9/24/2012

Global Gaming Directory Blog: Florida-based Hard Rock International now running iconic Mirage resort in Las Vegas

Florida-based Hard Rock International now running iconic Mirage resort in Las Vegas




LAS VEGAS - A new operator, Hard Rock International, started running the iconic Mirage resort on the Las Vegas Strip on Monday, following Nevada state gambling regulatory approval for a nearly $1.1 billion sale by former site owner MGM Resorts International, the companies said.


Hard Rock International, owned by the Seminole Tribe, said it plans to reshape the property at the center of the glittery Las Vegas Boulevard casino corridor by replacing its volcano attraction with a huge guitar-shaped hotel tower.


Company Chairman Jim Allen said in a statement that the property's 3,500 employees were absorbed Monday into Hard Rock's 45,000-member workforce. The company has cafes, hotels, casinos and concert properties around the world.


"We are excited to create an integrated resort on the Strip that will make this legendary entertainment community proud," Allen said. The statement specified there were no immediate plans to close The Mirage or lay off employees.


Hard Rock and MGM Resorts announced plans for the operational takeover a year ago. The deal became official following Nevada Gaming Commission approval at a special meeting Friday.


"We're thrilled to welcome Hard Rock to the neighborhood and wish them all the very best," Bill Hornbuckle, CEO and president of casino giant MGM Resorts International said in a statement.


The more than 3,000-room hotel on 80 acres becomes the first on the Las Vegas Strip to be run by a Native American tribe.


East of the Strip, the Connecticut-based Mohegan Tribe operates a casino that opened in 2021 at Virgin Hotels Las Vegas after that property - named Hard Rock Hotel & Casino - was purchased in 2018, renovated and rebranded by Virgin.


West of the Strip, an affiliate of the California-based San Manuel Band of Mission Indians owns and operates The Palms.


Seminole-owned Hard Rock International had no previous involvement with the former Hard Rock Hotel & Casino that operated from 1995 to 2020. It bought licensing and naming rights in May 2020. The Mirage redevelopment plan is projected to run through 2023. Costs have not been disclosed.


Daily operations "are set to continue under The Mirage brand for the foreseeable future, and all room reservations and group bookings will be honored with no action required by guests or group organizers," the company said.


"The process ... ultimately will dramatically reimagine every aspect of the resort and change the Las Vegas skyline with the addition of a guitar-shaped hotel tower," the company promised.


Hard Rock International also entered into a long-term lease agreement with VICI Properties Inc., a real estate investment trust that acquired MGM Resorts properties this year in a $17.2 billion deal with MGM Growth Properties, a publicly traded landowner of holdings in eight states. New York-based VICI owns properties and leases them back to hospitality and entertainment operators.


The sale marks the end of an era for a Polynesian-themed property built by former casino mogul Steve Wynn and credited with helping transform Las Vegas from a gambling hub into an ultra-luxury resort destination with broader appeal.


It opened in November 1989, with a sidewalk-side volcano spewing fire years before gondoliers began plying canals at the Venetian and fountains started dancing at the Bellagio. For years The Mirage hosted Siegfried & Roy taming white tigers. It remains home to a Cirque du Soleil show set to a Beatles soundtrack.


The change-of-hands is one of several involving well-known properties on Las Vegas Boulevard. Rhode Island-based Bally's Corp. completed its acquisition in September of the Tropicana Las Vegas Hotel and Casino. Bally's Corp. does not own Bally's Las Vegas on the Strip.


Caesars Entertainment Inc., which owns Bally's Las Vegas, is rebranding the 2,800-room property as the Horseshoe Las Vegas. That draws on a name made famous at a downtown gambling hall that hosted the first World Series of Poker.

9/20/2012

Genting sells half its shares in Echo Entertainment - 20th September 2012

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The battle for control of Echo Entertainment Group, the operator of Sydney’s Star casino, has taken a new twist, with Malaysia’s Genting selling down half of its 10 per cent stake.

Genting, which operates casinos in south-east Asia, told the stock exchange last night that it had entered into an agreement with Citigroup Global Markets Australia to dispose of a 4.8 per cent stake in Echo at $3.99 a share, a 2.7 per cent discount to yesterday’s closing price of $4.10. That values the stake at around $158 million.

"This comes after a review by the company to rationalise its investments portfolio," Genting said in a statement. "The disposal is not expected to have any material effect on earnings per share for the current financial year," Shares in Genting rose 2.5 per cent in Singapore trade.

Genting and Crown have been circling Echo for its Sydney Casino, which attracts scores of Asian high rollers and last night’s move may allow Crown to close in on what is Sydney’s only casino operator. Crown, which owns a 10 per cent share in Echo, has sought regulatory approval to boost that holding to 25 per cent. An exit by Genting opens the door for Crown to increase its stake.

"The market, looking at the share price, welcomes this [move]. People didn’t understand what the strategy could be in Australia," said Lucius Chong, an analyst at CIMB Research. "This removes a lot of uncertainty because Genting is good at building casinos, looking at emerging growth, whereas Australia is a mature market," Mr Chong said.

Crown, which operates casinos in Melbourne and Perth, has amassed a 10 per cent stake in Echo, and has sought regulatory approval to go to 25 per cent.

Echo also operates casinos in Brisbane, the Gold Coast and Townsville in Queensland. Echo in August reported a net profit for the 2011/12 financial year of $42.2 million, well down on the previous year’s $226 million. Echo recently spent $870 million redeveloping its main asset, The Star, including a $100 million payment to the New South Wales government for exclusivity.

Crown has been lobbying the NSW government to build another casino in Sydney at the Barangaroo redevelopment near the CBD, just across the harbour from The Star.

Malaysian-based parent Genting Group built its stake through its subsidiaries in Singapore and Hong Kong in June, sparking talk of a potential bidding war. Genting had also sought regulatory approval to increase its holding.

It was not clear whether Genting has withdrawn the application. A spokesman for the regulator was not immediately available to comment on the matter.

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9/19/2012

Global Gaming Directory Blog: Business News, Casino and Gaming News, Property News...

Business News, Casino and Gaming News, Property News

U.S. to appeal dismissal of Chinese agent lawsuit against casino tycoon Wynn



The U.S. Justice Department will appeal the dismissal of a lawsuit against casino magnate Steve Wynn, who it accused of acting as a Chinese agent.


Wynn defeated the lawsuit in October when a federal judge in Washington, D.C., said the casino tycoon could not be ordered to register with the Justice Department as a foreign agent of China.


".... the Attorney General of the United States of America hereby appeals to the United States Court of Appeals for the District of Columbia from the judgment of this Court entered on the 12th day of October, 2022, granting Defendant's Motion to Dismiss," the Justice Department said in a filing on Friday.


The Justice Department in May sued for a court order forcing Wynn, the former CEO of Wynn Casinos, to register under the Foreign Agents Registration Act (FARA).


Officials alleged that Wynn had lobbied then-U.S. President Donald Trump on China's behalf in 2017. Wynn's attorneys denied that he was ever an agent of the Chinese government.


U.S. District Judge James Boasberg said in October that, because any relationship between Wynn and the Chinese government ended in 2017, the Republican donor cannot be required to register as an agent. The judge pointed to past precedent in D.C. federal court in making the ruling.


The judge said he was not determining whether Wynn had lobbied on China's behalf. He also said the Justice Department could pursue criminal sanctions against Wynn for failing to disclose the alleged lobbying, if the statute of limitations had not expired.




Star’s Queensland casinos to stay open after $100m fine


The Star Entertainment Group’s Brisbane and Gold Coast casinos will stay open under the supervision of a special manager imposed by the Queensland government after it levied a $100 million fine against the company.


Queensland Attorney-General Shannon Fentiman said Star’s operations would be overseen by Nicholas Weeks, the same independent monitor imposed on its Sydney harbourside casino by the NSW gambling regulator.


But Ms Fentiman has put Star on 12 months’ notice to clean up its act or its casino permits for Brisbane and the Gold Coast will be suspended for 90 days.


“Should the Star make satisfactory progress towards rectifying these issues, the special manager and I may determine to postpone or rescind the suspension of licences,” Ms Fentiman said.


The record penalty, the maximum under new Queensland laws passed in August, and the imposition of a special manager follows a short inquiry led by Robert Gotterson, SC.


Mr Gotterson found the company had lured high rollers who were banned from casinos in other states to gamble at its Queensland casinos, and that there were “serious deficiencies” in the company’s anti-money laundering and counter-terrorism financing (AML/CTF) program.


The review, which was released in October, also found Star deliberately misled the gaming regulator to cover up China UnionPay transactions as hotel expenses when their primary use was gambling.


The Queensland move echoes the NSW and Victorian governments’ appointment of a special manager to oversee Star Sydney and Crown Melbourne. Star Sydney’s permit was suspended for 90 days last month.


The NSW Independent Casino Commission (NICC) chief commissioner, Philip Crawford, also slapped a maximum $100 million fine on Star for its widespread wrong-doing, revealed in the Bell review, bringing the total fines from state regulators to $200 million.


The company is also facing massive fines from the financial crime watchdog, which is suing Star for allegedly allowing 117 high-risk VIP patrons to churn billions of dollars of dirty cash through its Sydney, Brisbane and Gold Coast casinos for six years.


AUSTRAC’s statement of claim shows foreign agents, Ponzi scheme scammers, accused sex slave traders, a murderer for hire, loan sharks and drug traffickers were allowed to bet billions of dollars at Star for years, despite information of alleged nefarious activity being publicly available.


Star placed its shares in a trading halt on Friday morning before the announcement. Star shares were 0.4 per cent higher at $2.54 before they were suspended.


Consistency across jurisdictions

Ms Fentiman appointed former Sunsuper executive Terri Hamilton to assist Mr Weeks with the oversight of Star’s Queensland operations.


“Having a special manager that monitors the operations of The Star in both states will ensure they will be looked at as one operating entity and provide consistency across jurisdictions,” she said.


“It’s also important that we have a person on the ground here in Queensland, which is why Ms Terri Hamilton will be the Queensland manager assisting, and will join Mr Weeks’ very skilled and capable team.”


Mr Crawford backed Queensland’s decision to appoint Mr Weeks because it “will further support our ongoing collaboration with our Queensland regulatory counterparts”.


“This will ensure The Star acts consistently and complies with their obligations – no matter which state they operate in.”


Ms Fentiman said this was an opportunity for Star to return to suitability, but “they have a long way to go”.


“If relevant entities do not take significant steps to improve their operations, we will not hesitate to take further action.”


Ms Fentiman said the government would send the bill to Star for the cost of the special manager’s work.


She gave the casino operator 12 months to pay the $100 million fine and said Star’s $3.6 billion Queen’s Wharf casino, hotel and apartment development in Brisbane’s CBD will be unaffected by the penalty.


Last week, the Australian Transaction Reports and Analysis Centre (AUSTRAC) filed its case against Star Sydney and Star Queensland in the Federal Court alleging that the casino group facilitated money laundering that amounted to “serious and systemic” breaches of federal law.


AUSTRAC said Star had breached the Anti-Money Laundering and Counter-Terrorism Financing Act “innumerable times” since 2016. Each breach attracts a maximum penalty of $22.2 million.


Rival Crown Resorts faced similar court action and had stashed away more than $600 million to pay for expected fines levied by the states and AUSTRAC, contributing to its $945 million full-year loss reported last week.




Casinos Around The World


Sydney, Australia

As one of the most-visited cities in Australia, Sydney has an allure that is hard to resist. Set on the coast of New South Wales, Australia’s largest city is home to some of the country’s most famous sights, such as the Sydney Opera House, Sydney Harbour Bridge and Bondi Beach. Although casinos don’t immediately come to mind, Sydney offers some of the county’s best casinos. The Star is the largest and most well-known, with over 100 table games and 1,400 slots spread over two floors. Also worth a visit is The Crown, newly opened and offering a members-only VIP casino experience.


London, UK

Dating all the way back to Roman times, London is a city with a rich historical and cultural background. The UK capital has numerous tourist hotspots, including Trafalgar Square, Buckingham Palace, and Big Ben, and well over 100 museums to explore. Equally as populous are London’s casinos. There are plenty to choose between, with The Hippodrome, The Palm Beach Casino and The Empire being some of the top picks. While planning your London trip online, you can also look up some of the best payout online slots UK before your trip.


Atlantic City, USA

Founded in 1854, Atlantic City made a name for itself in the USA as one of the East Coast’s premier holiday resorts. By the end of the 20th century, the city was best known for its casinos, beaches and Boardwalk. Resorts Casino provides history and entertainment, all rolled into one as Atlantic City’s first and oldest casino. Tropicana Casino Resort and Bally’s Atlantic Casino are both also worth a visit if time allows. No visit to Atlantic City is complete without a seaside stroll along the Boardwalk, a climb to the top of Absecon Lighthouse or a game at one of the USA’s oldest casinos.


Reno, Nevada, USA

Now considered Las Vegas’s little sister, Reno, Nevada, was the Casino capital of the USA until the 1980s. Along with its relaxed gambling laws, for a long time, Reno also had more relaxed divorce laws than other US states, making it a popular place to visit for couples wanting a divorce. Visit the National Automobile Museum and the Reno Arch or get out into nature at the nearby Lake Tahoe. Today, the city is best known for being a technological centre, however, its casinos are also still popular, with Peppermill Resort Casino, Atlantis Casino Resort and Eldorado Resort Casino being just three of the many you could choose to visit.


San José, Costa Rica

San José is Costa Rica’s seat of national government and the country’s most important city due to its status as the most visited city in Central America. As a historical and culturally significant city, San José is home to many museums, including the National Museum of Costa Rica, and the Museum of Pre-Columbian Gold. Casinos in Latin America are a little harder to find, with Barceló San José Palacio Spa & Casino or Hotel and Casino Taormina being two of the most popular. They offer a quieter, more informal feel but are still worth a visit.


Nassau, Bahamas

Made up of an archipelago of nearly 700 coral islands, the Bahamas has much to offer its visitors. A top-rated holiday destination due to its proximity to Florida, there are plenty of award-winning beaches to relax upon, watersports to enjoy and even some world-famous swimming pigs! One of the most iconic sights of Nassau, Bahamas capital, is the Royal Towers at Atlantis Resort, a luxury hotel, waterpark and casino. If casinos are what you’re after, you are spoilt for choice as there is also the Baha Mar Casino and Island Luck Casino in the city.



NSW casino regulator won’t recognize The Star Sydney’s self-appointed independent monitor - November 2022



The NSW Independent Casino Commission – the recently formed regulatory body tasked with overseeing The Star Sydney and Crown Sydney – has informed Star Entertainment Group that it does not endorse the appointment of the company’s own independent monitor and will not recognize the monitor’s actions.


According to information filed by Star, operator of The Star Sydney, this week, the company was informed of the NICC’s view by the Special Manager specifically appointed by the NICC to oversee The Star Sydney’s operations.


Star was recently found unsuitable to retain its casino license for The Star Sydney following a review into its operations.


However, it continues to be involved in the day-to-day running of the casino under the supervision of the Special Manager, Nicholas Weeks of Wexted Advisors, following his appointment by the NICC in mid-October. As reported by IAG, Weekes will oversee operations of The Star Sydney for an initial period of 90 days, with his initial task being to determine whether Star’s failings can be rectified and whether it can return to suitability.

9/01/2012

Melbourne Storm NRL team ink sponsorship deal with Packer's Crown Casino; Sydney news - 31st August 2012

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The Melbourne Storm is raking it in, with an extra $1.5 million in with Crown Limited inking as major sponsor for a third year running, while rugby league in Victoria could also benefit significantly.

Thursday's renewal of Crown's only team sponsorship is believed to be valued at $1 million, give or take a few dollars.

The funds boost joins the $500,000 Australian Rugby League Commission chairman John Grant confirmed on Monday would be delivered to all clubs before October 31.

With a back-of-jersey sponsorship still to be sold before the finals, Storm might well collect another payday.

Club chief exec Ron Gauci advised the funds would be used to help expand the code in Victoria, a cause boosted last month with the debut of born-and-bred local Mahe Fonua.

Storm officials aim to fund youth teams down to under-16s and spend up to keep Melbourne "ahead of the pack" with cutting-edge, football-specific technology.

"We'll continue to invest in the organisation. We'll invest both across the football department and administration," Gauci said.

"We want to continue being best practice and continue being ahead of the game. We'll invest in football operations and pathway development.

"We want to extend the Storm brand beyond the under-18s and we've put in a proposal to the Australian Rugby League Commission to facilitate the growth of the game in Victoria and now have the funds to help make that happen.

"For us, any investment needs to have a long-term benefit."

The push from the Government-backed Victorian Major Events Company to secure more State of Origin clashes in Melbourne could reap even more cash for local rugby league.

Plans are in place to establish a youth academy, with only the arrival of sufficient funding needed to make it happen.

Great to see Crown's casino king James Packer sharing the love and funds around to worthy causes.

It's understood that Sydney's South Sydney Rabbitohs management including king bunny, Russell Crowe, are taking an interest in the way The Storm and Crown do things, as you might expect with Rabbitohs also having a sponsorship deal with gaming - entertainment firm - The Star.


Sydney NRL team also has casino deal...

The South Sydney Rabbitohs are continuing to enjoy their sponsorship deal with The Star (formally known as Star City Casino).

NRL top brass has said rugby league has benefitted from its association with betting agencies because it allows better access to information about irregular plunges.

As the Australian and globally economy continue to go through tough times its going to be interesting to see if more NRL teams ink deals with Australian casino or gaming firms. I for would would bet yes.

And what's to become of the Barangaroo 6 star hotel and casino development in Sydney? Could they also become a sponsor of an NRL team? With James Packer in the think of the action one would think so. Keep watching this space.


Media Release...

Exclusive Deal For 6 Star Hotel...


Last week's announcement by Lend Lease and Crown, that they had signed an exclusive agreement to develop a six star hotel at Barangaroo South, has attracted wide ranging media coverage and commentary. Below is a summary of the media releases and media coverage to date.

Following the announcement, the Authority confirmed it will continue to work with Lend Lease, and now their exclusive rights partner Crown, to negotiate a new location for the hotel in Barangaroo South and oversee the appropriate planning applications that must be approved before any concept moves ahead.

Acting Premier Andrew Stoner last week said the development of such a hotel would represent a significant investment in NSW tourism infrastructure, and today’s agreement is a vote of confidence in the NSW economy.

“It is, of course, subject to all the necessary planning and regulatory approvals but Lend Lease already has an existing permit to build a hotel in Barangaroo South and are negotiating with the Barangaroo Delivery Authority to relocate that onshore,” he said.

“The creation of a hotel of this stature would deliver new jobs in construction, off-site manufacturing and the tourism industry, along with hundreds of millions of dollars for the State economy each year.”

Lend Lease Group Chief Executive Officer and Managing Director, Steve McCann, said that Lend Lease and Crown would now work towards achieving the necessary development approvals from the NSW Government for the hotel and jointly develop the concept plan for the hotel. Lend Lease is currently in negotiations with the NSW Government to finalise the hotel location.

“Barangaroo South is a major urban regeneration project that provides a unique opportunity to create a world class commercial, residential, entertainment and mixed use destination on Sydney Harbour. A key part of Lend Lease’s vision for Barangaroo South is to have a high quality international hotel,” said Mr McCann.


*the writer is a shareholder in Crown Limited, Virgin Blue and Ten Network Holdings.

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