Sands China Ltd. (SCL) is confident on tourism during the upcoming Grand Prix period in November, Wilfred Wong, president of the casino concessionaire, said yesterday on the sidelines of a company event.
This year’s Grand Prix features Chinese drivers only. Foreign racers have been discouraged from participating by the Sports Bureau.
The SCL president conceded that the lack of foreign racers may make the three-day event less attractive, but a full lineup of Chinese drivers will attract more Chinese tourists, who have been the main target clientele of casino operators in the past two decades.
He believes that as long as Covid-19 conditions remain stable in Macau, the tourism industry will gradually recover. He also revealed that SCL has seen an increase in tourist arrivals after the validity of cross-border nucleic acid tests (NAT) was extended to 48 hours.
According to the executive, the company has already started receiving inquiries and room bookings for the Grand Prix, Christmas and New Year periods.
Speaking about Friday’s end to the public consultation period on the gambling law amendment, he stressed that supervision is needed and the industry welcomes the move. Meanwhile, the public consultation will help the “healthy development” of the industry. SCL is compiling a report which will be submitted to the government by the deadline.
IP Sio Kai: Bad debts may eventuate
Speaking at the same event was Ip Sio Kai, president of The Macau Association of Banks, who found that bad debts were not on the rise despite the extent of the Covid-19 pandemic. The reason for this outcome, he says, being that companies and individuals are mindful of their positive credit record. Most have made advance arrangements with their bankers to make use of government incentive schemes, such as extending the validity of their loan or repaying interest only.
However, he sees that a rising number of bad debts may eventuate as the Covid-19 pandemic lingers. Government measures are buying businesses and individuals time to deal with challenges.
Last year, the scheme that allows borrowers to repay only interest on loans mainly served individuals and companies with mortgaged properties. More than 8,000 such applications were received, involving a fund of more than MOP10 billion.
This year’s scheme has seen crucial adjustment whereby the scheme’s coverage has been extended to non-mortgage loans, such as business development loans and young entrepreneurship incubation loans.
Once an application is approved, the loan’s validity will be extended for three years at most.
BOC, Sands issue affiliated credit card
The Bank of China, Macau branch and SCL announced the issuance of a new set of co-branded UnionPay credit cards at a press conference yesterday.
The duo of cards are aimed at two different tiers of customers. The “Diamond” card targets regular customers, while the “Black Diamond” card is for higher-end clients such as the bank’s private banking customers.
Decorated with the outline of SCL’s properties on Cotai, the cards will offer privileges such as a welcome offer, where card holders can earn MOP300 in rewards dollars and even a complimentary stay at The Parisian Macao, access up to 20% discount on SCL’s various products and services, as well as other perks. The card can also be used with Apple Pay.
Applications can be submitted via the bank’s mobile app.
The card is named after SCL’s membership program, the Sands Rewards program.
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