The Macau Metro Monitor, May 18, 2011
MGM CHINA'S IPO SECURES FOUR CORNERSTONES WSJ, SCMP
John Paulson's firm plans to invest up to US$75MM in the MGM JV; through his company Tracinda Corp, Kirk Kerkorian has agreed to subscribe for up to US$50MM; property developer Asia Standard International, controlled by HK businessman Poon Jing, has pledged to invest up to US$40MM; and Dornbirn Inc, owned by Hong Kong real-estate developer Walter Kwok, will chip in up to US$25MM—Kwok is the former chairman of blue chip developer Sun Hung Kai Properties Ltd.
Like the other cornerstone investors, Paulson & Co. has agreed not to sell its shares for at least six months after the listing. The public offering runs from May 23 to 26 with pricing due to be announced on May 27. The shares are set to begin trading on June 3 under stock code 2282.
RWS FINED S$530,000 FOR FOUR BREACHES Channel News Asia
RWS was fined S$200,000 for reimbursing the entry levy payable by Singapore citizens and permanent residents. On July 15 last year, a senior management staff of RWS gave cash to media representatives - who are Singapore citizens and permanent residents - to help them pay the entry levy payable by them to enter its casino premises to cover the launch of the Ladies Club. Also, RWS was fined S$330,000 for 3 separate cases of casino surveillance non-compliance.