Inside Asian Gaming

INSIDE ASIAN GAMING | July 2008 28 43 Chen Lip Keong Founder and CEO, NagaCorp 42 William P. Weidner President and COO, Las Vegas Sands Corp Dr Chen is the founder and CEO of Cambodian casino operator NagaCorp, which is the first company from that country—via its vehicle NagaCorp (HK) Ltd—to be listed on an international stock As Sheldon Adelson’s right-hand man at Las Vegas Sands Corp (LVS), William “Bill” Weidner was a key player in the company’s entry into Asia through its first Macau property, Sands Macao. Messrs Weidner and Adelson have revolutionized the Asian gaming market with their push to transform the city into a destination that appeals not only to gamblers but also to conventioneers, shoppers and wealthy weekend vacationers. A veteran hospitality industry executive, Mr Weidner has served as president and COO of LVS since 2004, directing the company’s development exchange. Dr Chen owns a controlling 62% stake in NagaCorp, after selling 5% to a Chicago-based fund in May. NagaCorp owns and operates NagaWorld, the only licensed casino in the capital Phnom Penh, and holds Asia’s longest casino license (1995-2065). Before moving to a new site in 2003, allowing for a permanent hotel and entertainment complex, NagaCorp had operated its casino on a barge moored along the banks of the Bassac River in Phnom Penh for eight years. The company is expanding the NagaWorld complex to 700 hotel rooms and 300 gaming tables by next year. As of last month, it had 508 rooms and 176 gaming tables. Dr Chen is an official advisor to the prime minister of Cambodia and is credited with helping to revitalize the country’s tourism industry after two decades of civil war. His ties to government helped NagaCorp secure a 40-year monopoly (1995-2035) for casino operations within a 200km radius of Phnom Penh. NagaCorp is notably not subject to any legal restriction on selling secondary licenses to operate a casino in Phnom Penh. Last month, Bloomberg reported that NagaCorp may consider selling a subconcession to foreign companies wishing to develop another casino in the city. NagaWorld targets “mid-tier” junket gamblers and Dr Chen stresses “we are not competing head on for those high rollers in Macau.” The popularity of junkets to Cambodia is growing along with overall visitor numbers to the country. Visitors to Cambodia—SoutheastAsia’ssecond-poorest nation—have risen to about 2 million from 118,183 in 1993, when the country emerged from its long civil war. activities,including the planning,financing, construction and implementation stages. AsLVScontinuesitsmassivedevelopment of The Cotai Strip, Mr Weidner is also overseeing development of the company’s first Singapore property, the Marina Bay Sands, which is slated for a late-2009 launch, becoming Singapore’s first integrated resort following the city-state’s decision to legalise casinos in 2005. Mr Weidner is not only an astute businessman, but also the perfect foil for his sometimes prickly boss, Mr Adelson. Emollient where Mr Adelson is confrontational, smooth where Mr Adelson is rough edged, this MBA graduate of Michigan State University is more of a corporate operator than the street hardened Mr Adelson. 44 Alfonso “Boy” Reyno Jr Chairman and CEO, Manila Jockey Club PAGCOR. At San Lazaro, MJCI offers the latest slot machines and a sports betting lounge in a luxurious, comfortable setting, considered one of Metro Manila’s best- planned gaming facilities. Mr Reyno oversaw the transfer of the new racetrack from its old site in the center of Manila to the suburbs to give way to a mixed-use development on the 16 hectare old site. Some 3,400 high- end condominiums and townhouses are being built on the old site in partnership with Ayala Land Inc, with a hotel-casino planned for future development. At the new site in Cavite, MJCI and partner Century Properties have developed a 77-hectare estate with a world-class racetrack and a high-end residential village, Canyon Ranch, overlooking the racing complex. A lawyer by profession and former deputy minister of national defense and member of parliament in the Philippines,Mr Reyno now heads the public listed Manila Jockey Club (MJCI). Established in 1867 as the first racing club in Southeast Asia, the MJCI owns and operates the San Lazaro Leisure Park (SLLP), a world-class racetrack located in Cavite, the Philippines. Mr Reyno has diversified MJCI from solely horseracing operations to real estate development, in partnership with some of the country’s biggest property developers, and casino operations, in partnership with