Hengqin
dec24
Macau casino operator SJM Holdings Ltd’s plan to convert a commercial property in Hengqin into a hotel could help address the issue of the company’s “undersupplied” inventory in the Macau market, suggested Morgan Stanley Asia Ltd in a Wednesday memo.
Though it might be a “strategic” move, it will have “limited impact in near term,” and will make the casino firm’s gearing “higher”, wrote analysts Praveen Choudhary and Gareth Leung.
“The government recently announced multiple entry visas for residents of Hengqin to come to Macau. This makes it easier to have a hotel in Hengqin and shuttle them to Macau casinos,” said the Morgan Stanley team.
That was a reference to the announcement of new measures by China’s State Council that further ease Macau-bound travel rules for residents of neighbouring mainland-China city
https://www.ggrasia.com/sjm-hengqin-deal-strategic-but-limited-impact-analysts/
SJM Resorts’ decision to reconvert an Hengqin office building into a hotel is a strategic move that aligns with government initiatives to increase room inventory in Macau, but risks increasing the gaming operator’s debt levels, Morgan Stanley analysts stated.
dec24
The departing chief executive of Macau, Ho Iat Seng, has underscored the increasing importance of concerts and performing arts in diversifying the city’s economy, reducing its dependence on the gaming industry.
During interviews with mainland Chinese media outlets on Wednesday, Ho remarked that economic diversification “has yielded results” during his five-year term.
Challenges in Hengqin
During interviews with mainland media, the outgoing chief executive also highlighted the challenges stemming from the development of the Guangdong-Macau In-depth Cooperation Zone in nearby Hengqin.
Established three years ago, this cooperation zone is jointly governed by Guangdong and Macau authorities to expedite Macau’s economic diversification and national integration.
“Merging the two systems of socialism and capitalism [between Guangdong and Macau in Hengqin] takes time,” Ho noted.
“The executive committee of the cooperation zone comprises nine bureau directors, five from the mainland and four from Macau. After three years of hard work, they have essentially reached a consensus and can collectively address and resolve issues,” he added. “This lays a strong foundation for future cooperation between both sides.”
https://www.macaubusiness.com/outgoing-ce-emphasises-economic-significance-of-concerts-for-macau/
dec24
Macau casino operator SJM Holdings Ltd plans to acquire for CNY546 million (US$75.2 million) office space at next-door Hengqin island (pictured in a file photo), for conversion to a three-star hotel “leveraging the prestigious Lisboa brand”.
The latter is a reference to the branding used for three gaming-related properties within Macau itself: the Lisboa, Grand Lisboa, and Grand Lisboa Palace. At the first, SJM Holdings runs just the casino, and in the others, the gaming and non-gaming.
SJM Holdings announced the deal in a Wednesday filing to the Hong Kong Stock Exchange, and a separate press release.
Conversion of the 14,845 square metres (159,790 sq. ft) of space – on floors 21 to 29 of the block in Jilin Road, Hengqin, plus a retail unit at Xinde Jie – is likely to take two years, SJM Holdings said in its filing.
Referring to its Macau operating unit, SJM Resorts Ltd, the parent stated: “The three-star hotel will complement SJM Resorts’ existing five-star hotels such as Grand Lisboa Palace and Grand Lisboa – which are around 10 minutes’ drive and around 30 minutes’ drive from the [new] property, respectively – and capitalise on the expected high demand for budget-friendly accommodation.”
https://www.ggrasia.com/sjm-leveraging-lisboa-brand-for-new-hengqin-hotel/ +https://www.macaubusiness.com/sjm-to-turn-hengqin-offices-into-three-starred-lodging/
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SJM Resorts‘ recent acquisition of office properties in Hengqin for conversion into a three-star hotel has sparked interest in the gaming and hospitality sectors. However, a top investment bank analyst noted that while SJM’s move is a positive sign, it’s unlikely to trigger a wave of similar deals from other operators.
apr24
Hengqin’s tourist attractions welcomed 11.64 million visitors in 2023, representing a year-on-year hike of 341.48 per cent.
The deputy director of the executive committee of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Su Kun, disclosed this information on Monday during a seminar on the new visa arrangements.
Su emphasised that the continuous improvements in customs policies have facilitated the movements of people between Macau and Hengqin.
Hengqin authorities expect another surge in traffic at the Hengqin checkpoint this Labour Day Golden Week, with an estimated daily average of 77,000 border crossings.
At the seminar, the deputy director said that the cooperation zone would accelerate the development of multi-destination tourism, leveraging the advantages of the new visa arrangement.
Starting from May 6, a new multiple-entry visa arrangement for package tours will be implemented for Chinese nationals travelling between Macau and Hengqin.
Visitors on package tours will be able to travel between the neighbouring cooperation zone and Macau multiple times over a period of seven days.
According to a press release from the zone’s Economic Development Bureau, several tourism agency operators expressed their intention to launch joint Macau-Hengqin tour packages during the seminar.
These operators illustrated that travel itineraries could include daytime activities in Macau, overnight stays at hotels in Hengqin, and visits to Hengqin’s tourist attractions on the following day.
https://www.macaubusiness.com/hengqin-attractions-log-11-64-mln-visitors-for-2023-govt-backs-multi-destination-tourism/
apr24
The mainland authorities are considering launching a new type of visa for Chinese tour groups, allowing repeat entry to Macau during a single holiday trip between Macau and the neighbouring mainland China district of Hengqin island (pictured).
Deputy director of the Economic Development Bureau of Hengqin, Huang Zhongjian, disclosed the information during a press briefing on Wednesday.
Mr Huang said that China central government representatives went to Hengqin in March as part of a feasibility study. The Hengqin authorities are now formulating plans to provide a framework for such type of visa, added the official.
The proposal would still need to be endorsed by the relevant national ministries, he stated, adding that the plan would need to take into account the needs of the Macau tourism industry.
https://www.ggrasia.com/authorities-mull-macau-hengqin-multi-entry-visa-for-groups/
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https://macaonews.org/news/business/visit-macau-stay-hengqin-accommodation-budget-hotels-macao/
fev23
LAND
The Cotai Strip is fully built out or spoken for already. Hengqin island does have available land, but it is remote from the casinos, which are an unspoken but integral part of any non-gaming business attraction model. It is also remote from the established Strip hotels and attractions, which means that some duplication of hotel facilities will be needed. To the extent that access is required to public land, there will be a question as to the price and terms upon which such access will be permitted. If Hengqin is to develop as a hub for non-gaming investment by Macau gaming concessionaires it will need some form of mass transit system to enable movement around the island, and between the island and Macau. The light rail system has already been seriously compromised in its routing, capacity and speed of operations, and extension of its network across the Lotus Bridge may not be an attractive, or even feasible option.
https://www.asgam.com/index.php/2023/02/01/missing-in-action/
dez22
Leong Hong Sai disse ontem esperar que as concessionárias do jogo aproveitem para, “com os recursos de terrenos e o mercado da Ilha de Hengqin, estabelecerem parte dos seus projectos não jogo na Zona de Cooperação Aprofundada, valorizando a sua capacidade de gestão de empresas internacionais para promover o desenvolvimento sinérgico da diversificação industrial de Macau”. Neste sentido, o deputado apontou que os governos de Macau e Guangdong devem reforçar a comunicação e cooperação, para a implementação de políticas que facilitem o fluxo de capitais e de informações, assim como a interligação dos factores produtivos.
https://jtm.com.mo/local/aproveitar-hengqin-para-projectos-nao-jogo/
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