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Cotai Phase 3 of Galaxy under construction, Amax Holdings secured credit | 24th December 2012 : WorldCasinoYellowPages

Cotai Phase 3 of Galaxy under construction, Amax Holdings secured credit, court cases against junket operators by Melco Crown

... 24 December 2012

Cotai Phase 3 of Galaxy under construction, Amax Holdings secured credit, court cases against junket operators by Melco Crown

As per assessment made by the Analysts, the conclusion of the year 2012 will be quite worrisome for Macau as game play by VIP customers as well as monthly gaming incomes is on the decline. More than this, the attack by Beijing on the casino operators of Macau is another factor of concern. Upon appearance of concluding figures, an income growth at the rate of 17% to US$ 3.4 billion or MOP 27.5 billion is looked forward by Citigroup. Somewhat little than this, Sterne Agee hopes for 16% rise in the incomes. On the other hand, the growth rate as expected by Nomura falls in the range of 12-15%.

It has been reported by Galaxy Entertainment Group Ltd., the Macau Casino operator to Bloomberg that the company is planning to use up $6.5 billion in the expansion of Phase 3 process of its Cotai Strip. Keeping in view, the middle-class families, Galaxy projects to dedicate 95% portion of the 10m sq. ft. land, to trade and amusement opportunities. It will consist of a theatre with 2,000 seats, concert area with 10,000 seats and a shopping center. May be, all this is done on large part to make an impact on the legislators of Macau. It is because they have informed that casinos which are at present under assembling stage will be provided progressively more limited table games. It will be done in correspondence with the non-gaming mechanism. The working of Phase 3 is anticipated to be completely started by 2016.

To keep up a strong table count in Macau is quite insignificant. It was informed by Jornal Tribuna de Macau that the Greek Mythology casino working under the license of SJM Holdings witnessed income returns of $8.25 million or MOP 65.9 million in the month of November. These figures have come down by 85% as compared to the figures for the month of October and by 91% in comparison to the month of August. All this happened due to the resolution made by the casino in summer season to give back the privileges to SJM for 40 gaming tables. Greek casino witnessed total incomes for the first 11 months of the year at the value of MOP 2.29 billion which was down by 64.5% annually.

The riches of Amax Holdings Ltd, the casino operator which possesses around 25% shares in Greek Mythology Casino have also passed out with the Greek casino. Amax witnessed a loss of around $2 million in the six months which concluded on 30th Sep., the company has secured its 800 million shares or more than 19% of its equity to a company named G Capital Ltd. Amax disclosed the credit in its short-term report submitted with the Hong Kong Stock Exchange on Monday. As per calculations made by Macau Business Daily on the basis of latest stock prices of Amax, the credit amount will be near to US $ 25.9million or HK$201 million.

Another conflict is going on among two VIP gaming supporters and Melco Crown Jogos, the casino operator in Macau. Ng Kim Wah is brought to court by Melco Crown for not paying the loan worth US$ 2.56 million or MOP 20.5 million. It happened only after two months of the court case in opposition to Ng and his company named Sat Fat Sociedade Unipessoal Ltda for a loan worth MOP 40.5 million. Star 888 Ltd. published a commercial two years back, the topic of which was Ng. In the advertisement, Star 888 denied accountability for numerous deals made by Ng with some definite persons. It is to be noted that Ng is an ex-worker of Star 888 and his unexpected departure in Dec. 2010 made the company to incur loss.

Further, an additional court case has been submitted by Melco Crown in opposition to junket operator named To To Promocao de Jogos Sociedade Unipessoal Ltda for not paying a loan of MOP 29.5 million as informed by Macau Business Daily. As per information provided by the fiscal reports of Melco Crown for the first half of 2012, the company depended upon junkets for 53.8% of its income which even though declined by 61.6% in comparison to past year. Melco Crown was payable US $411 million by the junkets during first six months of 2012. Out of this, the chances for payment of $100 million is uncertain while $37 million were not paid back even after passage of a time span of 90 days.

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