Inside Asian Gaming

INSIDE ASIAN GAMING | March 2010 44 Briefs Regional Briefs Hong Kong IPO for MGM Grand Macau ‘in third quarter’ MGM MIRAGE will sell shares in MGM Grand Macau, its Macau casino venture with Pansy Ho, in the third quarter of 2010 Chief Executive Officer Jim Murren said. “I’m confident we’ll get the IPO [initial public offering] done in the third quarter, probably in the August, September time frame,” Mr Murren said in an interview with Bloomberg Television. The venture has selected lead underwriters, added Mr Murren, although at that time he declined to name them. MGM MIRAGE is following Las Vegas-based rivals Wynn Resorts and Las Vegas Sands Corp., which raised funds by selling stakes in their operations in Macau, the world’s biggest gambling market. Gross revenue at Macau’s casinos increased 10% to a record of more than 119 billion patacas (US$14.9 billion) in 2009, according to Macau government data. MGM Mirage also plans to sell US$850 million in secured bonds between now and June, Mr Murren said. Creditors approved the move last week under amendments and an extension of part of MGM Mirage’s bank facility. “We can work on our time frame,”Mr Murren said.“Rates are fairly attractive right now and that will push out another big part of our debt into 10-year paper, plus will give us more flexibility in the near term,” he added. Macau gaming take soars in February Macau’s gross gaming revenues for February rose 69.4% year- on-year to 13.4 billion patacas (US1.68 billion)—the second biggest monthly tally in record. The figures were bettered only by January, when the gross reach 14 billion. In the past half year, casino revenue surged to 74.5 billion patacas, up 56% from levels seen after the global credit crisis in the autumn of 2008. Consensus among analysts is that the numbers are being driven by the easy availability of credit for Chinese high rollers. The VIP play segment accounts for 60% to 65% of annual gaming revenues in Macau. The analysts are divided however on whether China’s central government will re-introduce measures to cool down the Macau casino sector and the Chinese assets classes thought to support the buoyant gambling market—namely housing and equities. In the past those cooling measures have included visa restrictions for visitors fromMainland China to Macau and a squeeze on commercial credit markets inside the People’s Republic. Marina Bay Sands to open on 27th April Las Vegas Sands Corp. says it will open the first phase of its US$5.5 billion Marina Bay Sands development on 27th April—the eve of Singapore’s Labour Day weekend. The city-state marks the national Labour holiday on Saturday 1st May. That date is also a national holiday in neighbouring Malaysia from where MBS is expected to draw many of its customers. MBS will hold its first conference event—for lawyers belonging to the Inter-Pacific Bar Association—only days after opening. “Despite the challenging, and at times unprecedented economic conditions companies like ours recently faced, our dedication to completing this development never wavered, not even for a second” said Sheldon Adelson the LVS Chairman and Chief Executive Officer in a statement accompanying the announcement to the New York stock exchange. The second phase of MBS, which includes the Sands SkyPark™, the Event Plaza along Marina Bay, more shops from leading retailers, additional dining and nightlife offerings, is scheduled to open on 23rd June said Thomas Arasi, Marina Bay Sands Chief Executive Officer. In October, one of the property’s two theatres will welcome Disney’s The Lion King. The second theatre, which will also open later this year, will be home to a variety of special events and headline acts. The Marina Bay Sands museum is expected to become an attraction both for its iconic lotus shape and for its international quality exhibitions said LVS. IGT win at Resorts World Sentosa IGT’s premier video slot themes includingWheel of Fortune®, Star Wars™, Indiana Jones™, Back to the Future™ and Alien vs. Predator™ have been installed at Genting’s Resorts World Sentosa in Singapore. The property has also installed the IGT Advantage® system, as well as EZ Pay® and RFID Chip Inventory System (CIS). “The successful opening of Resorts World Sentosa and the partnership we created with the casino are a true testament to our team’s dedication to this project,” said John Gomes, managing director of IGT Asia in a prepared statement. During March IGT will promote some of its licensed slot products at Resorts World Sentosa through live appearances of costumed actors including Storm Troopers from Star Wars™, an ‘Indiana Jones’™, Marty McFly and Dr. Emmett Brown from Back to the Future™. International Game Technology is a global company specialising in the design, development, manufacturing, distribution and sales of computerised gaming machines and systems products. Melco signs deal with Club Med for China ski resort Melco China Resorts, a unit of Hong Kong-listed Melco International Development, has signed an agreement with Club Méditerranée to create the first Club Med Ski village in China. Club Med Yabuli Resort in Heilongjiang Province in northeastern China, will open in November. Jim Murren Marina Bay Sands Wheel of Fortune®