Connect with us

Asia

Suitors galore to buy Wynn Macau

Niji Ng

Published

on

Photo credits: AP
Reading Time: 1 minute

Wynn Macau could attract a host of potential buyers in the future. According to Telsey Advisory Group, a potential sale of Wynn Macau Ltd, a subsidiary of US-based casino group Wynn Resorts Ltd, may attract “more than enough” suitors in the future.

The parent company may soon break up and some of its component parts may be sold, including Wynn Macau Ltd.

In a note published by Telsey Advisory Group, analyst Brian McGill said that the fate of US Companies currently in operation in Macau is still not clear when the four gaming concessions expire in 2022.

He remarked: “The issue is that you don’t know what the government thinks in terms of the concession and how many US companies are wanted in Macau past 2022. The Chinese government would need to sign off on the buyer and we think the most likely buyer is likely to be a Chinese firm. We also think the Chinese would have a say over the price.”

Wynn’s shares could increase their value should the company be actively in-play for a takeover, GGRAsia reported. However, it is still unclear whether the Chinese authorities would be up for licence renovations or even approve a potential sale.

Niji has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. Besides reporting industry headlines from all around the globe, Niji is also head of the content management team at Impressions Content Management, based in Kerala, India, which offers writing and editing services to clients around the world.

Continue Reading
Advertisement
Comments

Asia

Macau Legislative Assembly passed new gaming bill

George Miller

Published

on

Macau Legislative Assembly passed new gaming bill
Photo Credits: cozyta/shutterstock
Reading Time: 1 minute

Macau’s Legislative Assembly has approved a draft bill banning local casino workers from entering Macau casinos outside of working hours.

The bill, which will now head to committee for further deliberations and refining of policy details, is aimed at curbing problem gambling among casino employees. It was revealed by the Deputy Director of Macau’s Social Affairs Bureau, Hoi Wa Pou, earlier this year that around 30% of all individuals who ask for assistance in dealing with a gambling problem work in the casino industry.

Initially only barring gaming tables and machine workers, the proposed ban added workers who perform functions less directly connected to gaming such as in the cashier’s offices, public relations areas, restoration, cleaning and security in casinos.

According to the DICJ director, Paulo Martins Chan, the scope of the ban was increased after the gaming industry was consulted.

The only exception would be for the first three days of the Lunar New Year and in situations justified for entry to the casinos, such as training or associative activities.

The proposed regulations also establish a possible fine of between MOP1,000 (US$125) and MOP10,000 for workers caught infringing the law.

Continue Reading

Asia

HKJC raises a toast to commingling as turnover hits new heights

George Miller

Published

on

Club CEO Mr. Winfried Engelbrecht-Bresges (centre), Executive Director of Racing Mr. Andrew Harding (right) and Executive Director of Customer and International Business Development Mr. Richard Cheung (left) toast to the successful conclusion of the 2017/18 Hong Kong racing season.
Club CEO Mr. Winfried Engelbrecht-Bresges (centre), Executive Director of Racing Mr. Andrew Harding (right) and Executive Director of Customer and International Business Development Mr. Richard Cheung (left) toast to the successful conclusion of the 2017/18 Hong Kong racing season.
Reading Time: 2 minutes

International betting on Hong Kong racing increases by 150% as total turnover soars to £12bn

 

Monday 16th July, 2018 – Zac Purton sealed the Hong Kong jockeys’ title on Sunday on a day that saw turnover rise to £186.4m (HK$1.938m), the highest ever for an 11-race card, while commingling for the day set a record at £32.2m (HK$335m).

Turnover for the 2017/18 season of £11.9bn (HK$124.2bn) represents a 5.8% increase year-on-year, while the total amount wagered with commingling partners reached £1.6bn (HK$16.5 billion); a massive increase of 154.8% on last season’s £625m (HK$6.5bn).

Commingling turnover, which includes everything bet into the HK pools from foreign territories, on the season’s final day came in at £32.2m, around the same amount that the UK wagers on each day of Royal Ascot.

The total turnover for the season, £11.9bn, is almost three times the amount bet on racing in the UK, where last season’s figure came in at £4.3bn (HK$44.8bn).

Mr. Winfried Engelbrecht-Bresges, Chief Executive Officer at the Hong Kong Jockey Club, said: “We are delighted with another record season, one of our most exciting seasons both on and off the track. That excitement reached a thrilling climax on Sunday, with Zac Purton holding off Joao Moreira’s final push to win the jockeys’ championship. As well as great sport, we also had record turnover for an 11-race meeting, despite receiving 35 millimetres of rain, and that shows the enthusiasm for our product.

“Commingling is quickly changing the global landscape and that is seen in the fact that it made up 13.3 percent of our season’s turnover this year compared to 5.5 percent last year. Today, we reached a new record of HK$335 million for a single race meeting, a truly extraordinary mark. It is now a significant driver to Hong Kong’s turnover and that is due to the ever-increasing international interest in our racing product, which is proving to be attractive as an exciting sports option founded upon the highest integrity.”

For all of the latest news, views, results and more from the world-class racing scene in Hong Kong, follow @HongKong_Racing.

 

Continue Reading

Asia

Vietnam police cracks underworld gambling network

Niji Ng

Published

on

By

Vietnam police cracks underworld gambling network
Photo Credits: Kym Koch Thompson
Reading Time: 1 minute

Police has busted an illegal online sports betting network, allegedly operated by underworld honchos, in southern Vietnam. The police has arrested the ringleader and nine of his accomplices too.

The police has also seised three high-end cars along with billions of dong and foreign currency, as police raided locations in Ho Chi Minh City, Tay Ninh and Binh Duong.

The leader of the ring was 36-year-old Nguyen Van Binh, police said.

Hundreds of officers belonging to the municipal police force and the Ministry of Public Security raided a coffee shop in HCMC’s District 12 on Wednesday night and arrested Binh, who they said had been running an online betting ring through a website since 2014.

They confiscated several online devices containing evidence of illegal betting apart from cash and other assets.

Binh and his accomplices had rich family backgrounds and were big names in the Saigon underworld, police said. The transactions the ring was involved in over the past five years ran into hundreds of billions of dong, police said.

The illegal gambling ring was being investigated further, they added.

Organizing sports betting remains illegal in Vietnam but various operations have been busted during the World Cup season.

Just a week ago, an illegal online betting ring worth over VND2 trillion ($89 million) was busted and at least 10 people arrested in several cities and provinces.

Last month, another online gambling ring using the web portal 12bet was busted. Four suspects were arrested and a total of over VND300 million in cash, computers and phones were seised.

Source: e.vnexpress.net

Continue Reading
Advertisement
NSoft
Advertisement
BetConstruct

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Latest by author

Trending

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.