BIG BETS RIDING ON CASINO'S DEBT CHASE IN HK COURTS scmp.com
Last August, Henry Mong Hengli gambled away a HK$30 million line of credit from Wynn Macau before continuing the spree in Vegas by losing US$3 million and US$37,000 dollars in loans from Wynn Las Vegas.
Now Mr. Mong finds himself in a Hong Kong's high court being sued by Wynn. The case is important because it is the first time that a Macau casino has sued for gambling debts. The precedent set by the case will be significant for the Macau gaming industry which relies heavily on credit-driven play. Nevada credit has been enforced in Hong Kong courts before, however mainland courts historically have not recognized gaming debts leaving collection to the hands of junket operators. If Wynn is successful in its suit against Mr. Mong it will have material implications for direct VIP play and credit extension by casino operators.
MACAU'S NEXT LEADER VOWS TO ENCOURAGE COMPETITION IN GAMING scmp.com
Fernando Chui Sai-on, the incoming Chief Executive of Macau, has promised to regulate gaming in Macau to "set up a fair mechanism for competition". Stanley Ho spoke out supporting Chui, stating that "fierce fights" between casino operators should stop. A casino industry chamber will be launched on July 28 to help improve relationships among the six gaming license holders.
Chui went on to emphasize the need for Macau to look to Hong Kong for an example in diversifying its economy by boosting its conference and trade show business. The former investment immigration scheme, suspended in 2007, might be widened to cover people with the knowledge and skills needed by Macau, according Dr Chui.
CHUI EMPHASIZES "INHERITANCE" AS HE SETS OUT HIS POLICIES scmp.com
Fernando Chui Sai-on presented his "inheritance and innovation"-themed platform to members of Macau's Election Committee by detailing four issues: coping with the financial crisis, improving people's livelihoods, diversifying the economy, and reforming the administrative system.
Chui said he would look to decrease Macau's reliance on casinos and pledged to boost the conference and exhibition industry. He also announced his intention to increase social welfare and complete 19,000 public housing flats by 2012.
Analysts and commentators have applauded his attention to people's livelihoods but also stated that his policy outline lacked concrete ideas and offered little innovation. Professor So, of the Macau Polytechnic Institute, cannot see "any deviation from the present government".