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Macau’s Studio City Will Default on Debt, Warns Analyst – CCYMedia

Macau’s Studio City Will Default on Debt, Warns Analyst

Forex Signals

Macau’s Studio City Will Default on Debt, Warns Analyst

Macau’s<span id="more-49565"></span> Studio City Will Default on Debt, Warns Analyst

Studio City Macau: Despite its many attractions that are non-gaming’s failing woefully to attract the mass market crowds.

Studio City Macau, Lawrence Ho and James Packer’s $4.5 billion casino that is integrated on the Cotai Strip is in trouble and might default on the $1.41 billion loan utilized to complete the construction regarding the hotel.

That’s the word from rating agency Standard and Poor’s Financial Services, which this week issued an outlook that is negative the resort’s bonds, off the back of a 42.5 percent slide in their value.

Macau’s first ever TV and movie-themed resort opened in October 2015, with Packer’s girlfriend Mariah Carey headlining the opening night, since the likes of Robert De Nero and Leonardo DiCaprio mingled on the list of crowd. It also had a unique night that is opening, The Audition, a quick film directed by Martin Scorsese and starring De Nero, DiCaprio and Brad Pitt.

Packer called it the ‘coolest 15 minutes ever made,’ but, with an $80 million price tag, it could equally be referred to as the absolute most advertisement that is expensive made.

Brand New Concept Fails to Drive Crowds

But for all your glitz, Studio City was conceived in a markedly different economic weather, before Chinese President Xi Jinping’s anti-corruption drive halted the location’s success story and sent profits tumbling for 26 straight months.

Studio City went big on non-gaming amenities, positioning itself as a non-VIP gaming location so that you can woo China’s burgeoning class that is middle.

It has everything from television and movie production facilities to a Batman themed 4-D flight-simulator roller coaster ride and a figure-eight Ferris wheel, but because of a slowing Chinese economy, visitor numbers to Macau are falling and the hordes of middle classes have failed to materialize.

Melco Distances Itself

Melco Crown owns a 60 percent stake in the property, while US hedge funds Silver Point Capital and Oaktree Capital own a 40 percent stake. Bloomberg reported this that Melco Crown has sought to distance itself from any kind of rescue package for the casino week.

‘Studio City Casino Macau is at a totally separate credit group and its own debt is non-recourse to Melco Crown Entertainment Limited. […] Investors must not assume that Melco Crown Entertainment Limited will provide any monetary support to Studio City Casino Macau or that it would step in for Studio City Casino Macau,’ said a Melco Representative.

There is speculation that that Melco is wanting to put the end up the hedge funds them out for a good price, and that the negative rating from Standard and Poor’s will strengthen its position because it wants to buy.

Duterte Takes Shock U-turn on Online Gambling

‘Gamble until you die. I do certainly not care,’ said Philippine President Duterte Wednesday, clearly in an even more forgiving mood. (Image: rapeller.com)

Philippine President Rodrigo Duterte’s hardline crackdown on online gambling took a twist that is unexpected this week.

On Tuesday the us government’s gambling operator-regulator, PAGCOR, announced it was ready to license online gambling firms that targeted ‘non-locals’ and that it was in the entire process of ‘readying application forms.’

‘We don’t know yet how saleable it is; there is no takers,’ PAGCOR primary Andrea Domingo admitted to Reuters.’Or there could be many applicants,’ she added brightly.

PAGCOR hopes that the licenses that are new offset a few of the income lost by Duterte’s systematic dismantling associated with the nation’s online gambling giant, Philweb. Until recently, Philweb operated 299 online gambling boutique cafés through the Philippines, which offered online video poker and slots via approximately 8,000 terminals.

Last year the company’s operations contributed around $12.2 million in fees to the government.

Zero-tolerance

Duterte swept to power in on an agenda that promised to wipe out crime and drugs june. Literally. The president has leant their support to vigilante death squads that carry out the extra-judicial killings of criminals and habitual medication users with impunity.

As soon as sworn in, he immediately set his sights on the Philippine online gambling industry, and in particular Philweb and its chairman, the billionaire Robert Ongpin.

Ongpin was agent of the ‘oligarchs,’ which he believed were ’embedded in federal government’ and practiced ‘influence peddling.’ Meanwhile, stated Duterte, online gambling ‘had to avoid’ because too many Filipinos had been deciding to gamble alternatively of working for the living. It appeared that PAGCOR was taken completely by surprise by the announcement.

Restoration

the month Philweb was forced to announce it might wind down its operations, due to the non-renewal of its license by PAGCOR. Ongpin stepped down as president of this company and, as a last-ditch bid for approval, offered to transfer very nearly all of his majority stake into the company to PAGCOR, in an attempt to truly save the business and its particular 6,000 employees. PAGCOR ended up being forced to refuse.

But on Wednesday, Duterte was clearly in an even more mood that is tolerant.

‘Pay the correct taxes… Gamble unless you die. I usually do not really care,’ he announced magnanimously.

Duterte is currently prepared to restore gambling that is online ‘taxes are correctly collected plus they [online gambling cafes] are situated or placed in districts where gambling is allowed, which means to express, not within the church distance or schools.’

‘ I was angry because even the youth are gambling and there is not a way of collecting the taxes that are proper’ he admitted.

Whether this means he is willing to permit Philweb to keep its operations as before is currently unclear.

Indiana Casino Union Does What Trump Taj Mahal Workers Couldn’t: Hits New Contract with Majestic Celebrity Riverboats

Indiana Governor Mike Pence, the current GOP vice-presidential contender, has put their state on the map for financial gains and development during their management. Now a new casino union contract in the Hoosier State is also showing up its sister chapter in Atlantic City, having effectively negotiated for benefits, where its brethren failed.

The Indiana Unite Here casino union has successfully bargained for a contract that is new the 2 Majestic Star riverboats in Gary, a stark contrast through the union’s efforts in Atlantic City, which failed. (Image: Unite Here/youtube.com)

Indiana’s Unite Here casino union, representing chefs, wait staff, and housekeepers during the two Majestic Star riverboats in Gary, has now reached an agreement that is new the gambling operator. On August 19, the 2 edges officially signed down for a contract that increases wages over the next two years, while maintaining the health that is current programs being afforded to union members.

The offer operates through 2018.

Unite Here Local 1 spokesperson Noah Carson-Nelson told the Chicago Tribune, ‘Our people are content. The individuals were excited that it ended up being settled fairly quickly and it includes raises and the exact same health insurance.’

The Majestic Star casinos sit next to one another in Lake Michigan, about 30 kilometers southeast of downtown Chicago.

Local 1’s moms and dad union, Unite right Here, is the organization that is same unsuccessfully continued strike during the Trump Taj Mahal in Atlantic City earlier in the summer. As a result, billionaire owner Carl Icahn announced that the casino will likely be forever shutting on 10 october.

The Trump Factor

Formerly known as the Trump Casino, Majestic Star II ended up being renamed after Trump Entertainment Resorts offered the home to Majestic in 2005 for $253 million.

The sale was part of Trump Hotels & Casino Resorts (THCR) filing for Chapter 11 bankruptcy protection in 2004. The business emerged from liquidation under the new Trump Entertainment Resorts name in 2005.

Trump’s record in Atlantic City is certainly questionable. But in Indiana, Trump’s riverboat was decidedly profitable. Over the 11 years since Majestic acquired the casino that is floating it is never won as much money since it did when Trump was the financial admiral for the ship.

In 2004, total victories eclipsed $140 million. In 2015, the Majestic Star II pulled in just half of that figure.

The stars that are majestic two of 10 riverboat gambling enterprises in Indiana. The Hoosier State can also be home to your French Lick Resort Casino, the sole land-based gambling place there, plus two racinos that offer slots and table gaming that is electronic.

Marked Market Variations Between Two States

Back east in Atlantic City, Unite Here Local 54 was also fighting for higher wages and health insurance at the Trump Taj Mahal. But the bankruptcy procedure already underway whenever Carl Icahn purchased the casino allowed the billionaire to temporarily suspend pension and healthcare benefits as he worked to upright the casino’s serious situation that is financial.

But Icahn, who had been reportedly losing $100 million in the venture, stated he needed more time before restoring benefits. Employees stepped off the working work in disgust, and Icahn called their bluff in a move that ultimately caused both edges to lose.

The market is quite different in northwest Indiana than in Atlantic City. Whenever the Taj Mahal closes its doorways in October, it becomes the fifth casino to shutter straight down since 2014 in nj-new jersey.

The Blue Chip Casino and Hotel in Michigan City, Indiana also recently negotiated successfully with Unite Here Local 1. Ameristar Casino resort did as well, albeit following a lengthy and process that is tedious.

‘We’re happy to move on, and happy that people achieved it in an equitable manner,’ Majestic Star General Manager Barry Cregan stated of the brand new contract.

So why would small Indiana video gaming union find more success using its boss compared to the much larger Atlantic City market? Each month, and the union’s demands would only drive those losses further into the muck because the Taj was already losing millions. A worthwhile investment in Indiana, while not myfreepokies.com thriving like they may have been over a decade ago, casinos are apparently still making enough of a profit to make union benefits.

Paddy Power Betfair Reports £47.5 Million Loss Considering Costs of Merger

Breon Corcoran, Paddy Power Betfair CEO, said that the company would not rule out further consolidation if the proper opportunity arose. (Image: Sunday Business Post)

Paddy Power Betfair has reported operating losings of £47.5 million ($62.6 million) for the half that is first of in comparison with profits of £106.5 million ($140.5) for the corresponding duration of 2015.

CEO Breon Corcoran this week attributed the losses to one-off costs related to your merger between the two wagering powerhouses, amounting to £195 million ($257 million) in total. Paddy Power and Betfair agreed terms of their £5 billion ($6.5 billion) merger in September year that is last the deal was only finalized on February 2, 2016.

Thus, short-term losses incurred during through integration, including some £29 million ($38.2) in advisory fees alone, are required to be handsomely offset by cost saving synergies regarding the newly combined company further down the line.

In fact, Paddy energy Betfair has upped its estimate of future expense saving from £50 million ($65 million) per annum by 2018 to £65 million ($85.7 million) per from next year year.

Much of those savings have actually come from job losings, with 650 of the combined business’s 7,200-strong workforce having found themselves surplus to needs after the merger.

Revenue Up 18 Percent

‘People have actually been really diligent, there is been an awful lot of hard work done, and promptly,’ said Corcoran of this integration effort. ‘Paddy Power Betfair has suffered momentum that is good an amount of considerable change.’

Corcoran additionally pointed to an 18 per cent rise in revenue for the time, to £759 million ($1 billion), in addition to double-digit growth across all four of its core divisions. Discounting merger costs, would have reported underlying earnings of £181 million ($238 million), Corcoran said.

On the web revenue was up 20 percent at £440 million ($580 million), while Paddy Power’s land-based bookmaking shops recorded a 12 % rise in revenues to £147 million ($193 million). The company’s US and Australian operations also reported growth.

More Consolidation Possible

‘The restructuring happens to be mainly complete therefore the merger synergies are being delivered ahead of routine,’ said Corcoran. ‘Our company is creating a globe class operation by exploiting the unique assets and capabilities of each legacy business, particularly in the key functions of technology, marketing and trading.

‘While our industry remains highly competitive and is exposed to the prevailing economic and regulatory environments, our strong market positions, increased scale and enhanced capabilities position us well for sustainable, lucrative growth.’

Corcoran additionally refused to rule the possibility out of more consolidation. If the right asset came up at the right price his company will be well placed to obtain it, he said, nevertheless the moment he was focusing in the integration process.