Casino Magnate James Packer Says Macau Downturn Worse Than Anyone Imagined

Casino Magnate James Packer Says Macau Downturn Worse Than Anyone Imagined

James Packer (right) with Robert De Niro during the opening of the new Nobu resort in Manila, Philippines.

James Packer, the billionaire that is australian casino mogul, has admitted that Macau’s economic downturn was ‘more severe’ than any of the gambling hub’s operators could have foreseen.

Packer’s Crown Resorts derives 50 percent of its income from a 34 percent stake in Melco Crown, which owns properties on the Cotai Strip, including the City that is lavish of resort.

Just more than a year ago, Macau was announced by Forbes to be one of the globe’s fastest-growing economies, and the location’s casinos were enjoying bi-monthly revenues equal to that particular of Vegas’ yearly haul.

But a crackdown that is unprecedented corruption and cash laundering by President Xi Jinping’s government on the mainland has halted the success story and sent profits tumbling.

Financial Crackdown

The crackdown that is financial element of an ongoing anti-corruption drive that has scared off the high rollers as well as the junket companies that once accounted for some 60 per cent of Macau’s revenue.

Tub thumping from Beijing has delivered shares into the regions casino companies tumbling. And this, plus a smoking that is new, increased monetary restrictions imposed on tourists, and a generally weak Asian economy has hit the region hard.

In April gross video gaming revenue fell 39 %, year-on-year, to 19.2 billion pa Continue reading “Casino Magnate James Packer Says Macau Downturn Worse Than Anyone Imagined”

Pennsylvania Senate Committee Talks Online Gambling

Pennsylvania Senate Committee Talks Online Gambling

Mark Juliano associated with Sands Casino in Bethlehem spoke away against online gambling at a Pennsylvania Senate hearing on Wednesday.

The Pennsylvania Senate heard another round of discussion concerning the risk of online gambling in the state on Wednesday, as a committee heard information on the numerous proposals to regulate the industry which are currently sitting in hawaii legislature.

The hearing, held while watching grouped Community, Economic & Recreational Development Committee, featured testimony from a mixture of supporters and opponents of online gaming.

There ended up being testimony from local industry leaders, a lot of whom see online gaming in an effort to bring growth straight back to Pennsylvania’s gambling industry.

While casinos in the state still brought in more than $3 billion a year ago, revenues were still down by more than 1.4 per cent set alongside the year before.

A Weapon in the Casino that is regional War

For Eric Schippers, the senior vice president of public affairs and government relations for Penn National Gaming, Web casinos will be a weapon that could help resorts in Pennsylvania better compete with those in neighboring brand new Jersey and Delaware, both of which offer online gambling.

‘We believe that iGaming is a tool that is vital enable Pennsylvania’s gaming industry to evolve and protect that which we’ve build here,’ said Schippers.

But there is certainly, of program, one m Continue reading “Pennsylvania Senate Committee Talks Online Gambling”

Reveal Truth About LVS And The Triads, Judge Told

Reveal Truth About LVS And The Triads, Judge Told

Sheldon Adelson has spent millions buying US politicians, as well as the public has a right to know where that money originated from, argue two motions filed in a Las Vegas court.

A Las Vegas judge has been asked to disclose the contents of a study compiled as part of the wrongful termination lawsuit brought against the Las Vegas Sands by its former employee, Mark Jacobs.

‘The Vickers Report,’ published by Steve Vickers, former head of the Royal Hong Kong Police’s Criminal Intelligence Bureau, may or not contain evidence that is damning Sheldon Adelson’s LVS had business transactions aided by the Hong Kong Triads as an element of its operations in Macau.

In any event, two organizations, the British’s Guardian newspaper and watchdog that is non-profit Campaign for Accountability (CFO), need to know about it, and have filed split motions to that effect.

Jacobs, the president that is former CEO of Sands China, claims he ended up being fired for ‘whistleblowing on improprieties,’ while Adelson claims Jacobs has made such allegations in an effort to blackmail LVS.

Dirty Money

Meanwhile, it’s common knowledge that triads have infiltrated the VIP junket operations from where Macau casinos derive a big portion of their revenue, but did LVS wittingly have business ties to organized criminal activity?

The Guardian and CFO believe that it’s in the public interest to learn. CFO in particular is concerned with the extent to which Adels Continue reading “Reveal Truth About LVS And The Triads, Judge Told”