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ISSUE 96 - Apr 2012
 
 
What are your expectations for the gross gaming revenue growth of Macau’s gaming industry in 2012?
Decline
Growth above 20 percent
Growth from 10 to 20 percent
Stagnation
 
 

Let’s sit and talk


Posted: 11/10/2011 3:28:19 PM
Rating:     73% (3 votes)
  

Sands China Ltd. chairman Sheldon Adelson wants to cooperate with the government to solve the dispute over Cotai parcels seven and eight, which local authorities decided to take back from Sands China Ltd. The company has taken the case to court.

“We obviously disagree with the government. There is no reason to take it back,” Mr Adelson told Macau Business in an exclusive interview published in this month’s issue.

“If we could sit down and have a discussion about how to resolve the matter, we would welcome that opportunity,” he said.

Sands China Ltd. had already invested US$100 million-plus in the sites before the government’s decision.

Asked whether the company would eventually sue the government if it doesn’t get the parcels, Mr Adelson said that was not his goal.

“I do not want to sue the government. I would much rather sit down and amicably negotiate out a solution.”

In the interview, Mr Adelson also said he was “surprised” with the 3-percent cap on gaming tables announced for the next 10 years starting in 2013.

“It is not the cap on tables that really makes the difference,” he said.

According to Mr Adelson, the government should instead limit the number of operations run by third-parties under the gaming licenses of the city’s six concessionaires.

Mr Adelson also said Sands China Ltd. might pay a dividend next year and rebuffed the accusations former Sands China Ltd. chief executive officer Steve Jacobs has made against the company in a court case in Nevada.

“When we win the case, we will go after him in a way that he won’t forget because none of what he says is true and he can’t prove it,” Mr Adelson said.

Read the full version of this article in the November issue of Macau Business magazine, now available at selected newsstand outlets in Macau, Hong Kong bookshops, by subscription and at partner hotels, restaurants, airlines and ferry carriers in Macau.



Headlines

Final review on rules for smoking areas inside casinos

Casinos will have to divide their floor into smoking and non-smoking areas starting next year

Homes more expensive

The average transaction price of all residential units sold in the first three months of 2012 reaches a new all-time high

Sands China renews Edward Tracy’s contract

The company’s president and CEO has had his contract extended until August next year

Studio City to receive casino approval “soon”: report

Gov’t authorisation is “just a formality”, English-language newspaper Business Daily reports
Other Macau Latest News

TransAct appoints new sales manager for Asia

Rashid Suliman will be responsible for the sales of the company’s products in Macau

Venetian hosts Ice World

The exhibit will last until September 16

Melco Crown to participate in Dragon Boat races

Around 50 Melco Crown employees have joined forces to form two teams

Bank tellers with two-digit salary growth

Wage increases outpace the inflation rate

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1. Studio City to receive casino approval “soon”: report
2. Steve Wynn unveils details about Cotai project
3. Gov’t to control new casino openings: Union Gaming
4. May ‘critical’ for assessing Macau gaming industry
5. Steve Wynn explains Tien Chiao deal
 
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