Gambling mogul buys Australia’s richest penthouse
The owner of one of Australia’s largest online gambling websites has purchased the country’s most expensive penthouse apartments at Bondi Beach.
The Australian Financial Review reports that Joshua Chan purchased a Bondi penthouse for $20.1 million.
Mr Chan topped the offers of six competing registered buyers, landing a knockout bid that was more than $3 million higher than the reserve and $5.5 million more than the $14.5 million opening offer.
The Agency’s Ben Collier had a guide of $13 million to $15 million and that was revised to $15 million to $17 million in recent weeks.
Mr Collier declined to comment for the story.
Mr Chan is the founder of one of the largest online gambling information and player feedback sites, Latest Casino Bonuses, which has more than 145,000 members.
His partner, Melanie Attwell, is the group’s marketing manager.
Mr Chan’s registered corporate interests reveal the 45-year-old is also part owner of drone and remote pilot aircraft market Carbonix and in the online financial advice site Life Sherpa.
His brother, Paul Chan, is the founder of online marketing services company Pure Profile and their now Hong Kong-based father is legendary restaurateur Augustine Chan, whose East Ocean restaurant in ChinaTown was an institution in the 1980s.
Mr Chan, who appeared briefly in a video of the auction action that emerged on social media, is now based at Bronte, where he bought a contemporary house nine years ago for $4.55 million, when he was upgrading from his family’s Pyrmont apartment.
Mr Chan’s knockout $20.1 million bid was more than double the $9.8 million Mr Mayo paid for the apartment in 2016 to former Glencore coal executive-turned-property mogul Vaughan Blank.
Mr Mayo, a former world champion yachtsman, is upgrading to a beachfront house in Point Piper bought in 2020 for about $36 million from businessman Michael Zammitt.
Sydneys’ most expensive residential auction sale was set in 2020 at $24.6 million, when a Vaucluse house sold, smashing its reserve by $10.6 million.
It topped the $23 million auction record set in 2009, when media icon Lachlan Murdoch bought Bellevue Hill’s historic Le Manoir mansion.
Macau looks to stimulate casinos, hotels and its economy
The Macau government is providing a stimulus package to its residents in a bid to boost the gambling enclave’s stagnant economy.
Casino.org reported in mid-March that a US$1250 stimulus package will be received by permanent residents.
Non-permanent residents will receive US$750.
The relief doesn’t end there, with Macau also issuing electronic vouchers to all results.
Each adult, as well as university students, will receive US$75 to be used anywhere on the peninsula.
“This round of stimulus package demands a combined effort of the government and society in a bid to generate more efficient and lasting cycled economic benefits in Macau,” Lei Wai Nong, Macau’s secretary for economy and finance said.
Macau residents can receive additional e-vouchers if they spend their initial $75 within 15 days of receipt and are eligible for up to five coupons.
Macau’s economic prosperity relies heavily on its gaming and hospitality industries, with the region’s six licensed commercial casino operators generating about 90 per cent of the region’s annual tax revenue.
But with visitor numbers still low, Macau is asking its own people to get out and spend.
The government is additionally providing relief for numerous businesses and industries.
For the casino sector, Macau is waiving a five per cent tourist tax on its hotel income.
The relief runs until the end of 2021, with locals who stay at a hotel during that time also credited US$25 by the government.
While a $25 credit might not seem like a strong incentive for a Macau resident to stay overnight at one of the region’s hotels, with foreign travel remaining at a standstill, room rates are cheap.
A midweek stay at City of Dreams, Studio City, Sofitel and Sheraton are all under $70 a night.
Macau is also using this time to encourage locals to further their education with a US$625 subsidy upon completion of certain programs and courses.