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May 16, 2011

MGM To Control Macau Casino

Filed under: Casino — Tags: , — OCE News @ 12:00 am

In a recent report it was declared that MGM Resorts International will be taking control of its Macau casino, a joint venture with the Ho dynasty.

This will be done by acquiring the shares of Pansy Ho, daughter of Stanley Ho. Such an acquisition will raise MGM’s share in the casino to 51 percent.

The casino family of Ho has been in the news for the past year as a huge spat began among Stanley Ho, the head of the dynasty, and the rest of the family regarding the parting of assets. The feud ended with Pansy and some other members of the family getting controlling interest in SJM Holdings Ltd. It is this share that Pansy has decided to sell to MGM.

The proceedings from the sale will be remitted to an entity and Pansy Ho will use the same to buy convertible senior notes of MGM.

Announcement of the imminent purchase led to a surge in share prices of MGM by eight percent. But, initial talks of the purchase a few months back was dropped by MGM when the Stanley Ho scandal broke out and Ho was suspected to finance organized crime.

MGM Resorts International is the second largest gaming company in the world and has its roots in Nevada. The company began its life only in year 2000. The company soon grew to own some of the most famous casinos in Las Vegas including the Bellagio, The MGM Grand, The Mirage, Monte Carlo, and Luxor. Its hotel cum casino, MGM Grand, opened in Macau in the year 2007. The company had 50 percent share in the venture then.

The purchase of this share will give MGM full control of the casino and its operations. It will further be able to consolidate the Macau casino’s operations in its own books. Macau is the only place in China where gambling is legal and therefore the Chinese as well as people from around the world visit the island to enjoy its gambling facilities. The casinos in Macau are considered to be four times more profitable than those in Las Vegas. This is the reason MGM and other casino companies from the United States of America are trying to gain business relations in Macau either through joint ventures or directly. MGM spokesperson says that they aim to list the company in the Hong Kong Stock Exchange.

The listing will be sought in the name of MGM China Holding Company.

Ho is expected to get 29 percent stake in the company. The company expects to complete its IPO (Initial Public Offering) by 30th June 2011.

The deal with Ho is expected to generate net proceeds of $300 million for the company, which can be used to complete the IPO. This would make the circle whole in Macau as MGM would be the last of the six companies who have gambling license in Macau to go public.

At present, MGM officials are keeping quite on the subject and have only confirmed the deal with Pansy Ho. This is mainly due to the “quiet period” warranted by IPO.

May 8, 2011

Caesars And The Boston Casino

Filed under: Casino — Tags: , — OCE News @ 12:00 am

In a turnaround deal, Caesars Entertainment has been earmarked to manage the gaming resort of Suffolk Downs. The gaming resort is planned at an expansive racetrack near to the Boston airport. The racetrack is owned by Suffolk. Suffolk has been in the racetrack business for more than 75 years. It is reported that for many months now the deal was in negotiation with various casino owners and gaming companies, and Caesars Entertainment has reached the zenith of the list. Though the ownership of the gaming resort will remain with Suffolk, the entire management of the resort will be handed over to Caesars.

Suffolk will also be in charge of the construction and developmental work.

Caesars Entertainment has its roots in Nevada. The company started some 70 years ago and has risen to be the largest casino entertainment company in the world. The company operates and manages casinos across the globe and has three main brands under its belt – Caesars, Harrah’s, and Horseshoe. The company has more than 50 casinos under its belt and adding one more to it will only add value to it. Many feel that Caesars CEO Gary Loveman being from Massachusetts has also given the company added interest in the project.

A plan to open a gaming resort was announced by COO of Suffolk, Mr. Chip Tuttle. This was announced way back in June 2010 and ever since negotiations were underway with casino giants to take up the resort management. The $600 billion resort plan would include casinos, hotel with approximately 600 rooms, restaurants, club house, shopping center, and spas.

According the Suffolk, the coming up of such a huge project in the area would ensure more than 2000 construction jobs during its construction and more than 2000 permanent jobs once the resort opens to the public. The opening of the casino is expected to rejuvenate the ailing city of Boston. Experts feel that Caesars ready to take such a huge step in Massachusetts is a clear indication that the state is going to get the gaming bill passed soon.

The gaming bill once passed will give way to at least three such resorts in the state. It is expected to raise the revenue of the state and bring in players from neighboring states. But, there is a requirement for a public hearing for the passing of such a bill. Though the bill is not favored well with the Governor, experts are positive about it. They feel that once the people understand the benefits of having such a casino in the state, there will be no problem with the passing of the bill through public hearing.

Suffolk itself has been lobbying for the passing of the bill for quite some time. In fact reports state that it has spent as much as $500 thousand for the lobbying.

The financial and other terms of the partnership between the two companies are yet to be revealed to the public. But, it will definitely be a fruitful alliance for both Suffolk and Caesars. The benefits it will bring to the state are also worth noting.

May 4, 2011

Handsome Promotions And Payouts

Filed under: Casino — Tags: , — OCE News @ 12:00 am

Virgin Casino has come up with a grand promotion in slots that will allow players to win as much as $250 every day till the 24th of April. Here, the top forty ranks will get cash prizes by playing any slot game like Star Trek, Da Vinci Diamonds, and Clover Rollover. Like the Virgin Casino, Roxy Palace Casino too has been handing over large payouts to its players recently.

One of the players took home an incredibly huge jackpot following his win at the new Fellowship of the Ring Slots. This game is known for bringing the thrills associated with the book and the movie right to your door! Along with this, there was also a Bonus Deuces Wild Video poker player winner. Roxy Palace continues to vow its audiences with its great range of quality gaming options with the approval of the eCOGRA.

Atlantis Internet Group

The US market today offers multiple online gaming opportunities especially in the wake of the Back Friday incident in which executives of three of the largest gaming giants were arrested for fraud and money laundering. In this scenario, the Atlantis Internet Group is trying to secure its position amidst the US Indian tribes by becoming a member of the National Indian Gaming Association. This non-profit organization based in Washington DC comprises members belonging to tribal gaming businesses in the US.

It tries to protect the welfare of these tribes which are desperate to become self-sufficient. The Atlantis Internet Group plans to have a business model which can work around the Indian game laws which the Congress passed in 2006. The idea is to integrate all gaming sites run by Indian casinos.

Las Vegas Makes Way for Asian Gambling Spots

Once called the world’s greatest and most popular gambling destination, Las Vegas is all set to lose the top spot to an Asian city. Earlier, it was Macau and now it is Singapore that is slowly taking over the gambling world. In Singapore, although there are just two casinos operating currently, the total revenues generated by both are likely to exceed the total revenues that Las Vegas generates.

Colorado Gambling Laws

Studies commissioned by land based casinos in the state of Colorado indicates that this state is soon likely to join the likes of Florida, California, Nevada and New Jersey which are advocating laws to make gambling lawful. These reports suggest that land based casino owners should make a beeline for internet gaming sites or they are likely to lose their position in the face of stiff competition.

The existing industry will be threatened unless Colorado takes steps to deal with online gambling. Although the Colorado attorney general feels this pastime is illegal, yet no one has been charged for illegal online gambling so far. However the office is authorized to prosecute players playing online poker under the existing gambling statutes. Land casinos should ideally encourage online gaming according to a local consultant called Palermo who feels that online poker rooms are better because they demand less maintenance and minimum start-up costs.

April 30, 2011

Microgaming Announcement

Filed under: Casino — Tags: , — OCE News @ 12:00 am

In a surprise announcement, Microgaming declared categorically that all casino websites using their gaming software could no longer cater to US-based clients. This particular decision comes in the wake of many efforts undertaken by the Justice Department to penalize online poker websites for contravening the Unlawful Internet Gambling Enforcement Act or UIGEA provisions.

When this act had been passed, several US players were being served by Microgaming casinos but the moment Kentucky tried to capture their domain names and began to violate the anti-gambling laws, a majority of their sites started to pull back from the US market. Those few that were still catering to American clients were sounded the death knell this April and the FBI and Department of Justice both announced actions against online poker site executives.

Neither of these sites, nor Micro gaming, has declared any intentions of returning the balances to their American clients. A sizable number of dependable and established online casino gaming sites for US clients is bound to be on the decline as more and more legal machinations continue to surface and chances are that many of these sites may turn over to other software providers.

Online Bingo Score High

Bingo has always been extremely popular as an online casino game for people of all ages. This game has been largely responsible for drawing millions of gaming enthusiasts to casinos, both land-based and online. Incidentally, more and more websites are trying to accommodate as many bingo players as they possibly can.

Bingo players on their part are scoring high as more and more innovative web based resources are coming up. Now they are more than keen to share their experiences with each other and encourage new entrants to try their hand at newer and unusual locations. Interestingly, to make these sites even more popular, now chat services have been launched where players get to talk to each other while playing.

This feature makes the whole playing experience all the more real and even helps to develop camaraderie among visitors, thus creating a virtual gaming community in the true sense of the term. Bingo now comes with superb graphics and magnificent titles together with interesting socializing opportunities which help to keep its charm alive even in this age.

Easter Surprise

This Easter there are lots of things for online casino lovers to look forward to amongst which is a unique opportunity for them to participate in promotions to win great prizes like the Apple iPad 2 at the 888 Casino. With the latest launch from Apple last month virtually taking the technological world by storm, this seems to be a glorious opportunity to try your luck instead of standing in long serpentine queues outside electronics stores morning and night. 888 Casino has been able to get its hands on as many as five iPad 2 gadgets which it plans to give away in its Easter Prize Draw.

With a minimum deposit, you can avail of one draw entry which means the more you play, the better are your chances of winning this cool gadget. For those of you who are still not registered with the 888 Casino, now is a good time because you can even get a welcome bonus.

April 12, 2011

Stanley Ho To Split His Gambling Empire

Filed under: Casino — Tags: , — OCE News @ 12:00 am

Stanley Ho, an Asian casino giant, is splitting most of his empire up between his relatives. Recently there have been major arguments as to who will gain most of what he owns. And not without good reason: within the world, Ho owns a good share of the gambling market, worth approximately $1.6 billion.

The Drama

Ho has 16 children and 4 wives. Within this, there has been a massive power struggle as could well be imagined. Currently, his last ‘wife’ will gain 6 percent of Lanceford, a holding business which looks after 32 percent of SJM’s shareholder, Sociedade de Turismo e Diversoes de Macau. Another 25.54 percent will be split between certain other members of the family. Ho will then only own 32 percent.

In terms of his private life, Ho has four wives. Due to the Qing dynasty code, he is able to have a number of wives and so, while still married to his first, Ho took a second. However, in 1971, this was made illegal. And so, Ho’s third and fourth marriages aren’t actually recognized by law.

The Past

Earlier in the month, Ho dropped a lawsuit which he’d filed against certain members of his family. This was based on the fact that he wanted to regain a certain percentage of his shares. However, now the news is that settlements have been reached and all has been forgotten.

This is actually the second lawsuit that Ho has brought against his family. In early 2011, he raised issues over a transfer that had been made for his family in terms of his second and third wives. The argument is that Ho was fooled into giving over certain shares after he had brain surgery in August 2009.

Ho’s Empire

SJM Holdings currently controls 17 casinos, 2 hotels, and 4 slot machine lounges within Macus. Early this year, it was estimated that this amounted to as much as $3.1 billion. However, recently he was beaten by Leong, who is the mother of his five youngest children, whose wealth is thought to be approximately $1.1 billion. Within the whole of Asia, SJM Holdings is one of the largest gambling operators, and within Macau, it is the one that brings in the most profit. For four decades, Ho had a major hold. However, certain licenses saw the end of this monopoly.

Macau has been doing well financially since it began to break down its gambling monopoly in around 2003. Ho’s casinos are still very big players in the gambling world, being up against huge corporations like MGM Resorts and Las Vegas Sands Corp. Within the city, they amount to as much as about 30 percent of Macau’s gambling profits. The city has reportedly been doing well within this realm. In 2010, the revenue had reached approximately $23.5 billion. Ho, last year, brought in $456 million with his SJM Holdings company. This is four times as much as 2009 in which he brought in $117 million.

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