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CR62-p22-World5:SJC-Casino Review 25/11/07 01:14 Page 1
casinoreview
Around 10,000 people paid their final SJM, owned by this year. The
respects to Malaysian gaming magnate Stanley Ho, is to money will be used
Genting Lim Goh Tong on his final journey around
founder
the hill resort he developed before he
Ho funding
sign a HK$5bn as a cash injection
five-year for the Grand
passes
was laid to rest. Lim Goh Tong, famed for new amortising term Lisboa Casino with
Genting Highlands, one of the world’s loan for its newly Ho transferring its
away at 90
projects
most profitable casino resorts, died on built Grand Lisboa original capital to
Oct 23 at the age of 90, leaving an Casino, which new projects.
estimated US$4.3bn fortune. opened in February
Tabcorp to pay AU$100m to
retain Star City’s monopoly
With higher taxes and a cool $AU100m to pay, Tabcorp’s success in retaining monopoly status for its Star City casino has certainly come
at a cost. But as Phil Martin reviews, the deal comes with a host of added incentives such as more table games and higher jackpots.
oneandonly revenue by 2013. Control Authority approval; re- certainty that we need to invest
AUSTRALIA “It provides an estimated 32 classifying multi-terminal in a major redevelopment of
per cent of additional revenue gaming machines as tables, the casino and hotel complex.
The owners of Sydney’s Star by 2012 to 13 on current pro- lifting bet limits on multi-ter- Tabcorp will spend approxi-
City casino will pay the New jection,” Costa added. “It gives minal gaming machines, higher mately $300m redeveloping
South Wales government a Tabcorp the certainty it jackpots for Star City’s gaming Star City into Sydney’s top
AU$100m fee as part of a deal requires for its expansion and machines, lifting bet limits on tourism and entertainment
guaranteeing there will be no refurbishment plans. And it high roller gaming machines area and one of the best enter-
new casinos in the state over maintains the government’s and various regulatory changes tainment venues in Australia.
the next 12 years. substantial commitment to to enable Star City to compete Our proposed redevelopment
The continuation of the measures that encourage on an equal footing with other will include a new 300 room
state monopoly has forced responsible gambling. The casinos in the high roller hotel and the creation of a new
James Packer’s PBL Gaming to $100m upfront fee to keep Star market. This includes the intro- restaurant precinct overlook-
fold on any of its own plans to City’s exclusivity in NSW and duction of a rebate program ing Sydney Harbour and the
develop a second casino in all additional revenue would for domestic high rollers. city skyline. This investment
New South Wales. go towards funding essential Funke Kupper said the will create hundreds of jobs,
However, the local govern- services and infrastructure.” agreement would provide provide a real boost to the NSW
ment revealed it had met with Tabcorp’s chief executive benefits for the NSW Govern- economy and ensure Sydney
James Packer before the elec- officer Elmer Funke Kupper ment, the community and gets the world class entertain-
tion but denied they discussed said the agreement would Star City. ment venue it deserves.”
a second casino. allow the company to proceed indexed tax regime based Star City or Stair City: Owners “No company likes to pay Star City already attracts
NSW Treasurer Michael with plans to invest approxi- on the combined revenue
Tabcorp have struck a deal
higher taxes and this agree- around 22,000 visitors a day
Costa said: “The new agree- mately $300m in Star City to from table games and slot
with local government to
ment means Star City will and employs about 3,000
ment with the operators of make it one of the State’s machines.
remain the only casino in town
clearly be the highest taxed people in a complex which
Star City is a win for NSW tax- premier tourist destinations The new tax structure will casino in Australia,” he said. includes 350 hotel rooms and
payers, a win for the local and a top entertainment venue be phased in gradually over It also provides for a number “However, the government’s 130 apartments, a main
tourism industry, and a win for in Australia. five years from 1 July, 2008 with of key product changes that package gives Star City the gaming floor, private gaming
punters.” Under the agreement, Star minimal impact to Tabcorp in will make Star City a more opportunity to be competitive room, 2,000 seat Lyric Theatre,
He said the agreement also City will pay the NSW Gov- 2008/09. The current average attractive casino destination, in both the international and 1,200 seat Star Theatre, ball-
includes changes to the tax ernment $100m in two tax rate of 24.1 per cent will including: agreement to domestic markets. The exten- room, conference facilities, 13
structures that will provide tranches over the next 18 rise to 27.5 per cent in 2013, increase the number of table sion of Star City’s exclusivity restaurants and bars and a
large increases in casino tax months and move to a new based on today’s revenues. games at Star City with Casino rights until 2019 gives us the retail arcade.
Victoria slot spend Sky City keeps Adelaide venue
at A$7m a day as part of takeover package
whataslot to provide self-exclusion addedattraction develop the site. Sky City,
AUSTRALIA programs. Under the Gam- NEW ZEALAND which paid A$180m for the
bling Legislation Amend- casino in 2000, said it has a
Victorians are dropping ment (Problem Gambling Sky City Entertainment, New development and recovery
nearly A$7m a day into and other measures) Bill, Zealand’s largest casino owner, plan for the site if it isn’t sold.
poker machines, amount- ATMs that do not limit with- will not part company with its Toime said of the compa-
ing to more than $2.5bn a drawals to $400 a day will Adelaide casino claiming that it nies interested in taking over
year, according to a new be banned from gaming is a prized asset that potential Sky City: “The parties have said
report, which also high- venues from 2010. They will bidders for the company want it our primary interest in your
lights customer spend as have to be located at least to keep hold of. business is your gaming
being $1bn at Melbourne’s 50 meters away from slots The New Zealand operator assets. Our casino licenses are
Crown Casino alone. machines in Crown Casino has been approached by two what makes us unique and so
The Victorian Commis- and race tracks. unidentified groups who are they’re not something we’re
sion for Gambling Regula- currently reviewing the going to give up lightly.”
tion annual report shows company’s accounts. Speculative newspaper
gambling spend in Victoria In August, executive direc- reports are linking buyout
for the financial year were tor Elmar Toime said that group TPG with the Sky City
$4.7bn, including racing, despite Sky City announcing it deal, as well as Publishing &
lotteries and sports betting was to offload its cinema divi- Broadcasting, controlled by
and that the state govern- sion and Adelaide casino in James Packer. Tabcorp Hold-
ment took $1.5bn in taxes Australia back in August in ings, Australia’s biggest
and levies. Poker machines attempts to avert a slip in rev- gaming company, has said it
take $6.9m a day from the enues that saw stock slump to isn’t bidding and Tattersall’s
State’s gamblers equating a two-year low, it was now Ltd, the second-largest, has
to $300,000 an hour. retaining the casino to boost declined to comment.
To counter this increase, the value of the company. Sky City predicts profit will
gambling minister Tony Profit before interest and tax increase by 12 per cent in 2008
Robinson has introduced from the Adelaide casino fell 10 on spending in its gaming
new gambling laws to limit per cent over the last year due rooms and hotels. It said results
the amount of money acces-
Crown Casino accounted for
to increased competition from in the three months up to Sep-
sible from ATMs at clubs
A$1bn gambling spend
hotels and clubs and delays in tember 30 were ‘in line with
and pubs and force venues alone in Victoria regulatory approvals to Sky City casino in Adelaide expectations’.
22 December 2007 worldnews
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