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CR75-p16-17-AsiaOcean1&2:SJC-Casino Review 20/12/08 21:27 Page 1
South Korea
to slash
Shares in Kangwon Land, the operator of South Korea’s only casino
to cater to locals, fell on news that the government’s plan to limit
total gambling revenue, including horse racing, lottery tickets and
casinos, to 0.58 per cent of gross domestic product. The plan, which
is likely to eat into Kangwon Land’s profit next year and stagnate
profit the year after, wants to reduce the gambling sector’s earnings
from 0.67 per cent of gross domestic product in the country.
No cash flow problems at
sets sights
Galaxy despite delays
on Indian
As delays hit casino
StarWorld, is still moving in newmarket
projects all over the
the right direction, recording INDIA
earnings before interest, tax,
globe, Hong Kong-
depreciation and amortisa- US-based Thunderbird
based company
tion (EBITDA) of HK$136m Resorts and Daman Hospital-
Galaxy Entertainment
in the third quarter, up from ity are hoping to set up a Rs
HK$112m in the previous 375-crore resort in Daman, on
has said that the
quarter. the west coast of India with a
postponement of its
In further news, Galaxy has casino as its centre-piece.
latest project in
offered to buy back as much The 50/50 partnership is
Macau has nothing
as $350m worth of bonds as looking to build a 200-room
it looked to lower its interest luxury resort complete with a
to do with its own payments and address the Fiesta Casino, covering 40,000
finances and
crunch in the credit market. square feet with 500 slots.
everything to do with
It advised it would buy Thunderbird said in a state-
back all of its $250m guaran- ment: “Thunderbird has
market conditions. teed senior floating rate notes entered into a series of agree-
due in 2010 for $530 per ments with a local Indian
cashisking $1,000 in face value. On top group to jointly own a luxury
CHINA of this it has said it is willing resort in Daman, India that will
to repurchase up to $100m of include at minimum a 5-star
Galaxy Entertainment Group fixed-rate notes due in 2012, hotel, an event centre and
has decided to postpone the offering up to $450 per restaurants and bars, all to be
opening of its new Macau $1,000 face value. operated by Thunderbird
project Galaxy Macau until Peter Caveny, a Galaxy under a long-term manage-
2010 due to the current investor relations official, said ment contract.”
uncertainties in the market. change in our strategy for façade of the property will be resort simple and conven- that the company would like Daman is adjacent to
The huge venue, set to be Cotai. It is a commercial deci- a tribute to South East Asia, ient. to reduce its debt and signifi- Maharashtra State whose
the jewel in Galaxy’s crown, sion motivated by our objec- palatial in its appearance with Three hotels will operate cantly reduce its interest capital is Mumbai (formerly
was originally set to open in tive to achieve a balance a fresh, tropical undertone. in the initial stage, housed in charges ‘given the current Bombay). Daman is a 2-hour
the middle of 2009. In light of between development and Situated adjacent to the two glorious towers with economic environment.’ drive from Mumbai which,
LasVegas Sands’ recent financ- the optimisation of share- Lotus Bridge border crossing, vistas overlooking a lush trop- Countering claims that along with its neighbouring
ing problems which have holder returns.” that feeds directly to the ical environment. Galaxy will buying back bonds at dis- suburbs of Navi and Thane,
brought delays to its own Galaxy said it had no Chinese mainland and linked operate “Tower A” with 1,500 counts could render the has a population exceeding
projects, Galaxy has been doubts over its financing of to the Macau/Taipa Light Rail rooms, and two premium company short of funding, 19m, making it the world’s fifth
keen to advise its own deci- the new property due prima- Transit system with two sepa- internationally branded Caveny said the company had most populous metropolitan
sion has not been forced upon rily the availability of cash on rate terminals located on hotels will operate in “Tower US $774m in cash and that area. Daman also borders
it. “Construction work on hand, credit facilities, income either side of the resort, are B” with an additional 1,000 the company wanted to align Gujarat State, whose popula-
Galaxy Macau continues and generated from its operations on schedule to be completed rooms, all connected directly the opening of Cotai to tion has the highest average
we have revised the develop- and cost cuts. by 2011. The property is also to the casino. The casino will ‘proper market conditions’ GDP per capita in India.
ment schedule to better align Phase One of the 44 five minutes from the Macau have a capacity to accommo- and that the company would Daman is within a 5-hour drive
the opening with market con- hectare total area (106 acres) International Airport and the date up to 700 gaming tables review its capital expendi- of 50m people and within a
ditions as they improve,” it will now be completed by new Pac On Ferry Terminal and 4,000 slots. ture programmes in the first three hour flight of 1 billion
explained. “This is in no way a 2010. The gold and white which makes travel to the Galaxy’s existing casino, or second quarters. people.”
Currently, Goa is the only
place allowed to host casinos.
staffofstrife nology. During the term of the success depends first and fore- A Nasscom study says the
CHINA training programme, enrolled most on our employees. We country’s gaming industry is
employees continue to receive have insisted on exploring poised to grow to about Rs
looks to
Melco Crown Entertainment full pay for part-time work and ways to avoid large-scale 1,800 crore by March 2009
is hoping that offering staff are entitled to a training redundancies and our primary from the present Rs 21 crore.
unpaid leave will allow it to subsidy equivalent to 50 per hope is to keep our employee Ketan Patel, chairman of
avoid large-scale redundan- cent of pay during course days. teams together in the best DHPL, said: “It will be the first
cies. Enrolled employees who suc- shape possible. This will casino in this region. Daman
Employees will be offered cessfully complete the pro- enable us to best deal with the has potential and we plan to
as many as three days of unpaid gramme are guaranteed current turbulence in market target tourists from Gujarat
leave each month and sabbati- promotion at City of Dreams conditions so that when the and neighbouring states like
cals. Chairman Lawrence Ho or Crown Macau. This is not a market revives, as it most Maharashtra. The resort and
said he hoped the move would cost saving initiative but is rep- surely will, MPEL will be best casino operations will com-
‘enable us to best deal with resentative of MPEL’s commit- poised to benefit. This belief is mence by September next
the current turbulence in ment to develop local also aligned with our commit- year. There is an increased
market conditions’. management through an ment to groom employees effort in promoting casinos
“When the market revives, ties for its employees. MPEL increased allocation of with potential by offering addi- among the domestic audi-
as it most surely will, Melco has recently initiated a five resources into training local tional training and fast track- ence. Indians, especially
Crown will be the best poised month “Fast Track” training employees who are commit- ing careers. We will continue Gujaratis, have high dispos-
to benefit,” he explained. programme for local pit super- ted to furthering their careers to invest in the local gaming able income and are consid-
He explained that MPEL visors and dealers, jointly with MPEL. industry and to develop the ered high-spenders. The
places significant emphasis on organised with the Macau Uni- Ho added: “I have always next generation of industry project will change the face of
providing training opportuni- versity of Science and Tech- believed that our long-term management and leaders.” Daman.”
16 January 2009 • asia&oceanianews
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