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CR82-p44,46&47-Business:SJC-Casino Review 26/7/09 10:00 Page 3
Genting rebrands subsidiary
Genting Berhad has renamed its Resorts
World subsidiary, which operates the
Genting Highlands Resort (pictured), as
Genting Malaysia. According to CEO Tan Sri
Lim Kok Thay, the change is part of the
group’s ongoing rebranding exercise,
designed to bring the group name to the
fore in the global arena.
Appalling H1 sends
Patrick Partouche had to
agree with bankers to
postpone a payment on the
Partouche to its bankers
number two French
operator’s debt.
With the initial impact of a smoking ban
nomic crisis that worsened its advertising budget and
working its way through, French operator
over the course of 2008.” saved another E6.8m through
Partouche might have hoped for some
The group also saw rev- staff reductions.
enues from its other activities Overall, the company made
better comparators at least. However, the hit: they were down 11.8 per a loss in the period of E10.5m,
recession has continued to damage the
cent to E50.7m largely due to overturning a profit of E7.9m
company’s half-year results with across-
declines in its hotel business. made in the first half of 2008.
the-board declines, forcing it to postpone
The company’s operating The company said: “As a
profit was down a huge 46.1 result, despite a significant
a debt payment. per cent to just E15.3m but, reduction in its investment
it said, it could have been programme, which resulted
capinhand E360.4m in the period. The even worse. in a reduction in the use of its
PARTOUCHE GROUP company’s slot machines, now “Measures to reduce costs cashflow, the Partouche
its biggest revenue earner, saw taken at the end of the 2008 Group has held discussions
With revenues sinking and a 16.4 per cent drop. financial year have allowed with its pool of bankers and
profits turning to losses in In last year’s results, despite us to significantly accenuate obtained agreement to
the first half of the financial four months of the smoking the impact of the drop in suspend until 11 July 2009
year, the Partouche Group ban that came into force at the business on the operating payment of E19.8m in matur-
has had to reach agreement start of 2008, company rev- profit. Indeed, faced with a ing debt due 30 April 2009.”
with its financiers over repay- enues held steady, even rising fall of E27.1m in revenues The company’s credit line
ment of its debt. slightly. “Activity in the first compared to the first half of has been suspended until the
The six months to the end half of 2009 has taken place 2008, we have been able to payment is made. The company
of April saw the group within a very different reduce our operating costs has said it will remain exposed
turnover E222.8m, a 10.8 per context,” said the company in by E14m…These savings for the rest of the year to the
cent decrease on the previous its statement. “It has been have been realised from weak activity affecting the
year, due to a decline of 11.9 strongly influenced by the cutting spending...and per- whole sector. It has pledged to
per cent in gross gaming rev- effects of the measures associ- sonnel costs.” continue its increased atten-
enues, which totalled ated with smoking and the eco- The group cut E6.9m from tion to cost management.
Mixed messages
from May
Nevada figures
upordown Although, with fingers crossed, it may
NEVADA GAMING CONTROL BOARD herald the bottoming out of the crisis in the
Nevada casino industry, there was also dis-
The latest available figures for gross gaming appointment that given the number of
revenues for Nevada showed a year-on-year events in the month, including the Hatton-
fall of 8.3 per cent in May. GGR from all casinos Pacquaio boxing match and several large
in the state reached $889.1m (E635.8m). concerts, the figures weren’t higher.
On the Strip, revenues totalled $480.8m Indicating a higher Asian presence for
(E343.8m), down 6.4 per cent on May 2008. these events, perhaps, baccarat revenues
If there is any nugget of good news, it is rose by 36.6 per cent to $96.2m (E68.8m)
that the rate of decline statewide appears of a total drop of $726.8m (E519.7m). The
to be slowing at least. For the first time in increase helped to push live games and
seven straight months, the rate of decline sports betting to a very slight increase of
was not in double figures, and the decline 0.78 per cent to $311.1m (E222.4m),
was significantly less that than reported a however, slot machines saw a 12.9 per cent
year ago - May 2008 lagged 16 per cent decrease in gross revenues to $560.5m
behind the May 2007 figure. (E400.8m).
Chapter 11 in Rhode Island
doghouse approximately $589m (E423m) in
TWIN RIVER secured debt…incurred to acquire and
upgrade their facilities.”
The operator of the Twin River casino The company wants legislators to
in the US’s smallest state Rhode remove a requirement that it offer live
Island, UTGR Inc, has filed for Chapter greyhound racing, which operates at a
11 bankruptcy protection to allow it to loss. The entire company employs
restructure and eliminate its debt load. more than 800 people and also
In its filing to the RI district operates more than 4,700 slot
Bankruptcy Court, the company said machines, electronic blackjack and
that after paying state taxes, “Twin roulette. UTGR is a joint venture
River’s remaining revenues are simply between Starwood Capital Group,
insufficient to fund operations and to Kerzner International Holdings and the
service the interest payments on the Waterford Group.
August 2009 • businessnews 47
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