A company led by a Taiwan businessman, who argues that in 2001 he proposed being senior partner in a joint venture with Las Vegas Sands Corp to get a Macau gaming licence, has voluntarily withdrawn a lawsuit on the issue previously filed on July 9 with the U.S. District Court in Nevada. The lawsuit against Las Vegas Sands was claiming intellectual ownership of as much as 72.5 percent of the US$20 billion-plus profits the plaintiff estimated the gaming operator has made in Macau since the award of its gaming rights there in 2002.
Monthly Archives: December 2014
Almost 1.17 million package tourists visited Macau last month, 51 percent more than a year earlier… .visitors from the mainland on package tours rose by 71 percent…. Some 902,000 people stayed in Macau’s hotels or guesthouses last month, 2 percent more than a year earlier, meaning the average occupancy rate of hotels and guesthouses grew by 2 percentage points to 90 percent.
In a reply to a legislator’s written enquiry, the government says it has handled a total of 18 cases related to illegal advertisement postings of gaming activities from the beginning of last year to the present… As regulated by local law No. 7/89/M, advertisements that feature gaming activities as their main content are banned in the city
Macau’s gambling regulator tightened its assessment of agents who bring in high rollers to its casinos, as the Chinese government heightened control over money flow into the territory. Macau’s Gaming Inspection and Coordination Bureau (DICJ) recently issued a letter to junket operators “reminding” them to submit documents which prove that their agents have no criminal record, spokeswoman Wendy Wong said over the phone. There are no new rules, she said.
The year 2014 was a challenging one for the six Macau-based casino operators, as their stock prices took a huge beating in Hong Kong trading. All the six firms saw their market capitalization decrease by at least one third in 2014 according to data from Reuters, as the relatively lackluster performance of the Macau gaming sector compared to previous years led to sell offs by some investors. Monthly gross gaming revenue in Macau has been decreasing since June as measured in year-on-year terms… SJM Holdings Ltd had the worse stock performance among Macau-based casino operators in 2014. The value of its stocks went down by 52 percent.
City of Dreams in Manila has opened the second PokerStars live poker room in Asia. In a statement, PokerStars said it has launched a branded, live poker room at the newest integrated casino resort in the Philippines.
A casino and hotel project allegedly planned for a disputed border area has sparked a military standoff between Thailand and its neighbor Cambodia. The tension relates to a piece of land near a temporary border crossing at Chong Am Ma… Both countries claim the wedge of land as sovereign territory, although its ownership is linked to a wider border row, lasting at least a century, over the nearby Preah Vihear Temple complex. The English-language media outlet said the simmering border row came to the boil again after Cambodian authorities allegedly moved in equipment near Chong Am Ma as part of a project to build a casino and a hotel, develop a local market and expand roads.
Bangkok police authorities have been rocked by news of corruption and bribery relating to betting on football. Yesterday four police officers turned themselves in after receiving charges of taking bribes from a gambling network run by the Abubakar bin Sulaiman gang. The four police officers are among fourteen suspects whom arrest warrants were issued last week relating to bribery and corruption charges by the Thai Police Bureau.
Japanese pachinko hall operator Niraku GC Holdings Inc has applied to float its shares at the Hong Kong Stock Exchange, with a view to raising between US$100 million (about MOP800 million) and US$200 million. Niraku GC’s application says it would spend the proceeds on opening five new pachinko halls in Japan over the next two years, and on information technology systems. The company already has 54 pachinko halls.
The year 2015 will see initial-phase openings for two new Macau casino resorts the first events of that type since Sands Cotai Central launched in April 2012. There will also be a clutch of new launches in secondary Asian markets. Macau’s two 2015 openings both on Cotai are Galaxy Entertainment Group Ltd’s Galaxy Macau Phase 2 and that for Melco Crown Entertainment Ltd’s majority-owned Studio City. The two projects combined involve around US$5 billion in capital spending, and the openings are only months away… The first Asian opening of 2015 outside Macau is really a ‘semi-opening’. Melco Crown-operated City of Dreams Manila… Entertainment City… Kazuo Okada’s US$2 billion Manila Bay Resorts casino property… hoped to open the property by “end 2015″… in the Russian Far East, another planned 2015 opening is a casino scheme… near the port city of Vladivostok.