Two more shareholders have filed lawsuits against 11 directors of Wynn Resorts. Vegas Inc reports the latest two to sue Wynn are the Boilermakers Lodge No. 154 Retirement Fund in Pennsylvania and South Carolina resident Danny Hinson. One of the latest lawsuits states: “This transfer of tens of millions of dollars is a waste of corporate assets and exposed the company to violations of the Foreign Corrupt Practices Act (FCPA).”
It’s in relation to a $135 million gift given to the University of Macau that was first uncovered when board member Kazuo Okada revealed his strong objections. It’s the second such suit after a Louisiana group of investors filed a similar one in a U.S. court. Both are seeking “unspecified damages” as well as a requirement that Wynn improves its “corporate governance” and “FCPA compliance procedures and policies”.
Union Gaming Research analysts are confident Macau’s gambling industry will post growth above 20 percent for the entire year. Grant Govertsen and Felicity Chang stated the market will need to average at least MOP27.5 billion (US$3.4 billion) every month for the remainder of the year. Commenting on their projection, the two analysts said: “This is 11 percent higher than the average year-to-date gaming gross revenue, which we think is achievable based on historical trends … and backstopped by new supply (Cotai Central) that should grow the market.”
Macau is thinking about cooperating with Hainan to jointly develop cruise ship tourism. Macau Daily Times quoted Cheong Chou Wen, president of Macau Trade and Investment Promotion Institute, are both “striving to become tourism stronghold, especially cruise ship travel” and there is “vast potential for joint development in this field.” It was added the two are only looking to cooperate and not compete. It would further strengthen Macau’s long term strategy to develop as an entertainment and leisure hub.
