THE MACAU METRO MONITOR, JANUARY 10, 2014
BILLIONAIRE CHENG'S COMPANY TO BUY MACAU JUNKET OPERATOR Bloomberg
International Entertainment, the company controlled by the family of Asia’s fourth-richest man, Cheng Yu-tung, agreed to pay as much as HK$7.35 billion ($948 million) for a 70% stake in Sun City Gaming Promotion Co, a junket operator. Cheng owns a 10% stake in closely held Sociedade de Turismo & Diversoes de Macau SA (STDM) - the 10% stake in STDM gives him control of 293 million shares of SJM.
Sun City expects its credit facilities offers to customers will be no less than HK$12 billion during 2014 and 2015 while the rolling turnover at its VIP rooms across Macau will be no less than HK$1.68 trillion, it said in the statement.
FOREIGN CASINO OPERATORS LURED BACK TO YEONGJONGDO Korea Herald
According to multiple industry sources on Thursday, the Korean government plans to announce its new tourism strategy later this month, which, among other things, would relax financial rules for foreign bidders to earn casino licenses in the nation’s economic zones. “We are considering easing the bidding standards after receiving complaints that it is too difficult to meet the criteria of BBB credit ratings,” said a government official. “But we have yet to decide on detailed plans.” Caesars and Universal are potential bidders.
Korea’s casino operator Paradise Group, together with Japan’s Sega Sammy Holdings, has already launched an 11,190-square-meter resort project, with its construction planned to start in April for completion by 2017.