Landmark chair says satellite casino closures have already led to lease terminations in surrounding area
Summary
Chong Sio Kin, Chairman of New Orient Group, revealed that the closure of satellite casinos in Macau is creating significant challenges for the surrounding real estate market. Since the announcement of the closures, lease terminations in the NAPE area have surged, directly impacting local businesses.
Key Points
- Satellite casino closures have led to immediate lease cancellations in surrounding areas.
- The NAPE real estate market is experiencing a “shockwave” due to these closures.
- Average property prices in Macau have fallen by 25% in the past year.
- Businesses in the NAPE area express concerns about their sustainability post-closure.
- Chong calls for government intervention to restore market confidence.
Why should I read this?
If you’re interested in the ripple effects of the casino industry on local economies, this article is a must-read. It highlights how the closures of satellite casinos are not just a gaming issue but have broader implications for real estate and business viability in Macau. Trust me, you don’t want to miss the details that could affect local investments!
