THE M3: NEW COTAI CASINO; OKADA

The Macau Metro Monitor, September 18, 2012

 

 

BOUTIQUE HOTEL CASINO PROJECTED FOR COTAI Macau Business

A group of unidentified investors is proposing to build a US$800 million (MOP 6.4 billion) boutique-style hotel casino just next to the One Oasis Cotai South luxury residential project.  The project is eyeing to have a mid-double digit number of live gaming tables.  Construction could break ground as early as 2013 with the aim of opening in 4Q 2015 or early 2016.  The project doesn’t involve any government land grant, as it is being developed on private land.

 

Business Daily says the casino included in the project would operate under a service provider agreement, but the partnering gaming operator’s name is yet to be disclosed.  The report adds the project was submitted to the government before the 2008 moratorium on new casino projects.  The principals in the boutique scheme are understood to be Stephen Hung, Peter Coker and Walter Power, according to Business Daily.

 

OKADA RELEASES LETTER TO WYNN RESORTS WSJ, Macau Business

Kazuo Okada said investors have lost confidence in WYNN's management and the board.  That loss comes amid a "history of poor corporate governance" and "questionable actions" under Mr. Wynn, the CEO, Okada wrote.  He says that currently only 7 of the 12 board members are independent.  Okada asked a Nevada court earlier in September that he be allowed to nominate new directors for consideration at Wynn’s November annual meeting.  He has already put forward two names.

 

 

 



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