Macau is determined to become known as a world leader in diverse tourism and it is starting with what could be the only global industry that rivals gambling in popularity. Beginning next year.
Perfect Achiever is owned by Chan Weng Lin, the CEO of the Tak Chun Group junket. Tuesday’s release stated that Chan previously held a 0.1% share in Macau Legend, putting his total current holdings in the company at 20.75%.
The 98-year-old will forever be remembered for his gaming monopoly in Macau under Sociedade de Turismo e Diversões de Macau (STDM) exclusive concession until 2001 and seen as the godfather of gambling in Macau, Ho lived a colourful personal life and left his mark as being the man who dominated the city’s casino empire for four decades.
The stock has underperformed the market with a 47% decline year-to-date compared to a 16% decline in the S&P 500. Melco is set to continue underperforming the market as mainland China imposes strict travel measures, this time including visitors entering its borders from special administrative regions like Macau and Hong Kong.
Macau has been forced to act after confirming a handful of new COVID-19 cases brought into the special administrative region of China by individuals who’d contacted the virus outside Macau. Hong Kong announced similar restrictions on foreign arrivals – including those from Macau – that will also take effect Wednesday (25 March).
Based on information previously disclosed by the gaming regulator, two of the city’s gaming venues were yet to ask for permission to resume operations. They were Casino Taipa, at the Regency Art Hotel; and the Casino Macau Jockey Club (pictured in a file photo) in Taipa, located in the Macau Roosevelt Hotel – both venues under the licence of SJM Holdings.