We begin the week with a deeper look at what Malaysian operator Genting has up its sleeve as it prepares its big debut on the Las Vegas Strip. While the pandemic may work against the prospects of a bold beginning, Genting still describes its initiative as being “groundbreaking.” Sticking with Genting, though Genting Singapore in this case, the firm found itself defending its policies to stockholders regarding executive pay, which it says has actually fallen, not risen. Meanwhile, something quite new is emerging in Sri Lanka, where the local media reveals that a Chinese-controlled special economic zone in Colombo, dubbed “Sri Lanka’s new Dubai,” will include casino gaming. Finally, in Japan the trial of former Senior Vice Minister of the Cabinet Office is about to get underway, once again shining a harsh light on the IR development policy that is still opposed by a majority of the general public.
First, the news
- Genting Spore says exec./chairman pay fell, not rose
- Sri Lanka’s ‘new Dubai’ to allow gaming
- Tsukasa Akimoto casino bribery trial gets underway
- Blackstone buys Japanese hotels, including near Osaka Yumeshima
- Nagasaki governor prepares local business community for IR development
- Speculation emerges that Crown Resorts could be broken up
- MGM China note issue is largely neutral, says Fitch
- Macau Legend 2020 loss balloons, revenue falls 70%
- Macau seeing pandemic-high number of tourists
- Paradise Co. brings in a new CEO
- Goa casino ship has 31 Covid cases
- Bookmaker Bet365 sets up shop in Russia
- IPI chairwoman receives court order to provide copy of her cell phone data
- SkyCity appoints three non-executive directors
- Vietnam’s Royal International continues its stock price rollercoaster
What you need to know
Executive compensation is often a thorny issue, especially if the company is underperforming, though an apparent doubling in Genting Singapore Chairman Tan Sri Lim Kok Thay’s remuneration in a year when profit fell by 90 percent raised the interest of the Singapore Stock Exchange. The company was forced to explain its chairman’s pay package, as well as that of other directors, in a detailed response to four written questions. At the end of which, it appears the executives’ pay actually fell.
A Chinese-controlled special economic zone in Sri Lanka is set to have regulation that will cover gaming, according to a draft law. The Colombo Port City, which has also been dubbed as “Sri Lanka’s new Dubai” is a city built on 2.6 square kilometers of reclaimed land and funded by $1.4 billion in Chinese investment.
Today begins the trial of former Senior Vice Minister of the Cabinet Office Tsukasa Akimoto on charges of receiving bribes from agents of 500 .com and attempting to induce witnesses to perjure themselves. Akimoto, who was for some months in charge of designing Japan’s IR development policies, has consistently maintained his innocence, even as those who allegedly offered him the bribes all pled guilty of doing so and have been sentenced accordingly.
Genting is gearing up for one of the world’s biggest openings this year, with the $4.3 billion Resorts World Las Vegas, though in the short-term at least analysts are more bullish about the company’s prospects at home. The property is scheduled to open some time this summer and the company claims it will be the first “truly groundbreaking” resort in Las Vegas in a decade. Resorts World Las Vegas will also have the distinction of being the most expensive property so far built in the city. And that hefty price tag carries implications for the group’s return on investment, with the operating environment having changed significantly.
- Asia Pioneer to enter the smart vending machine business
- Wynn participates in “Macao Week in Hangzhou” roadshow
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