STANLEY HO HOSPITALIZED, STATE OF HEALTH UNCLEAR scmp.com
STANLEY HO HOSPITALIZED IN HONG KONG, SJM SHARES FALL Bloomberg.com
Casino magnate Stanley Ho has been hospitalized in Hong Kong, according to reports released on Tuesday. The Chinese-language newspaper Apple Daily cited unnamed sources as saying that Mr. Ho had tripped and hit his head last week, resulting in him being rushed to hospital for surgery. Apple Daily said that his condition had stabilized following the removal of a blood clot in his brain. The long-term effects of the injury are not certain, according to the report.
JULY GAMING REVENUES UP 3.1% macaudailytimesnews.com
Gross gaming revenues in July came to MOP9.5 billion, a year-over-year increase of 3.1%, according to the LUSA news agency. SJM continues to lead the way in terms of gross revenues, with 23.36% market share, followed by LVS with 21.63%, MPEL with 17.77%, WYNN with 14.85%, and MGM and Galaxy with approximately 12% and 10%, respectively.
Of the MOP9.5 billion, MOP599 million originated from slot machines.
ADELSON AND WYNN CONFIDENT IN NEW CE macaudailytimesnews.com
Sheldon Adelson and Steve Wynn are both optimistic about the future political leadership of Macau. The Chairmen of the Venetian and Wynn expressed confidence in newly elected Chief Executive Fernando Chui Sai On by touting his US-based education as a positive attribute.
During a quarterly conference call last week, Wynn said, “in America, the creators of employment have a target on their back, that's not the case of Macau and the Peoples Republic of China. Maybe we could learn a lesson from what is going on there.” Sheldon Adelson expressed hope that the gaming tax could be subject to “innovation” – specifically he seeks the removal of a 4% tax (on top of the 35% basic gaming tax) that goes to the Macau Foundation as well as an overall reduction to compete with emerging gaming markets like Singapore, Taiwan and the Philippines.
GENTING SINGAPORE RESORT MAY OPEN BY END-2009 btimes.com
CIMB Investment Bank has said that Genting may open its S$6.6 billion resort in Singapore before the end of 2009 and earn more than previously estimated in its first year of operation. Construction has been progressing at a “quick pace” and Genting may announce the resort’s opening date next month. The resort is now expected to generate S$690 million in EBITDA in its first year, more than double CIMB’s previous estimate.
Genting’s Singapore project is one of two casino resorts the government has allowed to be built in the city-state in order to triple annual tourism revenue to S$30 billion by 2015. LVS announced on July 8th that its Singapore casino resort would open on schedule in January or February of next year.