透過這種方式，我們引起旅客的興趣和共鳴，甚至是正前往澳門的旅客。如果您談論的是澳門的整體復甦，我認為與疫情之前水平相比，已經恢復了約六成。

我們有信心，到今年年底能夠恢復到疫情前水平的70%至80%。我們也發現旅客在澳門的逗留時間越來越長。以前很多旅客都不會選擇在澳門留宿。但我們現在觀察到，留宿旅客數量大幅增加。第二是旅客消費。人們到澳門旅遊時的支出上漲了，我說的消費不僅僅是機票和住​​宿，更多的是購物體驗和餐飲支出。當前訪澳旅客的消費力甚至超過了疫情前的水平。這對我們以及澳門來說，也是一個好消息。

集團是否發現有意到澳門旅遊的客戶類型有任何變化？

陳冠其 – 這是必定的，當然了，90後已經成為當前主要的旅客群體。隨著旅客年齡層的變化，旅客需求也出現了不同。一個很好的例子就是，現在的年輕人會為了一個理念、一場音樂會或一個活動到某個地方旅行。因此，在過去的三個月裡，澳門舉辦了多場演唱會，雲集世界知名樂團和歌手，Black Pink便是其中之一。對年輕的旅客來說，這些體驗的吸引力巨大，已足夠讓他們立馬動身出發，這是趨勢之一。其次，人們開始希望到澳門獲得深度旅遊體驗，不僅僅是普通觀光或參觀傳統景點，幕後的深度體驗更具趣味。旅客樂意穿過橫街窄巷區，找到一家細小的咖啡店品嚐地道風味。即使他們計劃到某個博物館，也不僅僅是觀看文物擺設，更多的是希望了解背後的故事。此外，他們還希望獲得更多互動體驗。這些都是我們在疫情之後發現的一些要素和趨勢。

那麼，年輕旅客對博彩體驗不太感興趣？

陳冠其 – 當然不是，他們希望獲得多元化體驗。我認為澳門特區政府和旅遊局也付出了很多努力，針對不同年齡和不同類型的旅客群體，創造更多旅遊體驗，致力吸引更多內地旅客到訪澳門。

就澳門在大灣區內的差異和優勢，與香港或廣東等相比，您認為澳門對內地旅客的吸引力有哪些優勢？

陳冠其 – 我認為澳門擁有獨一無二的文化環境，因為拉丁葡萄牙文化元素仍然很受旅客歡迎。當然，就便利性而言，從內地城市前往澳門，有時甚至不需要特殊的交通安排。從大灣區出發，只需搭乘陸路交通即可。在服務方面，澳門不但為許多內地旅客提供便利，還對旅客展現出熱情好客的待客之道。就硬體而言，例如住宿、景點承載力、接待能力等，也十分適合接待大量來自內地的旅客。我認為，總體而言，澳門還可以​​為家庭旅客創造更多旅遊體驗。要知道，這座城市給人感覺開闊且悠閒。人們能夠充分利用這裡的輕鬆時光，享受澳門獨有的旅遊體驗及國際大都會體驗。

澳門的酒店住宿價格是否仍具有競爭力？因為很多旅客還是認為澳門的房價太高。

陳冠其 – 這取決於季節。我認為，這不只是澳門的問題。每個目的地在旅遊旺季期間都會出現類似的問題，酒店房間數量不夠，這就是澳門仍在建造酒店、希望為旅客提供更多酒店房間的原因之一。我認為目前的價格仍算合理。我並不是說真正的旺季，因為所有目的地都要面對某些共同問題，這並非澳門獨有。但在平常的日子，我覺得這個價格還是比較公道的。

攜程集團對澳門特別行政區的推廣和規劃上有何計劃？

陳冠其 – 當然，我們與澳門仍然保持著非常緊密的合作關係，在目的地推廣方面，我們必將繼續以不同的方式宣傳澳門。正如我剛剛提到，博彩並非這裡的一切，我們希望人們能真正地、全面地認識澳門。其次，我們與澳門旅遊局合作的不僅僅是內地，也開始拓展至東南亞。我們正著手向新加坡、泰國、馬來西亞等旅客發源地展示及推廣澳門。我們希望將澳門打造成全球旅遊目的地、全球會展目的地或全球休閒目的地。

Briton Luke Browning conquered the Formula 3 Macau Grand Prix – FIA F3 World Cup, the first win after a three-year pandemic hiatus when the competition was replaced by an F4 race.

In a race full of interruptions, Browning started confidently, with Theodore Racing driver, Italian Gabriele Minì, on his heels and Hitech Pulse-Eight teammate, Alex Dunne in third.

However, Dunne went straight to the railing in Lisboa on the first lap, with the Macau GP novice having to abandon the race. 

Theodore Prema Racing driver Dino Breganovic occupied the gap in third, with the Swede seeming to have successfully overtaken Minì to second shortly after. 

However, he drove his car straight into the railings at Lisboa, allowing teammate Paul Aron to reach a very disputed third place, with MP Motorsport Dennis Hauger overcoming Aron a few laps after. 

All this in just the first five of the 16 laps of an electrifying FIA F3 World Cup final race.

With eight laps to go Aron had a massive hit with the rails at Paiol, with the Estonian driver managing to leave his flaming car unscathed. However, the accident led to a red flag, with the race suspended for almost one hour.

The restart saw some chaotic action, as Hauger overtook Minì and almost managed an even more daring move passing Browning in Lisboa for some seconds before the Briton driver regained his pole position.

Browning defended his position expertly against Hauger for the remaining last laps, with Minì working hard to keep the third spot away from Spanish driver Mari Boya.

The 16-lap race finished under Safety Car, crowning Browning’s first win in the circuit.

Italian driver Raffaele Marciello maintained his dominance at the  Macau GT Cup – FIA GT World Cup with a comfortable win in the event’s final race.

The last GT race this Sunday started with Marciello in first, German driver and last year’s winner Maro Engel in second, and Edoardo Mortara in third. 

The race progressed without notable changes until with nine laps to go Harmony Racing driver Weian Chen crashed his Ferrari 488 GT3 against the Lisboa bend forcing a safety car lap.

On the restart, Engel’s  Mercedes-AMG seemed to suffer mechanical problems and gradually slowed down, with Mortara jumping to second and South African Sheldon Van Der Linde getting into the podium.

However, Linde’s third sport was short-lived as he was also affected by technical problems, with Brazilian driver Augusto Farfus, also in a BMW M4 GT3, taking over the last podium spot after overtaking Daniel Serra’s Ferrari 296 GT3 in the race restart.

No changes would occur until the end of the race, with Marciello celebrating his second GT triumph in the local racetrack since his win in 2019.

Belgian driver Frédéric Vervisch for Audi Sport Team Comtoyou won the final race of the Macau Guia Race – Kumho TCR World Tour Event of Macau, with Hungarian driver Norbert Michelisz winning the 2023 Kumho TCR World Tour.

Michelisz won the season after a thrilling Macau finale, picking up enough points to finish up ahead of Yann Ehrlacher and Rob Huff in the drivers’ standings.

The race started practically with a safety car, after an accident involving veteran Hong Kong driver Paul Poon.

After three safety car laps, the restart continued with Cyan Racing Lynk & Co driver Santiago Urrutia in first, Vervisch in second and Thed Bjork in third.

The winner of yesterday’s first race, Hungarian driver Norbert Michelisz from BRC Hyundai Team languished at ninth after a disastrous start.

Title contender and Macau Guia Race multiple winner Rob Huff (Comtoyou Audi) remained in fourth, repeatedly attempting to overtake Bjork for a place on the podium.

At the 8th lap was successful in a daring move on Urrutia, Vervisch managed to jump to the pole, with Huff also finally managing to jump over Bjork and push to third.

However, shortly after, Huff’s Audi had to leave the track after his hood got loose following a small touch. The upset allowed French driver Yann Ehrlacher to sneak into the third spot.

Nothing would change in the remaining few laps, and the Audi Sport Team Comtoyou crossed the checkered flag, followed by Cyan Racing drivers Urrutia and Erlacher.

Norbert Michelisz finished eight but celebrated the win of the Kumho TCR championship. Michelisz held an 18-point lead ahead of Huff ahead Michelisz for the TCR World Tour final race, with Ehrlacher two points behind.

“On a day like this, with a team like this and a race track like this, what else do you need more in life? I’m incredibly happy,” an elated Michelisz said after the race.