77
Melco has cash and cash equivalents
totaling US$448 million, the company
Harrahs: No active talks on Macau
said early last month.
harrah’s Entertainment Inc, the world’s largest gambling company, is still
interested in entering Macau, but currently there are no active talks about this
Wynn Encore to come
issue. Gary loveman, cEO of harrah’s, told reuters the company remains
The luxury focused Wynn Resorts an- interested in a presence in Macau - the world’s largest gambling centre - but is
nounced better than expected fourth not actively discussing such a deal. “We do have an interest in Macau. We think
quarter results for 2009. The operator
caesars is the best brand for that market,” loveman said. loveman declined to
Wynn reported new revenue of US$508.4
comment on whether harrah’s would consider a deal involving australia’s crown
million, compared to US$392.2 million
ltd, which owns a stake in Macau operator Melco crown Entertainment. harrah’s
in the same period a year earlier. The
paid US$577.7 million (MOP4.6 billion) in September 2007 for the 175-acre Macau
adjusted EBITDA of US$142.1 million
Orient Golf course, in cotai, and the rights to a land concession contract. The
course was rebranded caesars Golf Macau in December 2008 as part of a nearly
compared to the fourth quarter of 2008,
US$26 million redevelopment of the club.
represents a surge of almost 50 percent.
The company’s capital expenditure
during the fourth quarter of 2009 was
primarily related to the Encore Macau,
a new casino and hotel complex next to
the current Wynn hotel, totaling about
US$100 million. The new complex is ex-
pected to begin operations on April 24
this year.
Galaxy stars
In terms of the non-US operators, Gal-
axy Entertainment Group and their the
flagship casino StarWorld continued to
perform well with quarterly revenue of
HK$3.5 billion.
Company chairman Francis Lui
highlighted their continuing negotia-
tions over a refinancing plan and con-
firmed that the construction of Galaxy
Macau’s fully-integrated resort, enter- Crown sticks to Macau
tainment and gaming destination, is on
Australia casino operator Crown has reaffirmed its commitment to its joint venture
schedule to open in the first quarter of in Macau with Melco Entertainment. crown says it sees long term potential for
2011. Lui is expected to report the full growth in the Macau market because of the mainland factor. “The Macau gaming
year results in April this year.
market has exhibited strong growth since July 2009,” the company said. crown
In December, Galaxy ranked fifth in
added that it hadn’t had negotiations with any party in relation to its investment
terms of revenue market share at 11 per-
in the business despite press reports to the contrary naming harrah’s
cent after SJM holdings at 33 percent,
Entertainment as a potential buyer. Meanwhile, crown also announced its
results for the second half of 2009. Net profit totalled A$115.3 million (MOP 820
Sands China at 22, Wynn Macau and
million) in the six months ended December 31, 2009, compared with a loss of
Melco Crown at about 12, respectively,
a$409.7 million. The company’s share of losses from Melco crown joint venture
according to a CLSA Asia-Pacific Mar-
were a$48.1 million (MOP342 million).
kets research report.
March 2010
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