| Featured in this Asia Pacific Hospitality Newsletter - Week Ending 28 December 2007 |
| Macau's Casino Revenues Expected To Reach US$10 Billion In 2007 | Return to Headlines |
| Macau's casino industry is expected to record gross revenues of approximately US$10 billion in 2007, a 46.5% increase as compared to 2006. Gross receipts from the industry is expected to reach US$1.03 billion in December 2007 with MGM Grand Macau casino resort already registering gross receipts of US$6.6 million in the first two days of operation. The opening of MGM Grand Macau on 18 December 2007 has increased the number of casinos in Macau to 28. According to official statistics, during the first 11 months of 2007, gaming taxes collected exceeded that collected in the whole of 2006 by approximately 35% and direct gaming taxes accounted for approximately 71.4% of the government's total revenue in the same period. | |
| Indians' Top Holiday Destination - Malaysia | Return to Headlines |
| More well travelled Indians are visiting Southeast Asian cities, particularly Malaysia, to beat the harsh winger in year-end. According to year-to-date September 2007 figures, Malaysia has recorded 315,000 Indian visitors as compared to the 270,000 visitors who visited the country for the whole of 2006. Tourism receipts from the Indian travellers recorded approximately US$217 million during the first seven months of 2007, a 30% increase as compared to the same period in 2006. The increase in Indian travellers to Malaysia is mainly attributed to the value-for-money travel packages, affordable hotels, cosmopolitan city feel and sunny climate of Malaysia. In addition, India has become more expensive for domestic travel with rising average room rates due to the hotel supply crunch which arises from the increased in international visitors as well as the non-resident Indians returning to the country during this festive season. The Malaysia Tourism Promotion Board aims to attract 500,000 Indian visitors in 2008, surpassing the 400,000 mark in 2007. | |
| Choice Hotels India To Add 2,000 Guestrooms Across India | Return to Headlines |
| Choice Hotels India (CHI) has announced its US$190 million franchise and management plan to partner with various investors to develop 20 new hotels of approximately 2,000 guestrooms in India's major, tier one and tier two cities by 2010. CHI is also planning to introduce India's first all-suite hotel, Clarion Ludhiana, in Ludhiana, Punjab by the end of 2008. The 120-suite Clarion Ludhiana Hotel which aims to target the non-resident Indians (NRI) is a joint project with Vancouver's NRI Agaya Paul Singh. In addition, CHI has also linked up with Royal Indian Raj International Corporation which is expected to invest approximately US$4 billion from 2008 to 2012 to develop 15,000 budget guestrooms across India under CHI's hotel brands such as Clarion, Comfort Inn, Quality Inn and Sleep Inn. | |
| Millennium & Copthorne May Launch REIT In Malaysia | Return to Headlines |
| Millennium & Copthorne Hotels PLC (M&C) is looking into the possibility of launching a property trust in Asia consisting of local and foreign properties. Depending on market opportunities, M&C is considering launching the REIT particularly in Malaysia, but Singapore and other Asian countries are not ruled out. Currently, M&C owns the Grand Millennium Kuala Lumpur Hotel and Copthorne Orchid Hotel Penang in Malaysia and the latter is expected to be redeveloped or refurbished in the near future. The group is likely to launch Millennium Residence, a five-star serviced apartment, in Kuala Lumpur next month. M&C is also planning to develop its no-frills hotel operation business in Malaysia and Asia through the US$50 million Tune Hospitality Investments Dubai. | |
| Record Year For Singapore Hotels | Return to Headlines |
| 2007 has been a boom year for hotels in Singapore. Strong visitor arrivals resulted in the robust demand for rooms even in areas outside the central region of Singapore and occupancies averaged in the high eighties percentage range throughout the year. Room rates and revenue have also set all-time highs in 2007 with the record of US$152 and US$124 million respectively recorded in the month of October. According to some hoteliers, room rates have been undervalued in Singapore for some time and the strong demand in 2007 has allowed rates to be justifiably increased. Moving ahead, the recent opening of the St Regis and ten new hotels in 2008 is expected to relieve the shortage in hotel supply and boost the hospitality industry in Singapore. | |
| Yacht Hotel Opens In Batam, Indonesia | Return to Headlines |
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Hotel Pasific Palace (HPP), a hotel built in the form of a yacht, has started receiving guests in Jodoh, Batam. Currently, 100 rooms out of the total of 180 rooms have started operations while facilities like the skipper's cabin and gardens are still under construction. The HPP, situated opposite the Novotel Hotel in the Batuampar subdistrict of Batam city, has five levels overseeing Singapore and is awaiting its application as a four-star hotel from the Association of Hotels and Restaurants, Batam Chapter. According to the management, the hotel is envisaged to become a landmark of Batam and its official opening has not been set. |
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| Absolute Share Price Performance, as at 28 December 2007 |
