Posted on December 30, 2017 by Kuawaitech
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Casino operator Genting Malaysia BHD (GENM:Bursa Malays) is redeveloping its Resorts World Genting (RWG) casino resort in the hope that the completed gambling and entertainment facility will see an increase in its tourist activity.
Online travel publication Travel Biz Monitor, reported that the Malaysia-based Resorts World Genting invested RM 10.38 billion as part of the Genting Integrated Tourism Plan for the redevelopment of its integrated resort. The expectation is that by creating new and improved attractions at its Malaysian integrated resort, RWG will attract more tourists from around the world.
The reinvigorated mountaintop destination will, towards the completion of construction, see its indoor theme park, SkyTropolis, open to the public in February. Meanwhile, its indoor theme park, which was shuttered in 2013, is scheduled to reopen and be operational late next year. It will reportedly feature what is billed as the world’s first Twentieth Century Fox World theme park. The $490.7 million endeavor will reportedly include 25 rides and attractions that are based on such Hollywood box office hits as ice Age, Rio, Alien Vs Predator and more, according to Travel Biz Monitor.
Prior to the theme park’s closure, Ajay Sharma, Country Manager – India, Resorts World Genting, reportedly said the resort welcomes more than 250,000 visitors staying overnight from India. The new attractions are due to start arriving at the beginning of the New Year and according to Travel Biz Monitor; the package’s current two night stay will be bumped up to three nights.
The online travel publication spoke with Sharma who reportedly said, “As we are expecting to push the number of overall visitors to 30 million by 2020, and India being among our top 4 markets in terms of foreign arrivals, we are expecting around 300,000 visitors from India as staying guest.” The opening of the Twentieth Century Fox World theme park is expected to result in the gradual increase in the percentage of Indian visitors.
Travel Biz Monitor reports that the redeveloped resort with offer a new-concept lifestyle mall, additional hotels, SkyCasino, a new glass-floor cable car system; and as a part of SkyAvenue’s unveiling, the debut of Burger & Lobster.
Posted on December 28, 2017 by Kuawaitech
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In Macau, the City of Dreams casino resort operates three hotels within the property, one of which is Crown Towers. It was recently made known that the Crown Towers will no longer be operating under the Crown name. The hotel tower will earn a new name beginning next year. A message was posted recently on the website of the resort, stating the name change will become effective January 18, 2018.
According to ggrasia.com, the message on the website gave little information on the matter. The message simply stated that the Crown Towers will be operating under the new name ‘Nüwa’ beginning next year. Currently, the hotel tower can accommodate guests in 300 rooms which includes 33 villa spaces.
Crown Resorts Ltd., a casino operator of Australia, is the owner behind the Crown brand, an investor of the promoting company for City of Dreams Macau, Melco Resorts and Entertainment. Crown Resorts stopped their role as investor in May of this year.
In December of last year, a filing was made that stated Crown Resorts, as well as their subsidiaries, had the ability to dismiss any license that was granted based on intellectual property agreements, this included a trademark license. Such licensing could be terminated if a direct or indirect shareholding of the company in the shared venture were to fall below 25%.
A number of casino stocks, including Wynn Resorts, Las Vegas Sands and MGM Resorts, rose on Monday amid positive news from the much-maligned Macau gambling scene.
Macau, the world’s biggest casino hub, posted a drop of 9.5 percent in gambling revenue for April, to about $2.17 billion, marking the 23rd consecutive monthly decline for the former Portuguese colony. That said, the decline was less than feared.
Shares of Wynn popped nearly 6.8 percent Monday, while Las Vegas Sands and MGM resorts gained about 3.5 percent and 1.7 percent, respectively.
That said, Wynn and Las Vegas Sands are still down 16.35 percent and 11.56 percent in the past year, respectively, while MGM has only risen 1.26 percent.
Studio City International Holdings Ltd announced today that the Macau government has authorized Studio City’s gaming operator, Melco Crown (Macau) Ltd, to operate 250 new gaming tables and 1,233 new gaming machines.
Furthermore, 200 of the 250 gaming tables and all of the gaming machines may be in operation by the time of Studio City’s opening. The remaining tables will be permitted to become operational starting from January 2016.
“We thank the Macau Government for its consideration of our application and approval of gaming tables and machines for Studio City. We are confident that Studio City’s offering of cinematically-themed entertainment, retail, food and beverage and accommodation options will contribute meaningfully to the economic and employment diversification of Macau. We are excited to welcome Studio City’s first patrons later this month,” said Lawrence Ho, the Co-Chairman and Chief Executive Officer of Melco Crown Entertainment.
Earlier this year, Melco Crown Entertainment said that it might fall into default on a HKD10.86 billion loan if it was unable to open “with a minimum [of] 400 gaming tables available for operation.”
Studio City now plans to engage lenders under its senior credit facilities to discuss proposed amendments to the terms of the casino’s loan documentation. This is the direct result of the shortfall in the number of tables that have been allocated.
The announcement comes only days after Wynn Macao and the local authorities engaged in a series of verbal attacks regarding the delays in the allocation and limits of gaming tables. Steve Wynn, Chairman and Chief Executive Officer of Wynn Resorts, criticized the government delays last Friday, saying that the uncertainty around the number of tables to be allocated was complicating decisions concerning the hiring and training of workers, and could force Macau operators to terminate employees.
The government responded by expressing its dissatisfaction over the remarks, reaffirming the merits of the table cap policy, and summoning Wynn representatives to a meeting with the Secretary for Economy and Finance, Lionel Leong, on Sunday.
The allocation of tables and annual cap are part of a larger effort to diversify Macau’s economy and ease its reliance on the gaming industry, following the orders of Xi Jinping in December 2014. The table cap policy limits the growth of live dealer tables to 3-percent compound annual expansion until the end of 2022. Staff reporter
Macau’s government has hit back at Steve Wynn’s criticism of its policies, demanding casino operators comply with its rules days after the Las Vegas tycoon criticized delays in being informed how many gaming tables he will get for a new multi-billion dollar resort.
Casino representatives including Wynn Macau Ltd. president Gamal Aziz were summoned for a meeting Sunday with the city’s secretary for economy and finance Lionel Leong, according to the Hong Kong-listed unit of Steve Wynn’s casinos operator. The 73-year-old Wynn on Thursday lambasted government limits on gaming tables and said delays in casinos being informed how many would be allocated were “outrageous and ridiculous”.
Macau has “no plan to make any changes lightly” and demands “clear understanding and full compliance” from the industry, the government said in a statement on its website after Sunday’s meeting, which the chief of its gaming regulator also attended. The government “regretted” certain opinions about its gaming and labor plans, it added without directly referencing Wynn’s remarks.
The city has powers to enact policies aimed at broadening the economy and developing Macau into a world tourism center, according to the statement. China’s president Xi Jinping in December ordered the city to diversify its economy from casinos, on which it relies for about 80 percent of revenue.
Wynn Resorts fell 6.4 percent to $68.25 at the close in New York, while Las Vegas Sands Corp. lost 4.4 percent to $47.54 and MGM Resorts International was down 2.6 percent to $21. Wynn Macau shares slumped 4 percent at the close of trading in Hong Kong, the lowest in a week, while Sands China Ltd. declined 6.4 percent and Galaxy Entertainment Group Ltd. dropped 5 percent. The benchmark Hang Seng Index was little changed.
Uncertainty in Macau is complicating hiring decisions and could force casino operators to terminate employees, Wynn said in a post-earnings teleconference with analysts, during which he called the city’s gambling table cap “the single most counterintuitive and irrational decision that was ever made”.
The casino billionaire’s remarks came as Macau posted a 16th straight month of gaming revenue decline in September, its longest downturn on record as President Xi’s anti-graft crackdown and a slowing Chinese economy curbed high rollers traveling to the world’s largest gaming hub.
Wynn Macau is planning to open a $4.1 billion resort in the territory on March 25. Its parent Wynn Resorts, the first of the large U.S. casino operators to announce third-quarter earnings, on Thursday posted revenue that trailed analysts’ estimates after a large drop in gambling in Macau.
Posted on October 16, 2015 by Kuawaitech
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The Parisian Macao resort reached one of its most significant milestones yesterday. Marked with the symbolic act of capping the dome and lantern structure, the moment also signaled the beginning of the tenure of the appointed president and chief operating officer for Sands China Ltd, Mr Wilfred Wong.
Mr Wong, who presided over the ceremony held yesterday at the construction site of the new resort, explained, “The Parisian Macao, and in particular its Eiffel Tower, is certain to be a landmark presence on the Cotai Strip, and an iconic addition to the city’s skyline.”
The new president and chief operating officer for Sands China Ltd took this opportunity to inform the public that he will begin work with the company from November 1. He highlighted in his speech the European style and the uniqueness of the integration between the company’s resorts, asking, “Where else but here could you have lunch alongside the serenading gondoliers plying the picturesque canals of Venice, and then have dinner at an authentic French bistro, before enjoying breathtaking views from Cotai Strip from the Eiffel Tower?”
Following the announcement of Sands China’s aim to recreate some of Europe’s most famous iconic locations and structures in Macau, the ceremony itself reflected a blend of Eastern and Western cultures, incorporating both the typical Southern Chinese Lion Dance and the distinctive French cabaret dance, the Cancan. A fashion show was also held, featuring some of the team members’ uniforms for the new resort, which also merged the French and Chinese cultures.
Expected to open in the second half of 2016, The Parisian Macao will feature an integrated resort with about 3,000 rooms and suites, as well as conference rooms, restaurants, shops, a spa and health club, a children’s club, two observation decks and a pool deck, including Aquaworld – a themed water park aimed at mostly business, leisure and family travelers.
Once it has been completed, The Parisian will increase the visitor capacity of Sands China in the Cotai area to 12,000 rooms and suites and 800 duty-free shops.
As Mr Wong explained, the major points of interest around The Parisian and its iconic half-size replica of the Eiffel Tower do not end with the structure itself, but continue in the events that are expected to take place. Raising the veil, Mr Wong highlighted the daily musical light show that will illuminate the tower, as well as the many upcoming shows and events. RM
Posted on September 16, 2015 by Kuawaitech
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Posted on March 1, 2015 by Kuawaitech
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Posted on February 14, 2015 by Kuawaitech
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Posted on February 11, 2015 by Kuawaitech
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