Two Far East based casino business firms are working on proposals to build resorts in Eastern Russia. Marina Lomakina, general director of Nash Dom Primorye, the state owned firm that will manage the zone, confirmed to Macau Business both Melco Crown Entertainment and Genting Group are working on proposals. Earlier this month another publication confirmed seven firms had indicated they would invest in the new zone with companies from Russia and Cyprus the first to confirm they’d be building venues. Proposals for the first phase must be submitted by September and it’s eventually hoped there’ll be as many as 16 casinos. There will also be no limit on Russian nationals gambling there with hopes it can become a major player in the region.
Genting Singapore saw the outlook for its shares downgraded by analysts as it felt the impact of a disappointing set of results. Morgan Stanley moved the company to “underweight” from “equal-weight” and lowered the target price from S$1.50 to S$1.05. This was while JPMorgan decided to maintain its “neutral” rating on shares despite decreasing the target price from S$1.25 to S$1.10.
Belle Corp, the company collaborating with Melco Crown in the Philippines, is expecting an agreement for the venue to be signed next month. Company vice chairman Willy V. Ocier, told BusinessWorld that an agreement will be signed “hopefully by the first week of September”, for what would be Melco’s first venture outside of Macau.
Regulations governing rules over smoking in casinos are “almost” ready a months before a grace period finishes. The Gaming Inspection and Coordination Bureau director Manuel Joaquim das Neves wrote: “The government will publicise the requirements for setting up a smoking area in casinos within a short-time period”. It was in reply to an enquiry by legislative assembly member Lee Chong Cheng and follows a smoking ban, which was brought in by the enclave earlier this year. Under it casinos had until the start of next year to implement plans and venues will be allowed to dedicate at least half the floor area to smokers.
