The Macau Metro Monitor, March 13, 2012
MELCO CROWN CLOSE TO CLOSING SYNDICATE LOAN Macau Business
According to sources, MPEL is targeting syndication in April for a loan of about US$1.25 billion (MOP10 billion) to be likely used for construction of the Macau Studio City project. MPEL is considering a five-year tenure for the syndicate loan.
OKADA SUES WYNN FOR FORCIBLE SHARE BUYOUT Macau Business, Reuters
Kazuo Okada is seeking a court order voiding the redemption of his shares decided by WYNN's board last month, and unspecified compensatory and punitive damages.
Okada, Chairman of the Board of Directors of Universal Entertainment, said, "We are taking this action to protect our investment from what we believe to be an unconscionable course of conduct perpetrated by Steve Wynn and the Wynn Resorts Board of Directors to facilitate Mr. Wynn's agenda of maintaining his absolute control over Wynn Resorts and in order to enrich himself." Universal Entertainment's Counterclaim contains allegations, among others, that 1) No redemption has occurred and that there is no legal basis for the redemption. 2) The stock held by Aruze USA is subject to transfer restrictions in a stockholders agreement, which preclude any redemption of Aruze USA's stock. 3) Unlike most Wynn Resorts shares, Aruze USA's shares were never subject to the redemption provision of the Wynn Resorts Articles of Incorporation, as Aruze USA acquired its interest before the redemption provisions became effective.
GOVERNMENT MULLS LICENSING CASINO PROJECT Vietnam News
Minister Vu Duc Dam, chief of the Vietnam Government Office, has confirmed that the Government was considering licensing a huge resort complex (US$4-5 BN) including a casino in northern coastal Quang Ninh Province's Van Don District. Located on an 1,800 hectare area in Van Yen Commune, the complex is expected to help develop the Northern Economic Zone and attract more visitors, especially foreign tourists, to the province.
Vietnam has yet to license casinos, but the Government has granted licences to a number of entertainment-gaming complexes in southern Phu Quoc Island, the New City in central Phu Yen Province, Silver Shores and Furama in central Da Nang and Sai Gon Atlantic in southern Vung Tau. None of them admit local visitors.
Sheldon Adelson, CEO of LVS, has expressed interest in building resort complexes worth as much as $6 billion in HCM City and Ha Noi.