..

Macau Kingpin Urges People to United Against Foreign Casino Capital

Written by:
Jagajeet Chiba
Published on:
Mar/23/2009
Stanley Ho

Macau billionaire and casino mogul, Stanley Ho, has urged people to "unite against foreign capital." It's unclear what motivated the comments, according to the Las Vegas Sun.  But they came at a convenient time, the paper points out.  With a global economic downturn, one of Ho's biggest competitors, the Las Vegas Sands Corp, is having a tough go of it.

Liz Bentson of the Sun:

"Macau was the place where Las Vegas Sands was going to step out from the shadows of its rivals.

"Its bold strategy - to grab the biggest share of the Chinese enclave's gaming market with an Asian version of the Las Vegas Strip - swamped the company with debt that has taken it to the brink of bankruptcy.

"Now, image problems are cropping up in Macau, where the company's chief executive, Sheldon Adelson, had been hailed as a visionary."

Among the image problems: Adelson's aggressive growth plan and the arrival of new competitors turned out to be too much too soon, resulting in thousands of layoffs.

Sands is also fighting two Macau-related lawsuits and not having much luck.

Chinese businessman Richard Suen won a $58.6 million judgment against the company, claiming he was to be paid by The Sands for setting up a meeting with the Chinese Central Government.

Bentson writes: "Casino operators and others doing business in Macau say that not paying Suen, regardless of the lawsuit's merits, has damaged the company's reputation in Asia, where handshake agreements are common and verbal promises are honored in spite of changed circumstances."

Then, in February, a Macau court ruled that a company-owned ferry service used to bring customers to its Cotai Strip resorts received an operating license unlawfully because it wasn't subject to public bidding.

Adelson is worried that an attempt by his Chinese rival to provoke anti-American sentiment could hurt his company's operations in Macau. Sands is depending on Macau to provide relief as U.S. consumers drastically cut spending at the company's Las Vegas properties, the report added.

"You never know the effect his words could have,"  Adelson said in a phone interview to the WSJ this past week. "If Mr. Ho is trying to stir up nationalist feelings to help steer business from his rivals, it is unclear how much support, if any, he has in higher political circles."

Jagajeet Chiba, Gambling911.com  

 

Gambling News

England vs. Scotland Euro 2020 Prop Bets

England vs. Scotland Euro 2020 Prop Bets

England was a big 1/3 favorite versus Scotland at 9/1.  The draw was coming in at 4/1. 

Next Mavs Head Coach Betting Odds

Next Mavs Head Coach Betting Odds

After 13 years with the Dallas Mavericks, Rick Carlisle informed the organization yesterday that he won’t be returning next season.  BetOnline has made Jamahl Mosley the odds-on favorite to replace him but priced generously at -110.

NBA Playoff Betting June 18, 2021 – Utah Jazz at Los Angeles Clippers

NBA Playoff Betting June 18, 2021 – Utah Jazz at Los Angeles Clippers

Injuries have been the biggest winner in the NBA playoffs. The next biggest winner could be the Los Angeles Clippers, who can advance past the second round of the postseason for the first time with a win over the Utah Jazz in Game 6 of their Western Conference semifinal on Friday.

US Presidential Election 2024: Harris, Biden & Trump Head The Betting

US Presidential Election 2024: Harris, Biden & Trump Head The Betting

The media stir caused by President Trump’s 4 year term seems to have calmed down somewhat, yet US Politics continues to draw global attention.

Where Can I Bet the Madden Curse Online?

Where Can I Bet the Madden Curse Online?

For years since the Madden NFL game debuted, those players appearing on the cover ultimately ended up suffering a series of mishaps that season.  And, for only the second time in its history, EA is doubling down by featuring two players on this year's cover.  The first attempt at this didn't exactly bode well for either player.

Syndicate