Inside Asian Gaming

INSIDE ASIAN GAMING | June 2012 50 International Briefs Briefs Steve Wynn gives details of Cotai project SteveWynn, chairman of Las Vegas-basedWynn Resorts, revealed earlier this month that his Cotai project on Macau would cost US$4 billion, exceeding analysts’ previous expectations of a $2.5-3 billion budget. “No ... The cost hasn’t gone up,” Mr Wynn told reporters. “When we first said what we thought we would spend, it was strictly a horseback comment on what a hotel might cost.” Wynn said the cost estimate was made before it was decided the complex would have 2,000 hotel rooms, 500 gambling tables, 10 restaurants, shops, a spa, meeting rooms and a nightclub. The 6-million-square-foot development will be built on 51 acres and will take almost four years to complete. It will include an eight- acre lagoon fronting the property where visitors will be able to boat in air-conditioned gondolas imported from Austria. Wynn said the new Wynn Cotai project will be financed by a mix of equity, debt and cash flow fromWynn Macau’s existing businesses. He refused to confirm reports that a US$1.5 billion loan had been approved, saying the company has $2 billion in cash and a very strong balance sheet that would keep financing costs low. More than 70% of Wynn Resorts’US$1.3 billion first-quarter profit came from its Wynn Macau subsidiary. Mr Wynn said his company’s new property could provide a return on investment despite the “troubled state” of the world’s economy. He said the European crisis was “totally unpredictable,” while the US economy “is, at best, spotty and irregular.” “The world is an unsettled place, China happens to be one of the more stable stories at the moment, but even here, in the PRC [People’s Republic of China], there are questions about a slowdown or a change,” Mr Wynn said. “We don’t see it here yet. Macau is sort of special in that regard.” Bally receives first online gaming license recommendation from Nevada Gaming Control Board Bally Technologies became the first company to receive a recommendation from the Nevada Gaming Control Board (NGCB) for an interactive gaming supplier license. Nevada is the first state to adopt a statute allowing interactive gaming and the first state to adopt regulations for online gaming of any kind. “This is a historic day for Bally Technologies, for Nevada, and for the gaming industry,” said Bally Technologies CEO Richard Haddrill. “We are very grateful for the Board’s recommendation and are excited about being the first company recommended by a US state for licensing to offer online gaming products and services.” Mr Haddrill added, “We are proud to achieve yet another milestone in our 80-year history and look forward to further supporting our Nevada casino customers with our technology in this exciting arena.” At the NGCB’smeeting on 6th June, boardmembers unanimously recommended Bally Technologies for a license to act as an interactive gaming system manufacturer and service provider. This will enable Bally to provide business-to-business iGaming solutions for the state’s casino operators, including wager-based online poker. The NGCB’s recommendation is scheduled to be reviewed by the Nevada Gaming Commission during its 21st June, 2012 meeting, where a final decision will be made. If approved, Bally Technologies will offer its iGaming platform technology and content to casino operators to enable them to provide online gaming to their players. Bally’s iGaming platform’s open architecture enables operators to choose from best-of-breed content from a multitude of providers. The iGaming platform is also designed for mobile integration and is ready to accommodate online wagering beyond poker, such as casino table games, video slots, bingo, and sports betting when authorized. Genting out for the moment in New York convention project New York Governor Andrew Cuomo said in a recent interview that negotiations with Genting over its plans to build a US$4 billion convention center/casino at Aqueduct, Queens have deteriorated. For reference, Genting Malaysia (through its indirect wholly-owned subsidiary) owns andoperates the ResortsWorldCasino at Aqueduct SteveWynn Resorts World Casino at Aqueduct racetrack