Inside Asian Gaming

October 2011 | INSIDE ASIAN GAMING 49 Briefs part of the plan. The prosecution said that Goh would get up to S$200 per bet if the player using the insurance bet was actually successful on his main bet. Goh had to bear the cost if the gambler lost on his main bet. It’s believed Lee involved three other men, including ‘Ricki’ and Ang, to work for him, and he allegedly agreed to pay each of these runners up to S$150 a day. DPP Wong said that by allegedly offering these insurance bets, Lee made a profit of about S$30,000. Goh made S$6,000 by acting as a bookmaker. Goh, Lee and ‘Ricki’ were arrested at the MBS casino in a raid on 14th June when the authorities seized items from them including cash totalling more than S$72,000. Stanley Ho sells remaining stake in SJM, while Angela Leong raises Dow Jones Newswires reported Stanley Ho has shed the remaining 0.09% he held in his Hong Kong-listed flagship casino company, SJM Holdings Ltd. (880.HK , as he continues to parcel out his empire following a very public family feud. Inanoff-exchangetransactionon21stSeptember,the89-year-old sold 5 million shares of SJM worth HK$76.4 million (US$9.80 million), according to a disclosure on the Hong Kong stock exchange. In another off-exchange transaction, according to another disclosure, thewomanhe calls his fourthwife, Angela Leong, acquired 5 million shares for the same price of HK$15.28 per share, raising her stake in the company to 8.29% from 8.20%. The share transactions follow Stanley Ho’s August sale of 5million shares of SJM, and Leong’s acquisition of shares, according to stock exchange disclosures. In July, Pansy Ho, the eldest daughter of Stanley Ho’s second wife, acquired a chunk of his property and transport flagship, Shun Tak Holdings Ltd. (242.HK ), according to a statement from the company. Shun Tak said Pansy Ho, who is the company’s managing director, bought 36,285,523 shares from her father at market price, raising her stake to 12.67% from 11%. Earlier this year, a family dispute burst into the openwhen Stanley Ho, who is 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. He said the dispute was settled in March. Billions spent on illegal online sports betting in South Korea According to data from the state-run Korean Institute of Criminology, illegal online sports betting in South Korea could be worth around 13 Trillion Won (US$10 Billion), reports the Korea Times . The data submitted for an annual parliamentary report by Ahn Kyung-yul, a representative of the ruling Grand National Party, states that 1,019 illegal sports gambling websites are making an average of 12.5 billion Won each. According to the report, the country’s current legislation allows for legal betting on selected sports such as baseball and basketball, but bettors may only wager up to 100 000 Won per game through the state-run lottery, Sports Toto. Ahn Kyung-yul believes lenient penalties have contributed to the increase in illegal gambling. “Currently, those who start illegal Web sites are sentenced to up to three years in jail or receive up to 15 million won in fines,” Ahn said. “There should be tougher discipline and the prison term and the fine should be imposed together. To raise awareness and discourage people from using such sites, there should also be a penalty on bettors.” Caesars Entertainment launches non-gaming Asia-Pacific expansion Caesars Entertainment Corporation announced last month its Asia-Pacific debut with the groundbreaking of the non-gaming Caesars Palace Longmu Bay in Hainan, China. The flagship 5 star luxury resort represents the first major venture of Caesars Global Life, a non-gaming division created to develop and manage branded luxury hotels, resorts, residences, villas, retail and entertainment destinations around the world. The company’s goal is to develop 25 hotels and resorts in China over the next five years. For the landmark Caesars Palace Longmu Bay, Caesars is partnering with Guoxin Longmu Bay Investment Holding Co. Ltd., a subsidiary of Jiangsu Guoxin Investment Group Limited (JSGX), one of the premier investment and development companies in China. Guoxin Longmu Bay Investment Holding Co. is developing the area for global tourism, which in the first development phase covers approximately five square kilometres with a total investment of Rmb 36 billion (US$5.6 billion). Caesars Palace Longmu Bay will be the jewel in the crown with more than Rmb 3 billion investment planned. A team of world-class architects and designers will develop the interiors of the 1,000 room hotel. Caesars will create destination culinary experiences with celebrity and Michelin-rated chefs to serve the best in local, regional and global cuisine. A-list celebrity entertainment and production shows featured in two uniquely distinct Colosseum entertainment venues are planned. Caesars Palace Longmu Bay will host 36 holes of championship golf by leading designers and offer a golf school by a legendary pro. The luxury resort will also include amarina, spa, retail andother amenities, all located on China’s only west-facing shoreline, incorporating both water and underwater design features throughout. Caesars Palace Longmu Bay is expected to open in 2014. The upcoming Caesars Palace Longmu Bay