With its huge casinos and glittering hotels, Macau has established itself as a top tourist destination for wealthy mainlanders in recent years.
Hong Kong's biggest cosmetics chain Sa Sa International posted strong growth in revenue for the third quarter of financial year 2013–14.
The beauty retailer said on Thursday group turnover rose 14.8 percent from a year earlier to HKD2.52 billion (USD325 million) in the three months ended on 31 December 2013. Same store sales at its Hong Kong and Macau operations surged 15.8 percent. The number of transactions and average sales per transaction in Hong Kong and Macau grew 15.4 percent and 3.1 percent respectively.
Gambling revenue in Macau dropped 35.5 percent in August from a year earlier, sliding for fifteen months in a row – more evidence of a deepening downturn that prompted the territory's government to announce on Tuesday it would tighten fiscal spending.
More than 50 top brands are going to open shops at the Boulevard project in Macau's entertainment, retail and gaming resort, Studio City.
The Boulevard at Studio City is a 35,000-square-meter retail project developed by Studio City International, a company in which Melco Crown Entertainment owns a 60 percent interest, and Taubman Asia, the Asian arm of the US Mall operator Taubman Centres.
Gambling revenue in Macau fell 34.5 percent in July from the previous year, hovering around five-year lows as wealthy Chinese punters stayed away from the world's biggest gambling hub.
The decline, however, was narrower than the 36 percent drop in June and in line with analysts' estimates for a fall of around 34-35 percent.
Gambling revenue fell year-on-year to MOP18.6 billion (USD2.33b), according to data released by the Macau government on Monday. In June, revenues fell to MOP17.4 billion.
With casino revenues in Macau in free fall due to Beijing's anti-corruption crackdown and a slowing Chinese economy, the gambling hub is hoping to reinvent itself as a family-friendly mass market destination.
But the city's plan to replace the high-rolling elite with tourists drawn by new entertainment-focused mega-resorts will not be plain sailing.
Macau's creaking infrastructure is already struggling to cope with visitor numbers, and analysts and residents question how the city can accommodate the influx necessary to make up for the loss of VIP gamblers.
Melco Crown Entertainment teams up with Taubman Asia to develop Boulevard project at Studio City resort in Macau
Melco Crown Entertainment and Taubman Asia, the Asian arm of the US Mall operator Taubman Centres, on Thursday unveiled plans to develop the Boulevard project at Macau's entertainment, retail and gaming resort, Studio City.
Studio City is a new cinematically-themed entertainment and leisure destination in Macau which is scheduled to open in the third quarter of 2015. Taubman Asia is providing merchandising, marketing and management services for its retail project.
The value of retail sales in Macau was MOP67.6 billion (US$8.46 billion) last year, 1 per cent more than the year before, Business Daily reports, citing Census and Statistics Service data.
The newspaper says the growth was small because the campaign against corruption in the mainland deterred mainlanders from spending lavishly in Macau and the protests in Hong Kong against curbs on democracy there deterred mainlanders from visiting both cities.
Hong Kong-based handbag retailer Milan Station Holdings Ltd says it intends to open more outlets in Macau.
The company told the Hong Kong Stock Exchange it would increase to 10 from 6 the number of "exclusive clubhouses" it has in the city. The expression usually refers to outlets in VIP gaming facilities.
The number of credit cards on issue in Macau that are billed in two currencies had risen to 148,770 by the end of June, 3.4 percent more than three months earlier, official data show. The Monetary Authority of Macau says the total number of credit cards on issue rose by 3.8 percent to 796,855.