However, due to Asian traditions, there may be secrecy or even negative feeling towards Adult products and services industry that limit its growth.

In recent years, there is a trend of delivering healthy messages and attitudes to the general public on this industry to enhance its potential growth.

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Technorati Tags: asia adult expo, venetian arena, venetian macao

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It is ironic that visitors come to gape and gawk at the chandeliers, the fountains, man-made canals and brand name stores while nearby, narrow lanes with quaint-sounding names like Rua dos Negociantes and Avenida de Carlos da Maia are waiting to be explored.

To say that the year-old Venetian Macao-Resort-Hotel (it even needs more hyphens than an ordinary hotel) is massive is like saying Bill Gates is reasonably well-to-do, reports APP.

This place is so big some rooms have different zip codes. While Gates himself would probably choose to stay at the just-opened Four Seasons Hotel next door (he does own that hotel management company, after all), more than 80,000 others pass through the portals of The Venetian each day, most of them headed for one of the 750 gaming tables and 3,000 slot machines spread across the hotel’s casino floor.

The recreation zone where The Venetian sits is known as the Cotai Strip, on a 5.2 sq km section of reclaimed land that now links the two former islands of Coloane and Taipa in the Pearl River Delta, just across from peninsular Macau and its more well known tourist attractions.

In about the same amount of time it takes to spin a roulette wheel, this once-rural part of Macau — even sleepier than old Macau town — has been transformed into one of the biggest tourist destinations in the world.

It is both interesting and astounding that in close proximity to Cotai — not much further away than the length of The Venetian complex itself — it is possible to venture into a part of this SAR (Special Administrative Region) that provides a glimpse of the way things used to be. You might call it The Real Macau.

In historic Taipa Village (or Tamzhai in Cantonese), on what was once Taipa Island’s southern shoreline, there still remains a section that is a living testament to Macau’s centuries-old cultural heritage and its colonial past. The town, not more than a warren of little streets and tiny pedestrian lanes, still functions on a daily basis as a village rather than as a tourist attraction.

Here, in small, multi-hued buildings with stained walls, peeling paint and laundry hanging out on bamboo poles, lives The Real Macau.

Sitting on benches in the shadow of a $14 billion development that will eventually comprise 14 resorts and 21,000 hotel rooms, locals linger around small square tables, attired in shorts and singlets, chatting and watching the world (literally) pass them by.

In Cotai, there’s not much conversation to speak of, but there’s plenty of noise nevertheless, as players curse or cheer their cards and scream for the dealer to go bust. This is the surreal scene at 3 o’clock on a sunny weekday afternoon, so just imagine what it’s like in prime time.

It is somewhat ironic that visitors come to gape and gawk at the chandeliers, the fountains, man-made canals and brand Alternatively, take a walk down Rua do Cunha, a small lane lined on either side with stores selling local snacks and foodstuffs.

It’s worth noting that Taipa’s name is apparently derived from the Cantonese term dai ba — meaning “a lot” — and in this context, it is entirely appropriate because there’s so much to discover.

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The company’s loss widened to HK$7.43 billion (US$955 million), or HK$1.89 a share, from HK$267.8 million, or 8.1 Hong Kong cents a share, a year earlier, it said in a Hong Kong stock exchange filing today. Sales declined to HK$5.39 billion from HK$6.33 billion.

Galaxy, which owns the StarWorld casino in the only Chinese city where casinos are legal, is competing with U.S. operators including Las Vegas Sands Corp. and Wynn Resorts Ltd. The loss included a one-time, non-cash writedown of HK$8.17 billion related to its Macau casino operating license.

“The first half has been a challenging period,” today’s statement said. Galaxy’s business “was impacted by lower than expected gaming volumes as a result of increased competition and increased commission to junkets.”

Excluding the gaming license writedown, the company made an operating loss of HK$385 million, compared with a profit of HK$56.6 million a year earlier.

Junket operators bring VIP gamblers from other parts of China and Southeast Asia in exchange for a cut of the amount they wager. VIPs accounted almost 70 percent of the city’s total gambling revenue in the first half.

Macau in 2006 surpassed the Las Vegas Strip as the world’s biggest gaming hub. The city may overtake the whole of Nevada and New Jersey combined as early as this year, Las Vegas Sands Chairman Sheldon Adelson said last month.

Stock Slump

The number of casinos in Macau has nearly doubled to 31 since the city’s government ended billionaire Stanley Ho’s 40 year-monopoly of the gambling market in 2002.

Galaxy’s shares have lost 66 percent of their value this year, double the drop in the benchmark Hang Seng Index, as investors shunned Macau casino stocks because of increased competition and the Chinese government’s new restrictions on mainlanders traveling to Macau.

Mainland gamblers make up about 60 percent of Macau’s visitors, with Hong Kong and Taiwan contributing most of the rest, according to government statistics.

Galaxy said it is expecting to open the 2,200-room Galaxy Mega Resort near Macau’s Cotai Strip in the third quarter of next year. The company currently operates four City Clubs, VIP-only casinos, in addition to its flagship StarWorld.

Permira Advisers, Europe’s biggest buyout firm, bought 20 percent of Galaxy in October, its first Asian investment. The sale helped Galaxy cut its debt by 29 percent and raise cash to complete the Cotai Mega Resort.

Galaxy won’t pay an interim dividend.

Technorati Tags: galaxy starworld, macau casino, cotai strip

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The list includes Alfred Dunhill, Bulgari, Burberry, Cartier, Christian Dior, Dolce & Gabbana, Franck Muller, Gucci, Prada and Versace.

The news comes amid concerns that Macau’s luxury retail sector may be heading towards over-supply, and that proposed visa curbs by the mainland authorities may slow visitor numbers. Morgan Parker, president of The Mall developer Taubman Asia, said that the duration of stay by mainland tourists remained critical, and forecast that the visa curbs may actually assist in this regard, if mainland tourists are allowed to travel to Macau once every six months, instead of the current once every two months. Parker added that with the launch of Macau Studio City, the new Cotai Strip area in Macau would reach critical mass.

The US$2.5 billion development also includes gaming and entertainment, along with the world’s first Tang Hotel, by David Tang. “Even though some parts of the Cotai Strip are still construction sites, by the end of the decade, there will be 150 square feet of retail per hotel room in Macau, compared to 300 square feet of retail per hotel room in Las Vegas.”

Parker said a shortage of talent remained a pressing issue in Macau. “There is sufficient time before 2010 for training institutes to train qualified manpower.

Tags: macau studio city, tang hotel, cotai strip, gucci, cartier

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The US$1.3 billion in financing was to have been completed by now. “Given the current capital market conditions, it has taken much longer,” Taubman Chairman and CEO Robert Taubman said.

“The credit markets are just terrible,” he said in a conference call with analysts a day after the upscale mall owner and operator reported a fall in second-quarter earnings, Reuters reports.

Taubman also cut its forecast for the full year, in part because of costs related to the project in Macau.

The company, based in Bloomfield Hills, Michigan, has partnered with Hong Kong-based eSun Holdings Ltd for the retail portion of Macao Studio City on the Cotai Strip, a casino, hotel, retail and entertainment center.

Plans call for Taubman to acquire a 25 percent interest in The Mall at Studio City and ultimately invest $200 million.

The venture also involves Hong Kong’s Lai Sun Development and Singapore’s CapitaLand.

“All parties are participating in a 24/7 effort to complete the financing and move forward on the project,” Taubman said

Given the tough conditions, the partners may have to put more equity into the deal, he said.

“Meanwhile, leasing is progressing extremely well,” Taubman said. “Over half of the center is committed in one form or another and the majority of tenants have posted deposits.”

The company’s funds from operations, a performance measure for real estate investment trusts, fell 3.8 percent in the second quarter, mainly because of higher pre-development costs, including those related to the Macau project.

When the joint venture agreement was struck in February, Taubman put down a $54 million deposit, which is held in escrow until the financing has been completed.

That forced Taubman to expense the interest, which trimmed its bottom line.

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In the interview with Bloomberg TV Pansy Ho discusses about the latest Macau government measures to curb a gambling expansion in the city, the potential impact on the second MGM Mirage casino venture on the Cotai Strip, and SJM Holdings Ltd.’s trading debut in Hong Kong.

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However, SJM has trimmed its expectations quite significantly since its most recent attempt to go public in January when it was testing the market for a deal of up to $1 billion.

The price range has been set at between HK$3.08 and HK$4.08 a share. The 1.25 billion shares on offer are all primary and represent 25% of the company. The 15% greenshoe, if exercised, could bring a further 187.5 million shares into the deal and boost the total deal size to $752 million. The international offering accounts for 85% of the shares being offered, while an initial 15% has been earmarked for Hong Kong retail investors—up from the normal 10%, suggesting that the company is expecting the deal to be popular with the Hong Kong public. And it may well be right. In the past, Hong Hong investors have been known to come out in force specifically for companies that they are familiar with, as Business Week reports.

SJM runs 19 of Macau’s 29 casinos, and is top in terms of market share and gaming revenue. Across its venues it has 305 VIP gaming tables, 1,100 mass market gaming tables and 3,700 slot machines. Its origins can be traced back to Sociedade de Turismo e Diversoes de Macau (STDM), the former monopoly that is controlled by Macau gaming tycoon Stanley Ho and which dominated gaming in the former Portuguese colony before the liberalisation of the industry in 2002.

The introduction of competition—including American market entrants, such as Wynn Resorts and Las Vegas Sands—has proven a mixed blessing: the opening of large American casinos has helped to vastly increase the gaming revenue in the area, but at the expense of SJM’s market share. In 2005, SJM took 85% of Macau’s VIP gaming revenue and 58% of the mass market revenue, in 2007 this had dropped to 38% and 48% respectively. Despite the decreasing market share, SJM’s revenues have remained fairly stable at HK$30 billion to HK$34 billion per year. And the top line is expected to hit HK$42 billion in 2010, when a number of projects will be completed.

One research report notes that during the time it ran a monopoly, as STDM, “it neither felt strong competitive pressure nor the need to inject massive capital to upgrade its casinos when existing properties were generating strong recurring cashflow. But with the fierce competition from some of the world’s top casino operators, SJM has embarked upon a number of initiatives to bring its products into line with the competition.”

As part of this plan to expand, it has been building new properties. In February 2007, its new flagship casino, the Grand Lisboa, opened; and this February the casino at Ponte 16 opened its doors for business.

More properties are on the way. In the Lisboa district, it is building L’Hermitage, a club-style casino focusing on richer clients, which is due to be completed in the third quarter of 2008. In the same area, it is purchasing a 2,885 square metre plot of land for a future development. It also has plans for two developments on the Cotai strip, one to be completed in 2010, the other to be finished in 2012.

Of the proceeds raised during the IPO, 40% will be used for project funding, 50% will be used to purchase land for new developments and the remaining 10% go towards working capital.

More buildings and land increases the company’s exposure to Macau’s booming real estate sector and the intention is for the new projects to stop the gradual decrease in SJM’s Ebitda margin, which has narrowed from 12% in 2005 to 6% in 2007. The research report holds that margins will stabilise in 2008, and eventually rise to 7% as the company puts into place cost-saving measures and new mass-market service agreements.

SJM’s price range values the company at 10.1 to 13.4 times its predicted 2008 earnings, which is much cheaper than its major competitors. US-listed Las Vegas Sands is currently trading at 82 times 2008 estimates, and MGM and Wynn are trading at 22 times and 29 times respectively.

A recent report by Globalysis is bullish on Macau’s prospects in 2008: despite the concerns created by the downturn in the global economy, the research firm believes that Macau will experience a 28.8% increase in gross gaming revenues. The reasons cited include the growth in the number of developments, an ever wealthier Chinese clientele, and some more punters coming across from the Beijing Olympics.

An SJM IPO has been in the pipeline for a number of years, but has been consistently delayed due to legal disputes between Stanley Ho and his sister Winnie. Stanley Ho directly owns 10% of SJM and is also the controlling shareholder of STDM, which owns 80% of SJM’s equity.

One source described the disagreements between the two as the “most vitriolic fight over a major asset in recent Hong Kong history”. Concerns brought up by the regulator in connection with these legal issues caused the deal to be pulled at the last minute in January, but a separate source said the fact that the IPO has now got to the stage of a formal roadshow proves that the legal issues have been resolved.

That may be, but investors might wonder why the company has decided to come to market during a period when Hong Kong IPOs are routinely trading down—the worst example being Chongqing Machinery and Electric Co, which has lost nearly 30% since its debut earlier this month.

Deutsche Bank is the soul global coordinator and bookrunner for the offering, while BNP Paribas and CLSA are advising on the deal. Pricing is scheduled for July 3 and the trading debut is planned for July 10.

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Cotai Waterjets said the expanded service, which runs between the Hong Kong-Macao Ferry Terminal at Shun Tak Centre and the Taipa Temporary Ferry Terminal, will serve the public interest by easing traffic and reducing the immigration border crossing time at the ferry terminal on the Macao peninsula.

The scheduling details related to the expanded new service, as well as the launch date of the services, will be provided in the near future, the company said.

CotaiJet service is fully managed and operated by Cotai Chu Kong Shipping Management Services Co., LTD of Hong Kong using ferries purchased by a wholly-owned subsidiary of Las Vegas Sands Corp.

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In the first quarter of the year, Sand’s lost US$2 million, down from a profit of almost US$40 million last quarter and almost US$91 million during the first quarter of 2007. Income from the Venetian Macao and Sands Macao dropped from USD133 million in the last quarter of 2007 to USD.4 million in the first three months of this year.

“We lost significant amounts of market share of the VIP business …. It’s clearly an unsatisfactory result,” said Bill Weidner, president and chief operations officer, during a first quarter conference call.

As a result the company has decided to compete with other operators offering junkets — which bring in and finance high roller players — by providing higher levels of commission and access to credit. “Today, we’ve already responded and adjusted our commission rates to be more competitive in the VIP marketplace, with two principal objectives,” said Mr Weidner.

“One, growing our VIP market share and two, increasing our cash flow generated from this portion of our business.” In the past the company has been reluctant to offer credit to operators or players due to the potential difficulty of collection and the fact that bad debts are still taxed as revenue by the government.

However a new junket-aggregator at Melco PBL Entertainment Limited’s Crown Macau providing agents with access to lines of credit has seen many operators lose market share over the last three months. “We were talking about our provision for bad debts, is basically non-existent here in Macau. And it’s almost like a bank that doesn’t have a few bad loans they are probably out lending enough money,” said executive vice president, Brad Stone.

“We have expanded credit to our junket reps and as we’ve talked in the past we have done somewhat collateralised by the commissions we owe them. We are going to look at that as well and probably extend more credits to the junket reps themselves those who have performed well.” The results should start showing at the end of this month, the company said.

Overseeing the changes will be management flown in from the USA.

The President of the Las Vegas Venetian and The Palazzo and Senior Vice President of the company, Rob Goldstein will fly into Macau next week together with Mr Weidner to “focus on the evolving VIP market and the direct customer marketing environment in Macau,” said Mr Weidner. “As he will be there next week as will I, we can and we will execute better in the near term,” he added.

Mr Stone has already arrived in Macau to cut operating costs at the company’s two casinos. With a renewed focus on profitability Sand’s is aiming to open the new casino in the Four Seasons property — scheduled for opening in July — without hiring any additional personnel.

“We can operate our current facilities; The Sands Macao, The Venetian Macao more efficiently. Brad Stone is in Macau now heading up a swat team to rationalise operations as we prepare for and open the Four Seasons,” said Mr Weidner.

VIP gaming at the Four Seasons
Part of the new approach with VIPs will see the company dedicate much of the casino space in the Four Seasons development to VIP gaming. The ground floor of the casino will be dedicated to “premium” players brought in directly by the company, while above will see two floors of junket rooms and eventually each of the property’s planned for 19 mansions will house a casino.

Frustrated with the government
Although looking forward to seeing how the government implements the announced commission controls and limitations on new casinos, Sand’s remains frustrated with the approval process for its remaining plots on the Cotai Strip. Although work has started on its plots 3,7 and 8, it is yet to receive formal approval for the developments.

“We have just been frustrated because of some of the challenges within the government, based upon the scandal that happened here in an area that related to the Public Works Department,” said Mr Stone. “There has definitely been a slowing in the pace throughout Macau, of approvals,” he added.

Sheldon’s fantasy — casinos 10 percent of development
Company chairman Sheldon Adelson hopes last week’s announced casino restrictions will result in the closing of the smaller casinos which hire out VIP rooms, he said during yesterday’s conference call. “My fantasy is such, I mean when we first got involved in Macau we were assured that it would take a couple of years to phase out the VIP rooms,” said Mr Adelson.

“I think the announcement by Edmund Ho last week was a reaction to pressure he has gotten from both us and hopefully we don’t know for sure, because we are not that convinced about that kind of pressure, from the Chinese Liaison Office, that the way the development was going was not what they originally intended for it to be.

“So, we are hoping that our goal is to turn a city of seedy backwater gambling dens into a city of convention, business travel, and business and leisure travel, where the casino represent no more than 10 percent of the total amount of space.”

Courtesy :: Macau Daily Times

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City of Dreams will be a must-see integrated urban entertainment resort that will combine electrifying entertainment, stylish nightclubs, an amazing array of accommodation options, top-notch dining, world-class shopping as well as a spacious and contemporary casino.

“Our dreams are taking shape. In approximately one year, City of Dreams will begin to welcome visitors from all over the world,” said Lawrence Ho, Co-Chairman and CEO of MPEL at the topping out ceremony. “Macau is transforming from a gaming-focused destination into a leisure hot spot. City of Dreams will continue to drive this phenomenon and usher in a new era of gaming and entertainment in Macau.”

In addition to approximately 2,200 guest rooms and a wide range of restaurants and bars, City of Dreams will offer a kaleidoscope of entertainment options including stylish nightclubs, live music venues, free attractions and the spectacular Dragone show. The resort will also incorporate a 420,000-square-foot casino with over 550 gaming tables and 1,500 gaming machines.

One of the iconic landmarks of City of Dreams will be a free attraction that will provide visitors with a totally immersive experience, unlike anything they have seen in Asia or elsewhere in the world. Housed in a unique dome-shaped theatre, the production will combine high-definition video content, a customized music score, thousands of theatrical lights and a variety of sensory effects to create a spectacular 10-minute visual extravaganza that is sure to become a must-see for every visitor to Macau.

Renowned for spectacular and imaginative productions, Dragone will stage a permanent show at City of Dreams. Founder Franco Dragone will personally direct the breathtaking water-themed show, created specifically for City of Dreams, which is due to open in Macau in the second half of 2009.

A variety of musical performances by well-known regional acts, emerging artists and cover bands will be staged at a live concert venue that can accommodate up to 1,500 people.

The different styles of accommodation at City of Dreams will meet the diverse tastes of the wide spectrum of visitors the resort will attract from Asia and around the world. The options will include Crown Towers Cotai, Hard Rock Hotel, the Grand Hyatt’s twin towers and the apartment hotel, which will together provide over 2,200 guest rooms and suites. Each hotel will also offer its own individual spa and leisure facilities.

“We introduced the Crown brand into Macau in 2007 with the opening of Crown Macau, which has quickly become the property of choice for high-rolling VIP customers in Macau,” said Mr. James Packer, Executive Chairman of Crown Limited, and Co-Chairman and Director of MPEL. “We are very excited about extending the Crown brand in Macau, which is synonymous with a luxury six-star experience, through the opening of the Crown Towers Cotai at City of Dreams. City of Dreams is testament to our optimism about the future rapid development of the Macau market.”

City of Dreams will also feature a broad range of restaurants, noodle bars, cafes and lounges. These food and beverage venues will be located throughout the resort offering fine dining experiences as well as casual meals.

The resort will be home to some of the world’s most sought-after and acclaimed brands, with approximately 175,000 square feet of boutiques featuring high-end fashion labels as well as premium jewellery and watch brands.

Phase one of the City of Dreams resort will feature the casino, restaurants, retail boutiques, nightclubs, the iconic audio visual attraction, Crown Towers and Hard Rock Hotel. Phase one will be completed during the first half of 2009 with the date of the grand opening to be set early next year. The operation of the entire City of Dreams will require the support of 12,000 employees, which the company intends to recruit through a series of career fairs in Macau and throughout Asia starting in the summer of 2008.

With permission :: Melco PBL

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