65
Gambler imprisoned Chinese Mainland officials gamble
for deceiving partners away public funds
a businessman was jailed for life after swindling more than 14 million
Dozens of Chinese officials from the Guangdong province have
yuan from 20 business partners to pay off gambling debts in foshan,
gambled away more than 20 million yuan of public funds in Macau
Guangdong province. He yongsheng, 41, ran a small factory in
and Hong Kong since 2003, according to state media. 53 officials
the Nanhai district and used to own property worth more than 10
were brought to justice and some of them jailed. Chen Zhiqiang,
million yuan before he started visiting casinos in 2002. from 2005
a party official from foshan city, was sentenced to life in prison
to 2006, he gambled away all his money and assets, thus beginning
for gambling away 13 million yuan between 2005 and 2006. Wu
to defraud business partners to recoup his losses in 2007. He was
Xingkui, former party number two in yunfu, was jailed for four
detained by police early last year in Chongqing municipality.
years after gambling away over two million yuan in 18 months.
Ironically, he was part of state operations against gambling.
Get Nice raises stakes
in Grand Waldo Macau
Melco positive on recovery and looks
Get Nice Holdings Ltd has entered into a preliminary agreement to
to Taiwan for further opportunities
buy an additional three percent stake in Great China Co Ltd, which
Melco Crown entertainment is upbeat that Macau’s tourism industry
owns the Grand Waldo Macau. Currently owning 45 percent of
can recover and is also eyeing expansion opportunities in Taiwan.
Great China, the acquisition will raise Get Nice’s total exposure to
Melco shares rose around 70 percent in the last three months
48 percent. Get Nice says the matter is to be calculated based on
due to a global rebound in equities from multi-year lows, although
the fair value of the 36,430 square meter plot of land on which the
stock is still down nearly 80 percent over the last year. Melco CeO
hotel stands. Get Nice is involved in financial services, including
Lawrence Ho said that 7,000 new jobs would be created once
securities dealing and brokerage.
the the first phase of the $2.1 billion City of Dreams is completed.
On the Taiwan front, legalising gambling would present possible
Further schooling equals promotions
opportunities for Melco but Ho said research would be needed
regarding the political environment and the setting up of
for Crown employees infrastructure. Ho added that tough economic conditions have
Melco Crown entertainment Ltd (MPeL) has promised to promote made it difficult for bank financing for even a mid-sized resort
from within provided their employees seek further schooling. The there and would remain difficult in the next one or two years.
company supports the ‘fast Track Promotional Program’ which
is taught at Macau university of Science & Technology (MuST)
and Macau Technology Committee (CTT). The three-month study
Galaxy announced pay cuts
program is aimed at developing business skills and technical
and unpaid leave for 2,400
knowledge. employees who successfully complete the program
Galaxy entertainment Group plans to cut salaries by 13.3 percent
are guaranteed a promotion at City of Dreams or Crown Macau.
for 2,400 of its local gaming staff, effective from february 2, 2009.
Promotions will be based on management allocation, as well as
1,600 staff at the company’s flagship StarWorld casino hotel will be
increased annual salary.
given two to four days of additional unpaid leave per month. Staff
from StarWorld will compose mostly of dealers, dealer inspectors,
Amax rolls in HK$67.7 billion
pit supervisors, and cashiers. another 800 from three of Galaxy’s
franchised casinos – rio, President, Waldo – will be also be subject
for final quarter of 2008 to pay cuts. employees from the Grand Waldo are excluded.
VIP gaming promotion company amax reports rolling chip
volumes of HK$67.7 billion for the final quarter of 2008, with
former amax CeO Ted Chan recently resigning to join Melco
Morgan lays down figures forecast
Crown as President. Chan was replaced by former amax Chief
for Shun Tak, Melco, and Galaxy
financial Officer Ken Chan. Having entered the gaming promotion
Morgan Stanley forecasted a 10 percent decline in Macau gaming
business in late 2007, amax has effectively used its junket
revenue for 2009 based on a slower Chinese economy, the global
aggregation business model to receive solid returns on rolling chip
financial crisis, and visa restrictions. Shun Tak was upgraded from
volume. amax provides liquidity to junket operators in the form of
‘equal-weight’ to ‘overweight’ based on a strong balance sheet,
non-negotiable chips rather than capital directly to players and in
persistent share buybacks, ferry business profitable turnover, and
turn, junket operators can receive commissions of 0.9% to 1.21%
a smoother earnings profile in 2010. Its share dollar was raised
from rolling chip volume. These non-negotiable chips serve a
from HK$2.3 to HK$3. Melco was downgraded from ‘overweight’
specific purpose of calculating the commission payable to junket
to ‘underweight’ for short-term headwinds at Crown VIP business,
operators as junket commissions are paid based on the total
tightening of credit, higher commission rates weighing on margins,
amount of non-negotiable chips purchased by each player. They
and the uncertainty of the new casino at City of Dreams. Its target
are also used to distinguish between VIP table revenue and mass
went from HK$3.1 to HK$2.5. Galaxy entertainment maintains
market table revenue.
its ‘equal-weight’ billing, Morgan raised the target from HK1.15
to HK$1.5. The delaying of mega resort projects and possible
Ho makes gloomy forecast
buybacks of debt contributed to the analysis.
Local gaming mogul, Stanley Ho, expects a 20 percent slump in
gaming revenues in 2009 but he also expects his Sociedade de
Wynn Macau lines up new act
Jogos de Macau to “more or less” keep its market share. “I believe
after the Performance Lake and Tree of Prosperity, Wynn Macau
that gaming revenues will drop about 20 percent and that we’ll be
now presents us with The Dragon of fortune. Symbolizing vitality,
able to more or less keep the same market share,’’ Ho said. In
good fortune, and well-being, it is a three and a half minute show
terms of market share, SJM still leads and, five years after market
featuring an eye-glowing, smoke-billowing dragon and blooming
liberalisation and the arrival of new operators, SJM reached the
Lotus blossom 12 feet in diameter with dramatic crystal light
end of the year with a 26.5 percent share, 2.5 percent ahead of Las
effect. It is located at the rotunda entrance of the resort, the
Vegas Sands, the number two operator and its closest competitor.
same location as the Tree of Prosperity, with both shows
Wynn resorts had slightly more than 16.5 percent, followed by
presented alternately at 30 minute intervals each. The dragon
Melco/PbL with a little more than 14 percent and, finally, Galaxy
combines traditional sculptural art, modern lighting, and audio
resorts with 10.5 percent and MGM with eight percent.
effects for Wynn visitors.
february 2009
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