Dec
30
Wynn Macau service disappoints; Starworld delivers
Filed Under Macau, Cotai, Wynn, Galaxy, Wynn Macau, Galaxy Starworld | Leave a Comment
Looks like NY Times writers wont be staying at Wynn next time in Vegas.
In a recent travel review written by the NY Times, a Times writer wrote of Wynn Macau:
“But the service, except in the well-staffed spa, leaves something to be desired. No army of liveried personnel descends to open taxi doors or to help guests with luggage, and check-in can be a chaotic affair. Quite a few of the young employees speak little or no English, with “sparkling water” and “open for lunch?” proving incomprehensible.”
On the other hand, Galaxy’s Starworld delivered:
“Service is almost instantaneous, with a high level of English fluency.”
Good to see the newcomer to the gaming industry getting the service right.
The article also discusses the lack of young employees in Macau. It is no secret that Macau can not supply the workers needed for its rapidly expanding gaming industry. The draught will be even more emphasized when the Cotai Strip opens in 2007. It’s also no secret that Asians are not accustomed to the level of customer service demanded by U.S. and European travellers.
Let’s hope poor customer service does not turn-off international travellers to Macau.
Dec
28
Harrah’s not giving up on Macau
Filed Under Macau, Cotai, Wall Street, Harrah's | Leave a Comment
Will Harrah’s have too much debt to do something in Macau?
After a company is LBO’d, the firm usually makes debt paydown its top priority and puts expansion on the back burner. Not so with Harrah’s apparently. The company recently commented that plans are still on to rebuild its Las Vegas sites and move ahead with its international plans, including Macau. “At some point we want to have a Caesars in Macau,” the company stated.
A few interesting things to keep your eye on with Harrah’s and Macau: Read more
Dec
21
Galaxy Entertainment CEO Interview
Filed Under Macau, Cotai, Wall Street, Galaxy, Cotai Mega Resort | Leave a Comment
Wow. Looks like Galaxy Entertainment’s CEO Anthony Carter felt left out watching Sheldon and Steve trade jabs back and forth over the past few months. In an interview with Macau Business, Carter throws his hat into the bickering ring:
“Let’s spice up the conversation. When Sheldon Adelson says he will have 60 percent of the market…
He is talking nonsense.
Why don’t you believe it?
Because that means the other five operators are going to share 40 percent. Adelson is clearly a very successful man but are you going to tell me that Stanley Ho is going to lay down and let this happen? Or MGM, or Wynn…?
Or you…?
Of course not. He won’t have anything like that.”
Seriously though, this is a good read if you want to get a better feel for Galaxy Entertainment’s strategy and their thoughts on the Cotai and Macau market.
Dec
20
Melco PBL shares surge in NASDAQ debut
Filed Under Macau, Cotai, Melco PBL, Wall Street | Leave a Comment
The shares of Macau casino developer Melco PBL surged in the company’s first day of trading. The company’s shares ended the session up 13% after an initial rally of 21%. Melco PBL’s shares are trading under the ticker symbol MPEL on the NASDAQ.
Dec
19
Melco PBL: IPO prices with strong demand
Filed Under Cotai, Melco PBL, Wall Street | Leave a Comment
Macau casino developer Melco PBL announced the USD$1.125 billion pricing of its US IPO. Strong demand by investors led to the company increasing the number of ADS share from 53 million to 62.5 million at a price of $19 per ADS. The company originally was hoping to price each share of ADS at $16-18.
Melco PBL is building the Crown Macau in Taipa, the City of Dreams in Cotai, and has land set aside for a possible casino project on the Macau Peninsula. The company also owns six Mocha Slot slot machine parlors and will manage eSun’s casino project on Cotai.
Dec
18
Melco PBL prepares for IPO
Filed Under Cotai, Melco PBL, Wall Street | Leave a Comment
The Standard did a story on Melco PBL, as the comany prepares for its USD$1 billion IPO this week on the NASDAQ. The company has momentum on its side. Parent company Melco is up 250 percent since year-end 2005, while Galaxy, Wynn, and Las Vegas Sands have risen 80 percent, 75 percent, and 100+ percent over the past 12 months.
However, investors may not be totally blinded by the glitz of the US’s first Macau pure-play stock. Peter Drolet, analyst at UOB Kay Hian Research, in Hong Kong, said: “Melco’s casino developments, when compared to its US rivals, look weak due to out-of-the-way locations.”
Melco PBL is building the Crown Macau in Taipa, the City of Dreams in Cotai, and has land set aside for a possible casino project on the Macau Peninsula. The company also owns six Mocha Slot slot machine parlors and will manage eSun’s casino project on Cotai.
Dec
11
Wynn: No Cotai JV
Filed Under Macau, Cotai, Wynn | Leave a Comment
In a recent interview with the Las Vegas Sun’s Jeff Simpson, Steve Wynn discussed his plans for Cotai. Although he has flip flopped back and forth between a wholly owned project and a joint venture, Wynn’s recent comments about his 52 acres in Cotai sound like he has no plans to dilute his ownership. “The idea of splitting and subdividing 52 acres doesn’t appeal to me,” Wynn said.
Dec
8
Galaxy raising funds and raising the stakes in Cotai
Filed Under Macau, Cotai, Restaurants, Wall Street, COTAI CASINOS, Galaxy, Cotai Mega Resort | Leave a Comment
Galaxy Entertainment Group announced that the company raised USD$240mm in convertible bonds to upgrade, expand and accelerate additional development of Galaxy’s Mega Resort in Cotai.
Providing new details about its upcoming Cotai casino, Galaxy stated that the resort will have “a unique mythical themed building exterior” designed by Gary Goddard Entertainment, who has designed themed attractions throughout the world, including the Forum Shops at Caesar’s Palace in Las Vegas. The exterior will also feature Macau’s largest garden, giving visitors a true tropical paradise resort experience.
Inside the Cotai Mega Resort, the casino will now include 350 tables, with room to expand to 700 tables. The Resort will also offer what is believed to be the widest selection of Asian and Chinese food facilities in Macau.
To date, Galaxy has recruited over 600 expatriate gaming experts, many of whom have 15 to 20 years plus of Asia specific gaming experience, to make sure everything runs smoothly.
Dec
8
Hengqin Island plan approved by provincial government
Filed Under Macau, Cotai, Hengqin Island | Leave a Comment
According to the development plan approved by the Guangdong Provincial Government last week, innovation and high-class tourism will drive 6 million visitors per year to Hengqin Island by 2020. The Macau daily however, reports that final approval is still needed by State Council in Beijing.
Source – blogmacau.info
Dec
8
Wynn: Slots will be as big in Macau as they are in Vegas
Filed Under Macau, Cotai, Wynn | Leave a Comment
The Las Vegas Sun’s Jeff Simpson interviewed Steve Wynn about Macau and Vegas. Wynn’s casino is on the Macau Peninsula and he has not given much detail about his plans for Cotai – yet.
When discussing slot machines, Wynn said his slots are averaging $460-480 in win per unit per day and are so popular he will be increasing the number of units from 380 to 880. Wynn predicts “slot machines in Macau will become as powerful a force in the market as they are in Las Vegas.”
The win per unit of $460-480 is great, especially when comparing to the win per unit of $150-250 that you see in most US gaming markets. Just keep in mind though, that Wynn is only using 380 slots to achieve this number in Macau, vs the 2,000-3,000 slots you see at most US casinos.
Overall, he said business in Macau is “exceeding expectations.”
Source - Las Vegas Sun
Dec
1
Competition for new Macau residential projects heating up
Filed Under Macau, Cotai, Taipa, Coloane, OTHER | Leave a Comment
Another article in The Standard is a more detailed follow-up to the last post regarding Cheuk Nang Holdings. Nice quote by Joseph Lau Luen-hung describing the views of the new 3,000 flat complex he is building on Taipa Island - “you can see planes.” Honesty is refreshing isnt it.