Inside Asian Gaming

September 2011 | INSIDE ASIAN GAMING 71 Weike Gaming appoints Gus Noble as Senior Sales Manager Weike Gaming Technology, a Singapore-based casino gaming company, has appointed Gus Noble as its Senior Sales Manager. Mr Noble joins Weike after serving as the company’s sales agent in Macau for the past 15 months. In his new full- time management role, Mr Noble’s responsibilities will include overseeing sales operations activities and customer relationships in Macau. “We are delighted that Gus is joining our management team,” said Chow Chee Keong, Weike Gaming’s Head of Sales. “With his extensive gaming experience including senior roles with listed gaming companies in Australia and the last five years working as a consultant in Macau, he brings great experience and energy to our team” added Mr Chow. “I know the company well and see a very bright future as Weike continues on its path to be the premier gaming company in the region,” stated Mr Noble in reaction to his appointment. MPEL net revenue up 67% year-on-year in 2Q 2011 Melco Crown Entertainment Limited (Nasdaq:MPEL) posted net revenue for the second quarter of 2011 of US$960.0 million. It was an increase of nearly 67% from the US$573.6 million achieved in the comparable period in 2010. The company said the main reasons were improved rolling chip volumes, normalised rolling chip win rates at City of Dreams, and continued strong growth in mass-market and hotel operations at City of Dreams. There were also contributions from other non-gaming amenities such as The House of Dancing Water and Club Cubic. Adjusted EBITDA was US$216.3 million for the second quarter of 2011, compared to US$73.4 million a year earlier. The 195% year- on-year increase was primarily as a result of the substantial growth in gaming volumes, a “sustainably improved” mass-market hold percentage at City of Dreams and a more normalised blended rolling chip win rate across both City of Dreams and Altira Macau, said the company. Another factor was MPEL’s continued focus on operating margins, it added. “Our overall profitability continues to reflect our various cost containment initiatives that help drive strong operating leverage,” said Lawrence Ho, Co-Chairman and Chief Executive Officer of MPEL, commenting on the results. “We continue to work on our design plans [for Macao Studio City] and are currently evaluating financing plans, including a bank loan and other debt financing, to fund this project. We look forward to working closely with the Macau government to bring this project to completion,” he added. “We are also excited about the recently announced dual listing proposal. Upon completion of our Hong Kong initial public offering, our dual listing will provide our existing shareholders with much enhanced liquidity and will also broaden the company’s investor universe. We believe the dual listing will make a major contribution Briefs Gus Noble towards the dynamic development and growth of the company in the long term.” Change of prime minister ‘unlikely’ to derail Japan’s casino plan The appointment of Japan’s sixth prime minister in five years is unlikely to derail plans for casinos in the country, claims Tokyo-based consultancy Gaming Capital Management (GCM). “All major parties are positive about this idea,” said a spokesman for GCM after attending an all-party steering group of Japanese lawmakers last month. The issue may not be lack of cross-party support for casinos, but how much parliamentary time can be given to the issue by the incoming administration of Yoshihiko Noda, given the large number of items in the new prime minister’s ‘in-tray’ because of the current economic crisis facing Japan. Around 20 lawmakers attended the latest meeting of the casino steering group, the General Assembly of International Sightseeing Industry Development Diet Member Association (known more informally as the ‘IR and Casino Diet Member Association’). The association chairman Issei Koga, of the governingDemocratic Party of Japan, said that with cross-party support it would be possible to put an enabling bill for casinos before the next extraordinary session of the Japanese parliament—known as The Diet. The bill would be a framework document with the details drafted later—a common administrative practice in Japan, where civil servants traditionally have a greater direct role in government than inWestern democratic countries. MGM China first-half net profit nearly quintuples to HK$1.91 billion MGM China Holdings Ltd—51% owned by MGM Resorts International—said its net profit in the first half of the year nearly quintupled amid rapidly rising gambling revenue growth in Macau. The casino operator’s net profit totalled HK$1.91 billion (US$245 million) for the six months ended 30th June, leaping from HK$397.3 million a year earlier, the company said in a statement. Operating revenue for the period rose 95% to HK$9.86 billion from HK$5.06 billion a year earlier, MGM China added. The company didn’t recommend a dividend. MGM China, a casino joint venture between MGM Resorts and tycoon Stanley Ho’s daughter Pansy Ho, started trading in Hong Kong in June following an initial public offering that raised US$1.6 billion and was priced at the top of its indicative range. That reflected investor optimism about the casino industry in Macau. Gross gaming revenue in the territory rose 45% year-on-year in the first half of 2011. Two year deadline—Japan’s lawmakers urged to approve casino bill