The M3: BLOOMBERRY MGMT CHANGE; CROWN SRI LANKA; LUXURY SALES; HENGQIN LAND; S'PORE UNEMPLOYMENT

THE MACAU METRO MONITOR, SEPTEMBER 13, 2013


BLOOMBERRY RESORTS CHANGING CASINO MANAGEMENT BusinessWorldOnline.com

Bloomberry Resorts has terminated its management contract with Global Gaming Philippines LLC (GGAM), alleging a material breach of contract.  According to the disclosure statement, Bloomberry states "GGAM has not spent any material time in attending to the management of Solaire and has failed to perform its obligations and deliverables under the MSA (management service agreement)...However, many members of existing management team are very capable and will continue to manage Solaire effectively without GGAM and its representative."  Bloomberry is now looking to replace Solaire COO Michael French with an "experienced casino hotel executive."  GGAM denied Bloomberry's allegations and stated the termination of the management agreement was a breach of contract. 

SRI LANKA APPROVES PACKER'S CROWN CASINO DEAL macaubusiness.com

Lake Leisure Holdings, a joint venture by Crown Ltd and Rank Entertainment Holdings Pvt Ltd., received approval from Sri Lanka's government to develop a two-tower resort for US$350MM.

MACAU, HK OFFSET SLOWER RICHEMONT SALES IN CHINA macaubusiness.com

Swiss luxury goods maker Richemont SA reported the annual growth in sales in the Asia-Pacific region slowed to 4% in the first five months of this year from 12% a year earlier. Reduced sales reflected a slowdown in the mainland but was offset by growth in Macau and Hong Kong.

REAL ESTATE INVESTORS PLOT BIG RETURNS ON HENGQIN macaubusiness.com

Gemdale Corp has begun selling phase II of a low-density development on Hengqin at "The Doorway" starting at MOP1,037 a square foot.

UNEMPLOYMENT REMAINS LOW IN SINGAPORE channelasianews.com

The unemployment remained low, at 2.1% in June 2013, up slightly from 1.9% in March 2013.