Macau returns to familiar territory; Kazuo Okada will not have Wynn voting rights; Eiffel Tower MkII will wait

TAGs: eiffel tower, Kazuo Okada, Macau, sands china, the parisian, wynn macau

casino macauMacau has again posted a double-digit percentage point gain in gross gambling revenue. September saw the enclave’s casinos take MOP23.9billion – an increase of 12.3 percent compared with the previous year. The Gaming Inspection and Coordination numbers were below forecasts made by both Sterne Agee (14 percent) and Royal Bank of Canada (16 percent). Over the opening nine months of the year revenues have now reached MOP223.3billion, up 14.9 percent compared with the previous year’s number.

Kazuo Okada has failed in a bid to have his voting rights as Wynn Resorts largest shareholder reinstated. Okada was hoping to be able to vote ahead of the annual shareholders meeting on November 2. The latest news comes after almost a year of squabbling that kicked off with Okada opposing Wynn Resorts’ decision to forcibly buy out his 19.7 percent stake at a huge discount in February. Since then there have been a number of court cases with the latest in Vegas not ruling in his favor.

Sands China’s new project that includes a half-scale Eiffel Tower isn’t likely to be approved for some time. The Lands, Public Works and Transport Bureau have reported that it may take a while to approve works on the $2.5billion resort called “The Parisian”. Two weeks ago Sands chairman Sheldon Adelson had hoped work on the 3,300-hotel room resort, built beside the Four Seasons in Cotai, would be begin within 60 days. That came after the bureau mentioned above told Business Daily in June that assessments of projects, not referring to the Parisian, can take over a year.


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