THE M3: OCEANUS, MACAO DRAGON, S'PORE HOME SALES; JACOBS CASE

The Macau Metro Monitor, September 15, 2011

 

 

UPWARDLY MOBILE Inside Asian Gaming

Casino Oceanus has acquired its 1st VIP room partner, CCUE VIP.  CCUE is chaired by U lo Hung, who was involved in developing AMA.  CCUE currently has 6 VIP tables on the 2nd floor at Oceanus and has plans to expand to 12 tables.  CCUE also has 6 VIP tables at L'Arc and at Altira Macau.  In early August, it opened 6 VIP tables at MGM Macau.  A financial advisor to CCUE mentioned that the VIP room at Oceanus will operate on a profit-share basis with its agents and host property rather than on a commission basis. 

 

MACAO DRAGON FERRY GOES BUST AFTER JUST 14 MONTHS OF SERVICE Macau News, SCMP

Macao Dragon Company Limited has filed for bankruptcy and ceased all operations.  According to a company statement, it is no longer able to run its service due to a government passenger capacity cap that shrunk the ferry company’s passenger capacity from 1,152 to 750 on each sailing from Hong Kong to Macau, and 600 from Macau to Hong Kong.  The company was the only one of the four ferry operators that had not been issued a permit to operate night sailings.

 
Maritime Administration said that Macao Dragon had not officially informed the local authorities about its bankruptcy, adding that the cap on passenger capacity was a decision made based on the safety of the passengers and the capacity of the ferry terminal in Taipa.  Macao Dragon is also being pursued by the Hong Kong Marine Department for HK$1.88MM in unpaid berthing fees and passenger embarking fees.

 

PRIVATE HOME SALES DIP 3.6% IN AUGUST Channel News Asia

Private home sales in Singapore fell 3.6% MoM in August, compared with a rise of 17% MoM in July.  Some 1,348 units were sold in August, excluding executive condos (ECs).  The dip comes after the government increased the income ceiling for public flats and executive condominiums in August.

 

LAS VEGAS SANDS ACCUSES FORMER MACAU CEO OF STEALING INFORMATION VEGAS INC

LVS has accused Steve Jacobs of stealing sensitive and/or privileged documents and refusing to return it.  Justin Jones, one of the Las Vegas Sands attorneys, said in a court declaration he discussed the issue with Jacobs’ attorneys on Aug. 1 of this year and Jacobs’ counsel related that:  "Jacobs does not believe that he is bound to keep confidential those documents obtained during the course of his employment because he asserts that he did not sign any confidentiality policy or other document containing a confidentially provision. Jacobs believes that Macau data privacy laws do not prohibit him from disclosing documents in this matter and that Macau data privacy laws are being used by defendants as a 'farcical canard' to avoid disclosure of documents."  Jacobs and his defense team have previously argued against such claims. 


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"The quarter actually beat lowered expectations. Overall, the mass segment performed well although base mass lagging is a concern," writes Hedgeye Gaming, Lodging & Leisure analyst Todd Jordan on Las Vegas Sands.

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"Congress' FY17 omnibus appropriation will fully fund the Pentagon's original budget request plus $15B of its $30B supplemental request," writes Hedgeye Potomac Defense Policy analyst Lt. Gen Emerson "Emo" Gardner USMC Ret.

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