Macau

Caesars Entertainment Corp. agreed to sell its Caesars Golf Macau course in Macau to Pearl Dynasty Investments Ltd. for $438 million. The US casino operator had bought the property in 2007 for $578 million, hoping it could find a way to use it for a casino but gave up on the idea last year after making no progress and took a $101 million write down. The course generated $200,000 in net profit in the second quarter on $800,000 in revenue. Pearl Dynasty has paid $65.7 million of the purchase price already and must pay the balance within 90 days under the deal.

Shareholders of C.Y. Foundation Group Ltd. voted to approve the company's HK$69 million ($8.9 million) purchase of Weike (G) Management Macau Ltd. from Poh Po Lian, C.Y.'s controlling shareholder, by a margin of 82.35 percent of shares cast in favor and 17.65 percent against. Hong Kong-listed C.Y. will pay for Weike with convertible notes which would potentially raise Poh's stake to 52.13 percent from 31.06 percent.

MGM Grand Paradise filed suit in Hong Kong to recover HK$4.52 million ($580,000) plus interest from Joanne Chan, a trader at Emperor Securities, that it said was outstanding from a HK$10 million credit line the casino extended her during a late December visit. MGM said Chan owed HK$7.52 million after the visit, but paid back HK$3 million in May and June before halting further repayments.

Paradise Entertainment Ltd., which supplies gambling machines and operates the Casino Kam Pek Paradise, agreed to sell investor Chang Wang HK$60.5 million ($7.8 million) in stock warrants that could potentially make him the company's second biggest shareholder. The 45.5 million warrants, to be sold at an issue price of 3 Hong Kong cents each, would give Chang the right to buy a new share for HK$1.30 a piece, equating to a 4.74 percent stake in the company if fully exercised.

Sands China Ltd. said it received 5.6 million visitors at its four Macau properties in July, up 34 percent from last year. The three Cotai properties drew 200,000 visitors on the last Saturday of the month, up 55 percent, which Sands credited to its boxing event that day. The company said five exhibitions drew a total of nearly 120,000 visitors during the month while its 600 shops attracted more than 4 million visits, up 67 percent.

 

Casino revenues for Melco Crown Entertainment Ltd. climbed 39.4 percent in the second quarter from a year ago to $1.26 billion, while operating profits from the segment rose more than 50 percent. Operating profits from the City of Dreams resort complex in Macau rose 90.4 percent to $238.7 million, while Altira Macau's results rose 96.1 percent to $33.4 million. The company said rolling chip volumes at City of Dreams rose 29.8 percent to $24.8 billion, while mass market table turnover rose 34.9 percent to $1.1 billion. Slot handle rose 64 percent to $1.2 billion.

MGM Resorts International has hired US architecture firm Kohn Pedersen Fox, which designed One Central Macau, to design the $2.6 billion MGM Cotai casino resort, Jim Murren, chief executive and chairman, told analysts. He said the property will include “ a tremendous atrium” that is triple the size of one at the Bellagio in Las Vegas and a “mansion” like the one at the MGM Grand in Las Vegas. The Mansion at the MGM Grand has invitation-only apartment-style luxury villas, a private casino and a collection of works by renowned artists.

Success Universe Group Ltd. said it expects to report an unaudited consolidated profit for the six months ended June 30, reversing a loss posted a year earlier. The Hong Kong-listed company attributed the turnaround to improved performance at its Ponte 16 casino hotel, which contributed to last year's loss. The company added that its buyout of the stake in Ponte 16 held by Japanese pachinko group Maruhan Corp. earlier this year also added to this year's result.

Unaudited rolling chip turnover at Asia Entertainment & Resources Ltd.'s Macau VIP rooms reached $1.5 billion last month, up 15 percent from a year ago. The gain was boosted by the company's acquisition in June of the profit stream of a VIP room in the Le Royal Arc Casino but the company said its other rooms also showed improved results. For the year to date, rolling chip turnover totalled $10.04 billion, down 12 percent from last year. The win rate for July was 3 percent, the Nasdaq-listed company said.

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