CR83-p14&15-Asia&Africa:SJC-Casino Review 23/8/09 01:48 Page 1
internationalcasinoreview
Court rules in Sands favour over
Macau payment row
Las Vegas Sands has avoided paying a fourth disgruntled former
employee over claims he was owed money for his assistance in breaking
into the Macau market. A US District Court judge said that Moshe
Hananel was not entitled to compensation. He claimed that he was
entitled to 12 per cent of all the investments he managed but the Judge
News
ruled that any details of the deal were too vague to be enforceable. In
June Sands paid three men $42.5m to settle a lawsuit over lack of
payment for their help in securing a Macau gaming licence in 2002.
ASIA & OCEANIA
MGM Mirage to focus on
Penghu
sets date
increasing Macau share
for public
referendum
Although it only
publicaye
The MGM Grand Macau
accounts for a tiny
TAIWAN
part of the group’s The date has been set for
overall income
the public referendum
compared to its
which could see casino
gaming approved on the Tai-
rivals in the market, wanese island of Penghu.
Macau is coming
Residents of Penghu
under an increasing
County will cast their votes
on September 26 according
focus for MGM to Election Commission
Mirage which
Secretary-General Chang
hopes to double its
Jui-tung.
“Members of the
share of the spoils. county’s Election Commis-
sion unanimously agreed at
shareprice a meeting earlier in the day
CHINA that a public referendum on
the long-discussed casino
MGM Mirage is hoping to proposal be held on Sep-
address the fact that it has the tember 26. The referendum
smallest share of the Macau will ask voters whether
market by revamping and they agree or disagree with
remarketing its existing setting up an international
casino to readdress what it recreation area in which
admits has been an ‘under casinos would be allowed
whelming’ beginning in the committed’ to Macau. months up until March 31. it recruited its staff and how consider a capital markets to operate.”
most profitable casino desti- The Macau market Murren said MGM would it worked its junket business. transaction like that, but it’s Supporters and oppo-
nation in the world. accounted for just five per now be refocusing on how it In terms of a Macau IPO, not like that’s a unique idea to nents of the casino project
Jim Murren, chairman and cent of the company’s 2008 could turn around what he Murren said it “logically the other guys,” Murren said. will air their views at a
chief executive officer, said GGR whilst for Macau and described as a very ‘under would be something that we “It’s something that certainly public, televised hearing on
the Las Vegas giant may even Vegas rivals Wynn and Las whelming’ start operationally. would look at over time. It’s we could pursue too.” Despite September 16.
consider an initial public Vegas Sands it accounted for “It hasn’t been marketed certainly something that July being a much better Michael Treanor, chief
offering once revenues have up to 60 per cent. effectively, it hasn’t been we’ve thought about many month for MGM Grand Macau, executive of AMZ Holdings,
been improved at the MGM MGM Grand Macau is of operated as well as we would times in the past.” Murren is taking over MGM’s one of the companies
Grand Macau, which course a joint venture project like, and we have, with our But even with Wynn and best operators and marketers which has already obtained
accounts for just nine per between MGM and Pansy Ho, partner, been making a lot of Las Vegas Sands considering to Macau to assess the current land and presented plans
cent of the local casino daughter of gambling guru changes,” he said.“Our Macau IPOs, he said it was not the situation on the gaming floor. for a resort casino, said:
market. But he ruled out an Stanley Ho, producing market share is half what it right time for an IPO. The chairman also rub- “Both the referendum and
outright sale of the US$17m in earnings before should be. The other US- “We need to build up our bished claims that MGM tender announcements are
company’s Macau assets interest, taxes, depreciation based and other newer market share, more impor- was about to sell its Macau clear indications that
saying there was an ‘opportu- and amortisation in the first casinos have been more tantly build up our cash flows, interests to Malaysian oper- Taiwan is the new emerging
nity of great growth’ for MGM quarter. The company’s total aggressive in marketing.” and we need to assert our- ator Genting but said that gaming jurisdiction in Asia.
in the future and that the property EBIDTA was He added that MGM Grand selves as a stronger player the group was discussing With rapidly increasing
operator was ‘firmly, firmly $371.9m in the three Macau had to improve in how there before we would ever ‘many other things.’ Chinese tourism and a
strong untapped local
market, Penghu could
emerge as a Hawaii or
Melco Crown raises 200m for growth
Bahamas-style resort desti-
nation for the region.”
The Penghu County gov-
ernment is hoping for a
growinggains “We are confident that a period $910m casino resort on 130
CHINA of growth at sustainable levels is coastal hectares with
ahead of us, and we continue to hotels, duty-free shops, a
Melco Crown Entertainment has remain absolutely focused on the convention centre and a
completed a US$200m equity opportunities that this will present golf course.
placement in a move which will see to our company. The placement
Crown’s level of ownership in funds raised will better position us
Melco Crown decrease from 36.4 to be able to pursue future
per cent to 33.5 per cent. development opportunities while at
Melco Crown is jointly owned by the same time maintaining our
Hong Kong-listed Melco rigorous approach to balance sheet
International Development and prudence.”
Australian operator Crown. Melco Crown also owns the
Melco’s Lawrence Ho said that
The gaming
Altira (formerly Crown Macau) and
year-on-year growth was healthy
floor at the
Mocha Clubs, which have over
again after the opening of City of renamed Altira 1,500 gaming machines across
The casino plans of
Dreams at the start of June. eight locations. AMZ Holdings
14 September 2009 • asia&oceanianews
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64