This page contains a Flash digital edition of a book.
Bally CEO cashes out $US6.3m
Rank has appointed Phil harnessed to Rank’s deep
Bally CEO Richard Haddrill has sold a total of 150,000 shares
Urban as managing knowledge of the British
in the slot manufacturer for US$6.3m.
director of its casinos casino market, will help
Of the total sold, 81,000 were newly acquired through options
Rank looks
business, Grosvenor us to achieve this
exercises. Haddrill still owns 1.7m shares, equating to three
for Urban Casinos. Urban, 45, took ambition.”
per cent of Bally’s outstanding stock, comprising exercisable regeneration
up his position on June 2
options and vested restricted stock.
2008. He succeeds Peter
McCann who leaves after
28 years with the Group.
Ian Burke, chief executive
of Rank, said: “Our
ambition is to create a
truly modern gaming-
based leisure business.
Phil’s breadth of
experience in leisure,
casino in
the world’
Fuelled by the turnaround at Crown Macau,
Melco PBL has seen revenue increase three
times mainly due to its high roller baccarat,
prompting claims that it is currently the
busiest casino in the world.
threetimestable was clearly due to rolling chip become the busiest casino in improvement in rolling chip games hold fell from 17.5 per the number of gaming
CHINA volume which totalled the world in terms of gaming table games hold percentage cent reported in the preced- machines in operation at the
US$19.4bn for the first quarter volume, impressive given the in the first quarter of 2008; up ing period. Mocha Clubs averaged
Macau operator Melco PBL of 2008, up from US$8.5bn in physical size of the property from 2.4 per cent in the last Gaming machine handle approximately 1,045 across
Entertainment reported huge the preceding quarter. compared with many of its quarter of 2007 to 3.1 per cent was relatively flat coming in at six locations. Average net win
growth in net revenue for the “The dramatic improve- competitors, and the relatively in the reporting quarter, above US$42.4m with US$3.8m in per gaming machine per day
first quarter of 2008 with unau- ment in the core rolling chip modest capital investment cost its expected long term hold the first quarter of 2008, whilst increased to US$241 from
dited financial results of business at Crown Macau in of US$382m (excluding land percentage of 2.7 per cent. non-gaming revenue at Crown US$230, when compared with
US$482.9m, up from the first quarter of 2008 has value). This is a testament to In the mass market table Macau was showing some the same period in 2007.
US$179.8m in the fourth been maintained into the the award-winning design of games segment, drop (non increase up $1.8m or 23.7 per Ho added: “Our accom-
quarter of 2007 driven almost second quarter of 2008, and the property and the quality of rolling chip) totalled cent compared with the pre- plishments are directly attrib-
entirely by the improvement this has led to a rapid accelera- the guest experience deliv- US$95.5m, a 9.6 per cent ceding quarter. utable not only to our vision
in the operating performance tion in profitability at both the ered by our highly-trained staff. volume improvement on the Net operating revenue from and execution, but to the hard
of Crown Macau. property level and for MPEL as We believe that our insight preceding quarter. Mass the Mocha Clubs totalled work and support of our staff.
Net income for the quarter a whole,” he said. “We see this into the customer profile and market table games hold per- US$22.9m in the first quarter Upon completion of City of
was US$43.2m with Lawrence as validation of our decision our long established and close centage was 15.8 per cent in of 2008, representing a 12.8 Dreams, MPEL will employ
Ho, chief executive officer and taken over nine months ago to relationships with our the reporting quarter, at the per cent increase from the cor- approximately 16,000 indi-
co-chairman of Melco PBL, sharpen our focus at Crown approved junket operators bottom end of our expected responding quarter in 2007, viduals in Macau. We are proud
claiming Crown Macau was Macau on the rapidly growing provide MPEL with a distinct range for mass market table and a six per cent sequential to add to the growing pros-
the busiest venue in the world. rolling chip segment. competitive advantage.” games hold percentage of 16 improvement over the fourth perity of the city and the
The near threefold sequen- “In the span of a few short Ho explained that the venue per cent to 18 per cent. quarter 2007. ongoing improvement in the
tial increase in net revenue months, Crown Macau has experienced a substantial Sequentially, mass market table In the first quarter of 2008, lives of its citizens.”
Tightening British market adds to 91 per cent Genting slump
stubbedout smoking ban, as well as the weak- building work was “on-track” for
UNITED KINGDOM ening of the pound sterling against the integrated resort’s soft opening
the Singapore dollar. It also saw in 2010. At least S$2.1bn in con-
Malaysian operator Genting Inter- lower gains from its derivative struction contracts had been
national saw its profit slump dra- financial instruments of S$18.9m awarded as at March 31 and it con-
matically for the first quarter ended versus the S$64.8m gain recog- tinued ‘to be confident and opti-
March 31 coming in 91 per cent nised in 2007. mistic about the prospects of
down, less than one-tenth of the Revenue fell 14 per cent to Resorts World at Sentosa.’
amount recorded for the same S$168.83m from S$196.2m, Meanwhile, its wholly-owned
period last year. It blamed lower mainly due to a £10.7m decrease subsidiary, Genting Stanley
business volume at its British in revenue from its UK casino Aldeney Ltd, expects to start its
casinos under the Genting Stanley operations. Genting International online gaming business in the later
brand along with higher bad debts. said it had taken steps to address part of the second quarter of 2008.
Net profit came in at S$6.02m the smoking ban, including modi- It received its licence in March
(RM14.1m), down from S$67.55m a fying its casinos ‘where possible’ this year, but the permission to go
year earlier. A host of hurdles in the to enable access to external live is subject to authorities’
UK have the market far less prof- smoking areas. approval of its internal control
itable with higher taxes and the In Singapore, Genting revealed system and gambling equipment.
36 July 2008 • businessnews
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
Produced with Yudu - Publish online for free with YUDU Freedom -