The Macau Metro Monitor, October 3, 2012
OKADA LOSES BID TO VOTE WYNN RESORTS SHARES AT MEETING Bloomberg
Nevada state court Judge Elizabeth Gonzalez has rejected Kazuo Okada's request to let him vote on the 25 million shares that were forcibly redeemed in February, at WYNN's annual shareholders' meeting on November 2. She said Okada didn’t convince her that he was likely to overcome Wynn’s argument that the Board’s business judgment validated the redemption. Gonzalez’s ruling allows Okada to file a new request.
Kim Sinatra, Wynn’s general counsel, said one reason stockholders won’t be asked to remove Okada next month is that there are still “lots of investigations.”
THE PARISIAN LOAN TO BE INKED BY EARLY 2013 Macau Business
According to Kenneth Kay, LVS's CFO, LVS expects to get the bank loans for it’s The Parisian project in Cotai in place in 1Q 2013. The company is planning to invest at least US$2.5 billion (MOP20 billion) in the construction of The Parisian, to be located beside Four Seasons, in Cotai. Sands executives said last month that US$1 billion of the financing would come from the company’s equity base with the remainder coming from international banks. They expect construction to begin before the end of next month, subject to government approval.
CASINO SMOKING BAN RULES ALMOST READY: GOV'T Macau Business
Secretary for Social Affairs and Culture Cheong U. said the drafting of criteria for smoking areas in casinos was “at the final stage”. The Health Bureau, under Mr Cheong, is drafting the technical regulations. He said the ban on smoking in casinos would still be enacted on January 1 next year, in less than three months. Despite the short notice, Mr Cheong said he expected all smoking areas inside casinos to be ready before that.