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.
Internet Gambling Act Should Be Scrapped: Joe Saumarez-Smith
2007-10-19 00:06 (New York)
Commentary by Joe Saumarez Smith
Oct. 19 (Bloomberg) -- A year ago last Saturday, PresidentGeorge W. Bush signed the Unlawful Internet Gambling EnforcementAct and online gambling was banned in the U.S.
At least, that was the intention. Twelve months later,there are just as many people gambling online, if not more. Many bettors don't even know the law was changed, partly because it was tacked on as an amendment to a measure aimed at increasing port security.
The biggest difference now is that the companies offering online gambling are privately held and operate out of countries where it is impossible to know who controls them; if you had ahuge win, then the risk of not being paid is probably much higher. The major public companies that used to offer online betting to Americans, such as Party Gaming Plc, 888 Holdings Plc and Sportingbet Plc, all quit the U.S. market last October at a cost of several billion dollars to their shareholders.
America's banks and financial institutions were given 270 days from the passage of the law to block gambling transactions. The detailed rules on how to do this and how to spot a gambling transaction are still to be completed. As a result, online poker rooms, sports bookies and casinos are still able to get money from and send money to their customers, albeit not as easily as a year ago.
Meanwhile, Americans are free to place online bets on lotteries and horse racing as those forms of gambling were deemed legal. They can also visit any number of legal casinos, poker rooms, race tracks or Off Track Betting centers, and playstate lotteries.
The situation is, in short, a mess.
Unrealistic Bans
As America learned during Prohibition, some bans are unrealistic. The online gambling law shows that legislators weren't paying enough attention in history class.
At least Prohibition aimed to prevent the consumption of alcohol across the U.S. without exceptions. Banning some types of online gambling while allowing exemptions for lotteries and horse racing is protectionism of the worst kind.
The law criminalized those it described as being ``in the business of betting'' and made it illegal to handle money for the purpose of online gambling. That means individuals still aren't breaching any federal law by placing bets.
The daily number of poker players online worldwide was about 34,000 in September, down less than half a percentage point from a year earlier, according to Dennis Boyko at Poker Pulse.com in Vancouver. Poker players online in the U.S.have dropped only slightly, said Boyko, who has monitored the number of online players since January 2003.
Gambling Addiction
The law's supporters argued that banning online gambling would lower levels of gambling addiction.
``We do not see any decrease in the number of online gamblers seeking help, and anecdotally we see an increase,''said Kevin Whyte, executive director of the National Council on Problem Gambling in Washington.
``As with alcohol and drugs, prohibition of online gambling is one of the most ineffective ways of addressing a public health problem.''
The law may have made it harder for children to gamble online.
Dan Romer, research director of the Adolescent RiskCommunication Institute of the Annenberg Public Policy Center, said its annual survey shows a reduction in underage gamblers on the Internet.
``It is simply harder for children to get their bets on online because it is more difficult to deposit now,'' he said.
World Trade Organization
There is a small chance that the U.S. may be forced to repeal the law. The Antiguan government, which licensed many of the online sports bookies targeting the American market, has taken the U.S. to the World Trade Organization, arguing that anti-gambling laws restrict free trade. The WTO agreed, but the Americans have so far ignored the rulings. The U.S. may be forced to change its stance once WTO sanctions start to bite.
If legislators were brave, they would use the WTO ruling as an excuse to reverse the Unlawful Internet Gambling Enforcement Act and instead legalize and tax the online gambling industry. That would allow the U.S. government to know who was offering its citizens the chance to gamble, and to impose rules and restrictions that would prevent children and vulnerable groups from placing bets. It would also generate vast tax revenues.
Oddly, perhaps the biggest opponents of legalizing online gambling are the major sports leagues and organizations. TheNational Football League and National Collegiate Athletic Association are the most vocal of these, believing that betting may taint their sports.
Legalize It
The leagues ignore the fact that in pretty much every town across the U.S. you can place a bet at a local bar or barbershop and that the people who suffer financially when a game is fixed are the bookmakers, who have to pay out the winnings.
Almost all the point-shaving scandals of recent years have been uncovered because Las Vegas bookies noticed unusual betting patterns and pointed them out to the relevant authorities. If all betting could be done through legal channels, then these markets would be easier to police.
Laws that are either widely disobeyed or unworkable are bad laws. A year after its passing, the Unlawful Internet Gambling Enforcement Act is both disobeyed and unworkable.
The sooner it's scrapped, the better.
(Joe Saumarez-Smith is chief executive officer of SportsGaming, a U.K. management consulting firm to the gamingindustry. He also owns European online bingo companies and oddscomparison Web sites. The opinions expressed are his own.)
--Editors: Z. Smith (rjw/cus/smw).
To contact the writer of this column:Joe Saumarez-Smith at jssmith15@bloomberg.net
To contact the editor responsible for this column:Zimri Smith at +44-20-7330-7114 or zsmith@bloomberg.net
Commentary by Joe Saumarez Smith
Oct. 19 (Bloomberg) -- A year ago last Saturday, PresidentGeorge W. Bush signed the Unlawful Internet Gambling EnforcementAct and online gambling was banned in the U.S.
At least, that was the intention. Twelve months later,there are just as many people gambling online, if not more. Many bettors don't even know the law was changed, partly because it was tacked on as an amendment to a measure aimed at increasing port security.
The biggest difference now is that the companies offering online gambling are privately held and operate out of countries where it is impossible to know who controls them; if you had ahuge win, then the risk of not being paid is probably much higher. The major public companies that used to offer online betting to Americans, such as Party Gaming Plc, 888 Holdings Plc and Sportingbet Plc, all quit the U.S. market last October at a cost of several billion dollars to their shareholders.
America's banks and financial institutions were given 270 days from the passage of the law to block gambling transactions. The detailed rules on how to do this and how to spot a gambling transaction are still to be completed. As a result, online poker rooms, sports bookies and casinos are still able to get money from and send money to their customers, albeit not as easily as a year ago.
Meanwhile, Americans are free to place online bets on lotteries and horse racing as those forms of gambling were deemed legal. They can also visit any number of legal casinos, poker rooms, race tracks or Off Track Betting centers, and playstate lotteries.
The situation is, in short, a mess.
Unrealistic Bans
As America learned during Prohibition, some bans are unrealistic. The online gambling law shows that legislators weren't paying enough attention in history class.
At least Prohibition aimed to prevent the consumption of alcohol across the U.S. without exceptions. Banning some types of online gambling while allowing exemptions for lotteries and horse racing is protectionism of the worst kind.
The law criminalized those it described as being ``in the business of betting'' and made it illegal to handle money for the purpose of online gambling. That means individuals still aren't breaching any federal law by placing bets.
The daily number of poker players online worldwide was about 34,000 in September, down less than half a percentage point from a year earlier, according to Dennis Boyko at Poker Pulse.com in Vancouver. Poker players online in the U.S.have dropped only slightly, said Boyko, who has monitored the number of online players since January 2003.
Gambling Addiction
The law's supporters argued that banning online gambling would lower levels of gambling addiction.
``We do not see any decrease in the number of online gamblers seeking help, and anecdotally we see an increase,''said Kevin Whyte, executive director of the National Council on Problem Gambling in Washington.
``As with alcohol and drugs, prohibition of online gambling is one of the most ineffective ways of addressing a public health problem.''
The law may have made it harder for children to gamble online.
Dan Romer, research director of the Adolescent RiskCommunication Institute of the Annenberg Public Policy Center, said its annual survey shows a reduction in underage gamblers on the Internet.
``It is simply harder for children to get their bets on online because it is more difficult to deposit now,'' he said.
World Trade Organization
There is a small chance that the U.S. may be forced to repeal the law. The Antiguan government, which licensed many of the online sports bookies targeting the American market, has taken the U.S. to the World Trade Organization, arguing that anti-gambling laws restrict free trade. The WTO agreed, but the Americans have so far ignored the rulings. The U.S. may be forced to change its stance once WTO sanctions start to bite.
If legislators were brave, they would use the WTO ruling as an excuse to reverse the Unlawful Internet Gambling Enforcement Act and instead legalize and tax the online gambling industry. That would allow the U.S. government to know who was offering its citizens the chance to gamble, and to impose rules and restrictions that would prevent children and vulnerable groups from placing bets. It would also generate vast tax revenues.
Oddly, perhaps the biggest opponents of legalizing online gambling are the major sports leagues and organizations. TheNational Football League and National Collegiate Athletic Association are the most vocal of these, believing that betting may taint their sports.
Legalize It
The leagues ignore the fact that in pretty much every town across the U.S. you can place a bet at a local bar or barbershop and that the people who suffer financially when a game is fixed are the bookmakers, who have to pay out the winnings.
Almost all the point-shaving scandals of recent years have been uncovered because Las Vegas bookies noticed unusual betting patterns and pointed them out to the relevant authorities. If all betting could be done through legal channels, then these markets would be easier to police.
Laws that are either widely disobeyed or unworkable are bad laws. A year after its passing, the Unlawful Internet Gambling Enforcement Act is both disobeyed and unworkable.
The sooner it's scrapped, the better.
(Joe Saumarez-Smith is chief executive officer of SportsGaming, a U.K. management consulting firm to the gamingindustry. He also owns European online bingo companies and oddscomparison Web sites. The opinions expressed are his own.)
--Editors: Z. Smith (rjw/cus/smw).
To contact the writer of this column:Joe Saumarez-Smith at jssmith15@bloomberg.net
To contact the editor responsible for this column:Zimri Smith at +44-20-7330-7114 or zsmith@bloomberg.net
Melco, Partners Will Inject Lottery Assets Into Wafer Systems
2007-10-22 00:51 (New York)
By Kelvin Wong
Oct. 22 (Bloomberg) -- Melco International Development Ltd., the investor in Macau casinos and gaming technology, and two partners will inject HK$668 million ($86 million) of lottery assets into Hong Kong's Wafer Systems Ltd.
The group, comprised of Melco, Taiwan-listed Firich Enterprises Co. and Singapore-listed Lott Vision Ltd., will inject its Asian lottery business into Wafer Systems, a Hong Kong-listed company, Melco said in a statement to the city's stock exchange yesterday. Wafer will pay for the assets with new shares and convertible bonds.
After the transaction, the three companies will collectively hold 19.5 percent of Wafer Systems, the statement said. Melco will own 55 percent of that stake, Firich 27 percent and Lott Vision 18 percent, it said.
Wafer Systems, suspended since Oct. 8, soared as much as 39 percent on resuming trade today after announcing the deal, which will give it control of companies that make and sell lottery machines in China, South Korea and India. The stock traded atHK$2, up 21 percent, at the 12:30 p.m. lunch break in Hong Kong.
Melco, controlled by Macau gaming magnate Stanley Ho's son Lawrence Ho, had its biggest drop in more than seven months inHong Kong trading today. The shares fell 7.9 percent to HK$14.26, after falling as much as 9.4 percent earlier.
--Editor: Fellman (frl)
To contact the reporter for this story:Kelvin Wong in Hong Kong at +852-2977-6441 or kwong40@bloomberg.net
To contact the editor responsible for this story:Tom Kohn at +852-2977-6610 or tkohn@bloomberg.net
By Kelvin Wong
Oct. 22 (Bloomberg) -- Melco International Development Ltd., the investor in Macau casinos and gaming technology, and two partners will inject HK$668 million ($86 million) of lottery assets into Hong Kong's Wafer Systems Ltd.
The group, comprised of Melco, Taiwan-listed Firich Enterprises Co. and Singapore-listed Lott Vision Ltd., will inject its Asian lottery business into Wafer Systems, a Hong Kong-listed company, Melco said in a statement to the city's stock exchange yesterday. Wafer will pay for the assets with new shares and convertible bonds.
After the transaction, the three companies will collectively hold 19.5 percent of Wafer Systems, the statement said. Melco will own 55 percent of that stake, Firich 27 percent and Lott Vision 18 percent, it said.
Wafer Systems, suspended since Oct. 8, soared as much as 39 percent on resuming trade today after announcing the deal, which will give it control of companies that make and sell lottery machines in China, South Korea and India. The stock traded atHK$2, up 21 percent, at the 12:30 p.m. lunch break in Hong Kong.
Melco, controlled by Macau gaming magnate Stanley Ho's son Lawrence Ho, had its biggest drop in more than seven months inHong Kong trading today. The shares fell 7.9 percent to HK$14.26, after falling as much as 9.4 percent earlier.
--Editor: Fellman (frl)
To contact the reporter for this story:Kelvin Wong in Hong Kong at +852-2977-6441 or kwong40@bloomberg.net
To contact the editor responsible for this story:Tom Kohn at +852-2977-6610 or tkohn@bloomberg.net
Friday, October 19, 2007
Maruhan buys into Macau Success
Neil Gough
Updated on Oct 19, 2007
VIP gaming hall operator Sonny Yeung Hoi-sing's Macau Success
yesterday said major Japanese pachinko parlour operator Maruhan
Corp would pay HK$796.14 million for a minority stake in the company
and its increasingly expensive Ponte 16 casino hotel project.
Maruhan becomes the first Japanese gaming firm to buy into a Macau
casino and will acquire 18.2 per cent of Macau Success and a direct 5
per cent stake in Ponte 16 which is being developed in partnership with
gaming magnate Stanley Ho Hung-sun's Sociedade de Jogos de Macau
(SJM).
The deal is the second time in the past week that a foreign investor has
bought a stake in a Macau gaming firm. Last week, British private equity
giant Permira Advisers agreed to pay HK$6.5 billion for a 20 per cent
interest in property and construction tycoon Lui Che-woo's Galaxy
Entertainment Group.
Macau Success yesterday announced that the total investment for
Ponte 16, which opens in phases from next month and includes a 404-
room Sofitel hotel, was HK$3.1 billion, a 29 per cent increase over the
previously announced building cost of HK$2.4 billion.
Management said the increase was not the result of construction cost
overruns but due to revised budgeting to include the cost of gaming
equipment, start-up capital and related expenses.
Maruhan is one of Japan's largest pachinko operators, with sales of
HK$120 billion and an operating profit of HK$2 billion in the year to
March. The Kyoto-based firm employs 9,000 people and operates 209
retail outlets across the country with a total of 118,451 pachinko and slot
machines.
Macau Success earlier this month agreed to sell 220 million new shares
or 9.1 per cent of enlarged share capital to the Japanese company at
HK$1.062 per share for a total of HK$233.64 million. Maruhan
subsequently purchased an additional 220 million existing shares or 9.2
per cent of the Macau firm on the open market for HK$1.08 per share, a
total HK$237.6 million.
In addition to buying shares in Macau Success, privately held Maruhan
will pay HK$324.9 million in cash and loans for a direct 5 per cent stake
in the Ponte 16 project. Following the deals, Ponte 16 will be 51 per
cent owned by SJM, with Macau Success' stake reduced to 44 per cent
and Maruhan's at 5 per cent. The Japanese firm's attributable interest in
the project rises to 13 per cent when its 18.2 stake in Macau Success is
factored in.
Mr Yeung's private Success Universe Group retains a 40.8 per cent
stake in Macau Success, with the remaining 41 per cent held by public
and institutional investors.
Macau Success management said the first phase of Ponte 16 would
open next month with 120 mass market gaming tables, 10 high-limit
tables and 340 slot machines in its main casino hall. More than 100 of
the 404 hotel rooms will be ready upon opening, with the rest coming on
stream by the end of the year as fitting-out work is completed.
___________________________________________________________________
Copyright © 2007 South China Morning Post Publishers Ltd. All right reserved
Updated on Oct 19, 2007
VIP gaming hall operator Sonny Yeung Hoi-sing's Macau Success
yesterday said major Japanese pachinko parlour operator Maruhan
Corp would pay HK$796.14 million for a minority stake in the company
and its increasingly expensive Ponte 16 casino hotel project.
Maruhan becomes the first Japanese gaming firm to buy into a Macau
casino and will acquire 18.2 per cent of Macau Success and a direct 5
per cent stake in Ponte 16 which is being developed in partnership with
gaming magnate Stanley Ho Hung-sun's Sociedade de Jogos de Macau
(SJM).
The deal is the second time in the past week that a foreign investor has
bought a stake in a Macau gaming firm. Last week, British private equity
giant Permira Advisers agreed to pay HK$6.5 billion for a 20 per cent
interest in property and construction tycoon Lui Che-woo's Galaxy
Entertainment Group.
Macau Success yesterday announced that the total investment for
Ponte 16, which opens in phases from next month and includes a 404-
room Sofitel hotel, was HK$3.1 billion, a 29 per cent increase over the
previously announced building cost of HK$2.4 billion.
Management said the increase was not the result of construction cost
overruns but due to revised budgeting to include the cost of gaming
equipment, start-up capital and related expenses.
Maruhan is one of Japan's largest pachinko operators, with sales of
HK$120 billion and an operating profit of HK$2 billion in the year to
March. The Kyoto-based firm employs 9,000 people and operates 209
retail outlets across the country with a total of 118,451 pachinko and slot
machines.
Macau Success earlier this month agreed to sell 220 million new shares
or 9.1 per cent of enlarged share capital to the Japanese company at
HK$1.062 per share for a total of HK$233.64 million. Maruhan
subsequently purchased an additional 220 million existing shares or 9.2
per cent of the Macau firm on the open market for HK$1.08 per share, a
total HK$237.6 million.
In addition to buying shares in Macau Success, privately held Maruhan
will pay HK$324.9 million in cash and loans for a direct 5 per cent stake
in the Ponte 16 project. Following the deals, Ponte 16 will be 51 per
cent owned by SJM, with Macau Success' stake reduced to 44 per cent
and Maruhan's at 5 per cent. The Japanese firm's attributable interest in
the project rises to 13 per cent when its 18.2 stake in Macau Success is
factored in.
Mr Yeung's private Success Universe Group retains a 40.8 per cent
stake in Macau Success, with the remaining 41 per cent held by public
and institutional investors.
Macau Success management said the first phase of Ponte 16 would
open next month with 120 mass market gaming tables, 10 high-limit
tables and 340 slot machines in its main casino hall. More than 100 of
the 404 hotel rooms will be ready upon opening, with the rest coming on
stream by the end of the year as fitting-out work is completed.
___________________________________________________________________
Copyright © 2007 South China Morning Post Publishers Ltd. All right reserved
Festival-Macau
2007-10-18 10:15 (New York)
Festival-Macau
MACAU AIMS TO ATTRACT 400,000 MALAYSIAN TOURISTS THIS YEAR
KUALA LUMPUR, Oct 18 (Bernama) -- Relatively unknown to most
Malaysians, Macau aims to double the arrival of Malaysian tourists to the
state to 400,000 this year through aggressive marketing and promotion.
The Macau Government Tourist Office (MGTO) Representative in Malaysia,
Tunku Iskandar Tunku Abdullah, who is also Pacific Travel's group
president, said they aimed to attract more Malaysian Muslims to the state
too.
He said at present Macau was visited mostly by Malaysian Chinese due to
the belief that most tourism products offered by the state were not
attractive enough for non-Chinese.
To change the perception, a four-day festival was held by MGTO at The
Curve Piazza, Mutiara Damansara, here to provide Malaysians a glimpse of
the unique blend of Western and Oriental cultures of Macau, he said.
"As we all know, Chinese are the main visitors of Macau, but through
this festivals, we hope we can create greater awareness to the general
public, including to the non-Chinese that there are more places that you
can visit and enjoy yourselves, including the theme park and shopping
complexes," he told reporters after launching the festival, here today.
He pointed out that contrary to some beliefs, it was not difficult to
get halal food in Macau as there were Muslim restaurants as well as
mosques.
"The number of halal restaurants is expected to increase as the state
is currently promoting its products in the Middle East," he said.
He added that last year, Macau had received 202,821 tourists from
Malaysia while for the first nine months of this year, a total of 256,264
Malaysians had visited the state.
The festival which began today offers, among others, various cultural
performances such as Portuguese Dances, Chinese Acrobatics and Chinese
Opera performances, which are part of the Macau culture.
Apart from experiencing the uniqueness of the Macau culture, visitors
to the festival also have the opportunity to find the best deal to visit
Macau as six travel agents have set up booths offering attractive holiday
and travel packages.
-- BERNAMA
Festival-Macau
MACAU AIMS TO ATTRACT 400,000 MALAYSIAN TOURISTS THIS YEAR
KUALA LUMPUR, Oct 18 (Bernama) -- Relatively unknown to most
Malaysians, Macau aims to double the arrival of Malaysian tourists to the
state to 400,000 this year through aggressive marketing and promotion.
The Macau Government Tourist Office (MGTO) Representative in Malaysia,
Tunku Iskandar Tunku Abdullah, who is also Pacific Travel's group
president, said they aimed to attract more Malaysian Muslims to the state
too.
He said at present Macau was visited mostly by Malaysian Chinese due to
the belief that most tourism products offered by the state were not
attractive enough for non-Chinese.
To change the perception, a four-day festival was held by MGTO at The
Curve Piazza, Mutiara Damansara, here to provide Malaysians a glimpse of
the unique blend of Western and Oriental cultures of Macau, he said.
"As we all know, Chinese are the main visitors of Macau, but through
this festivals, we hope we can create greater awareness to the general
public, including to the non-Chinese that there are more places that you
can visit and enjoy yourselves, including the theme park and shopping
complexes," he told reporters after launching the festival, here today.
He pointed out that contrary to some beliefs, it was not difficult to
get halal food in Macau as there were Muslim restaurants as well as
mosques.
"The number of halal restaurants is expected to increase as the state
is currently promoting its products in the Middle East," he said.
He added that last year, Macau had received 202,821 tourists from
Malaysia while for the first nine months of this year, a total of 256,264
Malaysians had visited the state.
The festival which began today offers, among others, various cultural
performances such as Portuguese Dances, Chinese Acrobatics and Chinese
Opera performances, which are part of the Macau culture.
Apart from experiencing the uniqueness of the Macau culture, visitors
to the festival also have the opportunity to find the best deal to visit
Macau as six travel agents have set up booths offering attractive holiday
and travel packages.
-- BERNAMA
Melco PBL Entertainment Plans to Offer Shares in U.S. (Update 1)
2007-10-18 14:27 (New York)
By Charles W. Stevens
Oct. 18 (Bloomberg) -- Melco PBL Entertainment (Macau)
Ltd., a casino venture between Lawrence Ho and Australian
billionaire James Packer, plans to raise as much as $800 million
in an offering of American depositary shares.
Proceeds from the sale will be used for its Macau Peninsula
project, the Hong Kong-based company said today in a Securities
and Exchange Commission filing.
Each share will represent three ordinary shares and trade
on the Nasdaq Global Market, Melco said.
Melco operates the Crown Macau Hotel Casino.
--Editor: Stevens (cmm)
To contact the reporter on this story:
Charles W. Stevens in New York +1-212-617-2652 or
cstevens@bloomberg.net.
To contact the editor responsible for this story:
Michael Nol at +1-212-617-2384 or mnol@bloomberg.net.
By Charles W. Stevens
Oct. 18 (Bloomberg) -- Melco PBL Entertainment (Macau)
Ltd., a casino venture between Lawrence Ho and Australian
billionaire James Packer, plans to raise as much as $800 million
in an offering of American depositary shares.
Proceeds from the sale will be used for its Macau Peninsula
project, the Hong Kong-based company said today in a Securities
and Exchange Commission filing.
Each share will represent three ordinary shares and trade
on the Nasdaq Global Market, Melco said.
Melco operates the Crown Macau Hotel Casino.
--Editor: Stevens (cmm)
To contact the reporter on this story:
Charles W. Stevens in New York +1-212-617-2652 or
cstevens@bloomberg.net.
To contact the editor responsible for this story:
Michael Nol at +1-212-617-2384 or mnol@bloomberg.net.
Publishing & Broadcasting to Proceed With Asset Split (Update 1)
2007-10-17 04:30 (New York)
By Robert Fenner
Oct. 17 (Bloomberg) -- Publishing & Broadcasting Ltd., Australia's largest casino owner, will proceed with plans to split its media and gaming assets into separate companies after gaining court approval for a shareholder vote.
The board has unanimously recommended the split with shareholders to vote on the plan on Nov. 23, Sydney-based Publishing & Broadcasting said in a statement today. KPMG Corporate Finance, an adviser to the company, said the separation is in the best interests of shareholders.
Publishing & Broadcasting, controlled by Australia's richest man James Packer, is going ahead with the split after gaining clarification from the government on how its plan to return
A$2 billion ($1.8 billion) to shareholders will be taxed.
The proposal ``will provide shareholders with a unique opportunity to participate in a world class gaming company and a strong and growing pure-play media company,'' Packer said in the statement.
Publishing & Broadcasting shares fell 11 cents to A$20.14 at the 4:10 p.m. close of trading in Sydney, extending this year's loss to 5.7 percent. The announcement was made after the market closed.
The company had deferred the vote two days ago after theMinister for Revenue said there may be changes to the way such splits are treated.
The minister has since clarified his remarks and the mooted changes won't apply to deals announced to the Australian Stock Exchange before Oct. 13. The company revealed its plans on May 8.
Split Plan
Under its proposal, investors will receive one share in each of the new companies, to be known as Consolidated Media Holdings and Crown, as well as A$3 cash for every Publishing & Broadcasting share they own.
Packer's family company, Consolidated Press Holdings Ltd., which owns 37 percent of Publishing & Broadcasting, will keep the same level of interest in the two new companies.
The proposed split is the second major restructure since Packer inherited the company after the death of his father, Kerry, in December 2005.
Last year he sold half the company's media assets, which include Australia's biggest magazine publisher and second-ranked television network, into PBL Media, a joint venture with buyout firm CVC Asia Pacific Ltd. to raise A$4.5 billion for acquisitions. In June he sold a further 25 percent stake to CVC.
The company's gambling assets include Crown casino inMelbourne, Australia's biggest, Burswood in Perth and 50 percent of U.K. operator Aspinall's.
Gaming Interests
The company opened the Crown Macau in May, its first casino in the former Portuguese colony near Hong Kong, through a 41.4 percent owned joint venture with Melco International Development Ltd.
The venture, known as Melco PBL Entertainment (Macau) Ltd., raised $1.14 billion in an initial share sale in December.
In April, Packer teamed up with Macquarie Bank Ltd. to offer C$1.37 billion ($1.4 billion) for Canada's Gateway Casinos Income Fund. Later the same month, he bought a 19.6percent stake in Fontainebleau Resorts LLC, which is building a casino in Las Vegas.
The media company will own the remaining 25 percent stake in PBL Media, as well as Publishing & Broadcasting's interests in pay TV networks Foxtel Management Pty. and Fox Sports and Internet assets.
--Editor: Maguire (gan)
To contact the reporter on this story:Robert Fenner in Sydney +61-2-9777-1235 or rfenner@bloomberg.net
To contact the editor responsible for this story:Fergus Maguire at +81-3-3201-2423, or fmaguire@bloomberg.net
By Robert Fenner
Oct. 17 (Bloomberg) -- Publishing & Broadcasting Ltd., Australia's largest casino owner, will proceed with plans to split its media and gaming assets into separate companies after gaining court approval for a shareholder vote.
The board has unanimously recommended the split with shareholders to vote on the plan on Nov. 23, Sydney-based Publishing & Broadcasting said in a statement today. KPMG Corporate Finance, an adviser to the company, said the separation is in the best interests of shareholders.
Publishing & Broadcasting, controlled by Australia's richest man James Packer, is going ahead with the split after gaining clarification from the government on how its plan to return
A$2 billion ($1.8 billion) to shareholders will be taxed.
The proposal ``will provide shareholders with a unique opportunity to participate in a world class gaming company and a strong and growing pure-play media company,'' Packer said in the statement.
Publishing & Broadcasting shares fell 11 cents to A$20.14 at the 4:10 p.m. close of trading in Sydney, extending this year's loss to 5.7 percent. The announcement was made after the market closed.
The company had deferred the vote two days ago after theMinister for Revenue said there may be changes to the way such splits are treated.
The minister has since clarified his remarks and the mooted changes won't apply to deals announced to the Australian Stock Exchange before Oct. 13. The company revealed its plans on May 8.
Split Plan
Under its proposal, investors will receive one share in each of the new companies, to be known as Consolidated Media Holdings and Crown, as well as A$3 cash for every Publishing & Broadcasting share they own.
Packer's family company, Consolidated Press Holdings Ltd., which owns 37 percent of Publishing & Broadcasting, will keep the same level of interest in the two new companies.
The proposed split is the second major restructure since Packer inherited the company after the death of his father, Kerry, in December 2005.
Last year he sold half the company's media assets, which include Australia's biggest magazine publisher and second-ranked television network, into PBL Media, a joint venture with buyout firm CVC Asia Pacific Ltd. to raise A$4.5 billion for acquisitions. In June he sold a further 25 percent stake to CVC.
The company's gambling assets include Crown casino inMelbourne, Australia's biggest, Burswood in Perth and 50 percent of U.K. operator Aspinall's.
Gaming Interests
The company opened the Crown Macau in May, its first casino in the former Portuguese colony near Hong Kong, through a 41.4 percent owned joint venture with Melco International Development Ltd.
The venture, known as Melco PBL Entertainment (Macau) Ltd., raised $1.14 billion in an initial share sale in December.
In April, Packer teamed up with Macquarie Bank Ltd. to offer C$1.37 billion ($1.4 billion) for Canada's Gateway Casinos Income Fund. Later the same month, he bought a 19.6percent stake in Fontainebleau Resorts LLC, which is building a casino in Las Vegas.
The media company will own the remaining 25 percent stake in PBL Media, as well as Publishing & Broadcasting's interests in pay TV networks Foxtel Management Pty. and Fox Sports and Internet assets.
--Editor: Maguire (gan)
To contact the reporter on this story:Robert Fenner in Sydney +61-2-9777-1235 or rfenner@bloomberg.net
To contact the editor responsible for this story:Fergus Maguire at +81-3-3201-2423, or fmaguire@bloomberg.net
Thursday, October 18, 2007
Mount Airy Casino Resort to Host Media Tour Prior to Casino
2007-10-17 17:15 (New York)
Test Night
Press Tour Set for Friday, October 19th, from 2:30 to 4:00 p.m.;
Tentative Grand Opening on Monday, October 22nd
The press gets its first official tour of the soon-to-open Mount Airy Casino Resort this Friday, just prior to the staging of Mount Airy's first Test Night. The tour will take place on Friday, October 19th from 2:30 p.m.to 4:00 p.m. The Test Night will begin at 6 p.m., and by order of the Pennsylvania Gaming Control Board, no reporters are permitted on the casino floor during either of the two scheduled Test Nights (October 19th and 20th). The two charity nights are by invitation only and are not open to the general public.
Mount Airy is tentatively scheduled to open the casino, complete with 2,500 slot machines, at noon on Monday, October 22, 2007, subject to final Pennsylvania Gaming Control Board approvals following the Test Nights. Located in the Pocono Mountains, the $412 million Mount Airy Casino Resort will be the first stand-alone casino to open its doors in Pennsylvania.
All net gaming proceeds from the events, which will be held on Friday and Saturday evenings, will benefit local charities, including St. Joseph's Center; Villa of Our Lady Retreat House; the United Way of Monroe County; and Little Sisters of the Poor.
Mount Airy Casino Resort is being constructed on the site of the former Mount Airy Lodge, perhaps the most popular site in the Pocono Mountains. The casino opening also includes the opening of Mount Airy Casino Resort's four outstanding restaurants, including two fine dining restaurants, an upscale diner and a 24-hour buffet. The casino's 188-room hotel is projected to open in November and the spa salon and night club are projected to debut by the end of the year. Online reservations for the hotel began earlier this month. Work on the 891-acre site will continue after the opening, with an additional 212 hotel rooms, pool, and a casino with up to 3,000 total slot machines completed by the end of 2008.
WHAT: Mount Airy Casino Resort Media Tour
WHEN: Friday, October 19, 2007
2:30 - 4:00 pm (immediately preceding first official Casino Test Night)
WHERE: Mount Airy Casino Resort
44 Woodland Road
Mount Pocono, PA 18344
Assemble at the main casino/bus entrance to the resort
Contact:
Pete Peterson
Bellevue Communications Group
215-893-4297(o),
215-990-8928 (cell)
ppeterson@bellevuepr.com
Kevin A. Feeley
Bellevue Communications Group
215 893-4285 (o),
215-870-7478 (cell)
kfeeley@bellevuepr.com
SOURCE Mount Airy Casino Resort
Oct/17/2007 21:15 GMT
Test Night
Press Tour Set for Friday, October 19th, from 2:30 to 4:00 p.m.;
Tentative Grand Opening on Monday, October 22nd
The press gets its first official tour of the soon-to-open Mount Airy Casino Resort this Friday, just prior to the staging of Mount Airy's first Test Night. The tour will take place on Friday, October 19th from 2:30 p.m.to 4:00 p.m. The Test Night will begin at 6 p.m., and by order of the Pennsylvania Gaming Control Board, no reporters are permitted on the casino floor during either of the two scheduled Test Nights (October 19th and 20th). The two charity nights are by invitation only and are not open to the general public.
Mount Airy is tentatively scheduled to open the casino, complete with 2,500 slot machines, at noon on Monday, October 22, 2007, subject to final Pennsylvania Gaming Control Board approvals following the Test Nights. Located in the Pocono Mountains, the $412 million Mount Airy Casino Resort will be the first stand-alone casino to open its doors in Pennsylvania.
All net gaming proceeds from the events, which will be held on Friday and Saturday evenings, will benefit local charities, including St. Joseph's Center; Villa of Our Lady Retreat House; the United Way of Monroe County; and Little Sisters of the Poor.
Mount Airy Casino Resort is being constructed on the site of the former Mount Airy Lodge, perhaps the most popular site in the Pocono Mountains. The casino opening also includes the opening of Mount Airy Casino Resort's four outstanding restaurants, including two fine dining restaurants, an upscale diner and a 24-hour buffet. The casino's 188-room hotel is projected to open in November and the spa salon and night club are projected to debut by the end of the year. Online reservations for the hotel began earlier this month. Work on the 891-acre site will continue after the opening, with an additional 212 hotel rooms, pool, and a casino with up to 3,000 total slot machines completed by the end of 2008.
WHAT: Mount Airy Casino Resort Media Tour
WHEN: Friday, October 19, 2007
2:30 - 4:00 pm (immediately preceding first official Casino Test Night)
WHERE: Mount Airy Casino Resort
44 Woodland Road
Mount Pocono, PA 18344
Assemble at the main casino/bus entrance to the resort
Contact:
Pete Peterson
Bellevue Communications Group
215-893-4297(o),
215-990-8928 (cell)
ppeterson@bellevuepr.com
Kevin A. Feeley
Bellevue Communications Group
215 893-4285 (o),
215-870-7478 (cell)
kfeeley@bellevuepr.com
SOURCE Mount Airy Casino Resort
Oct/17/2007 21:15 GMT
Harrah's Receives Approval From NJ Commission for Takeover
2007-10-17 16:35 (New York)
By Stefanie Batcho-Lino
Oct. 17 (Bloomberg) -- Harrah's Entertainment Inc., the casino company that last year agreed to sell itself for $17.1billion, said it received approval from the New Jersey casino commission for its takeover by Apollo Management LP and TPG Inc.
The transaction still needs to be approved by casino regulators in other areas, the Las Vegas-based company said today in a statement distributed by PR Newswire.
--Editor: Batcho-Lino (cmm).
To contact the reporter on this story:Stefanie Batcho-Lino in Toronto at +1-416-203-5723 or mailto:orsbatcholino1@bloomberg.net.
To contact the editor responsible for this story:David Scanlan at +1-416-203-5722 or dscanlan@bloomberg.net; Michael Nol at +1-212-617-2384 or mnol@bloomberg.net.
By Stefanie Batcho-Lino
Oct. 17 (Bloomberg) -- Harrah's Entertainment Inc., the casino company that last year agreed to sell itself for $17.1billion, said it received approval from the New Jersey casino commission for its takeover by Apollo Management LP and TPG Inc.
The transaction still needs to be approved by casino regulators in other areas, the Las Vegas-based company said today in a statement distributed by PR Newswire.
--Editor: Batcho-Lino (cmm).
To contact the reporter on this story:Stefanie Batcho-Lino in Toronto at +1-416-203-5723 or mailto:orsbatcholino1@bloomberg.net.
To contact the editor responsible for this story:David Scanlan at +1-416-203-5722 or dscanlan@bloomberg.net; Michael Nol at +1-212-617-2384 or mnol@bloomberg.net.
Harrah's Gets New Jersey Panel's Approval for Buyout ( Update 1 )
2007-10-17 18:09 (New York)
By Stefanie Batcho-Lino
Oct. 17 (Bloomberg) -- Harrah's Entertainment Inc., the casino company that last year agreed to sell itself for $17.1 billion, said it received approval from the New Jersey casino commission for its takeover by Apollo Management LP and TPG Inc.
The transaction still needs to be approved by casino regulators in areas where its facilities operate, the Las Vegas-based company said today in a statement. Spending in Atlantic City casinos declined 11 percent in September, the New Jersey Casino Control Commission said earlier this month.
Harrah's has casinos in 13 U.S. states, Ontario, Canada and Uruguay, according to its Web site. Harrah's rose 50 cents to $88.29 at 4:22 p.m. in New York Stock Exchange composite trading, and the shares gained 6.7 percent this year. The world's largest casino company has said its sale may be complete late this year or early next year.
--Editor: Batcho-Lino (cmm/cws).
To contact the reporter on this story:Stefanie Batcho-Lino in Toronto at +1-416-203-5723 ormailto:orsbatcholino1@bloomberg.net.
To contact the editor responsible for this story:David Scanlan at +1-416-203-5722 ordscanlan@bloomberg.net;Michael Nol at +1-212-617-2384 ormnol@bloomberg.net.
By Stefanie Batcho-Lino
Oct. 17 (Bloomberg) -- Harrah's Entertainment Inc., the casino company that last year agreed to sell itself for $17.1 billion, said it received approval from the New Jersey casino commission for its takeover by Apollo Management LP and TPG Inc.
The transaction still needs to be approved by casino regulators in areas where its facilities operate, the Las Vegas-based company said today in a statement. Spending in Atlantic City casinos declined 11 percent in September, the New Jersey Casino Control Commission said earlier this month.
Harrah's has casinos in 13 U.S. states, Ontario, Canada and Uruguay, according to its Web site. Harrah's rose 50 cents to $88.29 at 4:22 p.m. in New York Stock Exchange composite trading, and the shares gained 6.7 percent this year. The world's largest casino company has said its sale may be complete late this year or early next year.
--Editor: Batcho-Lino (cmm/cws).
To contact the reporter on this story:Stefanie Batcho-Lino in Toronto at +1-416-203-5723 ormailto:orsbatcholino1@bloomberg.net.
To contact the editor responsible for this story:David Scanlan at +1-416-203-5722 ordscanlan@bloomberg.net;Michael Nol at +1-212-617-2384 ormnol@bloomberg.net.
Wednesday, October 17, 2007
Melco Rises in Hong Kong After Deutsche Bank Lifts Target Price
2007-10-16 03:22 (New York)
By Kelvin Wong
Oct. 16 (Bloomberg) -- Melco International Development Ltd., run by Macau gambling billionaire Stanley Ho's son Lawrence, rose in Hong Kong trading after Deutsche Bank raised its target price.
The shares jumped 4.3 percent to HK$15.96 at 3 p.m., bringing their gain in the past two days to 7.8 percent. Deutsche Bank Hong Kong-based analyst Karen Tang raised her target price on Melco by 20 percent to HK$18 in a report released yesterday.
Melco PBL Entertainment (Macau) Ltd., Melco's venture with James Packer's Publishing & Broadcasting Ltd., is building three casinos in the Chinese city over a five-year period, including the Crown Macau, which opened in May.
Crown Macau will benefit from ``the emergence of VIP junket'' operators, including AMA International Ltd., Tang wrote in yesterday's report.
``AMA believes it can channel mostof its junkets' VIP business to one casino. We believe this is Crown.''
AMA, 80 percent-owned by Hong Kong-listed A-Max HoldingsLtd., controls 10 Macau gaming junket operators.
Junket operators bring gamblers to casinos and earn commissions based on the amount they gamble.
Gaming operators are expanding in Macau, the only Chinese city where casinos are legal. The city surpassed the Las Vegas Strip as the world's biggest casino center with $6.9 billion in gambling revenue last year.
Melco, owner of 41.4 percent of Nasdaq-listed Melco PBL, also invests in gaming technology and slot machines. Its stock has dropped 13 percent this year, compared with the 48 percent increase in the benchmark Hang Seng Index.
--Editor: Fellman (fjm)
To contact the reporter for this story:Kelvin Wong in Hong Kong at +852-2977-6441 orkwong40@bloomberg.net;
To contact the editor responsible for this story:Tom Kohn in Hong Kong at +852-2977-6610 or tkohn@bloomberg.net
By Kelvin Wong
Oct. 16 (Bloomberg) -- Melco International Development Ltd., run by Macau gambling billionaire Stanley Ho's son Lawrence, rose in Hong Kong trading after Deutsche Bank raised its target price.
The shares jumped 4.3 percent to HK$15.96 at 3 p.m., bringing their gain in the past two days to 7.8 percent. Deutsche Bank Hong Kong-based analyst Karen Tang raised her target price on Melco by 20 percent to HK$18 in a report released yesterday.
Melco PBL Entertainment (Macau) Ltd., Melco's venture with James Packer's Publishing & Broadcasting Ltd., is building three casinos in the Chinese city over a five-year period, including the Crown Macau, which opened in May.
Crown Macau will benefit from ``the emergence of VIP junket'' operators, including AMA International Ltd., Tang wrote in yesterday's report.
``AMA believes it can channel mostof its junkets' VIP business to one casino. We believe this is Crown.''
AMA, 80 percent-owned by Hong Kong-listed A-Max HoldingsLtd., controls 10 Macau gaming junket operators.
Junket operators bring gamblers to casinos and earn commissions based on the amount they gamble.
Gaming operators are expanding in Macau, the only Chinese city where casinos are legal. The city surpassed the Las Vegas Strip as the world's biggest casino center with $6.9 billion in gambling revenue last year.
Melco, owner of 41.4 percent of Nasdaq-listed Melco PBL, also invests in gaming technology and slot machines. Its stock has dropped 13 percent this year, compared with the 48 percent increase in the benchmark Hang Seng Index.
--Editor: Fellman (fjm)
To contact the reporter for this story:Kelvin Wong in Hong Kong at +852-2977-6441 orkwong40@bloomberg.net;
To contact the editor responsible for this story:Tom Kohn in Hong Kong at +852-2977-6610 or tkohn@bloomberg.net
Meeting Between Minister George Yeo and Macao Chief Executive Edmund Ho
MINISTRY OF FOREIGN AFFAIRS PRESS STATEMENT
MEETING BETWEEN MINISTER GEORGE YEO AND
MACAO CHIEF EXECUTIVE EDMUND HO
14 OCTOBER 2007
Minister George Yeo called on Macao Special Administrative
Region Chief Executive Edmund Ho on 14 October 2007. Chief Executive
Ho briefed Minister Yeo on Macao's socioeconomic challenges and its
outlook in the years ahead. Both Minister Yeo and Chief Executive Ho noted
the complementarities and synergy between Singapore and Macao and the
strong prospects for further bilateral cooperation.
. . . . .
MINISTRY OF FOREIGN AFFAIRS
SINGAPORE
15 OCTOBER 2007
MEETING BETWEEN MINISTER GEORGE YEO AND
MACAO CHIEF EXECUTIVE EDMUND HO
14 OCTOBER 2007
Minister George Yeo called on Macao Special Administrative
Region Chief Executive Edmund Ho on 14 October 2007. Chief Executive
Ho briefed Minister Yeo on Macao's socioeconomic challenges and its
outlook in the years ahead. Both Minister Yeo and Chief Executive Ho noted
the complementarities and synergy between Singapore and Macao and the
strong prospects for further bilateral cooperation.
. . . . .
MINISTRY OF FOREIGN AFFAIRS
SINGAPORE
15 OCTOBER 2007
Galaxy's Debt Rating May Be Raised on Permira Deal ( Update 1 )
2007-10-12 04:11 (New York)
By Patricia Kuo
Oct. 12 (Bloomberg) -- Galaxy Entertainment Group Ltd. may have its credit rating upgraded one level after Permira Advisers LLP, Europe's biggest buyout firm, agreed to buy a stake in the Macau casino operator, according to CFC Seymour Ltd.
``One notch credit rating upgrade is expected if Galaxy can smoothly deliver its Cotai projects and maintain its strong performance of Star World'' casino, CFC Seymour's Hong Kong-based analyst Wu Gongliang said in a research note today. Permira yesterday said it will buy 20 percent of Hong Kong-listed Galaxy for HK$6.5 billion ($838 million) in its first Asia investment.
Galaxy's $350 million of 9.875 percent bonds maturing in 2012 trade at 442 basis points more than U.S. Treasuries, 1 basis point lower from yesterday, according to HSBC Holdings Plc prices. A basis point is 0.01 percentage point.
Standard & Poor's rates Galaxy's debt B+, four levels below investment grade. Moody's Investors Service has a comparable B1 rating.
Wu expects the spreads to narrow by 20 basis points in the next six months because the Permira transaction will reduce Galaxy's debt by HK$2.6 billion, saving HK$156 million of interest payments annually. CFC Seymour maintains a ``buy''recommendation on Galaxy's debt.
The stake sale to Permira and investors will increase Galaxy's cash reserves 41 percent to HK$9.2 billion and reduce its debt to HK$6.5 billion, the company said. Galaxy is run by billionaire Chairman Lui Che-woo.
First Place
Macau, the only Chinese city where casinos are legal, surpassed Las Vegas last year as the world's biggest gaming hub. Casino revenue in the city surged 50 percent in the second quarter.
Galaxy, which operates the Star World casino in Macau, plans to build nine hotels and serviced apartments on Macau's Cotai Strip, where it aims to complete Galaxy World Resort by the end of 2008, Chief Financial Officer Nigel Morrison said in August.
The company on Sept. 17 said its first-half loss narrowed to HK$267.8 million from HK$734 million a year earlier, on an almost five fold jump in sales.
Trading in Galaxy shares remains suspended. The stock gained 24 percent this year, lagging the benchmark Hang Seng Index's 46 percent rise.
Martin Clarke and Guido Paolo Gamucci, partners of PermiraFunds, will become non-executive directors on Galaxy's board, the company said.
``Although we don't expect Permira will provide much expertise for Galaxy's large-scale casino operation, its presence in the board will enhance the company's reputation and transparency,'' Wu said in the note.
--Editor: Unwin (rnb/acp)
To contact the reporter for this story:Patricia Kuo in Hong Kong at +852-2977-6120 orpkuo2@bloomberg.net.
To contact the editor responsible for this story:Netty Ismail at +65-6212-1106 ornismail3@bloomberg.net.
By Patricia Kuo
Oct. 12 (Bloomberg) -- Galaxy Entertainment Group Ltd. may have its credit rating upgraded one level after Permira Advisers LLP, Europe's biggest buyout firm, agreed to buy a stake in the Macau casino operator, according to CFC Seymour Ltd.
``One notch credit rating upgrade is expected if Galaxy can smoothly deliver its Cotai projects and maintain its strong performance of Star World'' casino, CFC Seymour's Hong Kong-based analyst Wu Gongliang said in a research note today. Permira yesterday said it will buy 20 percent of Hong Kong-listed Galaxy for HK$6.5 billion ($838 million) in its first Asia investment.
Galaxy's $350 million of 9.875 percent bonds maturing in 2012 trade at 442 basis points more than U.S. Treasuries, 1 basis point lower from yesterday, according to HSBC Holdings Plc prices. A basis point is 0.01 percentage point.
Standard & Poor's rates Galaxy's debt B+, four levels below investment grade. Moody's Investors Service has a comparable B1 rating.
Wu expects the spreads to narrow by 20 basis points in the next six months because the Permira transaction will reduce Galaxy's debt by HK$2.6 billion, saving HK$156 million of interest payments annually. CFC Seymour maintains a ``buy''recommendation on Galaxy's debt.
The stake sale to Permira and investors will increase Galaxy's cash reserves 41 percent to HK$9.2 billion and reduce its debt to HK$6.5 billion, the company said. Galaxy is run by billionaire Chairman Lui Che-woo.
First Place
Macau, the only Chinese city where casinos are legal, surpassed Las Vegas last year as the world's biggest gaming hub. Casino revenue in the city surged 50 percent in the second quarter.
Galaxy, which operates the Star World casino in Macau, plans to build nine hotels and serviced apartments on Macau's Cotai Strip, where it aims to complete Galaxy World Resort by the end of 2008, Chief Financial Officer Nigel Morrison said in August.
The company on Sept. 17 said its first-half loss narrowed to HK$267.8 million from HK$734 million a year earlier, on an almost five fold jump in sales.
Trading in Galaxy shares remains suspended. The stock gained 24 percent this year, lagging the benchmark Hang Seng Index's 46 percent rise.
Martin Clarke and Guido Paolo Gamucci, partners of PermiraFunds, will become non-executive directors on Galaxy's board, the company said.
``Although we don't expect Permira will provide much expertise for Galaxy's large-scale casino operation, its presence in the board will enhance the company's reputation and transparency,'' Wu said in the note.
--Editor: Unwin (rnb/acp)
To contact the reporter for this story:Patricia Kuo in Hong Kong at +852-2977-6120 orpkuo2@bloomberg.net.
To contact the editor responsible for this story:Netty Ismail at +65-6212-1106 ornismail3@bloomberg.net.
Permira to Buy 20% of Galaxy in First Asia Investment ( Update 3 )
2007-10-11 11:39 (New York)
By Cathy Chan and Kelvin Wong
Oct. 11 (Bloomberg) -- Permira Advisers LLP, Europe's biggest buyout firm, will buy 20 percent of Macau casino operator Galaxy Entertainment Group Ltd. for HK$6.5 billion ($838 million) in its first Asia investment.
Permira Funds will purchase 775 million Galaxy shares atHK$8.42 a share, according to a press briefing in Hong Kong today. Galaxy, one of the city's casino license-holders, will use the transaction to reduce debt and develop a Macau resort.
Foreign casino operators including Las Vegas Sands Corp. andWynn Resorts Ltd. are staking more than $20 billion on Macau afterthe city's government ended the 40-year monopoly of gambling magnate Stanley Ho. The stake sale will help Galaxy cut debt 29 percent and raise cash to complete its Cotai Mega Resort.
``There are significant benefits to be gained from combining expertise,'' the two companies said in a statement today.
Permira Funds has made 40 percent of its investments in the leisure, retail and consumer industries in the past decade, including a stake in Gala Coral Ltd., the U.K.'s biggest operator of bingo halls.
Macau, the only Chinese city where casinos are legal, surpassed Las Vegas last year as the world's biggest gaming hub.Casino revenue in the city surged 50 percent in the second quarter.
Sale Details
Permira, known as Schroder Ventures Europe before 2001, will buy HK$3.8 billion worth of existing Galaxy shares held by K. Wah International Holdings, and another HK$2.7 billion of new shares issued by Galaxy. K. Wah is a Hong Kong real estate developer.
Martin Clarke and Guido Paolo Gamucci, partners of PermiraFunds, will be appointed as non-executive directors to the Galaxy board, the release said. Gamucci said the investment will be Permira's first in Asia.
``Permira's investment is a classic example of how they like to partner with families to grow their businesses, and it's in a sector they know extremely well,'' said Angus Barker, head of financial sponsors Asia Pacific at Deutsche Bank AG, which advised the private equity firm. Merrill Lynch & Co. advised Galaxy and K. Wah.
The company also invested in Italian betting company Sisal SpA, and Gala Coral, which operates 31 casinos, 171 gaming clubs and 1,600 betting offices, Barker said.
Debt Repayment
Galaxy, which operates the StarWorld casino in Macau, plans to build nine hotels and serviced apartments on Macau's Cotai Strip, where it aims to complete its Galaxy World Resort by the end of next year, Chief Financial Officer Nigel Morrison said in August.
The company on Sept. 17 said first-half loss narrowed on an almost five fold jump in sales.
Of the stake-sale proceeds, Galaxy will use HK$1.3 billion to redeem half of its fixed rate notes. To meet the public float requirement, the company will raise HK$1.3 billion in a new share sale arranged by Merrill. The company is offering 150 millionshares at between HK$8.42 to HK$8.82, according to a document sent to investors today.
The stake sale to Permira and investors will increase Galaxy's cash reserves 41 percent to HK$9.2 billion, the company said. Galaxy is run by billionaire Chairman Lui Che-woo.
The Lui family will convert the remaining half of the fixed rate notes into 157 million Galaxy shares. The note cancellation will reduce Galaxy's debt by HK$2.6 billion to HK$6.5 billion, Galaxy said.
The family will retain control of the company after the transaction, with a 52 percent stake. The sale price of Galaxy shares is a 6.4 percent discount to its last closing price of HK$9 on Oct. 5. Shares of K. Wah rose 16 percent to HK$5.26 and were suspended the same day.
--Editor: T. Kohn (rnb/maa)
To contact the reporter on this story:Cathy Chan in Hong Kong at +852-2977-6629 orkchan14@bloomberg.net
To contact the editor responsible for this story:Jason Scott at (852) 2977-6127 orjscott14@bloomberg.net
By Cathy Chan and Kelvin Wong
Oct. 11 (Bloomberg) -- Permira Advisers LLP, Europe's biggest buyout firm, will buy 20 percent of Macau casino operator Galaxy Entertainment Group Ltd. for HK$6.5 billion ($838 million) in its first Asia investment.
Permira Funds will purchase 775 million Galaxy shares atHK$8.42 a share, according to a press briefing in Hong Kong today. Galaxy, one of the city's casino license-holders, will use the transaction to reduce debt and develop a Macau resort.
Foreign casino operators including Las Vegas Sands Corp. andWynn Resorts Ltd. are staking more than $20 billion on Macau afterthe city's government ended the 40-year monopoly of gambling magnate Stanley Ho. The stake sale will help Galaxy cut debt 29 percent and raise cash to complete its Cotai Mega Resort.
``There are significant benefits to be gained from combining expertise,'' the two companies said in a statement today.
Permira Funds has made 40 percent of its investments in the leisure, retail and consumer industries in the past decade, including a stake in Gala Coral Ltd., the U.K.'s biggest operator of bingo halls.
Macau, the only Chinese city where casinos are legal, surpassed Las Vegas last year as the world's biggest gaming hub.Casino revenue in the city surged 50 percent in the second quarter.
Sale Details
Permira, known as Schroder Ventures Europe before 2001, will buy HK$3.8 billion worth of existing Galaxy shares held by K. Wah International Holdings, and another HK$2.7 billion of new shares issued by Galaxy. K. Wah is a Hong Kong real estate developer.
Martin Clarke and Guido Paolo Gamucci, partners of PermiraFunds, will be appointed as non-executive directors to the Galaxy board, the release said. Gamucci said the investment will be Permira's first in Asia.
``Permira's investment is a classic example of how they like to partner with families to grow their businesses, and it's in a sector they know extremely well,'' said Angus Barker, head of financial sponsors Asia Pacific at Deutsche Bank AG, which advised the private equity firm. Merrill Lynch & Co. advised Galaxy and K. Wah.
The company also invested in Italian betting company Sisal SpA, and Gala Coral, which operates 31 casinos, 171 gaming clubs and 1,600 betting offices, Barker said.
Debt Repayment
Galaxy, which operates the StarWorld casino in Macau, plans to build nine hotels and serviced apartments on Macau's Cotai Strip, where it aims to complete its Galaxy World Resort by the end of next year, Chief Financial Officer Nigel Morrison said in August.
The company on Sept. 17 said first-half loss narrowed on an almost five fold jump in sales.
Of the stake-sale proceeds, Galaxy will use HK$1.3 billion to redeem half of its fixed rate notes. To meet the public float requirement, the company will raise HK$1.3 billion in a new share sale arranged by Merrill. The company is offering 150 millionshares at between HK$8.42 to HK$8.82, according to a document sent to investors today.
The stake sale to Permira and investors will increase Galaxy's cash reserves 41 percent to HK$9.2 billion, the company said. Galaxy is run by billionaire Chairman Lui Che-woo.
The Lui family will convert the remaining half of the fixed rate notes into 157 million Galaxy shares. The note cancellation will reduce Galaxy's debt by HK$2.6 billion to HK$6.5 billion, Galaxy said.
The family will retain control of the company after the transaction, with a 52 percent stake. The sale price of Galaxy shares is a 6.4 percent discount to its last closing price of HK$9 on Oct. 5. Shares of K. Wah rose 16 percent to HK$5.26 and were suspended the same day.
--Editor: T. Kohn (rnb/maa)
To contact the reporter on this story:Cathy Chan in Hong Kong at +852-2977-6629 orkchan14@bloomberg.net
To contact the editor responsible for this story:Jason Scott at (852) 2977-6127 orjscott14@bloomberg.net
Harrah's Is Interested in Suffolk Downs Casino, Herald Says
2007-10-11 08:40 (New York)
By Nancy Moran
Oct. 11 (Bloomberg) -- Harrah's Entertainment Inc. would consider building a $1 billion Caesars casino-resort at East Boston's Suffolk Downs horse racetrack, the Boston Herald reported, citing company Chief Executive Officer Gary Loveman.
Loveman told the newspaper he's long held talks with trackco-owner Joseph O'Donnell about putting a casino at the site, the newspaper said.
While Harrah's would be on the short list of candidates considered as potential track partners, O'Donnell said, the debate over casino gambling in Massachusetts is in its early stages, the newspaper reported.
Massachusetts Governor Deval Patrick is expected to introduce a bill today on opening the state to resort-style casinos, the newspaper said.
--Editor: Porter (cjn).
To contact the reporter on this story:Nancy Moran in New York at +1-212-617-2331 ornmoran@bloomberg.net
To contact the editor responsible for this story:JoAnne Norton at +1-202-624-1977 orjnorton@bloomberg.net.
By Nancy Moran
Oct. 11 (Bloomberg) -- Harrah's Entertainment Inc. would consider building a $1 billion Caesars casino-resort at East Boston's Suffolk Downs horse racetrack, the Boston Herald reported, citing company Chief Executive Officer Gary Loveman.
Loveman told the newspaper he's long held talks with trackco-owner Joseph O'Donnell about putting a casino at the site, the newspaper said.
While Harrah's would be on the short list of candidates considered as potential track partners, O'Donnell said, the debate over casino gambling in Massachusetts is in its early stages, the newspaper reported.
Massachusetts Governor Deval Patrick is expected to introduce a bill today on opening the state to resort-style casinos, the newspaper said.
--Editor: Porter (cjn).
To contact the reporter on this story:Nancy Moran in New York at +1-212-617-2331 ornmoran@bloomberg.net
To contact the editor responsible for this story:JoAnne Norton at +1-202-624-1977 orjnorton@bloomberg.net.
Massachusetts Governor to Unveil Casino Gambling Plan ( Update 1)
2007-10-11 11:03 (New York)
By Michael McDonald
Oct. 11 (Bloomberg) -- Massachusetts Governor Deval Patrickis to unveil legislation to license three casino resorts that promise more than $1 billion in new state revenue.
The Democratic governor, who has scheduled a news conference at 2:30 p.m., will ask lawmakers to pass a bill legalizing slot machines and table games such as poker at three proposed resorts, levying a tax on casino revenue.
``The support is fairly strong, so he's operating from aposition of strength,'' said Clyde Barrow, director of the center for policy analysis at the University of Massachusetts.
A University of Massachusetts poll released on Oct. 5 found 55 percent of the state's residents support a casino plan while 27 percent oppose it. The survey of 1,190 people has a margin of error of plus or minus 2.8 percent.
Salvatore DiMasi, speaker of the state House of Representatives, said he is ``skeptical'' about the benefits expanded gambling offers and doubts the Legislature will consider it until next year.
``I have concerns about every single aspect of theproposal,'' DiMasi said in remarks after a speech on Sept. 28 to the Associated Industries of Massachusetts. The Democrat fromBoston's north end opposed a bill permitting slot machines at the state's horse race tracks, which was defeated last year.
The governor announced his support for casinos on Sept. 17. Massachusetts already has a state lottery. Neighboring RhodeIsland permits video slot machines and voters defeated a referendum last November legalizing casinos. Connecticut has two casino resorts, Foxwoods and Mohegan Sun.
Three Licenses
Patrick's anticipated plan would generate as much as $900 million from the sale of three casino resort licenses. Massachusetts would also tax the casinos, generating about $450 million a year. Of that $200 million would be used for property tax relief and $200 million for transportation projects, Patrick has said.
One casino would be permitted in each of three regions of the state: metropolitan Boston, western Massachusetts and southeastern Massachusetts. The Mashpee Wampanoag this year purchased land near Cape Cod on the southeast coast and submitted a business plan to the federal government for a casino.
A hotel and casino workers union has launched a radio advertising campaign in support of Patrick's plan, saying it will create ``20,000 middle class jobs.''
--Editor: Weiss
To contact the reporter on this story:Michael McDonald in Boston at +1-617-210-4639 ormailto:ormmcdonald10@bloomberg.net.
To contact the editor responsible for this story:Beth Williams at +1-212-617-2307 orbewilliams@bloomberg.net.
By Michael McDonald
Oct. 11 (Bloomberg) -- Massachusetts Governor Deval Patrickis to unveil legislation to license three casino resorts that promise more than $1 billion in new state revenue.
The Democratic governor, who has scheduled a news conference at 2:30 p.m., will ask lawmakers to pass a bill legalizing slot machines and table games such as poker at three proposed resorts, levying a tax on casino revenue.
``The support is fairly strong, so he's operating from aposition of strength,'' said Clyde Barrow, director of the center for policy analysis at the University of Massachusetts.
A University of Massachusetts poll released on Oct. 5 found 55 percent of the state's residents support a casino plan while 27 percent oppose it. The survey of 1,190 people has a margin of error of plus or minus 2.8 percent.
Salvatore DiMasi, speaker of the state House of Representatives, said he is ``skeptical'' about the benefits expanded gambling offers and doubts the Legislature will consider it until next year.
``I have concerns about every single aspect of theproposal,'' DiMasi said in remarks after a speech on Sept. 28 to the Associated Industries of Massachusetts. The Democrat fromBoston's north end opposed a bill permitting slot machines at the state's horse race tracks, which was defeated last year.
The governor announced his support for casinos on Sept. 17. Massachusetts already has a state lottery. Neighboring RhodeIsland permits video slot machines and voters defeated a referendum last November legalizing casinos. Connecticut has two casino resorts, Foxwoods and Mohegan Sun.
Three Licenses
Patrick's anticipated plan would generate as much as $900 million from the sale of three casino resort licenses. Massachusetts would also tax the casinos, generating about $450 million a year. Of that $200 million would be used for property tax relief and $200 million for transportation projects, Patrick has said.
One casino would be permitted in each of three regions of the state: metropolitan Boston, western Massachusetts and southeastern Massachusetts. The Mashpee Wampanoag this year purchased land near Cape Cod on the southeast coast and submitted a business plan to the federal government for a casino.
A hotel and casino workers union has launched a radio advertising campaign in support of Patrick's plan, saying it will create ``20,000 middle class jobs.''
--Editor: Weiss
To contact the reporter on this story:Michael McDonald in Boston at +1-617-210-4639 ormailto:ormmcdonald10@bloomberg.net.
To contact the editor responsible for this story:Beth Williams at +1-212-617-2307 orbewilliams@bloomberg.net.
Friday, October 12, 2007
Galaxy Announces US$1 Billion Transaction
2007-10-11 08:17 (New York)
Permira Funds to Acquire a 20% Stake in Galaxy For HK$6.5 Billion (US$840 Million)
Leading International Private Equity Firm's First Greater China Investment
Hong Kong, Oct. 11 /Xinhua-PRNewswire/ -- Galaxy Entertainment Group Limited ("Galaxy" or "the Company") (stock code HKSE 0027), a leading operator of casinos, hotels and entertainment facilities in Macau, today announced that funds advised by Permira, one of the world's leading private equity firms, have entered into agreements to acquire an approximate 20% equity stake inGalaxy for a total consideration of HK$6.5 billion (US$840 million), representing HK$8.42 per Galaxy share, subject to certain shareholders'approvals. Galaxy will also raise an additional HK$1.3 billion (US$163 million) through an institutional placement of new shares.
Highlights:
-- Galaxy's vision and strategy to build one of Asia's leading gaming and entertainment groups is clearly endorsed by the Permira Funds' US$840million investment.
-- Permira's international gaming and consumer expertise will be of great value to Galaxy as it continues to develop its position as a leading casino, hotel and entertainment group in Macau, the world's largest and fastest growing gaming market.
-- Founding shareholder, Dr Che-woo Lui and members of the Lui family (and related interests), will retain approximately a 52% controlling interest in Galaxy. -
- Transaction provides the foundations for the future development of phases 2, 3 and 4 of the Cotai Mega Resort, Macau.
-- Transaction substantially strengthens Galaxy's capital structure, resulting in a net cash injection of HK$2.7billion (US$344 million), a reduction in debt of approximately HK$2.6 billion (US$339 million), and a net annual interest benefit of approximately HK$250 million (US$32 million).
-- The Permira Funds will have the right to appoint two non-executive directors to the Galaxy Board; Permira partners Dr. Martin Clarke and Mr. Guido Paolo Gamucci will be appointed to support the growth of the business and the realization of its vision.
With its deep understanding of Asian gaming, Galaxy has become a leader in Macau, and has captured a substantial market share in less than three years.The Company operates a number of highly successful casinos in Macau including its flagship StarWorld, which recently announced record results and accelerating market share in the prized VIP segment, the largest and fastest growing segment in the Macau gaming market. For the half year ended 30 June 2007, Galaxy recorded revenues of HK$6,332 million and an EBITDA of HK$737million, representing year-on-year increases of 385% and 300%, respectively.
Galaxy's rapid and sustained growth in Macau has also been supported by Dr Che-woo Lui and the Lui family's 30 year history in real estate development inGreater China and significant experience of international hotel operation, as well as the Company's proven focus on sound capital management and ROI. On completion, the 2,500 room, suite and villa Cotai Mega Resort in Macau will feature the world's second largest casino. Galaxy also has a further 10 million sq.ft. of approved gross floor area for future expansion in areas 2, 3 and 4 of its Cotai site.
Permira is a leading international private equity firm with a track record of more than twenty years of helping to build outstanding businesses. Over this time, Permira has raised 19 funds totaling approximately EUR22 billion(US$30 billion). This is the Permira Funds' first investment in Greater China, giving them an important stake in Galaxy, a leader in the world's largest gaming market, as well as a strong platform for future growth across Asia.
Galaxy and Permira believe that there are significant benefits to be gained from combining their expertise. The leisure, retail and consumer sectors represent 40% of the investments made by the Permira Funds over the last decade, with portfolio companies including Cortefiel, Ferretti, Hugo Boss, and Valentino. In particular, Permira has deep expertise in the international gaming sector through its investments in Gala Coral, Europe's largest gaming company, and in Sisal, the second largest lotto operator in Italy.
Dr. Che-woo Lui, Chairman of Galaxy, said: "We are delighted that Permirahas chosen to join us in continuing to build Galaxy's future in Macau and Asia. I look forward to welcoming Dr. Martin Clarke and Mr. Guido Paolo Gamucci as non-executive Directors to the Board and to working with them to realize our vision for Galaxy. We believe that this investment not only endorses our strategy but further enables us to deliver on our mission to be one of Asia's leading gaming and entertainment groups, to the benefit of all ourstakeholders."
Dr. Martin Clarke, Partner at Permira, commented: "We have been deeply impressed by the success of Galaxy and the vision of the Lui family and look forward to partnering with one of Asia's leading gaming and entertainment groups. Galaxy has a unique blend of high quality project development and gaming expertise and an unrivalled understanding of the Asian culture and the Chinese market. With the Permira Funds' financial strength and its successful track record of investing in gaming, retail and hospitality businesses we look forward to working with Galaxy, and in the process helping it to realize its clear vision in Asia."
Mr. Francis Lui, Vice Chairman of Galaxy, added: "We are excited to welcome such a prestigious shareholder to Galaxy and delighted to be Permira's first major investment in Greater China. I look forward to working closely with Permira and with Dr. Martin Clarke and Mr. Guido Paolo Gamucci, to leverage the opportunities this transaction brings and to realize our shared vision for Galaxy's exciting developments in Cotai and beyond."
Terms of the transaction
The Permira Funds are acquiring HK$3,800 million worth of existing ordinary Galaxy shares currently held by K. Wah International Holdings Limited, and are subscribing for an additional HK$2,700 million of new ordinary shares in Galaxy. Of the new subscription, approximately HK$1,300 million will be applied to redeem approximately half of the existing Fixed-Rate Notes, with the balance of HK$1,400 million being a cash injection into Galaxy. Separately,the existing noteholders will convert the balance of the Fixed-Rate Notes of approximately HK$1,300 million into approximately 157 million ordinary shares in Galaxy, taking the total debt reduction to HK$2,600 million and cancelling all Fixed-Rate Notes.
Galaxy will also raise a minimum of HK$1.3 billion (US$163 million) through an institutional placement, under the terms of which Merrill Lynch has been mandated to place 150 million new ordinary Galaxy shares, at a minimum share price of HK$8.42.
Following the completion of the transaction, and the share placement:
-- Members of the Lui family will collectively retain a controlling interest in Galaxy of approximately 52%.
-- Galaxy's cash reserves will increase from $6.5 billion to $9.2 billion -- up by 41%
-- Galaxy's total outstanding debt will reduce from $9.2 billion to $6.5 billion -- down by 29%.
The transaction is subject to shareholders' approvals at an Extraordinary General Meeting of Galaxy and a Special General Meeting of K. Wah International Limited, to be held within 21 days of the dispatch of the transaction circulars.
Galaxy and K. Wah Group were advised by Merrill Lynch and Galaxy was also advised by Skadden, Arps, Slate, Meagher and Flom.
Permira was advised by Deutsche Bank, Global Leisure Partners, CliffordChance and Price Waterhouse Coopers.
This announcement should be read in conjunction with the joint Galaxy and K. Wah International Holdings Limited Hong Kong Stock Exchange announcement.
SOURCE Galaxy Entertainment Group Limited
CONTACT:
For Galaxy: Nigel Morrison, Chief Financial Officer, +852-3150- 1111; Diana Footitt, FD, +852-3716-9800, or Diana.Footitt@fd.com; Alastair Hetherington, FD, +852-3716-9800, or Alastair.Hetherington@fd.com;
For Permira: Chris Davison, Director of Communications, +44-207-632-1132; Richard Barton of Gavin Anderson & Company, +852-2523-7189, or barton@gavinanderson.com.hk; Jessie Hsieh of Gavin Anderson & Company, +852-2523-7189, or jhsieh@gavinanderson.com.hk
Oct/11/2007 12:17 GMT
Permira Funds to Acquire a 20% Stake in Galaxy For HK$6.5 Billion (US$840 Million)
Leading International Private Equity Firm's First Greater China Investment
Hong Kong, Oct. 11 /Xinhua-PRNewswire/ -- Galaxy Entertainment Group Limited ("Galaxy" or "the Company") (stock code HKSE 0027), a leading operator of casinos, hotels and entertainment facilities in Macau, today announced that funds advised by Permira, one of the world's leading private equity firms, have entered into agreements to acquire an approximate 20% equity stake inGalaxy for a total consideration of HK$6.5 billion (US$840 million), representing HK$8.42 per Galaxy share, subject to certain shareholders'approvals. Galaxy will also raise an additional HK$1.3 billion (US$163 million) through an institutional placement of new shares.
Highlights:
-- Galaxy's vision and strategy to build one of Asia's leading gaming and entertainment groups is clearly endorsed by the Permira Funds' US$840million investment.
-- Permira's international gaming and consumer expertise will be of great value to Galaxy as it continues to develop its position as a leading casino, hotel and entertainment group in Macau, the world's largest and fastest growing gaming market.
-- Founding shareholder, Dr Che-woo Lui and members of the Lui family (and related interests), will retain approximately a 52% controlling interest in Galaxy. -
- Transaction provides the foundations for the future development of phases 2, 3 and 4 of the Cotai Mega Resort, Macau.
-- Transaction substantially strengthens Galaxy's capital structure, resulting in a net cash injection of HK$2.7billion (US$344 million), a reduction in debt of approximately HK$2.6 billion (US$339 million), and a net annual interest benefit of approximately HK$250 million (US$32 million).
-- The Permira Funds will have the right to appoint two non-executive directors to the Galaxy Board; Permira partners Dr. Martin Clarke and Mr. Guido Paolo Gamucci will be appointed to support the growth of the business and the realization of its vision.
With its deep understanding of Asian gaming, Galaxy has become a leader in Macau, and has captured a substantial market share in less than three years.The Company operates a number of highly successful casinos in Macau including its flagship StarWorld, which recently announced record results and accelerating market share in the prized VIP segment, the largest and fastest growing segment in the Macau gaming market. For the half year ended 30 June 2007, Galaxy recorded revenues of HK$6,332 million and an EBITDA of HK$737million, representing year-on-year increases of 385% and 300%, respectively.
Galaxy's rapid and sustained growth in Macau has also been supported by Dr Che-woo Lui and the Lui family's 30 year history in real estate development inGreater China and significant experience of international hotel operation, as well as the Company's proven focus on sound capital management and ROI. On completion, the 2,500 room, suite and villa Cotai Mega Resort in Macau will feature the world's second largest casino. Galaxy also has a further 10 million sq.ft. of approved gross floor area for future expansion in areas 2, 3 and 4 of its Cotai site.
Permira is a leading international private equity firm with a track record of more than twenty years of helping to build outstanding businesses. Over this time, Permira has raised 19 funds totaling approximately EUR22 billion(US$30 billion). This is the Permira Funds' first investment in Greater China, giving them an important stake in Galaxy, a leader in the world's largest gaming market, as well as a strong platform for future growth across Asia.
Galaxy and Permira believe that there are significant benefits to be gained from combining their expertise. The leisure, retail and consumer sectors represent 40% of the investments made by the Permira Funds over the last decade, with portfolio companies including Cortefiel, Ferretti, Hugo Boss, and Valentino. In particular, Permira has deep expertise in the international gaming sector through its investments in Gala Coral, Europe's largest gaming company, and in Sisal, the second largest lotto operator in Italy.
Dr. Che-woo Lui, Chairman of Galaxy, said: "We are delighted that Permirahas chosen to join us in continuing to build Galaxy's future in Macau and Asia. I look forward to welcoming Dr. Martin Clarke and Mr. Guido Paolo Gamucci as non-executive Directors to the Board and to working with them to realize our vision for Galaxy. We believe that this investment not only endorses our strategy but further enables us to deliver on our mission to be one of Asia's leading gaming and entertainment groups, to the benefit of all ourstakeholders."
Dr. Martin Clarke, Partner at Permira, commented: "We have been deeply impressed by the success of Galaxy and the vision of the Lui family and look forward to partnering with one of Asia's leading gaming and entertainment groups. Galaxy has a unique blend of high quality project development and gaming expertise and an unrivalled understanding of the Asian culture and the Chinese market. With the Permira Funds' financial strength and its successful track record of investing in gaming, retail and hospitality businesses we look forward to working with Galaxy, and in the process helping it to realize its clear vision in Asia."
Mr. Francis Lui, Vice Chairman of Galaxy, added: "We are excited to welcome such a prestigious shareholder to Galaxy and delighted to be Permira's first major investment in Greater China. I look forward to working closely with Permira and with Dr. Martin Clarke and Mr. Guido Paolo Gamucci, to leverage the opportunities this transaction brings and to realize our shared vision for Galaxy's exciting developments in Cotai and beyond."
Terms of the transaction
The Permira Funds are acquiring HK$3,800 million worth of existing ordinary Galaxy shares currently held by K. Wah International Holdings Limited, and are subscribing for an additional HK$2,700 million of new ordinary shares in Galaxy. Of the new subscription, approximately HK$1,300 million will be applied to redeem approximately half of the existing Fixed-Rate Notes, with the balance of HK$1,400 million being a cash injection into Galaxy. Separately,the existing noteholders will convert the balance of the Fixed-Rate Notes of approximately HK$1,300 million into approximately 157 million ordinary shares in Galaxy, taking the total debt reduction to HK$2,600 million and cancelling all Fixed-Rate Notes.
Galaxy will also raise a minimum of HK$1.3 billion (US$163 million) through an institutional placement, under the terms of which Merrill Lynch has been mandated to place 150 million new ordinary Galaxy shares, at a minimum share price of HK$8.42.
Following the completion of the transaction, and the share placement:
-- Members of the Lui family will collectively retain a controlling interest in Galaxy of approximately 52%.
-- Galaxy's cash reserves will increase from $6.5 billion to $9.2 billion -- up by 41%
-- Galaxy's total outstanding debt will reduce from $9.2 billion to $6.5 billion -- down by 29%.
The transaction is subject to shareholders' approvals at an Extraordinary General Meeting of Galaxy and a Special General Meeting of K. Wah International Limited, to be held within 21 days of the dispatch of the transaction circulars.
Galaxy and K. Wah Group were advised by Merrill Lynch and Galaxy was also advised by Skadden, Arps, Slate, Meagher and Flom.
Permira was advised by Deutsche Bank, Global Leisure Partners, CliffordChance and Price Waterhouse Coopers.
This announcement should be read in conjunction with the joint Galaxy and K. Wah International Holdings Limited Hong Kong Stock Exchange announcement.
SOURCE Galaxy Entertainment Group Limited
CONTACT:
For Galaxy: Nigel Morrison, Chief Financial Officer, +852-3150- 1111; Diana Footitt, FD, +852-3716-9800, or Diana.Footitt@fd.com; Alastair Hetherington, FD, +852-3716-9800, or Alastair.Hetherington@fd.com;
For Permira: Chris Davison, Director of Communications, +44-207-632-1132; Richard Barton of Gavin Anderson & Company, +852-2523-7189, or barton@gavinanderson.com.hk; Jessie Hsieh of Gavin Anderson & Company, +852-2523-7189, or jhsieh@gavinanderson.com.hk
Oct/11/2007 12:17 GMT
U.S. Gaming Revenues for Nevada and Las Vegas
2007-10-10 13:40 (New York)
By Alex Tanzi
Oct. 10 (Bloomberg)
The following table details the estimated fiscal year gaming revenues for Nevada and Las Vegas, in Aug., according to the State of Nevada Gaming Control Board.
=================================================================
Time Nevada YOY Las Vegas YOY LV Strip as a
Period Total % Chg Strip % Chg % of Nevada
=================================================================
FY 2008 $2,162.5 2.8% $1,138.3 4.6% 52.6%
FY 2007 $12,739.1 4.5% $6,753.9 5.7% 53.0%
FY 2006 $12,193.8 10.8% $6,391.7 14.6% 52.4%
FY 2005 $11,005.5 8.8% $5,578.9 9.6% 50.7%
FY 2004 $10,111.5 5.7% $5,091.7 7.7% 50.4%
FY 2003 $9,563.8 2.8% $4,726.3 4.3% 49.4%
FY 2002 $9,300.1 -3.7% $4,531.4 -7.0% 48.7%
FY 2001 $9,661.6 2.2% $4,874.7 2.7% 50.5%
FY 2000 $9,455.7 11.3% $4,745.8 15.2% 50.2%
FY 1999 $8,499.0 7.9% $4,120.5 9.6% 48.5%=================================================================
Note:
The Nevada Gaming Control Board fiscal year in July to June.
All gaming revenue data is in US$ millions.
SOURCE: Nevada Gaming Control Board http://gaming.nv.gov/mrrindex.htm#mrrindex
--Editors: Barrett
To contact the reporter on this story:Alex Tanzi in Washington at +1-202-624-1959 or atanzi@bloomberg.net
To contact the editor responsible for this story:Terry Barrett at +1-202-654-1252 or tbarrett1@bloomberg.net
By Alex Tanzi
Oct. 10 (Bloomberg)
The following table details the estimated fiscal year gaming revenues for Nevada and Las Vegas, in Aug., according to the State of Nevada Gaming Control Board.
=================================================================
Time Nevada YOY Las Vegas YOY LV Strip as a
Period Total % Chg Strip % Chg % of Nevada
=================================================================
FY 2008 $2,162.5 2.8% $1,138.3 4.6% 52.6%
FY 2007 $12,739.1 4.5% $6,753.9 5.7% 53.0%
FY 2006 $12,193.8 10.8% $6,391.7 14.6% 52.4%
FY 2005 $11,005.5 8.8% $5,578.9 9.6% 50.7%
FY 2004 $10,111.5 5.7% $5,091.7 7.7% 50.4%
FY 2003 $9,563.8 2.8% $4,726.3 4.3% 49.4%
FY 2002 $9,300.1 -3.7% $4,531.4 -7.0% 48.7%
FY 2001 $9,661.6 2.2% $4,874.7 2.7% 50.5%
FY 2000 $9,455.7 11.3% $4,745.8 15.2% 50.2%
FY 1999 $8,499.0 7.9% $4,120.5 9.6% 48.5%=================================================================
Note:
The Nevada Gaming Control Board fiscal year in July to June.
All gaming revenue data is in US$ millions.
SOURCE: Nevada Gaming Control Board http://gaming.nv.gov/mrrindex.htm#mrrindex
--Editors: Barrett
To contact the reporter on this story:Alex Tanzi in Washington at +1-202-624-1959 or atanzi@bloomberg.net
To contact the editor responsible for this story:Terry Barrett at +1-202-654-1252 or tbarrett1@bloomberg.net
Malaysians sought after by big hotels
By Lee Siew Lian 11 October, 2007
KUALA LUMPUR: A few months ago, Andrea Lee packed her bags, flew to Macau, and started work at the second-largest building in the world. She now works at the landmark Venetian Macao Resort Hotel at more than double the pay she used to get here.
The Venetian Macao Resort Hotel is so big that it takes Lee 15 minutes to walk from the shuttle drop off point to the employees' entrance.
The hotel, which can accommodate 90 Boeing 747 jumbo jets, drew more than 110,000 visitors in its first 24 hours of operation when it opened in August.
It cost US$2.4 billion (RM8.2 billion) to build, required three million sheets of gold leaf for its decor and is said to consume as much power as 300,000 homes.
It has 16,000 employees, and is always looking for more.
Last month, a team from its human resources department flew here on a recruitment drive, looking to fill positions from servers to captains and managers.
It's not the only one. The 600-room US$1.1 billion MGM Grand, slated to open in Macau later this year, is also expected to recruit staff from here.
Drawn by the hefty salaries offered, a steady stream of Malaysians have left the hotel industry here to work in the Chinese gambling enclave.
The ability to speak Mandarin, Cantonese and English is an advantage, putting Malaysian Chinese in particular demand.
Lee, who has more than 10 years' experience, declined to say how much she makes, but said those in managerial positions like her draw between 24,000 and 30,000 Macau pataca a month, or roughly between RM10,000 and RM13,000 a month.
"It's not uncommon for people to draw three to four times the salary they get in Malaysia," she said. The Venetian Macao did not respond to requests for an interview.
Recruiters are also snapping up those fresh out of hotel management schools.
Student affairs officer Dorothy Pang has been fielding calls from hotel chains around Asia wanting to hire students graduating from Genting Inti International College.
Among them were MGM Grand and the Venetian in Macau, and the Shangri-La on Sentosa Island, Singapore .
A former hotel staff herself, Pang also gets calls from ex-colleagues and former students working in the Middle East and China.
"I wish all this had happened when I was younger. I would have gone, too," she laughed.
These lucrative prospects are making jobs in the service and hospitality industry more acceptable.
"We are getting a few straight-As students, one with 11As, another with 13As. We never used to before," said Michael Chew, GIIC's principal and chief executive officer."
"The industry is increasingly losing the perception that there are only menial jobs. There's a career path and it pays well."
The reality was Malaysian hotels would just have to pay more to keep their staff, said industry veteran Ivo Nekvapil.
For instance, a demi-chef in Malaysia is paid an average of RM2,000.
With a RM4,000 salary in Macau, he could put away a tidy nest egg of at least RM100,000 after two years' work if he's careful, said the vice-president of the Malaysian Association of Hotels.
"Why wouldn't he go?" Nekvapil asked.
Demand is unlikely to abate in the near future, he said.By 2010, Macau's Cotai Strip will have some 30,000 rooms and about 1,000 gaming tables in 25 American-style resorts and casinos.
Macau is likely to need a further 80,000 workers by then, to cater to the 40 million visitors expected that year.
The industry has grown at such a sizzling pace that the average salary for hotel and restaurant workers grew almost 20 per cent over 2006.
Closer to home in Singapore, the 2,500-room Marina Bay Sands casino resort is slated to open in 2009, followed by the Genting group's 1,800-room Resorts World at Sentosa in 2010.
Add to that the expansion of the industry in the Klang Valley, and the wage bill for hoteliers and restaurateurs here looks set to spiral.
"There are eight hotels opening next year in the Klang Valley and seven more in 2009," said Nekvapil.
That means at least 3,000 workers will be needed next year, and 4,000 the year after.
"To keep their best staff, Malaysian hotels will just have to pay more. Otherwise, the quality of service will drop."
Those that offered attractive benefits and good prospects were less likely to lose their staff, Nekvapil said.
That's what the Shangri-La chain would be banking on, said Rosemary Wee, its communications director in Kuala Lumpur.
"It's a long-term strategy because at times like this, we have staff loyalty," she said.
With 54 hotels all over the world, the group can afford to send its staff overseas, and hence lose few workers to rival hotels.
"Our employees are well taken care of, and our turnover of staff is very low."
____________________________________________________________________
© Copyright 2007 The New Straits Times Press (M) Berhad. All rights reserved.
KUALA LUMPUR: A few months ago, Andrea Lee packed her bags, flew to Macau, and started work at the second-largest building in the world. She now works at the landmark Venetian Macao Resort Hotel at more than double the pay she used to get here.
The Venetian Macao Resort Hotel is so big that it takes Lee 15 minutes to walk from the shuttle drop off point to the employees' entrance.
The hotel, which can accommodate 90 Boeing 747 jumbo jets, drew more than 110,000 visitors in its first 24 hours of operation when it opened in August.
It cost US$2.4 billion (RM8.2 billion) to build, required three million sheets of gold leaf for its decor and is said to consume as much power as 300,000 homes.
It has 16,000 employees, and is always looking for more.
Last month, a team from its human resources department flew here on a recruitment drive, looking to fill positions from servers to captains and managers.
It's not the only one. The 600-room US$1.1 billion MGM Grand, slated to open in Macau later this year, is also expected to recruit staff from here.
Drawn by the hefty salaries offered, a steady stream of Malaysians have left the hotel industry here to work in the Chinese gambling enclave.
The ability to speak Mandarin, Cantonese and English is an advantage, putting Malaysian Chinese in particular demand.
Lee, who has more than 10 years' experience, declined to say how much she makes, but said those in managerial positions like her draw between 24,000 and 30,000 Macau pataca a month, or roughly between RM10,000 and RM13,000 a month.
"It's not uncommon for people to draw three to four times the salary they get in Malaysia," she said. The Venetian Macao did not respond to requests for an interview.
Recruiters are also snapping up those fresh out of hotel management schools.
Student affairs officer Dorothy Pang has been fielding calls from hotel chains around Asia wanting to hire students graduating from Genting Inti International College.
Among them were MGM Grand and the Venetian in Macau, and the Shangri-La on Sentosa Island, Singapore .
A former hotel staff herself, Pang also gets calls from ex-colleagues and former students working in the Middle East and China.
"I wish all this had happened when I was younger. I would have gone, too," she laughed.
These lucrative prospects are making jobs in the service and hospitality industry more acceptable.
"We are getting a few straight-As students, one with 11As, another with 13As. We never used to before," said Michael Chew, GIIC's principal and chief executive officer."
"The industry is increasingly losing the perception that there are only menial jobs. There's a career path and it pays well."
The reality was Malaysian hotels would just have to pay more to keep their staff, said industry veteran Ivo Nekvapil.
For instance, a demi-chef in Malaysia is paid an average of RM2,000.
With a RM4,000 salary in Macau, he could put away a tidy nest egg of at least RM100,000 after two years' work if he's careful, said the vice-president of the Malaysian Association of Hotels.
"Why wouldn't he go?" Nekvapil asked.
Demand is unlikely to abate in the near future, he said.By 2010, Macau's Cotai Strip will have some 30,000 rooms and about 1,000 gaming tables in 25 American-style resorts and casinos.
Macau is likely to need a further 80,000 workers by then, to cater to the 40 million visitors expected that year.
The industry has grown at such a sizzling pace that the average salary for hotel and restaurant workers grew almost 20 per cent over 2006.
Closer to home in Singapore, the 2,500-room Marina Bay Sands casino resort is slated to open in 2009, followed by the Genting group's 1,800-room Resorts World at Sentosa in 2010.
Add to that the expansion of the industry in the Klang Valley, and the wage bill for hoteliers and restaurateurs here looks set to spiral.
"There are eight hotels opening next year in the Klang Valley and seven more in 2009," said Nekvapil.
That means at least 3,000 workers will be needed next year, and 4,000 the year after.
"To keep their best staff, Malaysian hotels will just have to pay more. Otherwise, the quality of service will drop."
Those that offered attractive benefits and good prospects were less likely to lose their staff, Nekvapil said.
That's what the Shangri-La chain would be banking on, said Rosemary Wee, its communications director in Kuala Lumpur.
"It's a long-term strategy because at times like this, we have staff loyalty," she said.
With 54 hotels all over the world, the group can afford to send its staff overseas, and hence lose few workers to rival hotels.
"Our employees are well taken care of, and our turnover of staff is very low."
____________________________________________________________________
© Copyright 2007 The New Straits Times Press (M) Berhad. All rights reserved.
MGM Mirage to Build $5 Billion Atlantic City Casino
2007-10-10 19:10 (New York)
By James Temple
Oct. 10 (Bloomberg) -- MGM Mirage, the world's second-largest casino company, plans to spend as much as $5 billion on a new resort in Atlantic City, New Jersey, a bet some supporters believe will help stem the city's declining gambling revenue.
The 3,000-room MGM Grand Atlantic City hotel and casino will be adjacent to the Borgata Hotel Casino & Spa, the company said today. The facility, which may open in 2012, is the latest in a line of proposed Atlantic City casinos.
Revel Entertainment Group LLC said last month that it filed plans to build a $2 billion, 3,800-room resort. Pinnacle Entertainment Inc. said last year that it would build a $1.8billion casino on the site of the Sands. The Borgata, a similar development half-owned by MGM, opened in 2003.
``We think the success at Borgata demonstrates that there is a demand for this type of product in Atlantic City,'' spokesman Gordon Absher said.
The new projects, which include theaters, dining, spas and other non-casino entertainment, will help Atlantic City compete more effectively against the gambling offerings of nearby cities, said Joseph Corbo, president of the Casino Association of New Jersey.
``We're seeing the transformation of Atlantic City, already in progress, from a day trip market to more of a destination resort market'' akin to Las Vegas, Nevada, Corbo said.
New Jersey Investment
MGM is boosting its New Jersey investment even as spending in Atlantic City sinks amid increasing regional competition, principally from combined horse racing and slot machine operations in Yonkers, New York, and Philadelphia. Gambling revenue in the city declined 11 percent in September, according to the New Jersey Casino Control Commission.
MGM, which is majority-owned by billionaire Kirk Kerkorian, posted record profit of $360 million in the second quarter, buoyed by higher spending at its Las Vegas resorts. MGM said its $5 billion Atlantic City budget doesn't include the cost ofacquiring the site.
The company's shares declined $1, or 1 percent, to $98.75at 4:26 p.m. in New York Stock Exchange composite trading.
Harrah's Entertainment Inc. is the world's biggest casino company.
--Editor: Skillman (mno/tlb/ecw/scc/ecw)
To contact the reporter on this story:James Temple in San Francisco at +1-415-743-3588 orjtemple@bloomberg.net
To contact the editor responsible for this story:Michael Nol at 212-617-2384 or mnol@bloomberg.net.
By James Temple
Oct. 10 (Bloomberg) -- MGM Mirage, the world's second-largest casino company, plans to spend as much as $5 billion on a new resort in Atlantic City, New Jersey, a bet some supporters believe will help stem the city's declining gambling revenue.
The 3,000-room MGM Grand Atlantic City hotel and casino will be adjacent to the Borgata Hotel Casino & Spa, the company said today. The facility, which may open in 2012, is the latest in a line of proposed Atlantic City casinos.
Revel Entertainment Group LLC said last month that it filed plans to build a $2 billion, 3,800-room resort. Pinnacle Entertainment Inc. said last year that it would build a $1.8billion casino on the site of the Sands. The Borgata, a similar development half-owned by MGM, opened in 2003.
``We think the success at Borgata demonstrates that there is a demand for this type of product in Atlantic City,'' spokesman Gordon Absher said.
The new projects, which include theaters, dining, spas and other non-casino entertainment, will help Atlantic City compete more effectively against the gambling offerings of nearby cities, said Joseph Corbo, president of the Casino Association of New Jersey.
``We're seeing the transformation of Atlantic City, already in progress, from a day trip market to more of a destination resort market'' akin to Las Vegas, Nevada, Corbo said.
New Jersey Investment
MGM is boosting its New Jersey investment even as spending in Atlantic City sinks amid increasing regional competition, principally from combined horse racing and slot machine operations in Yonkers, New York, and Philadelphia. Gambling revenue in the city declined 11 percent in September, according to the New Jersey Casino Control Commission.
MGM, which is majority-owned by billionaire Kirk Kerkorian, posted record profit of $360 million in the second quarter, buoyed by higher spending at its Las Vegas resorts. MGM said its $5 billion Atlantic City budget doesn't include the cost ofacquiring the site.
The company's shares declined $1, or 1 percent, to $98.75at 4:26 p.m. in New York Stock Exchange composite trading.
Harrah's Entertainment Inc. is the world's biggest casino company.
--Editor: Skillman (mno/tlb/ecw/scc/ecw)
To contact the reporter on this story:James Temple in San Francisco at +1-415-743-3588 orjtemple@bloomberg.net
To contact the editor responsible for this story:Michael Nol at 212-617-2384 or mnol@bloomberg.net.
Wednesday, October 10, 2007
Gaming Standards Association and Macao Polytechnic Institute
2007-10-09 13:06 (New York)
Create Partnership for GSA Standards/Knowledge Exchange in China
GSA Also Welcomes MPI as an Associate Member
LAS VEGAS, Oct. 8 /PRNewswire/ -- Further establishing the global reach of its standards, the Gaming Standards Association has signed a memo of understanding with the Macao Polytechnic Institute. The MOU expresses GSA'sand MPI's mutual commitment in providing education related to the very latest gaming technology and open communication standards.
Signing the MOU were MPI President Lei Heong Lok and GSA President Peter DeRaedt.
Under terms of the agreement, MPI will act as GSA's office in Asia, establishing a location for GSA on the continent. Additionally, GSA will support MPI in an effort to spread the technical knowledge of GSA's gaming protocol standards to students in Macao and other parts of Asia through MPI.
DeRaedt said, "This is a major step forward for GSA. The industry is keenly aware of the expansion of gaming in Macao and the future development that is to come to Asia. We are very pleased to be at the forefront of that growth, laying the groundwork for what will be an intense adoption and implementation of GSA standards."
Professor Lei said, "The partnership between MPI and GSA which aims at fostering the adoption and implementation of open industrial standards inMacao will certainly create benefits for manufacturers, operators and other stakeholders in the gaming industry. Fulfilling the promise of seamless communication and interoperability, robust and long-lasting open standards can be a solution for greater revenue and decreased costs."
As an initial step, MPI will send a six-member delegation to meet with GSA during the upcoming Global Gaming Expo in Las Vegas this November. The research group, deemed the "Feasibility Study for Setting up a Slot Certification Centre in Macao," will include Professor Chen Qingyun, Deputy Director, Economic and Public Policy Research Centre; Professor Zeng Zhonglu, Researcher, Economic and Public Policy Research Centre; Mr. Siu Ka Meng,Andrew, Chairman, MPI-Melco Gaming and Entertainment Information Technology Research and Development Center; Dr. Lai Tze Meng, Terence, Director, MPI-Melco Gaming and Entertainment, Information Technology Research andDevelopment Center; Dr. Im Sio Kei, Marcus, Head, Division for PedagogicalAffairs; and Mr. Chan Fai Man, Jose, Student Affairs and Career Counseling Office, Macao Tourism and Casino Career Center.
MPI was established in 1991 as a public and forward-looking institute and was formerly a part of the University of East Asia, Macau. In the 10 years since its inception, the Institute grew into a modern and fully equipped teaching and research facility with a team of experienced and dedicated academic staff.
About the Gaming Standards Association (GSA):
The Gaming Standards Association (GSA) is an international trade association that creates benefits for gaming manufacturers, suppliers, operators and regulators. We facilitate the identification, definition, development, promotion, and implementation of open standards to enable innovation, education, and communication for the benefit of the entire industry. Since its incorporation on May 6, 1998, GSA has members representing a wide cross section of the global gaming industry.
GSA's new Game-to-System (G2S) Protocol has been named "BestProductivity-Enhancement Technology" by Global Gaming Business Magazine, one of the "Top Three International Gaming Products" by IGWB Magazine; one ofCasino Journal magazine's "Top 3 Most Innovative Products"; and one of Casino Enterprise Management's "Top 10 Slot Floor Technologies."
Platinum members include Aristocrat Technologies Inc.; Atronic AmericasLLC; Bally Technologies, Inc. (BYI); E-Genting Holdings Sdn Bhd; FutureLogic,Inc; Harrah's Entertainment (HET); International Game Technology (IGT); KonamiGaming Inc.; MEI; MGM MIRAGE (MGM); Progressive Gaming InternationalCorporation (PGIC); Seminole Tribe of Florida; and WMS Gaming Inc. (WMS).
Other members include: 3M Touch Systems (MMM); Ainsworth Game Technology,Ltd.; AGMMA - Australasian Gaming Machine Manufacturers Association; Alliance Gaming Services; American Gaming Systems; Ameristar Casinos, Inc.; Aruze Gaming America, Inc.; Austrian Gaming Industries GmbH; Belatra Co., Ltd.; BMM North America; Bounty Limited; British Columbia Lottery Corporation; CashCodeCompany Inc.; Casino Technology; Cyberview Technology (CYBS); DigiDeal Corp.;Digital Dynamics Software, Inc.; DigiTech Systems Co., Ltd.; Elixir Group,Ltd.; Foxwoods Resort Casino; GameLogic, Inc.; GameTech International; GamingConsultants International; Gaming Laboratories International, Inc; Giesecke &Devrient; GGS-US LTD; Global Cash Access, Inc.; Global Payment TechnologiesInc. (GPTX); GTECH Corporation; Hotel Technology Next Generation; IncredibleTechnologies, Inc.; Inspired Gaming Group plc (INGG); Intralot S.A.; Jofemar,S.A.; Las Vegas Gaming, Inc.; Macao Polytechnic Institute; Money Controls;MotorCity Casino; Multi-State Lottery Association; Multimedia Games, Inc.(MGAM); Nick Farley & Associates; Nidec Sankyo Corporation; NRT TechnologyCorporation; Ontario Lottery & Gaming Corporation; Penn National Gaming, Inc.;PokerTek, Inc.; R. Franco USA; Rocket Gaming Systems; Scientific Games (SGMS); Shuffle Master, Inc.(SHFL); Station Casinos, Inc.; Tabcorp Holdings Limited;Transact Technologies (TACT); Unidesa Gaming & Systems; UNLV InternationalGaming Institute; Video Gaming Technologies, Inc; Viejas Casino and WesternMoney Systems.
For more information, visit http://www.gamingstandards.com/.
SOURCE Gaming Standards Association
CONTACT:Peter DeRaedt, President of Gaming Standards Association, +1-775-829-2336, pres@gamingstandards.com; or Paul Speirs, President of Steinbeck Communications, +1-702-413-4278, paulspeirs@cox.net, for Gaming Standards Association
Oct/09/2007 17:06 GMT
Create Partnership for GSA Standards/Knowledge Exchange in China
GSA Also Welcomes MPI as an Associate Member
LAS VEGAS, Oct. 8 /PRNewswire/ -- Further establishing the global reach of its standards, the Gaming Standards Association has signed a memo of understanding with the Macao Polytechnic Institute. The MOU expresses GSA'sand MPI's mutual commitment in providing education related to the very latest gaming technology and open communication standards.
Signing the MOU were MPI President Lei Heong Lok and GSA President Peter DeRaedt.
Under terms of the agreement, MPI will act as GSA's office in Asia, establishing a location for GSA on the continent. Additionally, GSA will support MPI in an effort to spread the technical knowledge of GSA's gaming protocol standards to students in Macao and other parts of Asia through MPI.
DeRaedt said, "This is a major step forward for GSA. The industry is keenly aware of the expansion of gaming in Macao and the future development that is to come to Asia. We are very pleased to be at the forefront of that growth, laying the groundwork for what will be an intense adoption and implementation of GSA standards."
Professor Lei said, "The partnership between MPI and GSA which aims at fostering the adoption and implementation of open industrial standards inMacao will certainly create benefits for manufacturers, operators and other stakeholders in the gaming industry. Fulfilling the promise of seamless communication and interoperability, robust and long-lasting open standards can be a solution for greater revenue and decreased costs."
As an initial step, MPI will send a six-member delegation to meet with GSA during the upcoming Global Gaming Expo in Las Vegas this November. The research group, deemed the "Feasibility Study for Setting up a Slot Certification Centre in Macao," will include Professor Chen Qingyun, Deputy Director, Economic and Public Policy Research Centre; Professor Zeng Zhonglu, Researcher, Economic and Public Policy Research Centre; Mr. Siu Ka Meng,Andrew, Chairman, MPI-Melco Gaming and Entertainment Information Technology Research and Development Center; Dr. Lai Tze Meng, Terence, Director, MPI-Melco Gaming and Entertainment, Information Technology Research andDevelopment Center; Dr. Im Sio Kei, Marcus, Head, Division for PedagogicalAffairs; and Mr. Chan Fai Man, Jose, Student Affairs and Career Counseling Office, Macao Tourism and Casino Career Center.
MPI was established in 1991 as a public and forward-looking institute and was formerly a part of the University of East Asia, Macau. In the 10 years since its inception, the Institute grew into a modern and fully equipped teaching and research facility with a team of experienced and dedicated academic staff.
About the Gaming Standards Association (GSA):
The Gaming Standards Association (GSA) is an international trade association that creates benefits for gaming manufacturers, suppliers, operators and regulators. We facilitate the identification, definition, development, promotion, and implementation of open standards to enable innovation, education, and communication for the benefit of the entire industry. Since its incorporation on May 6, 1998, GSA has members representing a wide cross section of the global gaming industry.
GSA's new Game-to-System (G2S) Protocol has been named "BestProductivity-Enhancement Technology" by Global Gaming Business Magazine, one of the "Top Three International Gaming Products" by IGWB Magazine; one ofCasino Journal magazine's "Top 3 Most Innovative Products"; and one of Casino Enterprise Management's "Top 10 Slot Floor Technologies."
Platinum members include Aristocrat Technologies Inc.; Atronic AmericasLLC; Bally Technologies, Inc. (BYI); E-Genting Holdings Sdn Bhd; FutureLogic,Inc; Harrah's Entertainment (HET); International Game Technology (IGT); KonamiGaming Inc.; MEI; MGM MIRAGE (MGM); Progressive Gaming InternationalCorporation (PGIC); Seminole Tribe of Florida; and WMS Gaming Inc. (WMS).
Other members include: 3M Touch Systems (MMM); Ainsworth Game Technology,Ltd.; AGMMA - Australasian Gaming Machine Manufacturers Association; Alliance Gaming Services; American Gaming Systems; Ameristar Casinos, Inc.; Aruze Gaming America, Inc.; Austrian Gaming Industries GmbH; Belatra Co., Ltd.; BMM North America; Bounty Limited; British Columbia Lottery Corporation; CashCodeCompany Inc.; Casino Technology; Cyberview Technology (CYBS); DigiDeal Corp.;Digital Dynamics Software, Inc.; DigiTech Systems Co., Ltd.; Elixir Group,Ltd.; Foxwoods Resort Casino; GameLogic, Inc.; GameTech International; GamingConsultants International; Gaming Laboratories International, Inc; Giesecke &Devrient; GGS-US LTD; Global Cash Access, Inc.; Global Payment TechnologiesInc. (GPTX); GTECH Corporation; Hotel Technology Next Generation; IncredibleTechnologies, Inc.; Inspired Gaming Group plc (INGG); Intralot S.A.; Jofemar,S.A.; Las Vegas Gaming, Inc.; Macao Polytechnic Institute; Money Controls;MotorCity Casino; Multi-State Lottery Association; Multimedia Games, Inc.(MGAM); Nick Farley & Associates; Nidec Sankyo Corporation; NRT TechnologyCorporation; Ontario Lottery & Gaming Corporation; Penn National Gaming, Inc.;PokerTek, Inc.; R. Franco USA; Rocket Gaming Systems; Scientific Games (SGMS); Shuffle Master, Inc.(SHFL); Station Casinos, Inc.; Tabcorp Holdings Limited;Transact Technologies (TACT); Unidesa Gaming & Systems; UNLV InternationalGaming Institute; Video Gaming Technologies, Inc; Viejas Casino and WesternMoney Systems.
For more information, visit http://www.gamingstandards.com/.
SOURCE Gaming Standards Association
CONTACT:Peter DeRaedt, President of Gaming Standards Association, +1-775-829-2336, pres@gamingstandards.com; or Paul Speirs, President of Steinbeck Communications, +1-702-413-4278, paulspeirs@cox.net, for Gaming Standards Association
Oct/09/2007 17:06 GMT
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