Inside Asian Gaming

May 2011 | INSIDE ASIAN GAMING 53 Briefs StarWorld produced quarterly VIP rolling volume of HK$151 billion, an increase of 48% over Q1 2010. GEG—controlled by the family of Hong Kong tycoon Lui Che Woo—will open its near-US$2 billion Cotai resort—Galaxy Macau— on 15th May. The new property will have significant mass market capacity and three hotels, diversifying the group’s product offer beyond its current focus on high roller play. Wynn Macau net profit soars Wynn Macau said its net profit for the three months ended 31st March was US$189.7 million—up 66% from a year earlier. Adjusted for international financial reporting standards, net profit was US$114.3 million. Operating revenue for Wynn Macau—which listed in Hong Kong in October 2009—was up 47% to US$865.7 million from US$590.7 million. The performance outpaced overall gambling revenue in Macau during the period, which rose 43%. Company chairman Steve Wynn said on a conference call following the earnings release of parent company Wynn Resorts Ltd that he hoped the Macau government would grant the company the land rights to build a new property on Cotai “any day now”—but the timing would be up to officials. “Things move in Macau at a speed that is comfortable for that government,” he said. Praveen Choudhary of Morgan Stanley wrote, “In the absence of a Cotai project until 2015, Wynn Macau might not have a catalyst and could see market share loss with the opening of Sands China and Galaxy Cotai projects.” Other analysts raised concerns the Wynn Macau stock looked expensive beside its peers. “While we agree that Wynn Macau is the best proxy of Macau, we think other stocks have better upside potential given lower valuation,”wrote Deutsche Bank’s Karen Tang. Singaporean charged with illegal bookmaking at Resorts World Sentosa A 50-year-old Singaporean has been charged with acting as a bookmaker inside the Resorts World Sentosa (RWS) gaming resort in the city-state. The unemployed man, Ng Ah Chye, allegedly did so on three occasions between 11th July and 17th August last year. A court heard on the first occasion Ng approached a 32-year-old Indonesian woman while she was playing at a baccarat table. She allegedly agreed to place private bets with him instead of the casino on three occasions, wagering between S$500 and S$2,000 each time. A similar incident allegedly took place on 7th August last year when Ng is said to have wagered private bets with a 63-year-old man who was a member of the Crockfords Club at RWS. Anyone found guilty of the offence can be fined between S$20,000 and S$200,000 and jailed for up to five years. Las Vegas veteran appointed to launch MGM Grand Ho Tram, Vietnam MGM Hospitality—a subsidiary of MGM Resorts International and Asian Coast Development (Canada) Ltd—has appointed John Shigley to the position of President and Chief Operating Officer for MGM Grand Ho Tram in Vietnam. “John Shigley brings the wealth of professional hospitality experience that the challenge of opening a new resort demands,” said Gamal Aziz, President and Chief Executive Officer of MGM Hospitality. Mr Shigley is a former chief financial officer for MGM Grand, where he was responsible for the planning and execution of the resort’s overall financial strategy. He joined MGM Resorts International in 2002 as Executive Vice President for New York- New York Hotel & Casino. He has also served as a property president for both Caesars Palace in Las Vegas and Primm Valley Resorts and has held executive positions at Caesars World and Caesars Tahoe. MGM Grand Ho Tram is the first of five resorts being developed by Asian Coast Development (Canada) Limited on the Ho Tram Strip approximately 79 miles southeast of Ho Chi Minh City in Vietnam. The resort will initially offer 541 luxury guest rooms, VIP suites, world-class restaurants, a conference centre and a gaming floor featuring 90 live table games and 500 electronic games. It is expected to open in 2013. Silver Heritage sets up sales and casino management unit Silver Heritage Limited (SHL), one of Asia-Pacific’s leading casino gaming companies with operations in 10 casinos across the region, has announced the formation of Gaming Concepts Group Limited. Gaming Concepts Group will supply table gaming products and casino management services, in addition to distributing electronic gaming machine products for SHL. Julian Wagner, currently Vice President Regional Operations at SHL, will also take on the role of Vice President Business Development and Sales for Gaming Concepts Group. SHL will remain focused on its core business of casino investment and participation revenue share operations. Wynn Macau—outperforming the local market Galaxy Macau, opening this month