2007-10-24 12:35 (New York)
PokerStars.net Asia Pacific Poker Tour Brings Poker to Macau
MACAU, Oct. 24, 2007 (PRIME NEWSWIRE) -- PokerStars(http://www.pokerstars.net/), the world's largest online poker site, today announced the first ever real money No-Limit Texas Hold'em poker tournament to be held in the People's Republic of China. The'PokerStars.net Asia Pacific Poker Tour Macau: Asian Poker Open' $2,500 buy-in Main Event, which is being run in conjunction with the Galaxy Entertainment/Grand Waldo Casino group and First Impression Ltd., takes place from November 22-27 at the Grand Waldo Hotel and Casino on the historic Chinese island of Macau.
The luxurious Grand Waldo Hotel and Casino is one of Macau's newest five-star hotel resorts and will offer APPT players and their friends and families an opportunity to explore one of Asia's most fascinating locations. With its wealth of Chinese temples, Portuguese monuments and beautiful gardens, Macau's historic centre has been designated a World Heritage site.
"The Asia Pacific Poker Tour is honoured to be bringing the sport of tournament poker to Macau," said Jeffrey Haas, president of the APPT."Macau is already the world's gaming capital and this historic event diversifies its global attraction by including the APPT's unique brand of poker tourism. It's a significant step forward, not only for theAPPT, but for the growth of poker in Asia."
Several of the most well-known and celebrated poker players are slated to attend the 'APPT Macau: Asian Poker Open' including the high profileTeam PokerStars ambassadors and several of the world's top online players. In addition to the $2,500 Main Event of the APPT Macau, there will also be a $15,000 High Rollers Event and a selection of smaller satellites and side events available. Players from across the world can qualify for all APPT events free at http://www.pokerstars.net/, with online satellite tournaments running daily.
"Poker is experiencing tremendous growth in Asia and we are very excited to be a part of this growth, particularly as the first casino to host live poker in Macau," said Gary Woollard, general manager of Galaxy Grand Waldo Casino. "We are very honored to work with the PokerStars Asia Pacific Poker Tour and First Impression Ltd. to make this a successful event."
"PokerStars is committed to the growth of poker as an international sport," said Sarne Lightman, director of marketing for PokerStars AsiaPacific. "Through our association with poker events such as the European Poker Tour and the APPT, we are able to offer players a unique chance to play and travel across much of the world. Adding Macau to the APPT schedule is a very exciting step forward. There is global interest in the 'Las Vegas of Asia' and we are very proud we can offer players this amazing experience."
The APPT launched this August in Manila, Philippines, with a second event in Seoul, Korea in September. Season 1 will conclude in Decemberwith the Grand Final in Sydney, Australia. All APPT events are filmed for television with the programs distributed globally. More informationon the APPT can be found at http://www.appt.com/.
About PokerStars:
PokerStars (http://www.pokerstars.com/) is the world's largest and most innovative online poker site with more than eleven million players worldwide. PokerStars was the first site to introduce features that became the industry standard and offers the highest levels of security and customer support in the online poker world. To date, PokerStars has dealt out over twelve billion hands and run more than 50 million poker tournaments, awarding well over $7 billion in prize money. PokerStars is the world's largest poker tournament room running over 50,000 tournaments every day. In February 2006, PokerStars.com entered theGuinness Book of World Records as the first poker website ever to reach the 100,000 simultaneous player mark. The PokerStars Sunday Millionweekly event is the largest weekly tournament on the planet with a $1 million guaranteed tournament prize pool.
PokerStars is the title sponsor of the European Poker Tour(http://www.ept.com/) and the PokerStars Caribbean Adventure. Each fall, PokerStars hosts the world's largest online tournament, the World Championship of Online Poker (WCOOP), which last year featured a record prize pool of over $18 million. PokerStars also sponsors major events around the globe, such as the World Cup of Poker and other exciting tournaments. WSOP Champions Chris Moneymaker, Greg Raymer and Joe Hachem lead Team PokerStars and prove the PokerStars credo as the Place Where Poker Players Become World Champions (tm). For more information, go to http://www.pokerstars.com/.
The PokerStars logo is available athttp://www.primenewswire.com/newsroom/prs/?pkgid=3169
CONTACT:
Lotus Public Relations
Press Contact:
Susan Lindner
Susan.lindner@lotus-pr.com
Matt Marcus
matt.marcus@lotus-pr.com
212-922-5885
Thursday, October 25, 2007
Rank Rises on Speculation Bingo Company May Be Bought (Update 1)
2007-10-23 11:55 (New York)
By Hamish Risk and Louisa Nesbitt
Oct. 23 (Bloomberg) -- Rank Group Plc rose 2 percent in London trading on speculation the second-largest owner of U.K. bingo halls may be bought by a rival.
The Maidenhead, England-based company may be an``attractive bid target'' for Ladbrokes Plc and William Hill Plc, Britain's biggest bookmakers, Dresdner Kleinwort analysts said in a research note published yesterday. A takeover may lead to ``significant'' cost savings, Dresdner said.
Rank cut its profit forecast on Oct. 12 after sales at British bingo clubs and casinos suffered following a ban on indoor smoking in England. The shares have fallen 55 percent this year, reducing its market value to 392 million pounds ($803 million). Rank shares climbed 2 pence to 100.5 pence.
Ladbrokes spokesman Ciaran O'Brien declined to comment. A spokeswoman for William Hill and a spokesman for Rank also wouldn't comment. They asked not to be identified.
The company's credit-default swaps, used to protect debt from default or speculate on credit quality, fell 50 basis points to 400 basis points today, according to Deutsche Bank AG. Credit-default swaps fall as perceptions of credit worthiness improve.
--Editor: Jarvis (mno)
_________________________________________________________________________________________
To contact the reporter on this story:Hamish Risk in London (44) 207 673 2928 or hrisk@bloomberg.net;Louisa Nesbitt in Dublin at +353-1-402-9443 or lnesbitt@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin in London at (44) 20 7673 2467 or gserkin@bloomberg.net Keith Campbell at +44-20-7073-3829 or k.campbell@bloomberg.net.
By Hamish Risk and Louisa Nesbitt
Oct. 23 (Bloomberg) -- Rank Group Plc rose 2 percent in London trading on speculation the second-largest owner of U.K. bingo halls may be bought by a rival.
The Maidenhead, England-based company may be an``attractive bid target'' for Ladbrokes Plc and William Hill Plc, Britain's biggest bookmakers, Dresdner Kleinwort analysts said in a research note published yesterday. A takeover may lead to ``significant'' cost savings, Dresdner said.
Rank cut its profit forecast on Oct. 12 after sales at British bingo clubs and casinos suffered following a ban on indoor smoking in England. The shares have fallen 55 percent this year, reducing its market value to 392 million pounds ($803 million). Rank shares climbed 2 pence to 100.5 pence.
Ladbrokes spokesman Ciaran O'Brien declined to comment. A spokeswoman for William Hill and a spokesman for Rank also wouldn't comment. They asked not to be identified.
The company's credit-default swaps, used to protect debt from default or speculate on credit quality, fell 50 basis points to 400 basis points today, according to Deutsche Bank AG. Credit-default swaps fall as perceptions of credit worthiness improve.
--Editor: Jarvis (mno)
_________________________________________________________________________________________
To contact the reporter on this story:Hamish Risk in London (44) 207 673 2928 or hrisk@bloomberg.net;Louisa Nesbitt in Dublin at +353-1-402-9443 or lnesbitt@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin in London at (44) 20 7673 2467 or gserkin@bloomberg.net Keith Campbell at +44-20-7073-3829 or k.campbell@bloomberg.net.
High workloads drive top hotel managers back from Macau
2007-10-23 17:13 (New York)
Poor working conditions and heavy work pressure have encouraged senior Hong Kong hotel management personnel, who were lured to Macau with attractive pay packages at the start of the hotel and casino boom there, to return to the territory.
According to the Federation of Hong Kong Hotel Owners, up to 40 percent of these executives - mostly from four- or five-star hotels who were hired to train hotel employees in the former Portuguese enclave - are now back here. The backflow has put a further strain on Macau's hunt for experienced hotel personnel as the casino boom continues. Most of the executives left Hong Kong hoping to cash in on the boom in Macau, which began shortly after casino magnate Stanley Ho Hung-sun's empire lost its gaming monopoly in 2002 and triggered an invasion by world-renowned casino operators such as Las Vegas Sands, Wynn Resort and Malaysia's Genting Group.
"When the exodus from Hong Kong began around 2004, it was estimated that about 1,000 senior management executives from leading local hotels had left. Now, between 30 and 40 percent of them have returned," federation deputy chairman Clarence Shun Wah said yesterday.
"Despite the attractive salaries offered, many of them found it hard to cope with the extremely heavy workload and some were forced to quit after being on the job for only a few months, while others resigned despite having signed long-term contracts with their employers," he said.
Shun Wah said Macau is now facing an acute shortage of qualified hotel workers to cope with the growing number of hotel rooms available. He said the main grievances of the Hong Kong professionals are that they have to put up with long working hours and extreme work pressure in Macau and, although their salaries are high - usually double that of what they earned in Hong Kong -they have to pay for their own accommodation.
Michael Li Hon-sing, executive director of the federation, said the rate of wastage of hotel workers in Hong Kong has doubled in the past year. According to Shun Wah, the cost of hotel operations has risen by more 5 percent since last year as they fight to retain workers with better pay and work conditions.
Hotel owners said they are highly aware of the threat from Macau, but Hong Kong's quality of services and infrastructure remain far superior to those of Macau.
"Macau hotels are hiring people from everywhere," Shun Wah said. "If you walk into a hotel, you don't know whether you should speak to the workers in Cantonese, English or Mandarin." He said guests were sometimes unable to check in at some of the top hotels after 4 pm because there are just not enough people to make up and clean a room which normally takes about 90 minutes.
Commenting on a proposal by Hong Kong Tourism Board chairman James Tien Pei-chunto conduct courses for hotel professionals in Guangdong for Hong Kong and Macau, the federation said this could be a problem as the demand for qualified hotel personnel in the mainland itself is high.
"Importing mainland talent is also not a simple task," Chan Shuk-fong, federation assistant executive director, said." Our hotels have a lot of quotas left for the Quality Migrant Admission Scheme,"he said. "The screening process is just too tight for them."
Some Hong Kong tertiary institutions, such as the Hong Kong Polytechnic University, offer programs in hotel management, but Chan said they need to be more practical rather than research intensive.
Shun Wah said hotel industry workers need to start with frontline duties and work their way up, but many graduates would prefer to work in the marketing or sales departments, or decline to enter the trade.
Poor working conditions and heavy work pressure have encouraged senior Hong Kong hotel management personnel, who were lured to Macau with attractive pay packages at the start of the hotel and casino boom there, to return to the territory.
According to the Federation of Hong Kong Hotel Owners, up to 40 percent of these executives - mostly from four- or five-star hotels who were hired to train hotel employees in the former Portuguese enclave - are now back here. The backflow has put a further strain on Macau's hunt for experienced hotel personnel as the casino boom continues. Most of the executives left Hong Kong hoping to cash in on the boom in Macau, which began shortly after casino magnate Stanley Ho Hung-sun's empire lost its gaming monopoly in 2002 and triggered an invasion by world-renowned casino operators such as Las Vegas Sands, Wynn Resort and Malaysia's Genting Group.
"When the exodus from Hong Kong began around 2004, it was estimated that about 1,000 senior management executives from leading local hotels had left. Now, between 30 and 40 percent of them have returned," federation deputy chairman Clarence Shun Wah said yesterday.
"Despite the attractive salaries offered, many of them found it hard to cope with the extremely heavy workload and some were forced to quit after being on the job for only a few months, while others resigned despite having signed long-term contracts with their employers," he said.
Shun Wah said Macau is now facing an acute shortage of qualified hotel workers to cope with the growing number of hotel rooms available. He said the main grievances of the Hong Kong professionals are that they have to put up with long working hours and extreme work pressure in Macau and, although their salaries are high - usually double that of what they earned in Hong Kong -they have to pay for their own accommodation.
Michael Li Hon-sing, executive director of the federation, said the rate of wastage of hotel workers in Hong Kong has doubled in the past year. According to Shun Wah, the cost of hotel operations has risen by more 5 percent since last year as they fight to retain workers with better pay and work conditions.
Hotel owners said they are highly aware of the threat from Macau, but Hong Kong's quality of services and infrastructure remain far superior to those of Macau.
"Macau hotels are hiring people from everywhere," Shun Wah said. "If you walk into a hotel, you don't know whether you should speak to the workers in Cantonese, English or Mandarin." He said guests were sometimes unable to check in at some of the top hotels after 4 pm because there are just not enough people to make up and clean a room which normally takes about 90 minutes.
Commenting on a proposal by Hong Kong Tourism Board chairman James Tien Pei-chunto conduct courses for hotel professionals in Guangdong for Hong Kong and Macau, the federation said this could be a problem as the demand for qualified hotel personnel in the mainland itself is high.
"Importing mainland talent is also not a simple task," Chan Shuk-fong, federation assistant executive director, said." Our hotels have a lot of quotas left for the Quality Migrant Admission Scheme,"he said. "The screening process is just too tight for them."
Some Hong Kong tertiary institutions, such as the Hong Kong Polytechnic University, offer programs in hotel management, but Chan said they need to be more practical rather than research intensive.
Shun Wah said hotel industry workers need to start with frontline duties and work their way up, but many graduates would prefer to work in the marketing or sales departments, or decline to enter the trade.
Venetian Macao Casino Attracts Up to 90,000 Visitors Each Day
2007-10-23 00:14 (New York)
By Wendy Leung and Kelvin Wong
Oct. 23 (Bloomberg) -- Las Vegas Sands Corp.'s Venetian Macao, Asia's biggest casino resort, has attracted as many as 90,000 visitors a day in its first two months of operation, the Macau government's tourism office said.
The average daily number of visitors to the resort ranges from 70,000 to 90,000, Yany Kwan, an official of the Chinese territory's tourism office, said in an interview in Macau yesterday.
The $2.4 billion resort opened Aug. 28 in Macau, a former Portuguese enclave about an hour away by ferry from Hong Kong and the only city in China where casino gambling is legal.
Las Vegas Sands said in Sept. 14 the Venetian Macao had received an average of 55,000 visitors daily.
--Editor: Maguire (rlr)
___________________________________________________________________________________
To contact the reporter for this story:Wendy Leung in Hong Kong at +852-2977-6903 or wleung12@bloomberg.netKelvin Wong in Hong Kong at +852-2977-6441 or kwong40@bloomberg.net
To contact the editor responsible for this story:Tom Kohn in Hong Kong at +852-2977-6610 or tkohn@bloomberg.net
By Wendy Leung and Kelvin Wong
Oct. 23 (Bloomberg) -- Las Vegas Sands Corp.'s Venetian Macao, Asia's biggest casino resort, has attracted as many as 90,000 visitors a day in its first two months of operation, the Macau government's tourism office said.
The average daily number of visitors to the resort ranges from 70,000 to 90,000, Yany Kwan, an official of the Chinese territory's tourism office, said in an interview in Macau yesterday.
The $2.4 billion resort opened Aug. 28 in Macau, a former Portuguese enclave about an hour away by ferry from Hong Kong and the only city in China where casino gambling is legal.
Las Vegas Sands said in Sept. 14 the Venetian Macao had received an average of 55,000 visitors daily.
--Editor: Maguire (rlr)
___________________________________________________________________________________
To contact the reporter for this story:Wendy Leung in Hong Kong at +852-2977-6903 or wleung12@bloomberg.netKelvin Wong in Hong Kong at +852-2977-6441 or kwong40@bloomberg.net
To contact the editor responsible for this story:Tom Kohn in Hong Kong at +852-2977-6610 or tkohn@bloomberg.net
Genting Unit Seeks Record Loan for Singapore Casino (Update 1)
2007-10-23 01:38 (New York)
By Denise Kee
Oct. 23 (Bloomberg) -- Genting International Plc, a unit of Asia's biggest casino operator by market value, is seeking to borrow a record S$3.2 billion ($2.2 billion) to fund a casino resort in Singapore, three people with knowledge of the transaction said.
The overseas unit of Kuala Lumpur-based Genting Bhd. is adding to S$2.17 billion raised in a rights offer in August, andS$450 million of convertible bonds it sold in April to partly fund the resort.
Genting International's loan will push lending to Asia's casino industry to about $9.1 billion, more than double the total for last year, according to data compiled by Bloomberg. Lending to the region's industry is set to grow as countries including Japan consider joining Singapore in lifting bans on casinos.
``There are quite a few countries in Asia where gambling is banned,'' said Harsh Agarwal, a credit analyst with LehmanBrothers Holdings Inc. ``If more countries legalize gambling, we should see an increase in bank lending for casinos.''
Las Vegas Sands Corp., the world's largest casino operator by market value, hired eight banks last month to arrange a loanof about S$5 billion for its Singapore gaming resort.
Genting International's loan will be a record for the Singapore-listed company. The gaming operator has yet to pick arrangers, said the people, who declined to be identified because the information is private.
Tan Hee Teck, chief executive officer of Resorts World at Sentosa Pte, Genting International's S$5.2 billion casino project in Singapore, didn't return calls to his office today.
`History in Casinos'
The regulated gambling market in the Asia-Pacific region is expected to expand 15.7 percent a year to $30.3 billion in 2011, according to PricewaterhouseCoopers LLP. The region will replace Europe, the Middle East and Africa as the second-biggest gaming market after the U.S. by 2011, PricewaterhouseCoopers says.
Genting International will be building the casino on Sentosa island, known for its golf courses and beaches. The resort will include Southeast Asia's first Universal Studios theme park. Singapore's government lifted a four-decade ban on casinos two years ago and issued licenses to GentingInternational and Las Vegas Sands.
The Malaysian company said last year that its planned resort in Singapore could draw 10 million tourists a year by2015.
``Bankers will take a lot of comfort in that Genting does have a history in casinos,'' Hong Kong-based Agarwal said in a phone interview. ``Its Malaysia casino is doing quite well. Theywill also draw comfort in how well Macau is doing and howMalaysia is doing well.''
The parent company of Genting International, runs casino-resorts in Malaysia. Genting International also owns the U.K.'s biggest casino-operator, Stanley Leisure Plc. The Kuala Lumpur-based gaming operator has a credit rating of BBB+ from Standard& Poor's Corp., and Baa1 from Moody's Investors Service, the third-lowest investment grade.
--Editor: Unwin (net/lcc/phl/net/lcc)
To contact the reporter on this story:Denise Kee in Singapore at +65-6212-1514or Dkee2@bloomberg.net
To contact the editor responsible for this story:Netty Ismail in Singapore +65-6212-1106 ornismail3@bloomberg.net.
By Denise Kee
Oct. 23 (Bloomberg) -- Genting International Plc, a unit of Asia's biggest casino operator by market value, is seeking to borrow a record S$3.2 billion ($2.2 billion) to fund a casino resort in Singapore, three people with knowledge of the transaction said.
The overseas unit of Kuala Lumpur-based Genting Bhd. is adding to S$2.17 billion raised in a rights offer in August, andS$450 million of convertible bonds it sold in April to partly fund the resort.
Genting International's loan will push lending to Asia's casino industry to about $9.1 billion, more than double the total for last year, according to data compiled by Bloomberg. Lending to the region's industry is set to grow as countries including Japan consider joining Singapore in lifting bans on casinos.
``There are quite a few countries in Asia where gambling is banned,'' said Harsh Agarwal, a credit analyst with LehmanBrothers Holdings Inc. ``If more countries legalize gambling, we should see an increase in bank lending for casinos.''
Las Vegas Sands Corp., the world's largest casino operator by market value, hired eight banks last month to arrange a loanof about S$5 billion for its Singapore gaming resort.
Genting International's loan will be a record for the Singapore-listed company. The gaming operator has yet to pick arrangers, said the people, who declined to be identified because the information is private.
Tan Hee Teck, chief executive officer of Resorts World at Sentosa Pte, Genting International's S$5.2 billion casino project in Singapore, didn't return calls to his office today.
`History in Casinos'
The regulated gambling market in the Asia-Pacific region is expected to expand 15.7 percent a year to $30.3 billion in 2011, according to PricewaterhouseCoopers LLP. The region will replace Europe, the Middle East and Africa as the second-biggest gaming market after the U.S. by 2011, PricewaterhouseCoopers says.
Genting International will be building the casino on Sentosa island, known for its golf courses and beaches. The resort will include Southeast Asia's first Universal Studios theme park. Singapore's government lifted a four-decade ban on casinos two years ago and issued licenses to GentingInternational and Las Vegas Sands.
The Malaysian company said last year that its planned resort in Singapore could draw 10 million tourists a year by2015.
``Bankers will take a lot of comfort in that Genting does have a history in casinos,'' Hong Kong-based Agarwal said in a phone interview. ``Its Malaysia casino is doing quite well. Theywill also draw comfort in how well Macau is doing and howMalaysia is doing well.''
The parent company of Genting International, runs casino-resorts in Malaysia. Genting International also owns the U.K.'s biggest casino-operator, Stanley Leisure Plc. The Kuala Lumpur-based gaming operator has a credit rating of BBB+ from Standard& Poor's Corp., and Baa1 from Moody's Investors Service, the third-lowest investment grade.
--Editor: Unwin (net/lcc/phl/net/lcc)
To contact the reporter on this story:Denise Kee in Singapore at +65-6212-1514or Dkee2@bloomberg.net
To contact the editor responsible for this story:Netty Ismail in Singapore +65-6212-1106 ornismail3@bloomberg.net.
DJ MARKET TALK: Genting Likely Neutral To Founder's Passing
2007-10-23 01:28 (New York)
0528 GMT [Dow Jones] Genting (3182.KU) +0.7% at MYR7.70 but may slip marginally in afternoon trade on news founder Lim Goh Tong passed away, says dealer; Lim was 89 years old.
"The impact on share price is likely to be minimal, at worst. He stopped playing an active role in the management of the company since he retired in 2004," says senior gaming analyst at a local brokerage. Lim Goh Tong's son, Lim Kok Thay took over the reins of the casino and hotels operator.
Associate Resorts World (4715.KU), last +0.5% at MYR3.76, also not expected to react to news, he adds, noting that any weakness in share prices of either stock should be viewed as an opportunity to accumulate.
(VGB) Contact us in Kuala Lumpur. 603 2692 5254; MarketTalk@dowjones.com
(END) Dow Jones Newswires 23-10-07 0528GMT Copyright (c) 2007 Dow Jones & Company, Inc.(AP-DJ-10-23-07 0528GMT)
0528 GMT [Dow Jones] Genting (3182.KU) +0.7% at MYR7.70 but may slip marginally in afternoon trade on news founder Lim Goh Tong passed away, says dealer; Lim was 89 years old.
"The impact on share price is likely to be minimal, at worst. He stopped playing an active role in the management of the company since he retired in 2004," says senior gaming analyst at a local brokerage. Lim Goh Tong's son, Lim Kok Thay took over the reins of the casino and hotels operator.
Associate Resorts World (4715.KU), last +0.5% at MYR3.76, also not expected to react to news, he adds, noting that any weakness in share prices of either stock should be viewed as an opportunity to accumulate.
(VGB) Contact us in Kuala Lumpur. 603 2692 5254; MarketTalk@dowjones.com
(END) Dow Jones Newswires 23-10-07 0528GMT Copyright (c) 2007 Dow Jones & Company, Inc.(AP-DJ-10-23-07 0528GMT)
Two SARs plan closer cooperation on tourism
2007-10-22 17:14 (New York)
Hong Kong and Macau have agreed to negotiate with the mainland government on combining into one the current separate visas for mainland tourists visiting the two cities.The aim is for mainland tourists, under the Individual Visit Scheme, to travel to both places in one trip, according to Hong Kong Tourism Board chairman James Tien Pei-chun who revealed the plan yesterday.
Hong Kong and Macau are not competitors but partners in tourism promotion, Tien said after meeting with Macau Chief Executive Edmund Ho Hau-wah and Macau tourism officials in the neighboring SAR. He said increasingly severe international competition has driven them to embrace their partnership.
The two cities are only separated by water, Tien said. Hong Kong, he said, should position itself as a sight-seeing, shopping and dining capital while Macau will continue to attract tourists with its World Heritage, gaming and entertainment facilities.
Tien added that the rapidly growing gaming industry in Macau and opening of foreign- owned casino resorts such as The Venetian with exhibition facilities will not harm Hong Kong's status.
"Hong Kong has limited convention space," Tien admitted. "We can't hold all exhibitions. There are a lot of facilities in Macau or Guangzhou."I believe it's still beneficial to us if they hold conventions somewhere nearby because they might visit Hong Kong."
Synergy is the theme in the collaboration - the tourism bureaus in both cities will jointly promote tourism and recommend travelers to visit their neighbors. Tien admitted data in the past was not very striking.
Last year two million out of more than 10 million visitors to Hong Kong went toMacau while Hong Kong only attracted 300,000 out of more than 10 million Macau visitors. Tien is optimistic over joint efforts to turn the picture into a potential"win-win" situation.
On the one-visa for mainland tourists plan, Tien is hoping Guangdong would take part in the partnership.The Hong Kong Tourism Board had proposed a one-trip, multiple-stop itinerary for long distance travelers with attractions located in Hong Kong, Macau and Guangdong. He said China Travel Service has shown interest in offering such trips.
Macau's Government Tourist Office director Joo Manuel Costa Antunes said Macau needs manpower, particularly in the tourism and hotel industries.The current Macau population of 400,000 cannot provide enough manpower for its growing needs, and Hong Kong's unemployment rate is slowing down, Tien said. The two tourism chiefs agreed on importing talents from Guangdong to cope with demand.
Tien said he will meet with Guangdong officials to discuss the possibilities for the schemes. He also pointed out a need to speed up the immigration process at ferry piers. He said the boat ride to Macau takes about 45 minutes. But it takes 15 to 30 minutes to pass through immigration.
Tien said Hong Kong and Macau have been partners for more than a decade but his trip highlighted the determination of both governments. Tourism officials will meet quarterly from now to refine the program.
Hong Kong and Macau have agreed to negotiate with the mainland government on combining into one the current separate visas for mainland tourists visiting the two cities.The aim is for mainland tourists, under the Individual Visit Scheme, to travel to both places in one trip, according to Hong Kong Tourism Board chairman James Tien Pei-chun who revealed the plan yesterday.
Hong Kong and Macau are not competitors but partners in tourism promotion, Tien said after meeting with Macau Chief Executive Edmund Ho Hau-wah and Macau tourism officials in the neighboring SAR. He said increasingly severe international competition has driven them to embrace their partnership.
The two cities are only separated by water, Tien said. Hong Kong, he said, should position itself as a sight-seeing, shopping and dining capital while Macau will continue to attract tourists with its World Heritage, gaming and entertainment facilities.
Tien added that the rapidly growing gaming industry in Macau and opening of foreign- owned casino resorts such as The Venetian with exhibition facilities will not harm Hong Kong's status.
"Hong Kong has limited convention space," Tien admitted. "We can't hold all exhibitions. There are a lot of facilities in Macau or Guangzhou."I believe it's still beneficial to us if they hold conventions somewhere nearby because they might visit Hong Kong."
Synergy is the theme in the collaboration - the tourism bureaus in both cities will jointly promote tourism and recommend travelers to visit their neighbors. Tien admitted data in the past was not very striking.
Last year two million out of more than 10 million visitors to Hong Kong went toMacau while Hong Kong only attracted 300,000 out of more than 10 million Macau visitors. Tien is optimistic over joint efforts to turn the picture into a potential"win-win" situation.
On the one-visa for mainland tourists plan, Tien is hoping Guangdong would take part in the partnership.The Hong Kong Tourism Board had proposed a one-trip, multiple-stop itinerary for long distance travelers with attractions located in Hong Kong, Macau and Guangdong. He said China Travel Service has shown interest in offering such trips.
Macau's Government Tourist Office director Joo Manuel Costa Antunes said Macau needs manpower, particularly in the tourism and hotel industries.The current Macau population of 400,000 cannot provide enough manpower for its growing needs, and Hong Kong's unemployment rate is slowing down, Tien said. The two tourism chiefs agreed on importing talents from Guangdong to cope with demand.
Tien said he will meet with Guangdong officials to discuss the possibilities for the schemes. He also pointed out a need to speed up the immigration process at ferry piers. He said the boat ride to Macau takes about 45 minutes. But it takes 15 to 30 minutes to pass through immigration.
Tien said Hong Kong and Macau have been partners for more than a decade but his trip highlighted the determination of both governments. Tourism officials will meet quarterly from now to refine the program.
Marriott Expects China Tourism to Overtake U.S., Ming Pao Says
2007-10-21 21:47 (New York)
By Chia-Peck Wong
Oct. 22 (Bloomberg) -- Marriott International Inc., the world's biggest hotel operator, sees China overtaking the U.S. as the most-visited country by 2020, Ming Pao reported today, citing an interview with Managing Director Ed Fuller.
Fuller said he is ``very optimistic'' about the prospects of tourism growth in China even after the 2008 Beijing Olympics and 2010 Shanghai World Exposition, the Hong Kong-based, Chinese-language newspaper reported.
--Editor: Longid (jhf)
To contact the reporter on this story: Chia-Peck Wong in Hong Kong at +852-2977-6532 or cpwong@bloomberg.net
To contact the editor responsible for this story: Tom Kohn at +852-2977-6610 or tkohn@bloomberg.net
By Chia-Peck Wong
Oct. 22 (Bloomberg) -- Marriott International Inc., the world's biggest hotel operator, sees China overtaking the U.S. as the most-visited country by 2020, Ming Pao reported today, citing an interview with Managing Director Ed Fuller.
Fuller said he is ``very optimistic'' about the prospects of tourism growth in China even after the 2008 Beijing Olympics and 2010 Shanghai World Exposition, the Hong Kong-based, Chinese-language newspaper reported.
--Editor: Longid (jhf)
To contact the reporter on this story: Chia-Peck Wong in Hong Kong at +852-2977-6532 or cpwong@bloomberg.net
To contact the editor responsible for this story: Tom Kohn at +852-2977-6610 or tkohn@bloomberg.net
Tuesday, October 23, 2007
Genting Founder Lim Goh Tong Dies Age 90 After Short Illness
2007-10-23 03:00 (New York)
By Stephanie Phang
Oct. 23 (Bloomberg) -- Lim Goh Tong, who built a hilltop casino in Malaysia and turned it into Asia's biggest publicly traded gaming company, died today. He was 90.
The founder of Kuala Lumpur-based Genting Bhd. and Malaysia's third-richest person, died peacefully after a short illness, his grandson, Justin Leong, said by phone.
Lim, who started out selling vegetable seeds in China, built Malaysia's only licensed casino, risking his life and facing bankruptcy along the way. He created what is now Malaysia's eighth-largest listed company, with interests in gaming, hotels and cruise lines from the U.K. to Hong Kong.
``He's a legend,'' Tan Kai Hee, group managing director atHai-O Enterprise Bhd. and a council member of the Associated Chinese Chambers of Commerce and Industry of Malaysia, said in an interview in February. ``He's an impressive entrepreneur who went through very difficult and challenging times in building his business.''
The tycoon was born in the mountainous Anxi county in China's Fujian province. He was named after the parasol tree, considered auspicious among Chinese, by his maternal grandfather,who hoped the name would bring him good fortune, Lim said in his 2004 autobiography. Forbes in May put his wealth at $4.3 billion.
His father's death forced Lim to leave school and start selling vegetable seeds to support his family at the age of 16. In 1937, he left China for British-controlled Malaya, as the country was then known, where he became a building contractor.
Vegetable Farmer
During the Japanese occupation of Malaya from 1941 to 1945, Lim survived on vegetable farming and petty trading, before switching to dealing in hardware and scrap metal trading, on which he started to build his fortune. Lim, who narrowly escaped being killed by the Japanese during the occupation, said in his biography his brushes with death made him drive himself harder.
After the British returned to Malaya at the end of WorldWar II, Lim benefited from the post-war reconstruction. He bought used machinery tendered after public projects were completed and sold them at higher prices.
Lim, who didn't speak English and had no knowledge of engineering, also ventured into mining and construction. His experience ``and a little layman common sense'' helped him succeed, he wrote in his autobiography.
Enjoying the cool mountain air of a hill station while working on a hydroelectric project in 1963, Lim came up with the idea of building a hilltop resort nearer to Malaysia's capital of Kuala Lumpur. The plan stunned friends and fellow contractors,who warned Lim, then 45 and a successful businessman, against it.
`Against All Odds'
``The Genting project basically fitted my idea of an ideal business,'' Lim wrote. ``No one was interested in it, which meant no competition. I took the plunge against all odds and held on steadfastly.''
He spent seven years developing Genting, laying a road and building a hotel on a 1,800-meter (5,900-foot) hill outside the city. Failing to lure others to join, Lim invested all his money in the project without getting any returns in the seven years it took to build. `
`At one stage, I was teetering on the brink of bankruptcy,'' he wrote.
Lim had support from the government of Malaysia, which gained independence from British rule in 1957. The Malaysian government permitted him to pursue the project and subsidized the road. It also gave Genting a casino license, renewable every quarter, and a six-year tax break for the resort business.
During construction, Lim almost lost his life at least six times from falling trees, driving mishaps and a landslide, according to his autobiography.
`Virgin Jungle'
Genting, which means ``atop the clouds'' in Mandarin, is a complex of hotels, themed casinos, amusement parks, shops and restaurants. The resort attracts more than 18 million visitors a year.
``Besides being a tremendous individual achievement, Lim's success in developing Genting Highlands from virgin jungle into a world-class resort reflects Malaysia's economic progress in the last four decades,'' former Malaysian Prime Minister Mahathir Mohamad said in his foreword to the tycoon's biography.``Even without the advantages of higher education, he has proven that nothing is impossible.''
Lim married Lee Kim Hua in 1944. They had three daughters, three sons and 19 grandchildren, according to his biography. His second son, Lim Kok Thay, is Genting's chief executive officer.
The Genting group now includes Resorts World Bhd., which operates the casino in Malaysia. The group owns casinos in theU.K. and is building Singapore's second casino resort. Genting also has interests in oil palm plantations and power generation.
Kok Thay succeeded his father as president and CEO in 2002, before becoming chairman in December 2003. Genting needed to become a ``global corporation,'' Kok Thay said when he replaced his father as chairman in 2003.
--With reporting by Angus Whitley in Kuala Lumpur. Editor:T.Jordan (lcc)
To contact the reporter on this story:Stephanie Phang in Washington at +60-12-268-5530 or sphang@bloomberg.net
To contact the editor responsible for this story:Tony Jordan at +65-6212-1150 or tjordan3@bloomberg.net.
By Stephanie Phang
Oct. 23 (Bloomberg) -- Lim Goh Tong, who built a hilltop casino in Malaysia and turned it into Asia's biggest publicly traded gaming company, died today. He was 90.
The founder of Kuala Lumpur-based Genting Bhd. and Malaysia's third-richest person, died peacefully after a short illness, his grandson, Justin Leong, said by phone.
Lim, who started out selling vegetable seeds in China, built Malaysia's only licensed casino, risking his life and facing bankruptcy along the way. He created what is now Malaysia's eighth-largest listed company, with interests in gaming, hotels and cruise lines from the U.K. to Hong Kong.
``He's a legend,'' Tan Kai Hee, group managing director atHai-O Enterprise Bhd. and a council member of the Associated Chinese Chambers of Commerce and Industry of Malaysia, said in an interview in February. ``He's an impressive entrepreneur who went through very difficult and challenging times in building his business.''
The tycoon was born in the mountainous Anxi county in China's Fujian province. He was named after the parasol tree, considered auspicious among Chinese, by his maternal grandfather,who hoped the name would bring him good fortune, Lim said in his 2004 autobiography. Forbes in May put his wealth at $4.3 billion.
His father's death forced Lim to leave school and start selling vegetable seeds to support his family at the age of 16. In 1937, he left China for British-controlled Malaya, as the country was then known, where he became a building contractor.
Vegetable Farmer
During the Japanese occupation of Malaya from 1941 to 1945, Lim survived on vegetable farming and petty trading, before switching to dealing in hardware and scrap metal trading, on which he started to build his fortune. Lim, who narrowly escaped being killed by the Japanese during the occupation, said in his biography his brushes with death made him drive himself harder.
After the British returned to Malaya at the end of WorldWar II, Lim benefited from the post-war reconstruction. He bought used machinery tendered after public projects were completed and sold them at higher prices.
Lim, who didn't speak English and had no knowledge of engineering, also ventured into mining and construction. His experience ``and a little layman common sense'' helped him succeed, he wrote in his autobiography.
Enjoying the cool mountain air of a hill station while working on a hydroelectric project in 1963, Lim came up with the idea of building a hilltop resort nearer to Malaysia's capital of Kuala Lumpur. The plan stunned friends and fellow contractors,who warned Lim, then 45 and a successful businessman, against it.
`Against All Odds'
``The Genting project basically fitted my idea of an ideal business,'' Lim wrote. ``No one was interested in it, which meant no competition. I took the plunge against all odds and held on steadfastly.''
He spent seven years developing Genting, laying a road and building a hotel on a 1,800-meter (5,900-foot) hill outside the city. Failing to lure others to join, Lim invested all his money in the project without getting any returns in the seven years it took to build. `
`At one stage, I was teetering on the brink of bankruptcy,'' he wrote.
Lim had support from the government of Malaysia, which gained independence from British rule in 1957. The Malaysian government permitted him to pursue the project and subsidized the road. It also gave Genting a casino license, renewable every quarter, and a six-year tax break for the resort business.
During construction, Lim almost lost his life at least six times from falling trees, driving mishaps and a landslide, according to his autobiography.
`Virgin Jungle'
Genting, which means ``atop the clouds'' in Mandarin, is a complex of hotels, themed casinos, amusement parks, shops and restaurants. The resort attracts more than 18 million visitors a year.
``Besides being a tremendous individual achievement, Lim's success in developing Genting Highlands from virgin jungle into a world-class resort reflects Malaysia's economic progress in the last four decades,'' former Malaysian Prime Minister Mahathir Mohamad said in his foreword to the tycoon's biography.``Even without the advantages of higher education, he has proven that nothing is impossible.''
Lim married Lee Kim Hua in 1944. They had three daughters, three sons and 19 grandchildren, according to his biography. His second son, Lim Kok Thay, is Genting's chief executive officer.
The Genting group now includes Resorts World Bhd., which operates the casino in Malaysia. The group owns casinos in theU.K. and is building Singapore's second casino resort. Genting also has interests in oil palm plantations and power generation.
Kok Thay succeeded his father as president and CEO in 2002, before becoming chairman in December 2003. Genting needed to become a ``global corporation,'' Kok Thay said when he replaced his father as chairman in 2003.
--With reporting by Angus Whitley in Kuala Lumpur. Editor:T.Jordan (lcc)
To contact the reporter on this story:Stephanie Phang in Washington at +60-12-268-5530 or sphang@bloomberg.net
To contact the editor responsible for this story:Tony Jordan at +65-6212-1150 or tjordan3@bloomberg.net.
Macau firm bags pachinko partner
2007-10-21 17:13 (New York)
Gambling business operator Macau Success (0487) plans to step into ventures outside the city after engaging Maruhan Corporation, a Japanese pachinko parlor operator, as a strategic partner in its casino business."We will look at business opportunities in Japan and elsewhere with Maruhan, but our focus will still be Macau," Sonny Yeung Hoi-sing, chairman and controlling shareholder of Macau Success, told The Standard.
Macau Success, operates the casino cruise ship MV Macau Success, which accounted for 90.7 percent of turnover in the six months to March. Kyoto-based Maruhan has agreed to buy an 18.2 percent stake in Macau Success as well as a direct 5 percent interest in the Ponte 16 casino- hotel project, jointly-developed with,and 51 percent-owned by, casino mogul Stanley Ho Hung-sun's Sociedade de Jogosde Macau. The total consideration amounted to HK$796.1 million in cash and loans. Maruhan will have 13 percent interest in Ponte 16."
The cash injection will create synergies for the two companies," Yeung said. "I especially like Maruhan's management ideals."Maruhan is equally confident of Macau Success's capability.
"Las Vegas people do not necessarily know the Chinese mentality well, but I trust Macau Success will make them feel happy," said Han Chang Woo, chairman and chief executive of Maruhan."
We are expanding our entertainment business in Southeast Asian countries such as Cambodia and the Philippines, and [Macau Success] is welcome to join."Macau Success will also consider investing in Zhuhai in ventures such as golf clubs and property together with Maruhan.
Maruhan is one of Japan's largest operators of pachinko parlors, or pin ball machine halls and also runs bowling alleys, golf driving ranges and cinemas.The tie-up with Macau Success is Maruhan's first investment in casino operations, and also marks the first entry by Japanese into Macau's gambling turf. "The relatively small investment is a trial towards further expansion in Macau," Han said.
Yeung said , Ponte 16, situated O Porto Interior (Inner Habour), would draw visitors, as it is surrounded by Wold Heritage sites.The casino is due for completion in December, while the 404-room hotel and shopping center will begin operations in mid-2008. Macau Success closed on Thursday at HK$1.10, down 1.79 percent.
Gambling business operator Macau Success (0487) plans to step into ventures outside the city after engaging Maruhan Corporation, a Japanese pachinko parlor operator, as a strategic partner in its casino business."We will look at business opportunities in Japan and elsewhere with Maruhan, but our focus will still be Macau," Sonny Yeung Hoi-sing, chairman and controlling shareholder of Macau Success, told The Standard.
Macau Success, operates the casino cruise ship MV Macau Success, which accounted for 90.7 percent of turnover in the six months to March. Kyoto-based Maruhan has agreed to buy an 18.2 percent stake in Macau Success as well as a direct 5 percent interest in the Ponte 16 casino- hotel project, jointly-developed with,and 51 percent-owned by, casino mogul Stanley Ho Hung-sun's Sociedade de Jogosde Macau. The total consideration amounted to HK$796.1 million in cash and loans. Maruhan will have 13 percent interest in Ponte 16."
The cash injection will create synergies for the two companies," Yeung said. "I especially like Maruhan's management ideals."Maruhan is equally confident of Macau Success's capability.
"Las Vegas people do not necessarily know the Chinese mentality well, but I trust Macau Success will make them feel happy," said Han Chang Woo, chairman and chief executive of Maruhan."
We are expanding our entertainment business in Southeast Asian countries such as Cambodia and the Philippines, and [Macau Success] is welcome to join."Macau Success will also consider investing in Zhuhai in ventures such as golf clubs and property together with Maruhan.
Maruhan is one of Japan's largest operators of pachinko parlors, or pin ball machine halls and also runs bowling alleys, golf driving ranges and cinemas.The tie-up with Macau Success is Maruhan's first investment in casino operations, and also marks the first entry by Japanese into Macau's gambling turf. "The relatively small investment is a trial towards further expansion in Macau," Han said.
Yeung said , Ponte 16, situated O Porto Interior (Inner Habour), would draw visitors, as it is surrounded by Wold Heritage sites.The casino is due for completion in December, while the 404-room hotel and shopping center will begin operations in mid-2008. Macau Success closed on Thursday at HK$1.10, down 1.79 percent.
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