Nov
24
Galaxy World Cotai update
Filed Under Macao, Cotai, Cotai Mega Resort | 4 Comments
Galaxy Entertainment provided an update on its new Cotai project. Here’s what they had to say:*Hotel Tower A, the Casino Podium and associated facilities are proceeding and on schedule to complete in Quarter 4, 2008.
*The Glass Curtin wall is Read more
Nov
24
TurboJet vs. CotaiJet
Filed Under Macau, Cotai, Ferry | 3 Comments
It looks like Stanley Ho is trying to do everything he can to save his casino empire from the new competition. Over the past month, Ho used two different strategies to end the Venetian Macao’s new CotaiJet ferry service from Hong Kong to the Cotai Strip®.
Last month, Ho threatened that Venetian’s Cotai Jet usage of the Sheun Wang pier Read more
Nov
24
Wynn comments on Cotai project
Filed Under Macau, Cotai, Wynn, WYNN Cotai | Leave a Comment
AFP.com interviewed Steve Wynn recently, discussing his Vegas and Macau properties. Wynn also commented on his plans for Cotai. I cant say there was anything new in the interview, but Wynn is a visionary and its always interesting to hear him talk about casinos - especially in Cotai. Read more
Nov
19
Extensive investment article on Macau’s casino companies
Filed Under Macao, Cotai, Wall Street, Investments, Real Estate | Leave a Comment
(Four of Four posts today)
First, I have to be honest. I’m pressed for time so I havent had a chance to fully read through an article I’m going to recommend to you. But, it looks to be a pretty extensive analysis on everything happening on Las Vegas Sands’ Cotai Strip and the rest of Cotai and Macau, plus, its from Barron’s. When they focus in on a subject you can expect it to be pretty well Read more
Nov
19
Macao Corruption perfect storm?
Filed Under Macao, Corruption | Leave a Comment
In Macau, it seems like corruption is making the headlines almost as much as the new casinos. Macau’s reputation was never one of its selling points, but it did seem like the SAR was making progress. Now, with some big corruption trials in the works, is it possible that Beijing steps in and set things straight. Or maybe, the many Chinese Read more
Nov
19
Macao could raise gambling age
Filed Under Macau, Gambling | Leave a Comment
Chief Executive Edmund Ho told lawmakers last week that he wants to increase the legal gambling age in Macao casinos from 18 to 21. A three year grace period would not affect dealers, or those training to be dealers, who are currently less than 21 years of Read more
Nov
19
Date of MGM’s first Macao casino is set
Filed Under Macao, MGM & Pansy Ho, MGM Grand Macau | Leave a Comment
Mark it off on your calendar - December 18th. This is the date that the JV between MGM Mirage and Pansy Ho will open its first Macau casino, the MGM Grand Macau. The US$1.25 billion 600 room hotel casino will include 375 gambling tables and one really, really, cool looking exterior.
The MGM JV is also in the planning stages for a new casino project near Las Vegas Sands’ Cotai Strip® in Cotai. MGM hasnt given out details yet since they are still working with the Macao government, but Read more
Nov
10
City of Dreams construction update
Filed Under Macau, Cotai, Melco PBL, City of Dreams | Leave a Comment
Looks like everything is on track. From a Melco PBL press release:
Construction of City of Dreams on Cotai remains on time and on budget. The development budget remains in-line with our June 15, 2007 announcement that provided an update on the timing and scope of the project. At that time, MPEL indicated that the direct cost of the construction of City of Dreams, excluding the co-located apartment hotel tower, would be US$1.85 billion and that the cost of the land would be US$279 million – these costs remain unchanged.
Our US$1.75 billion bank facility, when fully drawn, is intended to fully fund the budgeted construction costs of City of Dreams resort and casino. Read more
Nov
10
Problems with Cotai’s City of Dreams?
Filed Under Macau, Cotai, Melco PBL, City of Dreams | Leave a Comment
It looks like Ao Man Long’s corruption problems is having an impact on the construction of the City of Dreams. In a recent SEC filing, Melco PBL mentioned the following:
“The Macau Government has granted us a lease for a plot of land for Crown Macau and has offered to grant us a lease for the development rights for two adjacent land parcels in Cotai for the City of Dreams site…However, we have yet to receive either a formal grant of a land concession or an occupancy permit for the City of Dreams site…We cannot predict whether Mr Ao’s removal and prosecution and any further Read more
Nov
3
Wynn Cotai
Filed Under Cotai, WYNN Cotai | Leave a Comment
Move over six-star Crown Macau, it sounds like there’s going to be a seven-star resort in town…
There was alot of speculation as to what Wynn Cotai would end up looking like. Additionally, there were questions on the number of hotel resorts that Wynn would build on his piece of property in Cotai. Back in August, I wrote a piece about Wynn’s Cotai plans, and by the sounds of it, it sounded like it was going to be something really special.
Now, just a few days ago on his third quarter earnings call, Steve Wynn made the following comment on his Cotai plans Read more
Nov
3
City of Dreams price tag keeps getting bigger
Filed Under Macao, Cotai, Melco PBL, Wall Street, City of Dreams | Leave a Comment
Melco PBL filed an SEC document as part of its filing to issue more public equity shares. The Australian did a nice job picking up some of the City of Dreams changes.
“Costs on James Packer’s City of Dreams casino project continue to rise, with the estimate outlay now at $US2.1 billion ($2.26 billion) compared with $US1.85 billion in June and $US1.5 billion last December.
In June, Melco PBL announced a City of Dreams “project review” which put the cost at $US1.85 billion — 23 per cent higher than the estimated $US1.5 billion in the prospectus issued late last year when the company listed on the US market.
The cost of the project, on Macao’s Cotai area, has been hit by a Read more