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
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Showing posts with label Macau Gaming. Show all posts
Showing posts with label Macau Gaming. Show all posts
Thursday, October 25, 2007
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
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.
Tuesday, October 23, 2007
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.
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.
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
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
Tuesday, October 9, 2007
Casinos in Macau
Casino Ownership Commencement of Operations Website
1 Lisboa SJM 1970 http://www.hotelisboa.com/
2 Grand Lisboa SJM 2007
3 Kam Pek SJM http://www.hotelisboa.com/
4 Fortuna SJM 2005 http://www.hotelfortuna.com.mo/
5 Diamante SJM http://www.macau.holiday-inn.com/
6 Club VIP Legend SJM http://www.landmarkhotel.com.mo/
7 Kingsway SJM http://www.kingsway.com.mo/
8 Golden Dragon SJM http://www.goldendragon.com.mo/
9 Casa Real SJM http://www.casarealhotel.com.mo/
10 Jai Alai SJM
11 Macau Palace SJM
12 Oriental SJM www.mandarinoriental.com/macau
13 Emperor Palace SJM 2006 http://www.emperor.com.hk/
14 Babylon SJM 2006 http://www.fishermanswharf.com.mo/
15 Marina SJM http://www.pousadamarinainfante.com/
16 MJC (Macau Jockey Club) SJM 2005 http://www.grandview-hotel.com/
17 Taipa SJM http://www.macau.hyatt.com/
18 New Century SJM 2004 http://www.newcenturyhotel-macau.com/
19 Waldo Galaxy 2004 http://www.galaxyentertainment.com/
20 Grand Waldo Galaxy 2006 http://www.galaxyentertainment.com/
21 Rio Galaxy 2006 http://www.riomacau.com/
22 StarWorld Galaxy 2006 http://www.starworldmacau.com/
23 President Galaxy 2006
24 Wynn Macau Wynn 2006 http://www.wynnmacau.com/
25 Sands Macau LVS 2004 http://www.sands.com.mo/
26 Crown Macau Melco 2007 http://www.crown-macau.com/
27 Venetian Macau LVS 2007 http://www.venetianmacau.com/
28 Ponte 16 MGM / Pansy Ho 2007 http://www.melco.hk.cn/
29 MGM Grand Paradise MGM Mirage 2007 http://www.mgmmirage.com/
30 Galaxy Cotai Mega Resort Galaxy 2008
31 City of Dreams Melco/PBL 2008
32 Macau Studio City 2009
Note: Number of casinos in Macau @ 2Q07 = 26 (Source: DICJ http://www.dicj.gov.mo/)
Updated : 3/08/2007
1 Lisboa SJM 1970 http://www.hotelisboa.com/
2 Grand Lisboa SJM 2007
3 Kam Pek SJM http://www.hotelisboa.com/
4 Fortuna SJM 2005 http://www.hotelfortuna.com.mo/
5 Diamante SJM http://www.macau.holiday-inn.com/
6 Club VIP Legend SJM http://www.landmarkhotel.com.mo/
7 Kingsway SJM http://www.kingsway.com.mo/
8 Golden Dragon SJM http://www.goldendragon.com.mo/
9 Casa Real SJM http://www.casarealhotel.com.mo/
10 Jai Alai SJM
11 Macau Palace SJM
12 Oriental SJM www.mandarinoriental.com/macau
13 Emperor Palace SJM 2006 http://www.emperor.com.hk/
14 Babylon SJM 2006 http://www.fishermanswharf.com.mo/
15 Marina SJM http://www.pousadamarinainfante.com/
16 MJC (Macau Jockey Club) SJM 2005 http://www.grandview-hotel.com/
17 Taipa SJM http://www.macau.hyatt.com/
18 New Century SJM 2004 http://www.newcenturyhotel-macau.com/
19 Waldo Galaxy 2004 http://www.galaxyentertainment.com/
20 Grand Waldo Galaxy 2006 http://www.galaxyentertainment.com/
21 Rio Galaxy 2006 http://www.riomacau.com/
22 StarWorld Galaxy 2006 http://www.starworldmacau.com/
23 President Galaxy 2006
24 Wynn Macau Wynn 2006 http://www.wynnmacau.com/
25 Sands Macau LVS 2004 http://www.sands.com.mo/
26 Crown Macau Melco 2007 http://www.crown-macau.com/
27 Venetian Macau LVS 2007 http://www.venetianmacau.com/
28 Ponte 16 MGM / Pansy Ho 2007 http://www.melco.hk.cn/
29 MGM Grand Paradise MGM Mirage 2007 http://www.mgmmirage.com/
30 Galaxy Cotai Mega Resort Galaxy 2008
31 City of Dreams Melco/PBL 2008
32 Macau Studio City 2009
Note: Number of casinos in Macau @ 2Q07 = 26 (Source: DICJ http://www.dicj.gov.mo/)
Updated : 3/08/2007
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