South Shore Holdings said the Macau unit that owns indebted luxury hotel, The 13, has applied for voluntary liquidation.
Hotel Nova Concordia applied for liquidation on June 21, it said.
South Shore has been seeking a buyer for the property after a planned sale of 50 percent fell through in September last year. At close to $7 million per room, the property was said to be one of the most expensive ever built.
The initial bid for a Macau casino license submitted by Las Vegas Sands’ former partner contained a proposal for a bank and went beyond what was desired in the tender, a witness told a court on Wednesday.
Carlos Lobo, a former advisor to Macau’s gaming commission during the concession tender process, was speaking on the third day of a multi-billion dollar trial between Taiwanese businessman Marshall Hao’s Asian American Entertainment Co. (AAEC) and Las Vegas Sands.
Hao was present in the court room during the testimony. He is seeking damages of as much as $12.1 billion from the U.S. operator for alleged breach of contract. Sands ended its partnership with AAEC and went on to successfully bid with Galaxy Entertainment.
Speaking to the court, Lobo stated that AAEC was an experienced company in the finance sector, but did not have experience in tourism or casinos.
According to broadcaster TDM, a proposal by the company to also develop a bank, one of its proposed commitments in exchange for a gaming concession, caused the gaming commission concern given that it “did not want to mix financial institutions with gaming due to concerns over money laundering.”
The broadcaster also noted that the lawyers representing AAEC attempted to prevent Lobo from testifying, alleging a conflict of interest.
Hao’s legal team pointed in particular to Lobo’s experience as a legal advisor for the Venetian as well as being a trainee lawyer in the firm which defended Las Vegas Sands.
The judges ruled that, since Lobo’s testimony would only focus on facts that occurred before he held those positions, the obligation of confidentiality did not apply and allowed him to take the stand.
Lobo was also questioned on Asian American’s initial contract with Las Vegas Sands, describing the initial proposal given by the companies as “fantastic for Macau”.
The court also returned to the debate over exactly when the partnership between the two companies was terminated.
Marshall Hao’s lawyers claim that negotiations between Las Vegas Sands and Galaxy took place while the partnership between LVS and AAEC was still in effect, the motive behind a demand for compensation.
AAEC’s defence insist that the two companies had an agreement lasting until February 1st of 2002, when the gaming commission was notified of the cessation.
However Lobo testified that the agreement had ended on January 15th, assuring that the agreement’s termination had been documented and even included in the gaming commission’s report, a document which served as the basis for the attribution of Macau’s gaming concessions.
Lobo also stated he was unaware of a relationship between Las Vegas Sands and AAEC between mid-January and February.
Of particular note was an exchange of words in the courtroom leading to the revelation that the lawyer defending AAEC, Jorge Menezes, was also a co-author of the gaming commission’s report, one of the primary documents being evaluated in the case.
Carlos Lobo will return to the stand on July 1st, another former advisor to the gaming commission has been called on to testify the same day.
Authorities in the Australian state of Victoria are going to significantly ease restrictions from midnight on Thursday as the state brings its latest COVID-19 outbreak under control.
The move lifts the cap on betting and gaming establishments, as well as nightclubs, community facilities and arcades.
Public gatherings will be allowed with up to 50 people, while household gatherings will be capped at 15 visitors to a home per day.
Funerals and weddings will have a cap of 300 people, subject to venue density limits, while office limits can increase to 75 percent, or 30 people.
Seated entertainment venues will also be allowed to increase capacity to 75 percent, with a maximum of 300 people per space indoors and 1,000 people outdoors.
Masks will still be required to be worn indoors and must be carried at all times, the measure is expected to be in place for at least another two weeks.
Australian federal health authorities announced on Wednesday that they were planning to deliver some 520,000 AstraZeneca vaccines and up to 177,000 Pfizer jabs between July and August.
The new changes come as the state prepares for school holidays, set to commence on June 26th, and after recording no new coronavirus cases.
Sociedade de Jogos de Macau said it is changing its name to SJM Resorts to better reflect its position in the market.
The Hong Kong-listed parent will remain unchanged as SJM Holdings.
“The new name better reflects our prominent position in the tourism and leisure business and our dedication to the development and operation of integrated resorts in Macau, further underscoring our continued support to Macau’s role as a ‘world centre of tourism and leisure,” Chair Daisy Ho said.
As part of its Sands Cares Accelerator program, Las Vegas Sands said it will invest at least $300,000 in support of philanthropic and community causes in Asia.
Arts Outreach Singapore, the first Asian member of the program, will collaborate with Marina Bay Sands to expand its Hearth initiative – providing community art spaces to independent artists to showcase their talent.
An LVS executive told media that the move was part of the company’s commitment to “supporting Singapore as an ideal place to live, work and visit”.
The Accelerator program gives nonprofits a three-year membership, with LVS providing strategic guidance, mentorship and financial investment aimed at helping beneficiaries ‘advance to new levels of service and achieve specific goals’.
The program was created in 2017.
Hard Rock International and Seminole Gaming have unveiled “Rock Your Shot,” a team member COVID-19 vaccination incentive program with grand prizes that include a 2021 Jeep Cherokee and cash awards of $10,000 and $5,000.
All team members who have been fully vaccinated and who show their COVID-19 Vaccination Record Card to their local human resources department, or Hard Rock Cafe general manager, will automatically receive a $50 gift card. In addition, all team members who report their vaccination and claim a gift card will be entered into a draw for the 2021 Jeep Cherokee and cash prizes to be held Oct. 31, 2021.
The “Rock Your Shot” vaccination incentive program is open to all full time and part time fully-vaccinated team members of company-owned or managed Hard Rock International and Seminole Gaming entities in the United States, including its hotels, restaurants, casinos and corporate offices.
Headquartered in Hollywood, Fla., Hard Rock International and Seminole Gaming together employ about 21,000 team members throughout the country.
The Singapore Police Force has arrested some 36 people as part of an islandwide operation against illegal gambling and unlicensed moneylending.
The detainees are aged 26 to 63 and are suspected of providing unlawful remote gambling services, operating a gaming establishment and an unlicensed moneylending syndicate.
The raid was conducted by Singaporean authorities on multiple locations simultaneously on Tuesday, including Woodlands, Potong Pasir and Bukit Batok.
During the raid authorities recovered cash totalling more than S$770,000 ($572,600), and seized gambling-related documents, computers and mobile phones.
Authorities have also frozen the bank accounts of the suspects.
Those detained face possible fines of up to S$300,000 ($223,000) and up to five years in jail.
MGM China Co-Chair and Shun Tak Executive Chairwoman Pansy Ho has been appointed as the vice-chair of Hong Kong-based Phoenix Media Investment Ltd.
The appointment comes after the resignation of the company’s founder and chairman Liu Changle. The company founder also offloaded his 37.93 percent stake in Phoenix to Shun Tak and state-backed publisher Bauhinia Culture for HK$1.16 billion ($150 million) on Tuesday.
Aside from her positions in Shun Tak and MGM China, Pansy Ho is also an independent non-executive director of Sing Tao News Corporation.
Courts in the Chinese province of Anhui have called off an auction for a Yugioh game card, made by Konami, due to suspected ‘malicious behavior’ by bidders.
Originally listed for 80 yuan ($12), bids rose to 87 million yuan ($13.4 million) as some 200,000 bidders joined the auction, with two million onlookers tuning in before the event was suspended.
The sharp boost in value was sparked by players claiming the card was part of a limited run made by Konami in 2019, with only 500 cards available worldwide, at an estimated value of 200,000-300,000 yuan each.
The card’s owner had been previously sentenced to life in prison for embezzling some 70 million yuan in housing custody funds while working at the Chuzhou land resources bureau.
Melco International has announced plans for a RMB4 billion ($616 million) entertainment complex in Zhongshan, China, in a move seen as likely to benefit its chances of concession renewal.
The company has teamed with Chinese property developer, Agile Group, on a premium residential, entertainment and hospitality mixed-use complex. The city is a key hub in the Greater Bay Area and has good connections with Macau, Zhuhai, Guangzhou, Shenzhen and Hong Kong.
Melco International holds a majority stake in Melco Resorts & Entertainment, the operator of the City of Dreams and Studio City in Macau. The company also operates the City of Dreams Manila and is developing a resort on Cyprus.
“A smart move by Melco,” said Matt Ossolinksi, CEO of GW Investment Consulting. “Politically smart; commercially remains to be seen.”
“The golden goose is and always will be its baccarat tables in Macau. Any investment it can make to help ensure its place in Macau gaming for another one or two decades, should be welcomed by investors. I expect similar announcements from other operators, some specifically for Hengqin Island,” said Ossolinksi, whose firm provides advisory services to IRs and investors on Hengqin.
Ben Lee, managing partner of iGamiX Management & Consulting also agrees it’s a “very clever” move on Melco’s part.
“They bypass the usual Macau conundrum of lack of land, labour and government efficiency and have gone straight to the heart. Developing non-gaming diversification in an environment and market which will support that kind of investment,” he said. “They obviously believe that you don’t have to necessarily invest in Macau to win the attention of the true decision makers.”
According to Bernstein Research, the majority of the complex will be completed by 2025, with Melco taking a 51.1 percent stake. Although not directly controlled by the Macau operator, there may be longer term impacts, the firm said.
The firm also said it may aid Melco’s bid in Yokohama as it highlights the Melco group’s ability to do large scale non-gaming development,” Bernstein wrote in a note.
Macau’s government is actively seeking to increase integration within the Greater Bay Area and with neighbouring Hengqin island. Overspill onto the latter has been seen as a necessary step for the development of Macau as a tourism destination, providing the space for lower cost hotels and non-gaming facilities.
Galaxy Entertainment already has land on Hengqin and said in its annual report this year that it’s encouraged by authorities’ focus on greater integration and is continuing with its plans.
Melco’s project will have a total gross floor area of over 750,000 square meters. It will jointly develop the site with Guangzhou-based property developer Agile through a joint venture to be jointly managed by both parties.
“Over the past 15 years, Melco has been creating, developing and operating world-class entertainment facilities in Macau and globally. In doing so, we created a distinctive model of integrating quality leisure, culture and entertainment,” Melco CEO Lawrence Ho said.
“We have developed incredible brands that have great growth potential beyond our existing properties. We are determined to play an active role in the development of the Greater Bay Area, and to leverage the incredible expertise of the group in non-gaming activities.”
Asia Gaming Brief (AGB) is a news, market intelligence, events, and networking company focused on Asia Pacific’s rapidly expanding gaming industry.
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