The Macau Metro Monitor, February 21, 2012
WYNN DIRECTOR COULD FACE MACAU BRIBERY CHARGES Macau Daily Times
Wynn Macau director Kazuo Okada may face bribery charges after a probe by Wynn Resorts uncovered alleged improper payments to Philippine gaming officials. WYNN has asked Okada to quit the board and filed a lawsuit in Nevada State against Okada and two of his companies for breach of fiduciary duty and related offenses. WYNN said it found “more than three dozen instances over a three-year period in which Mr. Okada and his associates engaged in improper activities...in apparent violation of U.S. anti-corruption laws”. Sources say the probe was carried out on the ground by a local company linked to the gaming industry and that the report’s conclusions have been sent to the US judicial bodies.
Okada told the investigators he was not aware of the payments, which he claimed were made by his employees. One employee was fired and another resigned over the incident, he added. The Japanese businessman also said he had launched an investigation and would ask the Filipino officials to return the payments and gifts. One of his companies, Universal Entertainment, a Japanese pachinko machine maker, said it would “take all legal actions necessary to protect its investment in Wynn."
According to the local Commercial Code, Wynn Macau can only remove a director through a shareholder vote. However, a WYNN spokesperson said, “the board of directors of Wynn Macau can vote to remove a director for cause”.
The Gaming Inspection and Coordination Bureau (DICJ) said it was informed of the incident by Wynn Macau even before Wynn Resorts made a public statement. “We have already asked for more information and our legal advisors will look into these allegations and whether there was any breach of Macau laws, gaming licenses or concession contracts,” DICJ director Manuel Joaquim das Neves said. Wynn Macau has assured the gaming regulator that the decision and the ongoing legal dispute with Okada “will in no way affect the normal operation of the company,” he added.
Wynn Resorts said it redeemed the 24 million shares held by Aruze USA, a slot-machine company controlled by Okada’s Universal Entertainment, at 'fair value' and issued a 10-year USD 1.9 billion promissory note for the stock.
SANDS COTAI CENTRAL OPEN FOR RESERVATIONS Macau Daily Times
Sands Cotai Central which will open in April, has begun accepting accommodation reservations. Guests can begin booking rooms and suites at Conrad and Holiday Inn for stays from May 2.
The first Phase of the opening of the Cotai development will feature 600 rooms and suites from Conrad, and over 1,200 guestrooms and suites from Holiday Inn. When Sands Cotai Central is fully completed in 2013, Sheraton will offer an additional 4,000 guestrooms and suites, bringing the total to nearly 5,800 rooms and suites.
MONTHLY BREAKDOWN OF PASSENGER MOVEMENTS Changi Airport Group
January 2012 passenger traffic increased 12.1% YoY.
MACAU CONSUMER PRICE INDEX FOR JANUARY 2012 DSEC
January CPI increased 6.8% YoY and 0.93% MoM.
LRT TAIPA WORKS START TOMORROW Macau Daily Times
The construction works for the first Light Rapid Transit route in downtown Taipa will start tomorrow but the Transportation Infrastructure Office (GIT) has pledged to minimize the impact on traffic. The two-kilometer project, which will include five stations – Ocean Gardens, Macau Jockey Club, Macau Stadium and one between the old Taipa village and the Galaxy Macau resort – will cost MOP 489 million. The works should be ready around May 2015.
SHERATON MACAO HOTEL RECRUITING STAFF FOR OPENING IN SEPTEMBER 2012 Macau Daily Times
Sheraton Macao Hotel, which plans to open in September 2012, has announced a large-scale recruitment drive for the local market from March 2-4. The 3,863-room Sheraton Macao Hotel will be both the largest hotel in Macau and in the over 1,000-strong portfolio of hotels and resorts owned by Sheraton. The hotel will be set over two towers with access to over 20,000 square meters of flexible meeting space and is a good place for large-scale association, meetings and incentive groups and events of all sizes. Recreational facilities include a Spa, three pools surrounded by 12,000 square meters of deck space, as well as fitness and kid’s entertainment programmes.
CHINA JANUARY HOME PRICES POST WORST PERFORMANCE IN A YEAR Bloomberg
Prices in 47 of the cities fell, while home values in the remaining 23 were unchanged from December, the National Statistics Bureau said. New home prices in the nation’s four major cities of Shanghai, Beijing, Shenzhen and Guangzhou declined for a fourth month.