Inside Asian Gaming

January 2010 | INSIDE ASIAN GAMING 47 Briefs edition of gamesworld magazine. The magazine, an official media partner of the International Gaming Expo in London later this month, claims that annual costs of running the Gambling Commission—created in 2005 and assumed full statutory powers in 2007—now stand at £15 million (US$23.9 million). That compares to the £5 million annual overheads of its predecessor, the Gaming Board. The industry is likely to lobby politicians on the issue in the run up to the UK’s 2010 general election. The sector is already under pressure following the smoking ban in UK pubs and clubs introduced in July 2007, and says it is largely dependent on a low stake, high volume business model. Commercial decision Union Gaming Research reports America’s National Football League (NFL) is lettingLas Vegas back into the NFL playoffs, reversing a 2004 decision to ban commercials promoting the state during the televised prime time matches. Las Vegas, Reno and Tahoe will be allowed to run television advertisements during the playoffs and the Superbowl, but the commercials cannot feature images of gambling or casinos, states Union Gaming. New Year resolution for Wynns Steve Wynn agreed in early January to transfer control of US$741 million worth of his stock in Wynn Resorts Ltd to his ex-wife Elaine. It is part of the couple’s divorce settlement said the Associated Press in a story carried by the Washington Post . MrWynnwillnotberelinquishing control of the company, added Howard Stutz of the Las Vegas Review-Journal . The transfer, which AP said involves more than 11 million shares, leaves the Wynns each with about 18% of the company’s outstanding stock, according to US Securities and Exchange Commission filings. The transferred shares were previously communal property. Wynn Resorts’ stock fell 1.3% on the day of the announcement. As part of the agreement, the Wynns both agreed to disavow their right to vote on behalf of 24.5 million shares owned by Aruze USA, a subsidiary of Japanese gaming machine maker Universal Entertainment Corp, and its founder and president, Kazuo Okada. Mr Okada is vice chairman of Wynn’s board. Aruze holds nearly 20% of Wynn Resorts’ outstanding stock. The Wynns filed for divorce on 5th March 2009 in Las Vegas and the case was sealed the same day, keeping details out of public view. Elaine Wynn is a long time member of the company’s board and was re-elected to a three-year term in May. Steve Wynn said of her re-nomination that the company was delighted to have her for another term. The couple, who met in college, were married in 1963. They divorced in 1986, but remarried five years later. ElaineWynn, a former beauty queen, is a regular at Las Vegas charity and social events. Four Stations could get new manager Regional US gaming operator Isle of Capri Casinos could become the manager of at least four Station Casinos-owned properties through an agreement reached with one of the bankrupt company’s lenders reports the Las Vegas Review-Journal . A spokeswoman for St. Louis-based Isle of Capri said early in January that the company would operate Red Rock Resort, Palace Station, Boulder Station and Sunset Station under a deal reached with Deutsche Bank if the US Bankruptcy Court in Reno rejects Station Casinos’ restructuring plans. Station Casinos filed for Chapter 11 bankruptcy protection in August last year. It has until the end of March this year to file a plan of reorganisation with the bankruptcy court. Greektown wedding Isle of Capri has been busy taking an interest in other US gaming assets owned by indebted companies left exposed during the recession. This month, Isle of Capri signed an agreement to manage the bankrupt Greektown Casino in Detroit. Under the agreement, the company will earn a management fee of US$200,000 a month for six months and US$250,000 per month thereafter. In November, Isle of Capri President and Chief Operating Officer Virginia McDowell told the Las Vegas Review- Journal the company was actively exploring casino management opportunities in Las Vegas and other markets. She said bankruptcy and other financial dealings could disrupt ownership in several casinos. Isle of Capri owns 14 casinos, including riverboats and racetracks, as well as casinos in the United Kingdom and Bahamas. Happier times—Steve and Elaine Wynn The Red Rock Casino, Resort & Spa