Inside Asian Gaming

inside asian gaming september 2016 30 Asian Gaming POWER 50 2 0 1 6 Ted Chan CEO Melco Crown Entertainment Power 1,340 last 18 Score year Claims to fame Close confidante of Chairman and CEO Lawrence Ho Broad Macau experience, having previously worked at Altira Macau and Mocha Clubs 21 million. VIP roll expanded 27.3% to nearly US$8 billion, thanks to an aggressive incentive program that paid junkets up to 90% of the win, based on their players’ roll, plus a reliance on relatively small players from across Asia, not just mainland China. For the first half of this year, gaming revenue rose 10%, VIP roll increased 26%, despite reducing the incentive program, and net profit grew 24%. Last month NagaCity Walk had a soft opening, the latest piece in transforming NagaWorld into a regionally, if not globally, competitive integrated resort. Operated by China Duty Free Group and designed by Paul Steelman, the new 18,000 square meter (192,000 square foot) retail mall will link NagaWorld, with 296 tables, 1,662 machines and 700 hotel rooms, to Naga 2, expected to open next year with up to 300 tables, 500 machines, 37 VIP salons, 1,000 guest rooms, many of them VIP suites with in-room gaming, a 2,100 seat theater and meeting space. Dr Chen personally financed both new projects, at a cost of nearly US$500 million, for transfer to NagaCorp via convertible bonds. Construction proceeds on NagaCorp’s US$150 million casino hotel in Vladivostok, and it’s in good company bidding on the gaming license in Cyprus, challenging Lawrence Ho’s Melco International and Enrique Razon’s Bloomberry. Chen Lip Keong CEO AND EXECUTIVE DIRECTOR NagaCorp Power 1,346 last 21 Score year Claims to Fame Began NagaCorp on a barge in Phnom Penh along the banks of the Mekong River Naga 2, likely opening next year, aims to become a destination IR. Economic advisor to Cambodian Prime Minister Hun Sen 20 NagaCorp has been beating the odds for 21 years ago. CEO and Executive Director Chen Lip Keong’s work as an advisor to Cambodia’s government got Naga started with a 70 year casino license and 40 year exclusivity in Phnom Penh, which was then still recovering from the Khmer Rouge upheaval. But the medical doctor and controlling shareholder deserves credit for keeping Naga agile and for a string of clever bets. After playing on the margins of the Asian gaming boom, Dr Chen and Naga are ready for the regional and global stages. Amid Macau’s woes, flagship NagaWorld grew gaming revenue 26% last year to US$481 million and net profit rose 27% to US$173 It’s been a tough year for Melco Crown. Hampered by the ongoing decline of the Macau market – which finally welcomed its first year- on-year revenue growth in more than two years last month – and the subsequent poor performance of its newest Macau property, Studio City, the company has undergone significant changes. Most notable was the decision by James Packer’s Crown Resorts in May to reduce its stake in Melco Crown from 34.3%