75
Gaming Results: Market Share Per Operator
2009 2010
Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Jan Feb*
SJM 29% 29% 31% 31% 30% 23% 26% 31% 31% 32% 31%
30% 32%
LVS 26% 27% 26% 21% 26% 22% 24% 20% 24% 21% 22%
22% 20%
Galaxy 13% 10% 12% 12% 12% 10% 10% 10% 12% 12% 13%
10% 10%
Wynn 17% 16% 14% 18% 14% 15% 13% 14% 12% 12% 17%
13% 15%
Melco/PBL 9% 10% 9% 10% 9% 18% 16% 17% 13% 13% 12%
16% 14%
MGM 6% 8% 8% 8% 8% 12% 11% 7% 8% 9% 7%
9% 9%
TOTAL 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
100% 100%
40
SJM LVS Galaxy Wynn Melco/pBL MGM
30
20
10
0
Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10
*
*
estimated
Sands to get credit this month MGM chooses Pansy Ho over Borgata
las Vegas Sands expects MGM Mirage is in talks that could
to close a US$1.75 billion result in the sale of its stake in the
(MOP14 billion) credit Borgata hotel-casino in atlantic city. a
agreement this month to company spokesman said last month
restart construction on lots that the firm is currently involved in
five and six of the Cotai Strip. “constructive settlement discussions”
“In March we expect to close with the New Jersey Division of
the previously announced Gaming Enforcement (DGE). The
US$1.75 billion credit facility talks center on MGM Mirage placing
to fund construction of parcels its 50 percent ownership interest in
five and six in Macau,” said the Borgata hotel-casino and related
senior vice president and leased land in atlantic city into a
chief financial officer Ken “divestiture trust”. “While no definitive
Kay during an earnings call. “The equity and project settlement with the DGE has been reached, the company has asked
financing is sufficient to complete the first two phases its lenders to consent to the trust arrangement,’’ the MGM Mirage
of that development, which will features over 6,000 spokesman said. This was the company’s solution to settle an
hotel rooms and all the major cash flow generating investigation by New Jersey regulators into the suitability of Pansy
components of the development,’’ Kay said. according ho chui-king, its partner in Macau in MGM Grand Paradise gaming
to las Vegas Sands chairman and cEO, Sheldon operator. In May 2009, the DGE found ho to be unsuitable due
Adelson, the opening of the first two phases of parcels to the alleged ties of her father, casino tycoon Stanley ho hung-
five and six will take place “in less than 18 months sun, with organised crime. The New Jersey agency recommended
from today”. Meanwhile, las Vegas Sands is still keen MGM Mirage to disassociate itself from ho in order to continue
on selling non-core asset in Macau. “We also expect operating in New Jersey, which would mean selling its stake at
to execute in due course the sale of non-core assets MGM Grand Paradise. “We disagree with the New Jersey DGE’s
which will enable significant debt repayments and recommendation,’’ said Jim Murren, MGM Mirage’s chairman
enhance return on investments,’’ Kay added. adelson and chief executive officer. “Pursuing a settlement with the DGE
confirmed that the company is still looking to sell The represents the best course of action for our company and its
Four Seasons apartments, but gave no updates on a shareholders,” he said. “We would like to put this matter behind
potential timeline for the deal. “We have not made any us and move forward with the compelling growth opportunities we
official announcement on that. We are well aware that have in Macau,’’ added Murren. according to the las Vegas Sun,
there is US$1 billion of value tied up in that asset and Boyd Gaming corp of las Vegas, MGM Mirage’s partner in Borgata,
as prudent management you should expect us to be would be a likely buyer of its stake in the hotel-casino but has
evaluating different ways to free that,’’ adelson said. declined comment.
March 2010
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