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Imperial Pacific files lawsuit against a Chinese VIP over gambling debt

Niji Ng

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Photo credits: https://calvinayre.com
Reading Time: 2 minutes

Imperial Pacific International (IPI), a Saipan-based casino operator, has sued a VIP Chinese gambler, as the latter failed to honour a $5m credit marker.

On Wednesday, the Marianas Variety reported that IPI had filed a lawsuit in the Commonwealth of the Northern Mariana Islands (CNMI) Superior Court against Yonglun Bao, a high-roller from China who has proven unwilling or unable to honour his gambling debts.

IPI attorneys told the court that Bao was given an open credit line of up to $20m, of which $5m was dispensed for gambling purposes when Bao visited IPI’s temporary casino Best Sunshine Live in February 2017. IPI’s permanent venue, the Imperial Pacific Resort Hotel Saipan, launched in July of that year.

However, Bao failed to repay the $5m by the due date specified in the promissory note he signed.

The note calls for an annual interest rate of 24 per cent and also makes Bao liable for collection agency and legal fees should any lawsuit be required to ensure repayment of the loan.

The report failed to specify Bao’s current whereabouts, but if he’s gone back to China, there is little either IPI or the CNMI court can do, as gambling debts are legally unenforceable on the Chinese mainland.

Last month, IPI filed a lawsuit against a different VIP deadbeat, but this one was based in the United States, where gambling debts are recognised under the law. The CNMI is also technically part of the US, meaning legal rulings are also recognised.

The Hong Kong-listed IPI has a reputation for taking major chances by offering direct credit to its high-rollers rather than employ junket operators to serve as middlemen and shoulder the risk of gamblers defaulting on their markers. In 2017 alone, IPI wrote off HK$4.75b – over half-a-billion US dollars – in uncollectable VIP gambling debts.

IPI recently suggested it was close to signing new deals with junket operators once Saipan gaming regulators approve the operators’ junket license applications. Saipan has to date issued only a single junket license and that was nearly two years ago.

 

Source: CalvinAyre.com

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.

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Dragon’s Macau floating casino partnership with Brova fails

Niji Ng

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Dragon’s Macau floating casino partnership with Brova fails
Photo Credits: Dragon Corp/XBD
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Dragon Incorporation Limited, a fintech company focusing on block chain technology,  had announced plans to construct a floating casino in Macau, in association with a Norwegian company Brova Idea AS. The project was expected to expand the innovative industry of the city. However, the project failed. Dragon is no accusing the Brova Idea AS for not arranging sufficient funds.

Dragon blames Brova for the latter’s failure to keep its end of the deal as it did not secure the necessary funding for the project. The company said that the negotiations with Milo Andric, head of the Norwegian company, started to fail at the end of last year after he demanded an upfront payment while failing to show evidence that he had found financing for the floating casino.

“He demanded cash upfront. We pushed for Escrow or Bank Guarantee and the escrow or Bank Guarantee would have been released once the financing 80 per cent was secured according to his promise,” Dragon’s CEO, Chakrit Ahmad told the news agency.

Nevertheless, Ahmad said that Dragon is still interested in pursuing a casino with a separate company, but the original idea could change and could end up presenting the idea for a land-based casino.

 

Source: focusgn.com

 

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Foreign operators may not be allowed majority stakes in Japanese casinos

Niji Ng

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Foreign operators may not be allowed majority stakes in Japanese casinos
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The House of Councilors in Japan has not yet finalised the decision and voting on the proposed Integrated Resorts (IR) bill that would allow casinos in the country. Some industry watchers are of the opinion that even though bill would allow casinos in the country, foreign players may not be allowed to have majority stakes in the casinos.

David Bonnet, the managing partner of Delta State Holdings one of them. He says that, international companies will not hold the majority of Japan’s first IRs.

He said during a press conference:  “We know the Japanese government has a preference for public-private partnerships or working with established Japanese companies.”

According to Mr Bonnet, Japanese companies have only been keeping a low profile since casinos are not legalised yet. However, once it happens, he says “you will see departments becoming formed, part of their real estate departments, and you can say that a lot of companies will start looking at the IR business much more holistically.”

Furthermore, he expects the winner of the IR licence to be “the group that promises to build the biggest Integrated Resort with the smallest casino,” and added that he is optimistic about the industry’s performance after casinos are opened in 2020.

 

Source: focusgn.com

 

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Sands Resorts Macao Launches Micro-Movie with Venetian Macao Brand Ambassador David Beckham

George Miller

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Sands Resorts Macao Launches Micro-Movie with Venetian Macao Brand Ambassador David Beckham
Reading Time: 3 minutes

Movie shows sports icon on a quest to find the perfect Portuguese egg tart in Macao

 

MACAO, July 19, 2018 — Sands Resorts Macao has launched an online micro-movie featuring international businessman, sportsman and The Venetian® Macao brand ambassador David Beckham, along with several Chinese celebrities, who take him on a quest to find the perfect Portuguese egg tart in Macao. Released today, the micro-movie is a light-hearted take showcasing The Venetian Macao, The Parisian Macao and Macao as destinations renowned for Macao’s legendary egg tarts and a must-do on every visitor’s agenda when they visit.

Joining David are leading Chinese celebrities and actors Qiao Shan (taxi driver), Yang Di (waiter), Liu Yan (taxi driver’s sister), Lam Suet (chef), Cao Tu Jun (restaurant staff) and Helena Law Lan (bakery owner/grandmother).

The micro-movie shows David reminiscing about a previous visit to Macao when he encountered an elderly lady, Sally, famous for her egg tarts. Keen to revisit her renowned bakery, David escapes the waiting paparazzi outside The Venetian Macao in a taxi, only for the driver to unwittingly take him to a random cha chaan teng, or traditional Chinese cafe in old Macao. Inadvertently his comments offend the store staff which sets off a chase around the laneways before they make their escape.

Once David remembers he has the original egg tart wrapper from his first meeting, the taxi driver realises it was his own grandmother’s shop and they are reunited. But the grandmother explains she has a new shop, Sally’s Bakery, and takes David there, only for him to discover it is actually back at Sands Resorts Macao’s The Parisian Hotel.

The micro-movie was produced by leading award-winning production house Traktor and supported by Ng Fan, Chief Creative Officer, Saatchi and Saatchi Shanghai, and was shot on location throughout many of Macao’s distinctive landmarks and laneways.

As brand ambassador for The Venetian Macao, David visits Macao on a regular basis and is known for his commitment in supporting the local community on behalf of Sands China Ltd.

“Working with The Venetian Macao on this film was a really great opportunity for me to see both the old and the new sights in Macao and of course, to taste my favourite dessert — the legendary custard tart!” said David Beckham.

To view the micro-movie in full, please visit https://www.venetianmacao.com/campaigns/db-video-campaign.html

 

About Sands Resorts Macao — Sands China’s Integrated Resort City

Sands China Ltd. is the leading developer, owner and operator of integrated resorts in Macao. The fittingly named Sands Resorts Macao, situated on reclaimed land between the islands of Coloane and Taipa, is the one destination that provides a stunning array of experiences at the heart of Cotai. Sands Resorts Macao has transformed a day-trip market into an integrated resort city and international hub for business and leisure travellers.

Pulsating with life, both night and day, Sands Resorts Macao features an expansive offering of affordable luxury available nowhere else in Macao. With the opening of The Parisian Macao, it now boasts approximately 13,000 hotel rooms and suites, international superstar live entertainment, duty free shopping with more than 850 retailers offering a huge array of name brands, meeting and exhibition space for Asia’s leading conferences and exhibitions, transportation offerings and well over 150 dining options, including Michelin-starred restaurants, bars and lounges. Sands Resorts Macao is a must-go destination providing every guest with an unforgettable experience and unparalleled excitement.

Comprised of The Venetian® Macao; The Plaza™ Macao, featuring the Four Seasons Hotel Macao; and Sands® Cotai Central, including the world’s largest Conrad, Sheraton, and St. Regis hotels as well as the Holiday Inn, Sands Resorts Macao is where Asia’s ultimate destination is within reach. And now the crowning achievement of Sheldon G. Adelson’s vision of the Cotai Strip — The Parisian Macao. For more information, please visit ParisianMacao.com.

 

Source: Sands Resorts Macao

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