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SANDS CHINA JUNKET CRACKDOWN
Sands China is cracking down on junket operators in Macau, asking them for more details on their wealthy players Macau - Operations
Sands China has been looking to increase its efforts to attract mass-market players by itself to reduce its dependence and lost profit on junkets. It is also looking to meet US money laundering cri- teria. A source revealed that once the changes are announced they would likely cut back on the number of junkets with which Sands works. Sands has even employed former federal agents, legislators and lawyers with experience of anti- money laundering regulations.
VIETNAM – THREE NEW CASINO ZONES PLANNED A proposal by the Vietnamese government to permit casinos to operate in three Special Economic Zones has been greeted with caution at a conference focussing on the future zones.
The three Special Economic Zones are to be located in Van Don in Quang Ninh province, Van Phong in south central Khanh Hoa province and Phu Quoc in southern Kien Giang province.
However, a representative of the American Chamber of Commerce, who spoke on behalf of American investors, warned of a potential over supply as there was already a suc- cession of blue prints for large-scale casinos throughout Vietnam. The government has approved seven casinos in the country over the past 20 years with five already in operation and two currently being built.
“If we just build small casinos like in the Crowne Plaza Danang, it is not a problem. But if we want to build large- scale casinos in Vietnam, we should think about demand,” she warned.
She added that even with the Vietnamese government con- sidering trialling Vietnamese play in the new casinos, income per capita in Vietnam remained low, which could hamper the success of large-scale casinos. She believed three large- scale casinos would be enough for the country.
Le Vu Thanh, Chief Representative of the US-ASEAN Business Council in Vietnam, is concerned that four or five large-scale casinos could see the market quickly saturate.
VIETNAM – DONACO RAISES $75M FOR NEW HOTEL Donaco International, the Sydney-based operator of Lao Cai International Hotel and casino in northern Vietnam, has sold 56.39m shares to investors to raise $75m in order to con- struct a second hotel at Lao Cai, close to the border with China’s Yunnan province.
The shares were sold to investors at $1.33 each. The money will be used to vastly increase the number of hotel rooms at the property from 34 to 428. Donaco Chief Executive Joey Lim said: “The construction of our new five-star hotel prop- erty continues on time and on budget. We have sufficient funds to ensure the liquidity of our much larger gaming busi- ness in the new property.”
Mr. Lim added that the operator was looking to buy similar gambling and hotel assets in other parts of Asia. “We have continued to examine potential investments in other assets. We cannot guarantee that any deals will be concluded in the short term.”
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Junket operators are believed to have taken US$13bn in commission from the casinos last year. Deutsche Bank Analyst Karen Tang said casino operators could make 10 per cent to 15 per cent more profit from VIP play by offering their own junkets and hosting VIPs in their own facilities rather than leasing tables to junkets.
When the Macau market opened up in 2002, the incoming operators had no player databases and no means of chasing debts from players gambling on credit. The result is that there are currently over 200 junket operators working out of Macau.
Although no public statement has been made yet, Sands spokesman Ron Reese said: “Our chairman and board expect the company to set the standard for ethical performance in our industry. Across every spectrum of our business, we look for part- ners who share and abide by that goal.”
In a recent report from the US/China Economic Security Review Commission in Washington, a
panel said: “The main channel for money launder- ing is in the gaming sector through under-regulat- ed junket operators and their affiliates, which include the underground banking system that supports their operations.”
William Reinsch, Chairman of the US-China Economic and Security Review Commission, said following the research: “American authorities at the state and federal level want to make sure that the three US-based casino companies licensed to operate affiliate casinos in Macau do not get drawn into activities that would be considered illegal or improper in the United States. The fact that the People’s Republic of China (PRC) does not permit the legal collection of gambling debts appears to be the most significant factor in creat- ing a unique chain of circumstances in which casi- nos effectively sublease a substantial portion of their gaming operations to VIP rooms, many of which are controlled by Chinese organised crime groups.”
A Congressional report claimed that US$202bn is laundered through Macau each year.
Ladbrokes expands in Australia with recent Betstar acquisition
AUSTRALIA Ladbrokes has grown its business in Australia by buying Betstar, a private bookmaker, in a deal worth £12.4m. It secures one of the last remaining private bookmak- ers and allows Ladbrokes to add an existing and complementary client base and accelerate the growth of its Australian business.
Betstar has approximately 40,000 registered customers and, in the year to 31 March 2014, it generated gross win of c.A$12.9m on A$214m amounts staked.
Annualised cost synergies of approximately A$5m will be realised from the migration of Betstar’s operations to Ladbrokes’ digital platform and the acquisi- tion is expected to be earnings
accretive in its first year under Ladbrokes ownership. The Betstar brand will be maintained.
The acquisition builds on the pres- ence in the Australian market fol- lowing last year’s acquisition of
Bookmaker.com.au and the cre- ation of
Ladbrokes.com.au.
Ladbrokes MD International, Damian Cope said: “Australia rep- resents one of the most vibrant regulated sports betting markets in the world and today’s announcement will see us add new customers to our growing presence. It offers us a chance to improve our market share and bring the innovative product development and marketing skills displayed by
Ladbrokes.com.au to a wider audience.”
Macau In 2013, Macau’s casinos felt a huge surge in crimes committed by casino croupiers with reported investigations involving croupiers increasing by 85 per cent compared to 2012. The Judiciary Police has revealed that the number of cases involving casino workers rose by 34 per cent, with a total of 75 cases up from the 56 registered the in 2012. Crimes by casino dealers totalled 50, up 85 per cent, with embezzlement and theft accounting for most of the reported crimes. Embezzlement increased 267 per cent with a total of 33 cases reported. As a result, operators have become more aware of crime committed by staff.
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