On Monday morning, James Packer will wake up in Macau to his moment of truth.
In the 3 1/2 years since the death of his legendary father, Kerry, Packer has transformed the family empire from one focused predominantly on media into the international casinos conglomerate Crown.
Monday's opening of Macau's City of Dreams casino -- one of the Chinese territory's most opulent and expensive -- is a crucial psychological marker on whether that transformation has been successful.
One of Packer's close confidants told The Weekend Australian this week the 42-year-old "always had a real belief in Macau and he's backed his belief". "City of Dreams is the culmination of that," the friend says. "It will be the jewel in the crown, in terms of size, of all of his casinos."
But with size comes risk. Packer has bet hundreds of millions of dollars of his money -- but more importantly his reputation as a major player on the international gaming scene alongside casino legends Stanley Ho, Steve Wynn and Sheldon Adelson -- on Macau.
Packer and Stanley Ho's son, Lawrence Ho -- his partner in the Melco Crown Entertainment joint venture behind the casino -- unveiled their plans for City of Dreams in the midst of an unseemly rush to develop a new Asian Las Vegas.
But today, such developments face pretty strong headwinds. In particular, gaming revenues in Macau are under pressure as the financial crisis and restrictions on Chinese citizens travelling to the former Portuguese colony bite. Even major players, such as the Las Vegas Sands, have reportedly delayed projects. Packer's fortunes have certainly fallen in line with the global crisis, with BRW magazine this week estimating his worth at $3 billion, down from $6.1 billion this time last year and the $7.3 billion he reportedly inherited from his father.
Still, Crown shares, of which the Packer family owns 36 per cent, have rallied strongly ahead of the City of Dreams opening. The run was spurred in part by Crown's escape from a proposed $US1.75 billion ($2.2 billion) takeover of Cannery Casino Resorts in the US. But one source close to Packer describes him as "quietly confident" about the future of City of Dreams. "I think we benefited from the fact there are a hell of a lot of cranes up there on unfinished projects," he says. "It is the only big new casino opening, and it will be the only one for some time."
The importance of Monday night's spectacular opening ceremony and first few months of trading are not lost on Melco Crown finance chief Simon Dewhurst. "City of Dreams is our flagship development," he says.
"It has consumed over 60 per cent of our investment capital and it represents our first opportunity in Macau to compete for the integrated resort middle ground that represents the future for the market. The opening of CoD marks the culmination of more than six years hard work. We are taking a transformational step from being primarily a development company, to being primarily an operating company."
Crown chief Rowen Craigie agrees the opening of City of Dreams represents "a major milestone". He says: "City of Dreams will be an exciting and attractive property and will benefit from being the only major casino entertainment complex to open in Macau in 2009."
City of Dreams, on Macau's popular Cotai strip, will be Melco Crown's second in the territory, following the opening of the $US760 million Crown Macau (now the Altira Macau) in 2007.
Analysts say City of Dreams is the first casino in Macau to break the $US2billion investment threshold. Its opening will be the culmination of a process that started before Kerry Packer's death when James settled on Macau as the first focal point of his global gaming ambitions.
In November 2004, Packer struck a joint venture agreement with the Hong Kong-listed leisure and entertainment group, Melco Development, run by Lawrence Ho. While there was little concrete announced at the time, it was soon made clear the joint venture company had big plans.
Once his father died in December 2005, Packer moved quickly to transform what was then the media-driven Publishing and Broadcasting Limited into a gaming empire. This transformation was highlighted late in 2006 with the top-of-the-market sale of PBL Media -- owner of the Nine Network and ACP Magazines -- to private equity firm CVC Asia Pacific for more than $5billion, just before the value of the assets started to decline amid both structural and cyclical change.
The PBL empire was left as largely a casino-focused one, and a subsequent split of the group in 2007 saw the casino assets hived off into the new casinos group, Crown.
But the move that signalled Packer's serious intent for gaming in Macau was his joint move with Melco just three months after his father's death to buy Macau's last available casino sub-concession from Wynn, the US casino entrepreneur, for $US900 million. The move cemented Packer and Ho as major players at the table of Macau's casino industry.
Altira Macau and City of Dreams are now held through Melco Crown Entertainment, which is listed on the Nasdaq index in the US and counts Crown as a 36.4 per cent shareholder.
Since 2006, Crown has also made a series of casino purchases independent of the Melco Crown venture in North America. These include stakes in the US-based Fontainebleau Resorts, Canada's Gateway Resorts group, Stations Casino Group and Harrah's Entertainment, underlining Packer's intense focus on gaming assets.
With the fall-off in casino values worldwide since the purchases, critics -- acting with the benefit of 20/20 hindsight -- have questioned the wisdom of his moves in both Macau and North America shortly before the global economic downturn. Even Crown's Rowen Craigie reportedly admitted earlier this year that the group had bought some of its US assets at the top of the market.
Crown's woes in the US were on full display in the company's interim profit result, with the group posting a reported net loss of $409.7 million due to a non-recurring $454.9 million writedown to the value of its minority US casino investments -- namely Fontainebleau, Stations and Harrah's.
But Packer's supporters assert that while there has been a fall in value of the US ventures in particular, he is well up on his Macau investments. After its $US45 million investment in Melco Crown's $US180 million capital raising this month, Crown has now invested a total of $US500 million in the group. That stake is now worth more than $US1 billion. Friends point out that Packer has effectively doubled his money and, in the process, gained a major say in a business that has two casinos fully funded, one of only six casino licences in Macau, and assorted hotels, retail complexes and entertainment venues supporting the casinos.
Melco Crown is not without problems. It booked a March quarter net loss of $US35.3 million, compared to a profit of $US43.2 million for the same period last year, prompting Ho to admit the casino market was not out of the woods yet. One analyst noted that Crown Macau had a "very poor opening" in 2007, with Packer's reputation suffering as a result. City of Dreams, he says, represents "a very critical moment".
Then again, Deutsche Bank last week raised its price target on Melco Crown from $US4.40 to $US6 a share, saying it was "now more confident on the success of City of Dreams after we walked through the property early this month".
City of Dreams certainly sounds impressive. Ho promises the water- and fantasy-themed complex will be a "next-generation resort like no other in Asia, or perhaps the world".
Located directly opposite the biggest casino in Macau -- the Las Vegas Sands Venetian Macau -- it will boast several distinctly branded casino floors, three world-class hotels and a shopping precinct to be known as The Boulevard.
On Monday, Melco Crown opens the first phase of that project, which will include the Crown Towers and Hard Rock hotels, 20 bars and restaurants, The Boulevard, plus a casino with 520 gaming tables (a third of which will be VIP) and 1350 gaming machines. It will be the only major casino to open in Macau this calendar year.
The casino's Bubble Theatre will feature a 10-minute "Dragon's Treasure" multi-media lights show. Theatre of Dreams, a 2000-seat theatre, will feature a Cirque Du Soleil-style water production when it opens in the December half. By December, the third hotel, the Grand Hyatt, will open, giving the complex a total of 1400 rooms. And there is even the future prospect of a further apartment development in the complex, subject to Macau regulatory approval. Melco's Dewhurst says Melco Crown is "very confident". He says: "We have spent a very significant amount of time, energy and resource into understanding what's working and what's not working throughout the market. We think City of Dreams is right."
Success for Melco Crown and City of Dreams will come down to a number of things. But one key measure will be foot traffic. "We expect that we will have something in the order of 35,000 guests a day passing through the property," Dewhurst says. "I have no doubt that we will have in excess of that number on the first day. In the first 100 days what's important for us is that on any of those 100 days we see that volume of traffic into the building."
In the current climate, that could be a challenge. Its performance will hinge on the recovery of the Asian economy -- and in particular how quickly Asian high-rollers return to the territory's casinos after the tough recent times.
Credit Suisse analyst Gabriel Chan said in a note last week that "with concerns about swine flu remaining vital, and signs that the recovery pace of the Chinese economy may have slowed, we see certain execution risks for the opening".
Indeed, visitor numbers to Macau, as recorded by the Statistics and Census Service, were down 3.5 per cent in April from the same period last year and steady over the previous month. Visitors from mainland China were down 13.5 per cent year on year.
Gaming revenues have suffered as a result of weaker visitor arrivals, but the pace of the decline has stabilised in the past few months. And there are hopes, from Ho down, for a swift rebound, partly driven by the buzz from the City of Dreams opening.
Some analysts believe that as Macau's most expensive casino, City of Dreams may be able to take market share from other players.
Janet Brashear, senior gaming analyst with US investment house Sanford C. Bernstein, says she expects City of Dreams to "make a splash, garnering $US1.4 billion in gross gaming revenues in 2010 and a 10 per cent share of the market". She also predicts City of Dreams could cannibalise the market share of some of its competitors in Macau, such as the Venetian Macau and Wynn resort.
For analysts, success will come down to one thing -- City of Dreams achieving an earnings before interest, tax, depreciation and amortisation of about $US300 million in the first year.
"You look across the road at the Venetian and they're doing about $US120 million EBITDA a quarter -- $US500 million a year," says one analyst. "So you would have thought $US300 million would be achievable for City of Dreams."
If City of Dreams achieves better than that -- say $US500 million a year -- then it will be a strong position against its rivals. There is growing speculation that casino giant MGM may have to sell its Macau interests after US regulators raised concerns about its local joint venture partner, Pansy Ho -- the daughter of Stanley and brother of Lawrence. Las Vegas Sands is also looking to sell some plots.
One close Packer confidant is hedging his bets ahead of Monday's event. He says: "On the assumption that the Macau economy will start to improve, Melco and City of Dreams are going to be in a very good place." (The Australian)
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Sunday, May 31, 2009
James Packer's biggest casino venture opens in Macau today - The Daily Telegraph - 1st June 2009
It is arguably James Packer's biggest and boldest venture, a key pillar in the man's grand plan of global gaming dominance. And it opens today.
It is the much-hyped City of Dreams, a colossal casino resort on Macau's glitzy Cotai Strip and the second instalment from Melco Crown (MPEL), the company jointly owned by Packer's Crown Limited, and Melco.
There is no disputing the fanfare with which the grandiose complex will open, but what is a hot topic is whether the venture will be a success.
The timing, amid a global meltdown and hampered by a forced slowdown of tourists entering Macau, is not helpful.
But it does have one key advantage. It is the only casino opening in Macau this year, after much-larger projects were postponed.
One gaming analyst told The Daily Telegraph the City of Dreams "was a sink or swim moment" for MPEL.
But UBS analysts believes product offering, and most surprisingly timing, will make City of Dreams a success.
"Against the context of limited supply growth, improving market revenue trends, and City of Dream's scale and product, MPEL is arguably in the right place at the right time," the analysts said in a report.
Melco Crown suffered an inglorious start to life in Macau with Crown Macau failing to attract the punters due to its location and public perceptions that the complex had Feng Shui design issues.
Recently reborn as Altira Macau, the complex has since flourished thanks to the significant revenue generated by VIP gamblers ferried in from Hong Kong.
MPEL does hold a licence to build a third casino complex in Macau, but has not committed to plans as yet. (Credit: The Daily Telegraph)
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It is the much-hyped City of Dreams, a colossal casino resort on Macau's glitzy Cotai Strip and the second instalment from Melco Crown (MPEL), the company jointly owned by Packer's Crown Limited, and Melco.
There is no disputing the fanfare with which the grandiose complex will open, but what is a hot topic is whether the venture will be a success.
The timing, amid a global meltdown and hampered by a forced slowdown of tourists entering Macau, is not helpful.
But it does have one key advantage. It is the only casino opening in Macau this year, after much-larger projects were postponed.
One gaming analyst told The Daily Telegraph the City of Dreams "was a sink or swim moment" for MPEL.
But UBS analysts believes product offering, and most surprisingly timing, will make City of Dreams a success.
"Against the context of limited supply growth, improving market revenue trends, and City of Dream's scale and product, MPEL is arguably in the right place at the right time," the analysts said in a report.
Melco Crown suffered an inglorious start to life in Macau with Crown Macau failing to attract the punters due to its location and public perceptions that the complex had Feng Shui design issues.
Recently reborn as Altira Macau, the complex has since flourished thanks to the significant revenue generated by VIP gamblers ferried in from Hong Kong.
MPEL does hold a licence to build a third casino complex in Macau, but has not committed to plans as yet. (Credit: The Daily Telegraph)
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Monday, May 25, 2009
G2E Asia to look at Asian gaming industry's future - Macau Daily Times - 25th May 2009
The Global Gaming Expo Asia (G2E Asia) 2009 will in this year present its industrial trade show and forums from June 2 to June 4 at the Venetian Macao Resort Hotel.
Hosted by the American Gaming Association, it is an annual international gaming event dedicated to the Asian gaming markets.
The three-day conferences will provide the latest trend in the Asian gaming industry and showcase of new products brought by leading manufacturers.
The conference will bring together a panel of eminent business and industry leaders from a variety of sectors related to the gaming industry, to exchange views and insights on the emerging gaming market in Asia Pacific.
Speakers will also share and discuss the impact of the global economic downturn on the gaming industry and the gaming equipment sector from the manufacturers’ perspective.
In addition, they will talk about the current and future outlook in regards to the Asian gaming industry.
The opening ceremony of G2E Asia 2009 will be held in conjunction with the Visionary Award Presentation with a keynote address by Stanley Ho Hung-sun at 10am on June 3 in the Naples Room.
It will be followed by a VIP tour with officiating guests at Exhibition Hall A and B.
The conferences and forums will be open from the morning till the afternoon, with different schedules each day.
(Credit: Macau Daily Times)
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Hosted by the American Gaming Association, it is an annual international gaming event dedicated to the Asian gaming markets.
The three-day conferences will provide the latest trend in the Asian gaming industry and showcase of new products brought by leading manufacturers.
The conference will bring together a panel of eminent business and industry leaders from a variety of sectors related to the gaming industry, to exchange views and insights on the emerging gaming market in Asia Pacific.
Speakers will also share and discuss the impact of the global economic downturn on the gaming industry and the gaming equipment sector from the manufacturers’ perspective.
In addition, they will talk about the current and future outlook in regards to the Asian gaming industry.
The opening ceremony of G2E Asia 2009 will be held in conjunction with the Visionary Award Presentation with a keynote address by Stanley Ho Hung-sun at 10am on June 3 in the Naples Room.
It will be followed by a VIP tour with officiating guests at Exhibition Hall A and B.
The conferences and forums will be open from the morning till the afternoon, with different schedules each day.
(Credit: Macau Daily Times)
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Wednesday, May 20, 2009
Crown moves to distance itself from Ho's run-in with US regulator, by Eli Greenblat - The Sydney Morning Herald - 21st May 2009
James Packer's Crown has played down the possibility of damage to its US growth aspirations after a powerful New Jersey gaming regulator classed the sister of its joint venture partner in Macau as an "unsuitable" business partner.
A confidential report by the New Jersey Division of Gaming Enforcement (DGE) has found that local casino operator MGM Mirage should be "directed to disengage" from its Macau joint venture partner, Pansy Ho, daughter of Asian gambling tycoon Stanley Ho. Among other things, the document highlighted compliance problems and deficient due diligence.
It represents the first adverse ruling against the second generation of the Ho family by a US state gaming body and might be used by other American jurisdictions to force a divestment by the clan of all of its US activities and partnerships.
News of the overnight findings sparked concerns that the contagion could also spread to Crown's billion-dollar tie-up with its Macau partner, Melco International.
Lawrence Ho, brother of Pansy, is the chief executive of Melco, which together with Crown forged a $US8.7 billion ($11.3 billion) casino business in 2006 called Melco Crown Entertainment to build a string of casinos and hotels.
But last night, Anthony Klok, the head of Crown's investor relations and director of its international business development, said the New Jersey investigation would not affect its dealings with Lawrence Ho or Crown's separate and independent operations in the US.
"It has no affect on us, our relationship with Lawrence or Melco … the Lawrence-Melco relationship has been approved in Australia and in Nevada some time ago," Mr Klok said.
He said when Crown sought approval for its purchase of the Cannery Casino Resorts business in the US for $US1.75 billion, it was fully investigated and cleared by Nevada gaming regulators. This would have included a review of Crown's associates, including Melco and Lawrence Ho.
The investigation into Ms Ho was kicked off in 2005 after MGM Mirage sought a renewal of its Borgata casino licence in Atlantic City which sub-sequently extended into a review of the $US1.25 billion MGM Grand Macau in which Ms Ho has a 50 per cent stake.
In a filing to the US Securities and Exchange Commission, the chief financial officer of MGM Mirage, Daniel D'Arrigo, said the DGE recommended that its partner be found to be unsuitable and MGM was directed to disengage itself from any association.
However, Mr D'Arrigo added that the report was merely a recommendation and was not binding on the New Jersey Casino Control Commission, which will have the final say. (Credit: The Sydney Morning Herald)
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A confidential report by the New Jersey Division of Gaming Enforcement (DGE) has found that local casino operator MGM Mirage should be "directed to disengage" from its Macau joint venture partner, Pansy Ho, daughter of Asian gambling tycoon Stanley Ho. Among other things, the document highlighted compliance problems and deficient due diligence.
It represents the first adverse ruling against the second generation of the Ho family by a US state gaming body and might be used by other American jurisdictions to force a divestment by the clan of all of its US activities and partnerships.
News of the overnight findings sparked concerns that the contagion could also spread to Crown's billion-dollar tie-up with its Macau partner, Melco International.
Lawrence Ho, brother of Pansy, is the chief executive of Melco, which together with Crown forged a $US8.7 billion ($11.3 billion) casino business in 2006 called Melco Crown Entertainment to build a string of casinos and hotels.
But last night, Anthony Klok, the head of Crown's investor relations and director of its international business development, said the New Jersey investigation would not affect its dealings with Lawrence Ho or Crown's separate and independent operations in the US.
"It has no affect on us, our relationship with Lawrence or Melco … the Lawrence-Melco relationship has been approved in Australia and in Nevada some time ago," Mr Klok said.
He said when Crown sought approval for its purchase of the Cannery Casino Resorts business in the US for $US1.75 billion, it was fully investigated and cleared by Nevada gaming regulators. This would have included a review of Crown's associates, including Melco and Lawrence Ho.
The investigation into Ms Ho was kicked off in 2005 after MGM Mirage sought a renewal of its Borgata casino licence in Atlantic City which sub-sequently extended into a review of the $US1.25 billion MGM Grand Macau in which Ms Ho has a 50 per cent stake.
In a filing to the US Securities and Exchange Commission, the chief financial officer of MGM Mirage, Daniel D'Arrigo, said the DGE recommended that its partner be found to be unsuitable and MGM was directed to disengage itself from any association.
However, Mr D'Arrigo added that the report was merely a recommendation and was not binding on the New Jersey Casino Control Commission, which will have the final say. (Credit: The Sydney Morning Herald)
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Sunday, May 17, 2009
Classic Slots Online - Virgin Casino Slots - Top 5
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Thursday, May 14, 2009
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Tuesday, May 12, 2009
Crown expansion plan draws fire from critics, by Sarah-Jane Collins and Jason Dowling - The Sydney Morning Herald - 13th May 2009
Crown Casino has been granted its biggest expansion in gambling capacity since opening at its Southbank location more than a decade ago, in a deal attacked yesterday by campaigners for responsible gaming.
The casino, now one of the biggest in the world, will be able to increase its number of gambling tables by more than 40 per cent to 500 tables.
"Clearly the casino is being treated as the primary and first citizen of the state, with privileges that are really a cosy deal without the rest of the community having any say," the Reverend Tim Costello said.
The Victorian Gaming Minister, Tony Robinson, said the Government had agreed with Crown to alter their licence agreement to allow for 150 extra gaming tables and an expansion of the gaming floor. In exchange, Crown will pay about 10.5 per cent extra in poker machine taxes, bringing it into line with other pokie machine operators across Victoria. The increase will be implemented in 1.7 per cent increments over six years.
"This is bringing the tax that they pay on their poker machines up to the level that is paid by other entities across the state, so it's a good deal for taxpayers," Mr Robinson said.
He said allowing the expansion would ensure Crown remained the first choice casino destination in Australia.
"If people ultimately want to have the boiled sweets experience of casinos, let them go to Sydney. If they want the rolled gold dark chocolate experience they're going to keep coming to Melbourne and we're going to ensure that."
Gary O'Neill, from Crown Casino, said the deal meant Crown would be able to keep up with growing rivals in Macau and Singapore. "The new mega complexes are very big. They will be very competitive and they will compete for the tourist dollar in this part of the world."
Mr O'Neill said the gaming floor at Crown would expand but final approval for an expansion rests with the Victorian Commission for Gambling Regulation.
Mark Zirnsak, from the Interfaith Gambling Taskforce described the expansion as appalling. "This, coming at a time when there's a global financial crisis, it's going to push more Victorians into being in hardship and vulnerable," he said.
Dr Zirnsak said the deal pointed to the "very cosy relationship between the Government and Crown".
"There's been no consultation on this expansion, which we believe there should have been, and the timing is indeed appalling," he said.
He said Crown did not need an expansion to remain competitive. "They've got a monopoly [in Victoria] and most of their patrons aren't millionaires flying in from overseas. They are locals," he said.
But he said he supported the increase in pokies taxes.
The Opposition's gaming spokesman, Michael O'Brien, said Mr Robinson had waited until budget day to announce the deal in an attempt to bury a bad decision. "Labor is clearly embarrassed by this gambling boost and tax grab, as it should be." (Credit: The Sydney Morning Herald)
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The casino, now one of the biggest in the world, will be able to increase its number of gambling tables by more than 40 per cent to 500 tables.
"Clearly the casino is being treated as the primary and first citizen of the state, with privileges that are really a cosy deal without the rest of the community having any say," the Reverend Tim Costello said.
The Victorian Gaming Minister, Tony Robinson, said the Government had agreed with Crown to alter their licence agreement to allow for 150 extra gaming tables and an expansion of the gaming floor. In exchange, Crown will pay about 10.5 per cent extra in poker machine taxes, bringing it into line with other pokie machine operators across Victoria. The increase will be implemented in 1.7 per cent increments over six years.
"This is bringing the tax that they pay on their poker machines up to the level that is paid by other entities across the state, so it's a good deal for taxpayers," Mr Robinson said.
He said allowing the expansion would ensure Crown remained the first choice casino destination in Australia.
"If people ultimately want to have the boiled sweets experience of casinos, let them go to Sydney. If they want the rolled gold dark chocolate experience they're going to keep coming to Melbourne and we're going to ensure that."
Gary O'Neill, from Crown Casino, said the deal meant Crown would be able to keep up with growing rivals in Macau and Singapore. "The new mega complexes are very big. They will be very competitive and they will compete for the tourist dollar in this part of the world."
Mr O'Neill said the gaming floor at Crown would expand but final approval for an expansion rests with the Victorian Commission for Gambling Regulation.
Mark Zirnsak, from the Interfaith Gambling Taskforce described the expansion as appalling. "This, coming at a time when there's a global financial crisis, it's going to push more Victorians into being in hardship and vulnerable," he said.
Dr Zirnsak said the deal pointed to the "very cosy relationship between the Government and Crown".
"There's been no consultation on this expansion, which we believe there should have been, and the timing is indeed appalling," he said.
He said Crown did not need an expansion to remain competitive. "They've got a monopoly [in Victoria] and most of their patrons aren't millionaires flying in from overseas. They are locals," he said.
But he said he supported the increase in pokies taxes.
The Opposition's gaming spokesman, Michael O'Brien, said Mr Robinson had waited until budget day to announce the deal in an attempt to bury a bad decision. "Labor is clearly embarrassed by this gambling boost and tax grab, as it should be." (Credit: The Sydney Morning Herald)
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Monday, May 11, 2009
Betfair goes to court over Dutch bank ban - 11th May 2009
One of Britain's biggest betting companies is taking the Dutch Government to court over its attempt to block Dutch banks from processing the payment of bets made over the internet.
Betfair, the betting exchange operator, which has been seeking a Dutch licence since 2004, described actions by the Ministry of Justice as "a desperate move" to protect the position of De Lotto, the Dutch state monopoly.
The ministry recently wrote to domestic banks claiming that, because Dutch laws did not allow for the licensing of internet gambling companies, it was "inappropriate for banks to provide facilities to the providers of illegal games of chance".
It urged the directors of the banks to terminate all relationships with internet gambling operators "within a reasonable timeframe".
Betfair maintains that it is entitled to accept bets from The Netherlands because Dutch residents are allowed to bet online with De Lotto and because it is a licensed operator in the EU, with licences in Britain and Malta.
Betfair managing director Mark Davies said the ministry's actions "fly in the face of the EU principles of open and fair competition", serving to protect De Lotto and keeping prices high.
The lawsuit by Betfair, which has also made a formal complaint to the European Commission, is the latest salvo in a battle over internet gambling in the EU. Ladbrokes has challenged several governments, including that of the Netherlands, and the EC itself has issued proceedings against the Dutch Government.
Betfair said the timing of the letters to the Dutch banks was "questionable" given that the European Court of Justice, to which cases involving Betfair and Ladbrokes had been referred, had yet to rule on the compatibility of the Dutch Betting & Gaming Act with EU law.
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Betfair, the betting exchange operator, which has been seeking a Dutch licence since 2004, described actions by the Ministry of Justice as "a desperate move" to protect the position of De Lotto, the Dutch state monopoly.
The ministry recently wrote to domestic banks claiming that, because Dutch laws did not allow for the licensing of internet gambling companies, it was "inappropriate for banks to provide facilities to the providers of illegal games of chance".
It urged the directors of the banks to terminate all relationships with internet gambling operators "within a reasonable timeframe".
Betfair maintains that it is entitled to accept bets from The Netherlands because Dutch residents are allowed to bet online with De Lotto and because it is a licensed operator in the EU, with licences in Britain and Malta.
Betfair managing director Mark Davies said the ministry's actions "fly in the face of the EU principles of open and fair competition", serving to protect De Lotto and keeping prices high.
The lawsuit by Betfair, which has also made a formal complaint to the European Commission, is the latest salvo in a battle over internet gambling in the EU. Ladbrokes has challenged several governments, including that of the Netherlands, and the EC itself has issued proceedings against the Dutch Government.
Betfair said the timing of the letters to the Dutch banks was "questionable" given that the European Court of Justice, to which cases involving Betfair and Ladbrokes had been referred, had yet to rule on the compatibility of the Dutch Betting & Gaming Act with EU law.
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Sunday, May 10, 2009
Casino anticipates ten redundancies, by Brian Reyes - Gibraltar Chronicle
The Gibraltar Casino will lose up to 10 of its existing staff as part of a restructure ahead of a £5.5m move to Palm Island in Ocean Village. But it plans to recruit up to 40 new employees locally to fill new posts once the relocation is complete.
Casino manager Stuart Kirkpatrick said about six workers had already been made redundant from a staff of 120 and that a further “three or four” jobs could be lost.
He said affected staff had been offered the option of new posts in the restructured business but many had preferred to move on.
Managers have engaged with union representatives and have met to discuss the changes, he said. The latest meeting is scheduled for today.
The recruitment drive for new employees will start next year and there will be vacancies in all areas of the casino’s business.
“We need to fill those jobs and we’ll be looking locally,” Mr Kirkpatrick said.
The staff shake-up follows a wide-ranging operational review carried out by casino management since April ahead of the move next year.
The Ocean Village site will be a completely revamped casino and could be up and running as early as next August.
UK-based Gala Casino, which owns the Gibraltar Casino, will invest heavily on cutting edge technologies to offer customers new products and games.
“It will be miles from where we are now,” Mr Kirkpatrick said.
(Credit: Gibraltar Chronicle)
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Casino manager Stuart Kirkpatrick said about six workers had already been made redundant from a staff of 120 and that a further “three or four” jobs could be lost.
He said affected staff had been offered the option of new posts in the restructured business but many had preferred to move on.
Managers have engaged with union representatives and have met to discuss the changes, he said. The latest meeting is scheduled for today.
The recruitment drive for new employees will start next year and there will be vacancies in all areas of the casino’s business.
“We need to fill those jobs and we’ll be looking locally,” Mr Kirkpatrick said.
The staff shake-up follows a wide-ranging operational review carried out by casino management since April ahead of the move next year.
The Ocean Village site will be a completely revamped casino and could be up and running as early as next August.
UK-based Gala Casino, which owns the Gibraltar Casino, will invest heavily on cutting edge technologies to offer customers new products and games.
“It will be miles from where we are now,” Mr Kirkpatrick said.
(Credit: Gibraltar Chronicle)
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Wednesday, May 06, 2009
iMEGA Letter to ISPs: Reject Minnesota Online Gambling Blocking Order - Gambling911 - 5th May 2009
The Interactive Media Entertainment & Gaming Association (iMEGA) has sent letters to Internet service providers Comcast, AT&T, Verizon and others, alerting them that they need not comply with an order to block access to Internet gambling Web sites that was issued by the Minnesota Department of Public Safety (DPS) Alcohol & Gambling Enforcement Division (AGED).
iMEGA's letter highlighted the state agency's error applying a federal law - the Wire Act of 1961 (18 USC 1084) - as the basis for issuing an order to block Minnesota residents from freely accessing 200 Web sites included on a "black list" created by DPS/AGED. In addition to a few popular sites, like FullTiltPoker.com and Bodog.com, the list included sites that did not accept business from US residents, and some that were no longer in business.
"Because website operators are not subscribers of yours, have no contracts with you and are not provided facilities by you, you should be aware the the MN DPS is attempting to mislead(either intentionally or inadvertently) you into believing that you are bound by federal law to do what the MN DPS asks," the letter stated. "In fact, [the Wire Act] simply does not apply to the web site operators and imposes no duty upon you and provides no authority to you to comply with the MN DPS request."
iMEGA sent the letter to the ISPs in hope of persuading them not to block access to the sites by Minnesota residents. "The DPS has issued this order on erroneous legal ground," said Joe Brennan Jr., iMEGA chairman. "We hope that the ISPs will disregard the order, and that DPS will reconsider their actions and the far-reaching effects this kind of Internet censorship would have." (Gambling911)
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iMEGA's letter highlighted the state agency's error applying a federal law - the Wire Act of 1961 (18 USC 1084) - as the basis for issuing an order to block Minnesota residents from freely accessing 200 Web sites included on a "black list" created by DPS/AGED. In addition to a few popular sites, like FullTiltPoker.com and Bodog.com, the list included sites that did not accept business from US residents, and some that were no longer in business.
"Because website operators are not subscribers of yours, have no contracts with you and are not provided facilities by you, you should be aware the the MN DPS is attempting to mislead(either intentionally or inadvertently) you into believing that you are bound by federal law to do what the MN DPS asks," the letter stated. "In fact, [the Wire Act] simply does not apply to the web site operators and imposes no duty upon you and provides no authority to you to comply with the MN DPS request."
iMEGA sent the letter to the ISPs in hope of persuading them not to block access to the sites by Minnesota residents. "The DPS has issued this order on erroneous legal ground," said Joe Brennan Jr., iMEGA chairman. "We hope that the ISPs will disregard the order, and that DPS will reconsider their actions and the far-reaching effects this kind of Internet censorship would have." (Gambling911)
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Tuesday, May 05, 2009
Swiss To Offer Online Gambling Licenses - iGaming Business - 5th May 2009
In Switzerland, the Government has announced plans to liberalise its online gambling market by offering operators a limited number of licenses while keeping a ban on wagers placed through telephone and interactive television.
The proposals are the idea of the Justice Ministry in response to the increasing number of illegal online money games but any changes would be subject to the approval of the Swiss Parliament.
The plan would also tighten measures against other forms of illegal gambling, which could see the Swiss run afoul of the European Commission for seeming to give preferential treatment to locally licensed providers over those based in other Member States.
According to an article from news portal SwissInfo.ch, new forms of gambling in Switzerland could see the Government generate tax revenues of up to $22 million a year.
The Swiss decision comes hard on the heels of Denmark’s announcement last week that it would be presenting proposals that would, if passed, end the 60-year gaming monopoly of the State-owned Danske Spil organisation. (Credit: iGaming Business)
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The proposals are the idea of the Justice Ministry in response to the increasing number of illegal online money games but any changes would be subject to the approval of the Swiss Parliament.
The plan would also tighten measures against other forms of illegal gambling, which could see the Swiss run afoul of the European Commission for seeming to give preferential treatment to locally licensed providers over those based in other Member States.
According to an article from news portal SwissInfo.ch, new forms of gambling in Switzerland could see the Government generate tax revenues of up to $22 million a year.
The Swiss decision comes hard on the heels of Denmark’s announcement last week that it would be presenting proposals that would, if passed, end the 60-year gaming monopoly of the State-owned Danske Spil organisation. (Credit: iGaming Business)
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Great Women of Gaming for 2008 award winners honored - Indian Country Today - 5th May 2009
Casino Enterprise Management Magazine spotlights gaming executives for outstanding professionalism, perseverance, drive, commitment and mentorship
FARGO, N.D. – Casino Enterprise Management Magazine named the winners of its 2008 Great Women of Gaming Awards, now in its fourth year.
This year, 10 award winners were broken down into two categories: Proven Leaders and Rising Stars. To qualify as a Proven Leader, candidates must have worked in the gaming industry for a minimum of 10 years and have been in their current position for at least one year. They must also work for a gaming industry company and hold a position of director or higher, having demonstrated exceptional achievement in at least three of the following areas: 1) ability to go above and beyond job responsibilities; 2) commitment to company and co-workers; 3) contributions to the industry as a whole; 4) commitment to mentoring; and 5) strong overall life balance.
The 2008 Great Women of Gaming Proven Leader Award winners are:
• Cath Burns, vice president, Asia-Pacific and managing director, Bally Macau.
• Libby Francisco, chief operations officer, Tohono O’odham Gaming Enterprise.
• Jana McKeag, president and co-owner, Lowry Strategies.
• Cynthia Kiser Murphy, president and COO, New York – New York Hotel & Casino.
• Linda Roe, vice president of business development and client relations, Thalden-Boyd-Emery Architects.
To qualify as a Rising Star, candidates must have worked in the gaming industry for a minimum of three years and have been in their current position for at least one year. They must also work for a gaming industry company and hold a position of manager or higher, having demonstrated exceptional achievement in at least three of the same five areas as proven Leaders.
The 2008 Great Women of Gaming Rising Star Award winners are:
• Michelle Chatigny, vice president of compliance, International Game Technology.
• Catina Moore, senior manager of operations, WMS Gaming.
• Valerie Morris, regional vice president of sales, communications and community relations, Harrah’s Entertainment.
• Treena L. Parvello, director of marketing and public relations, Tohono O’odham Gaming Enterprise.
• Jennifer Roberts, associate attorney, Gaming and Regulatory Department, Lionel Sawyer & Collins Las Vegas.
This year’s judging committee comprised of former Great Women of Gaming award winners and other industry leaders including Brenda Boudreaux, vice president of product management, International Game Technology; Dona Cassese, creative director of global marketing communications and operations, Aristocrat Americas; Tracey Chernay, senior vice president of sales and marketing, Transact Technologies; Christie Eickelman, senior director of worldwide marketing, Gaming Laboratories International; Christie Modlin, tribal chair, Iowa Tribe of Oklahoma; Shelia Morago, executive director, Arizona Indian Gaming Commission; Courtney Muller, group vice president, Reed Exhibitions; Debra J. Nelson, vice president of corporate diversity and community affairs, MGM MIRAGE; Mary Lynn Palenik, director of development, research and analysis, PricewaterhouseCoopers LLP; and Lynn “Nay” Valbeauna, vice chair, San Manuel Band of Mission Indians.
“This year’s candidates were an accomplished group of women from all facets of the gaming industry,” said Peter Mead, publisher of Casino Enterprise Management Magazine. “Our judges had a difficult decision choosing the winners, and I believe they did an excellent job selecting the top 10. But, in the end, each woman nominated is a Great Women of Gaming to our industry. It’s been a pleasure of ours to continue to honor these women as they continue to strive for personal and professional excellence.”
An in-depth article featuring profiles of this year’s 10 award winners will be featured in the May issue of Casino Enterprise Management Magazine. The winners will also receive the prestigious crystal Great Women of Gaming Award and will be honored at a dedicated ceremony. (Credit: Indian Country Today)
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FARGO, N.D. – Casino Enterprise Management Magazine named the winners of its 2008 Great Women of Gaming Awards, now in its fourth year.
This year, 10 award winners were broken down into two categories: Proven Leaders and Rising Stars. To qualify as a Proven Leader, candidates must have worked in the gaming industry for a minimum of 10 years and have been in their current position for at least one year. They must also work for a gaming industry company and hold a position of director or higher, having demonstrated exceptional achievement in at least three of the following areas: 1) ability to go above and beyond job responsibilities; 2) commitment to company and co-workers; 3) contributions to the industry as a whole; 4) commitment to mentoring; and 5) strong overall life balance.
The 2008 Great Women of Gaming Proven Leader Award winners are:
• Cath Burns, vice president, Asia-Pacific and managing director, Bally Macau.
• Libby Francisco, chief operations officer, Tohono O’odham Gaming Enterprise.
• Jana McKeag, president and co-owner, Lowry Strategies.
• Cynthia Kiser Murphy, president and COO, New York – New York Hotel & Casino.
• Linda Roe, vice president of business development and client relations, Thalden-Boyd-Emery Architects.
To qualify as a Rising Star, candidates must have worked in the gaming industry for a minimum of three years and have been in their current position for at least one year. They must also work for a gaming industry company and hold a position of manager or higher, having demonstrated exceptional achievement in at least three of the same five areas as proven Leaders.
The 2008 Great Women of Gaming Rising Star Award winners are:
• Michelle Chatigny, vice president of compliance, International Game Technology.
• Catina Moore, senior manager of operations, WMS Gaming.
• Valerie Morris, regional vice president of sales, communications and community relations, Harrah’s Entertainment.
• Treena L. Parvello, director of marketing and public relations, Tohono O’odham Gaming Enterprise.
• Jennifer Roberts, associate attorney, Gaming and Regulatory Department, Lionel Sawyer & Collins Las Vegas.
This year’s judging committee comprised of former Great Women of Gaming award winners and other industry leaders including Brenda Boudreaux, vice president of product management, International Game Technology; Dona Cassese, creative director of global marketing communications and operations, Aristocrat Americas; Tracey Chernay, senior vice president of sales and marketing, Transact Technologies; Christie Eickelman, senior director of worldwide marketing, Gaming Laboratories International; Christie Modlin, tribal chair, Iowa Tribe of Oklahoma; Shelia Morago, executive director, Arizona Indian Gaming Commission; Courtney Muller, group vice president, Reed Exhibitions; Debra J. Nelson, vice president of corporate diversity and community affairs, MGM MIRAGE; Mary Lynn Palenik, director of development, research and analysis, PricewaterhouseCoopers LLP; and Lynn “Nay” Valbeauna, vice chair, San Manuel Band of Mission Indians.
“This year’s candidates were an accomplished group of women from all facets of the gaming industry,” said Peter Mead, publisher of Casino Enterprise Management Magazine. “Our judges had a difficult decision choosing the winners, and I believe they did an excellent job selecting the top 10. But, in the end, each woman nominated is a Great Women of Gaming to our industry. It’s been a pleasure of ours to continue to honor these women as they continue to strive for personal and professional excellence.”
An in-depth article featuring profiles of this year’s 10 award winners will be featured in the May issue of Casino Enterprise Management Magazine. The winners will also receive the prestigious crystal Great Women of Gaming Award and will be honored at a dedicated ceremony. (Credit: Indian Country Today)
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State plays its hand in targeting online gambling websites, by Paul Walsh - Star Tribune - 1st May 2009
Users may be finding ways around Minnesota's attempt to cut off access to the 200 Internet game sites.
The state of Minnesota on Friday released the names of 200 online gambling websites it is trying to prevent Minnesotans from using, warning that Internet wagering is illegal.
The specific sites being targeted will be of interest to Minnesotans who use them and are concerned that any balances they have with those operations could be lost if the state succeeds in blocking access.
Fulltime online poker player and instructor Chris Wallace of St. Paul scoffed at the list built by the state, however.
"I'm certain they didn't do a whole lot of research," Wallace said. "The largest poker site in the world [Poker Stars] is not listed."
Wallace also said he's confident that he won't lose any money because of the state's block. "I do have money in many of these sites," he said. "The worst is that I will drive over to Wisconsin and request a cashout."
He said he has already shifted his computer to a server in the Cayman Islands and was back on his favorite site within 20 minutes at no expense, thereby getting around any block that Minnesota wants put in place.
On Wednesday, a division of the state Department of Public Safety that enforces gambling and alcohol laws said it has instructed 11 national and regional telephone and Internet service providers (ISPs) to block access by all Minnesota-based computers to the websites on the list.
Minnesota says all online gambling within its borders is illegal, even if the games are hosted outside the United States.
Operators of these types of sites are spread around the world, most commonly in the United Kingdom and the Caribbean, as some of their names suggest: Casino Euro, English Harbour and Virgin Games, among others.
Written notices from the division were served Monday to AT&T Internet Services, Charter Communications, Comcast Cable, DirecTV, Dish Network, Embarq and Sprint/Nextel, Frontier Communications, Qwest, Verizon Wireless and Wildblue Communications. (Credit: Star Tribune)
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The state of Minnesota on Friday released the names of 200 online gambling websites it is trying to prevent Minnesotans from using, warning that Internet wagering is illegal.
The specific sites being targeted will be of interest to Minnesotans who use them and are concerned that any balances they have with those operations could be lost if the state succeeds in blocking access.
Fulltime online poker player and instructor Chris Wallace of St. Paul scoffed at the list built by the state, however.
"I'm certain they didn't do a whole lot of research," Wallace said. "The largest poker site in the world [Poker Stars] is not listed."
Wallace also said he's confident that he won't lose any money because of the state's block. "I do have money in many of these sites," he said. "The worst is that I will drive over to Wisconsin and request a cashout."
He said he has already shifted his computer to a server in the Cayman Islands and was back on his favorite site within 20 minutes at no expense, thereby getting around any block that Minnesota wants put in place.
On Wednesday, a division of the state Department of Public Safety that enforces gambling and alcohol laws said it has instructed 11 national and regional telephone and Internet service providers (ISPs) to block access by all Minnesota-based computers to the websites on the list.
Minnesota says all online gambling within its borders is illegal, even if the games are hosted outside the United States.
Operators of these types of sites are spread around the world, most commonly in the United Kingdom and the Caribbean, as some of their names suggest: Casino Euro, English Harbour and Virgin Games, among others.
Written notices from the division were served Monday to AT&T Internet Services, Charter Communications, Comcast Cable, DirecTV, Dish Network, Embarq and Sprint/Nextel, Frontier Communications, Qwest, Verizon Wireless and Wildblue Communications. (Credit: Star Tribune)
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