Macau May Reclaim Land From Casinos
23 March 2010
Fernando Chui, Macau’s Chief Executive, stated in a public policy speech that the Special Administrative Region of China may take back land promised to casino operators and use it for “other development purposes”.
Chui stated that the government would do everything in its power to reclaim land not being developed.
Several gaming insiders and analysts think this could be Chui’s way of slowing casino development, telling casino operators, most from Las Vegas, to submit plans for these sites or lose them. Most sites are on Macau’s Cotai Strip.
Chui stated: “The whole process will be made very transparent, but the land has to be taken back and some of it will be used for social housing”.
Gary Pinge, gaming analyst for Macquarie Securities told investors that the government wants to build residential properties in the middle to lower end market and that the reclaimed land could be put to that purpose. “Other than those casino developments already approved, any further applications for casinos will be tightly controlled,” Pinge said. “We believe that the underlying message is no further casinos will be built on Macau in the foreseeable future.”
Wynn’s $650 million Encore project is the only casino scheduled to open in Macau this year. Chui stated that new casinos would be allowed as long as they had approved construction plans.
Macau casinos collected $15.5 billion in gaming revenues in 2009, an increase of 14% from 2008.
13 June 2010New Danish Gambling Law Goes Back To European Commission
Due to complaints from land based gambling companies, the new Danish gambling law is headed back to the European Commission for further review.The complaint from the land based gambling companies is that the tax provisions of the new law are unfair.This comes following reports that Danske Spil, the former state online gambling monopoly, would have to abandon it’s online poker b2b deal with the world’s leading listed online gaming company, Party gaming.Read full article
27 May 2010UIGEA Law Takes Effect June 1st: What it Means to Online Poker and Casino Deposits
Just how this is going to affect everyone that plays online is still in question. The Bankers say that they do not know how they are going to implement this law, since it is so unclear and will take away the privacy from their customers. We will have to wait and see just what does happen when this law goes into effect. ORLANDO, FL, May 27, 2010 /24-7PressRelease/ — The Unlawful Internet Gambling Enforcement Act looks to be on track to go into full effect on June 1, 2010.Read full article
22 May 2010US Land Based Casinos and Foreign Online Casino Operators Getting Friendly?
Foreign online casino operators, the historic enemy of the US land based casinos, are getting all friendly like towards the US casinos. The new turn of attitudes is likely based on the billions of dollars up for grabs if and when the US legalizes and regulates online gambling. When the licenses go up for grabs, it will be beneficial for the foreign operators to have alliances in place with land based casinos in the US.Read full article