Inside Asian Gaming

August 2011 | INSIDE ASIAN GAMING 49 Briefs July, raising her stake in the company to 12.67% from 11.00% in a purchase valued at HK$177.4 million (US$22.77 million), according to a Dow Jones Newswires calculation based on Shun Tak’s closing price of HK$4.89 per share that day. Shun Tak said Stanley Ho remains group executive chairman and will continue to lead the board, while Pansy will continue as managing director responsible for the overall performance of the company and its subsidiaries. It added the share purchase wouldn’t “have any impact on any aspect of the affairs of the company.” In November, Stanley Ho cut his stake in Shun Tak to 8.72% from 20.27%. The off-market transfer of 250,936,160 shares to a company controlled by Ho’s children, including Pansy, was worth HK$1.22 billion (US$157 million), according to a Dow Jones Newswires calculation. Earlier this year, a family dispute burst into the open when Stanley Ho, who is 89 years old and in poor health, accused the children of his second wife of colluding with his third wife to steal the holding company that held the bulk of his assets. They denied his accusations. Stanley Ho said the dispute was settled in March. Shun Tak has an 11.5% effective interest in Sociedade de Turismo e Diversões de Macau (STDM), which in turn owns 55.7% of Stanley Ho’s SJM Holdings Ltd., according to Shun Tak’s 2010 annual report. George Tanasijevich named as CEO, Marina Bay Sands, and Benny Zin as COO George Tanasijevich has been named Chief Executive of Marina Bay Sands (MBS) in Singapore. Mr Tanasijevich had been interim CEO of the 18-month old casino resort since the resignation of the first CEO, Tom Arasi, in January. The resort’s parent company, Las Vegas Sands Corp, has additionally appointed Benny Zin as Chief Operating Officer at MBS. Mr Zin previously served as interim COO. LVS appoints Ed Tracy as CEO of Sands China Las Vegas Sands Corp has appointed Ed Tracy as Chief Executive of Sands China, the company’s Hong Kong-listed Macau operating unit. The post had been vacant for a year since the sacking of former Sands China CEO, Steve Jacobs, last summer. Mr Tracy moves up to CEO from his current role as President of Sands China—a job he took last year. Michael Leven, the President and Chief Operating Officer of LVS, who had been acting CEO of Sands China since Mr Jacobs was dismissed, will now be able to focus once more on his strategic role. Mr Leven said in a conference call to discuss the company’s global results for the second quarter this year that LVS had finalised agreements with two major hotel brands for hotels at the company’s Cotai extension—known as Cotai plots 5 and 6. He didn’t name the brands. They are replacements for Shangri-La hotel brands. Shangri- La decided in March not to extend a provisional agreement to manage two hotels at Cotai 5 and 6, citing as the reason delays to the original construction timetable Sands China plans to open its Cotai 5 and 6 facilities including 6,000 hotel rooms and casino space in three phases starting in the first quarter next year. Construction has been delayed, partly due to government restrictions on the amount of foreign workers companies can hire. Mr Leven said the total number of gambling tables at Cotai 5 and 6—a thorny issue since the government imposed a cap on tables until the beginning of 2013—could be 530. That’s 120 fewer than the company had indicated in some earlier announcements to the market. Even if only a portion of the 530 tables open in the first phase, it’s still likely to break the ceiling of the 5,500-table cap imposed by the government between now and the beginning of 2013. Since the opening of Galaxy Macau on Cotai in May, the number of tables in Macau now stands at 5,300. LVS also said it had earmarked US$125 million in capital expenditure to drive its high-roller business in Macau. Sands China’s recent loss of market share in the VIP business has been a concern for some analysts. MGM China Holdings interested in Taiwan hospitality and tourism investment Macau casino investor MGM China Holdings is interested in investing in Taiwan’s hospitality and tourism sector, Pansy Ho has told a Taiwanese newspaper. The report did not make specific reference as to whether MGM China Holdings or an associated company would be interested in bidding for or investing in any potential casino resort projects that might be allowed in Taiwan. Ms Ho, co-chairman of MGM China, made the comments to the Chinese-language Daily Want newspaper, according to a report by the Taiwanese news agency CNA . An English online version of Want Daily —Want ChinaTimes —also carried a translation of Ms Ho’s comments. “The likelihood of investing in Taiwan is pretty high because now is a good time,” said Ms Ho. She was referring to the opportunities provided by Taiwan’s recent opening to individual tourists from China. Gaming Concepts Group launches website for casino equipment and service sourcing Gaming Concepts Group Limited— a specialist in sourcing gaming equipment and supplying management services for casino operators, managers and investors with a focus on Asian markets— launches its new interactive website this month. The website —www.gamingconceptsgroup.com —will feature information on the company’s unique service—Concept Studio— providing products and services designed in-house by its team of industry professionals with extensive experience of casino supply and operations management. Gaming Concepts Group is a division of Silver Heritage Ltd, a leading regional gaming company with operations in ten casinos across Asia-Pacific. George Tanasijevich (left) and Benny Zin (right) Edward M.Tracy