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
Showing posts with label Gaming News. Show all posts
Showing posts with label Gaming News. Show all posts
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.
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)
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.
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
Friday, October 19, 2007
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
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.
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