learn mandarin – Betting on wider mix of casino clients

Date: 2011.06.30 | Category: Chinese Mandarin, Chinese Online Class, Chinese School, Chinese language, Learn Chinese Class, Study Chinese, learn Chinese, learn Chinese online, learn Mandarin online, learn mandarin | Response: 0

Policemen watch as visitors line up outside Galaxy Macau, the latest resort in Macau, before it opens for business yesterday. Some of the world’s biggest casino operators are betting that Chinese who like to gamble, shop and dine will spark growth over the next few years in Macau, the world’s biggest gambling spot. The city has so far relied heavily on China’s young and wealthy for casino revenues, which totaled US$24 billion in 2010.

THE Galaxy Macau, a multibillion-dollar casino resort complex, opened yesterday as Macau aims to draw a broader mix of visitors than the high-rolling Chinese mainland tourists who have helped the city become the world’s most lucrative gambling market.

The Galaxy Entertainment Group’s US$1.9 billion casino is the only one scheduled to open in the southern Chinese city this year. It has 450 gambling tables and 1,500 slot machines.

Three hotels, including one run by Singapore’s Banyan Tree and another by Japan’s Okura, have 2,200 rooms. One of the biggest resort-style attractions is a 4,000 square-meter wave pool that generates waves as high as 1.5 meters splashing onto an artificial beach built with 350 tons of white sand.

Tropical and Japanese gardens, a Japanese tea pavilion, a Scottish whiskey bar, 50 restaurants, a private members’ club and a shopping street are other draws. A nine-screen 3D movie theater is set to open later this year.

The launch of Macau’s 34th casino comes as the city seeks to diversify its economy away from gambling after years of searing growth that helped it overtake Las Vegas as the world’s top casino market. It now aims to draw visitors with cultural and entertainment attractions as well as gambling.

Macau’s economy has boomed since a four-decade casino monopoly was broken up in 2002, opening the way for American and Australian operators to enter the market with local partners. Monthly casino revenues so far in 2011 have grown by at least 33 percent, after surging by more than half last year to US$23.5 billion.

The Las Vegas strip, in contrast, raked in US$5.8 billion in revenue in 2010.

The company said it expects a third of visitors to be high-rollers while the rest will be mass market.

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learn Chinese online – Insurer’s target

Date: 2011.06.29 | Category: Chinese Mandarin, Chinese Online Class, Chinese School, Chinese language, Learn Chinese Class, Study Chinese, learn Chinese, learn Chinese online, learn Mandarin online, learn mandarin | Response: 0

CHINA’S largest general, non-life insurer, PICC Property and Casualty Limited) is striving to become one of the top five global insurers by premium volume in the next five to 10 years, according to a top official of the company.

Wang Yincheng, president of PICC P&C, said on Saturday that in order to achieve this, the insurer seeks to increase annual premium volumes to 300 billion yuan (US$46.15 billion).

The company, which ranked No. 8 in the global non-life insurance market in 2009, witnessed a 192.3 percent jump in its 2010 net profit to 5.21 billion yuan year on year, while sales revenue increased 28.8 percent to 154.31 billion yuan from a year ago.

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Chinese School – UK eyes stake sale

Date: 2011.06.28 | Category: Chinese Mandarin, Chinese Online Class, Chinese School, Chinese language, Learn Chinese Class, Study Chinese, learn Chinese, learn Chinese online, learn Mandarin online, learn mandarin | Response: 0

BRITAIN may start selling its stakes in banks bailed out during the credit crisis with a 5 billion pound (US$8.1 billion) Royal Bank of Scotland share sale as early as the first half of 2012, the Sunday Telegraph said yesterday.

The report, which cited sources close to the process, said this possible RBS stake sale would target institutional investors and sovereign wealth funds in the Middle East and Asia.

Officials at the British Treasury could not be immediately reached for comment on the report.

The government accumulated a stake of 83 percent in RBS and around 40 percent in Lloyds after bailing out both banks with billions of pounds of taxpayers’ money during the credit crisis.

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