Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Uber to pull out of Macau in September: Macau media

Published 08/25/2016, 05:17 AM
Updated 08/25/2016, 05:17 AM
© Reuters. Photo illustration of logo of car-sharing service app Uber on a smartphone over a reserved lane for taxis in a street in Madrid

(Reuters) - Global ride-hailing giant Uber Technologies Inc will pull out of the gambling hub of Macau on September 9, less than 10 months after it launched there, Macau media reported, citing a letter they said was sent by Uber's Asia regional chief.

According to a copy of a letter uploaded onto Macau legislator Au Kam-san's official Facebook (NASDAQ:FB) account, Uber's Asia Regional General Manager Mike Brown said the firm planned to exit the small China-ruled city, saying its drivers have been fined a total of 10 million patacas ($1.25 million) in the short time in which it has operated in Macau. [

Uber's Macau General Manager Trasy Lou Walsh declined to comment specifically on the letter or to clarify whether the firm would pull out of Macau in September.

"We are committed to continuing to serve the riders and drivers of Macau. We continue to seek opportunities to work with the government on modern ridesharing regulations that will give us the chance to keep serving the people of Macau," she said in a statement.

Brown couldn't be reached by Reuters.

There was no immediate response from the Macau government, and legislator Au couldn't be reached for comment.

Uber has around 2,000 full-time and part-time drivers in the territory, Macau's news agency TDM reported, saying drivers had been notified of the impending halt in operations.

While Macau isn't a large market with just 600,000 people, Uber's exit would be another blow for the fast-growing U.S. start-up's ambitions in the region.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

In China, following a costly two-year battle to break into the potentially lucrative market, Uber sold its operations earlier this month to bigger local rival Didi Chuxing in a deal that will give Uber a one-fifth stake in Didi.

Meanwhile Taiwanese authorities have demanded Uber pay a sales tax bill, and may force it out of the island's market, while it has come under legal scrutiny in Hong Kong.

($1 = 7.9780 patacas)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.