On the heels of new Japanese legislation to legalize casinos, the American Gaming Association welcomed Prime Minister Shinzo Abe and members of the Diet to Washington, DC. The AGA is playing a leading role in informing lawmakers about the casino industry and its potential role in Japanese economic and tourism development, including hosting a May 1 informational briefing in Washington for Diet members and a May 18 roundtable discussion with reporters in Tokyo.
Monthly Archives: April 2015
Louis XIII Holdings said its new property on Cotai will open on July 1st, 2016, slightly ahead of schedule…The group is building an ultra high-end resort featuring 200 rooms, 66 tables and 75 slots.
Casino operator Las Vegas Sands Corp’s chairman, Sheldon Adelson, threatened in a recent meeting with Macau government officials to lay off employees in Macau and reduce the number of shows his company produces…Adelson declared that he would not hesitate to cut the costs incurred by Vegas Sands Macau subsidiary Sands China Ltd if gaming revenue continued to decrease.
There is “no question” that the “atmosphere” in Macau “has changed and become cloudier in terms of predictability and consistency,” said Steve Wynn, chairman and chief executive of Wynn Resorts Ltd, in a conference call with analysts on Tuesday. Mr Wynn also leads the group’s Macau unit Wynn Macau Ltd.
The fortunes of China’s three richest casino owners have fallen by $22 billion in the past 12 months as a government crackdown is leading wealthy Chinese to curtail conspicuous consumption. U.S. billionaires Sheldon Adelson and Steve Wynn have lost more than 20 percent of their net worth since last April while Lui Chee Woo, the Chinese owner of Galaxy Entertainment Group Ltd. has lost almost 40 percent, according to the Bloomberg Billionaires Index…A year ago, Adelson was the world’s 11th-richest person with a $37.3 billion fortune and Lui was ranked 40th with more than $23 billion. Adelson has since fallen 11 spots to No. 25 while Lui has dropped to 108.
SkyCity’s CEO announced that it it making good progress with the government towards finalizing the preliminary design of the New Zealand International Convention Centre…Nigel Morrison said the company and the Crown are in the process of agreeing to a final design of the development, following an 11-week review of the original design. The review was undertaken following confirmation from the Government that it would not be making any financial contribution to the cost of the NZICC.
Best Sunshine International has finally signed a lease agreement with the Department of Public Lands for a parcel of land where the first phase of its $7.1 billion Saipan casino development will be located. The group signed a 40-year lease on the 19,154 sq. m. of public land in Garapan at the site formerly known as Samoan Housing Area with a negotiated and agreed upon appraisal value of $5 million, five times more than the prior appraisal that set its value at $901,000… The Hong Kong-listed firm was granted a 25-year license to build and operate a casino on the largest of the Northern Mariana islands in August last year.
Belle Corporation, an investor in Melco Crown Entertainment’s City of Dreams Manila, said Q1 revenue more than doubled and profit rose, boosted by early operations at the newly opened resort…Revenue was PHP 1.34 billion ($30.2 million), more than double the PHP 558 million recorded in the same period a year ago. Net income rose 22 percent to PHP 378 million, the company said in a Philippine Stock Exchange filing.
David Cameron’s Conservatives will win the most seats and votes in next week’s U.K. election, odds indicate. Yet Ed Miliband will be prime minister, bookmakers say… The odds on a Miliband premiership are 4-7, meaning a successful 7 pound bet wins 4 pounds, William Hill Plc, the biggest U.K. bookmaker, said on Thursday in London. A successful 8 pound bet on David Cameron would win 11 pounds.
Great Canadian Gaming Corp. is asking debt holders to gamble that boosting leverage to reward shareholders will keep the company in the black. To sweeten the offer, the owner of betting parlors and the River Rock Casino Resort near Vancouver is giving investors the chance to receive higher interest-rate coupons over time. The risk is that the odds of a credit-rating upgrade diminish and even a threat of default is likely to rise if more cash flow is directed to shareholders.