Thread Rating:

pacomartin
pacomartin
Joined: Jan 14, 2010
  • Threads: 648
  • Posts: 7888
January 4th, 2011 at 3:28:13 PM permalink
* August 2001, the Legislative Assembly of Macao passed the Law no. 16/2001 “Legal Framework for the Operations of Casino Games of Fortune”,
* 26-30 October 2001, the eight-member “Casino Concessions Committee” was set up under the Executive’s Order. It was responsible for coordinating work in respect to the tendering process and making recommendations to the Chief Executive once the concessions were granted.
* 2 November-7 December 2001. There were a total of 21 bidding proposals received
* 31 December 2001, the Macao SAR decided to grant out 3 gaming concessions
* 8 February 2002 concession was granted to
---- Sociedade de Jogos de Macau (“SJM”), a subsidiary of STDM,
---- Galaxy Casino, S.A. (“Galaxy”), and
---- Wynn Resorts (Macao) S.A. (“Wynn”).
* The concession contracts for the operation of casino games of fortune were signed on 28 March, 24 and 26 June 2002 respectively.
* May 2004, the first casino of Venetian, Casino Sands, was opened. It was the first ever gaming investment project developed by an American company in Asia.
* Also in 2004 the Galaxy’s first project, Casino Waldo, also commenced operations.
* Wynn, its first casino hotel had the stone-laying ceremony in June 2004 and celebrated its grand opening in September 2006.
* The Melco PBL got control of the Mocha slot lounges in September 2006 and its first casino opened in May 2007.
* December 2007, MGM’s first casino also entered into operation.


Quote: Ayecarumba


I guess the big question is, how can Las Vegas (as a destination) capture some of this action? It seems like there is plenty to go around, and anyone who can get a pass from the Mainland to Macao should be able to get a visa to the USA... or is it more difficult than that?



Well Las Vegas still has amazing months during Chinese New Year's. With the massive difference in tax rates (Macao 39% and Nevada like 7%) it was worth bringing the high rollers to Vegas. But that advantage has been seriously undermined by Singapore (about 15%), and presumably will continue to be broken by Vietnam or other countries. We'll just have to wait until February to see if Singapore has completely undercut Vegas for Chinese New Years. Of course MGM-Resorts and Ceasars do not have significant properties in Asia, so it looks as if they want a piece of the action they will have to fly the gamblers to Vegas.
HKrandom
HKrandom
Joined: Oct 1, 2010
  • Threads: 18
  • Posts: 130
January 12th, 2011 at 2:26:58 PM permalink
http://blogs.forbes.com/robertolsen/2011/01/02/casino-kings-succession-plan-for-17-children/

It will be interesting to see how this turns out.
pacomartin
pacomartin
Joined: Jan 14, 2010
  • Threads: 648
  • Posts: 7888
January 12th, 2011 at 4:40:30 PM permalink
Quote: HKrandom

http://blogs.forbes.com/robertolsen/2011/01/02/casino-kings-succession-plan-for-17-children/

It will be interesting to see how this turns out.



The man is age 89. It is probably better to try something while he is alive, then to start a war when he is dead.

"Kirk" Kerkorian went from $16 billion down to $3 billion in the last two years, but at the age of 93 he seems relatively sanguine.

Charles M. Schwab who made his fortune in Bethlehem PA was one of the wealthiest men of the industrial era. He became notorious for his "fast lane" lifestyle including opulent parties, high stakes gambling, and a string of extramarital affairs producing at least one child out of wedlock. The affairs and the out-of-wedlock child soured his relationship with his wife. He became an international celebrity when he "broke the bank" at Monte Carlo and traveled in a $100,000 private rail car named "Loretto". His 75 room Manhattan home grandest and most ambitious house ever built on the island. He lost all of his money in 1929, and spent the last ten years of his life in a one bedroom apartment.

I doubt that Ho or Kerkorian will live in poverty.
gog
gog
Joined: Jan 7, 2011
  • Threads: 5
  • Posts: 105
January 13th, 2011 at 6:30:11 AM permalink
I read somewhere that the Chinese government is severely limiting its people travelling to Macau for fear of money flowing out into foreign owned casinos, does anyone know more about this? Will it hurt Macau's bottom line?
pacomartin
pacomartin
Joined: Jan 14, 2010
  • Threads: 648
  • Posts: 7888
January 13th, 2011 at 7:55:58 AM permalink
Quote: gog

I read somewhere that the Chinese government is severely limiting its people travelling to Macau for fear of money flowing out into foreign owned casinos, does anyone know more about this? Will it hurt Macau's bottom line?



I believe that your information is dated. The travel restrictions have been lifted. The concern was more about graft and corruption where money was being stolen by government employees to finance gambling weekends. I think the Chinese will honor their arrangements made so far, but there is signs that they will limit future growth by denying more licenses. Sands Corporation was denied two licenses for the Cotai strip.

It is better to have the foreign corporations in Macau and tax them at 38% then to have them all set up in Vietnam.
pacomartin
pacomartin
Joined: Jan 14, 2010
  • Threads: 648
  • Posts: 7888
February 18th, 2011 at 4:16:40 PM permalink
Single day record is shattered in Macau. February 8th set a record of US$180m in Macau.

The yearly record of $23.4 billion for 2010 is being exceeded already this year. January exceeded $2.32 billion, and the aforementioned single day record was broken.

The 2007 USA nationwide revenue for all commercial casinos is $34.41 billion in 2007. Possibly within a few years Macau may exceed revenue for the entire USA commercial casinos.

Direct Visitor Spending in NYC in 2010: $31.0 billion.
pacomartin
pacomartin
Joined: Jan 14, 2010
  • Threads: 648
  • Posts: 7888
March 3rd, 2011 at 7:46:24 PM permalink
February revenue was a shocking $2.5 billion (gaming alone).

Union Gaming Group Principal Grant Govertsen, who is based in Macau., estimated Macau's casinos could see full-year gaming revenues of $28.7 billion. If we include non-gaming revenue, they are closing in on direct visitor spending in NYC in 2010 of $31.0 billion.

Good thing that Rio is getting a Whopper Bar (a Burger King that serves beer). That should even up the playing field.

FleaStiff
FleaStiff
Joined: Oct 19, 2009
  • Threads: 209
  • Posts: 10782
March 4th, 2011 at 1:08:22 AM permalink
Yeah, we really know how to do it right in America don't we. A Burger King that serves beer. And its not even a craft beer, its a mass produced beer.
I guess we will be catching up with Macau real soon now.

By the way, there is one thing that concerns me. Just how reliable are all these figures from the Orient? I mean... out there getting some official figures, isn't that a matter of who you bribe and how much you pay? If someone were to come along and pay a higher bribe would the figures go higher?
FleaStiff
FleaStiff
Joined: Oct 19, 2009
  • Threads: 209
  • Posts: 10782
March 4th, 2011 at 1:13:31 AM permalink
Wow.
I didn't know that Tunica was a larger market than Biloxi and that each was larger than downtown Vegas.
No wonder Vegas is hurting.
People are really doing their gambling elsewhere.
Those cotton fields in Tunica are not much of a draw for tourists. And the much hyped discount shopping mall near Tunica ain't much either. So why do Vegas casinos invest in all the hoopla about swimming pools that double as nightclubs. There is a good deal of money being made amidst cotton fields.
pacomartin
pacomartin
Joined: Jan 14, 2010
  • Threads: 648
  • Posts: 7888
March 4th, 2011 at 9:31:15 AM permalink
Quote: FleaStiff

Just how reliable are all these figures from the Orient? I mean... out there getting some official figures, isn't that a matter of who you bribe and how much you pay? If someone were to come along and pay a higher bribe would the figures go higher?



Revenue figures are reported by the Macau Gaming Inspection and Coordination Bureau , the official governing body.

While the gaming revenue numbers seem massive for one area, they are still below the nationwide USA take for all the commercial casinos in the country. If you include lotteries, Indian casinos, bingo halls, and horse racing the USA is still way ahead. China is still well over four times the population of the USA.

It is just that legal gambling for the whole country is in a single city.

===========================
Tunica is the 7th biggest gambling market in the USA according to American Gaming Association. Downtown Las Vegas is 18th.

CASINO MARKET 2009 ANNUAL REVENUES
1 Las Vegas Strip $5.550 billion
2 Atlantic City, N.J. $3.943 billion
3 Chicagoland, Ind./Ill. $2.092 billion
4 Connecticut $1.448 billion
5 Detroit $1.339 billion
6 St. Louis, Mo./Ill. $1.050 billion
7 Tunica/Lula, Miss. $997.02 million
8 Biloxi, Miss. $833.50 million
9 Shreveport, La. $779.65 million
10 Boulder Strip, Nev. $774.33 million
11 Kansas City, Mo. (includes St. Joseph) $758.02 million
12 Reno/Sparks, Nev. $715.23 million
13 Lawrenceburg/Rising Sun/Belterra, Ind. $691.20 million
14 Lake Charles, La. $662.56 million
15 New Orleans, La. $653.05 million
16 Black Hawk/Central City, Colo. $596.30 million
17 Yonkers, N.Y. $540.50 million
18 Downtown Las Vegas, Nev. $523.82 million
19 Laughlin, Nev. $492.51 million
20 Council Bluffs, Iowa $430.71 million
Source: The Innovation Group (5/1

  • Jump to: