ï»¿Melco Crown Calls Sheldon Adelson’s $10 Billion Bet on Japan, Hard Rock Scrambling for Partners
Melco Crown Entertainment won’t be intimidated by Las Vegas Sands billionaire Sheldon Adelson’s comments this week that he’s ready to spend up to $10 billion on building a casino in Japan.
Melco Crown CEO Lawrence Ho says there’s no cap on how much his company is willing to spend on an integrated casino resort in Japan.
Hong Kong businessman Lawrence Ho, the billionaire son of Stanley Ho who held a gambling monopoly in Macau for 40 years, told reporters soon after hearing of Adelson’s pledge that his company is prepared to invest even more. During the same investor conference in Tokyo, Ho explained, ‘We’ll absolutely spend whatever we need to win.’
Japan legalized commercial casinos last fall, but hasn’t determined the specific regulations for the newly liberalized industry. The country’s parliament is working to decide how many gambling licenses will be issued, but the general consensus is that just two properties will be authorized.
In a press release unveiling Melco Crown’s integrated resort concepts for Japan, Ho added, ‘There currently is no predetermined cap on our intended investment. I prefer not to constrain our dreams… with price tags, particularly at this early stage.’
Melco Crown Entertainment was founded in 2004 through a partnership between Melco International Development and James Packer’s Australian Crown Resorts.
Between Rock and Hard Place
With Adelson, a man w Continue reading Melco Crown Calls Sheldon Adelson’s $10 Billion Bet on Japan, Hard Rock Scrambling for Partners
ï»¿Pennsylvania Sports Betting Bill Introduced, Penn State Football Popular at Sportsbooks
A Pennsylvania sports betting bill has been introduced by State Rep. Rob Matzie (D-District 16) that seeks to allow residents in the Keystone State to place financial wagers on sporting outcomes should a federal law be repealed.
James Franklin’s Penn State football team provided large payouts for fans who backed the Nittany Lions last fall, and a Pennsylvania sports betting bill has been introduced to keep those monies inside the Commonwealth.
House Bill 519 would allow the business of accepting wagers on sporting events or on the individual performance of athletes. Traditional Vegas sports betting formats including straight bets, moneylines, parlays, exchange wagering, and pools would all be authorized. However, Matzie’s bill wouldn’t legalize daily fantasy sports.
‘Sports betting is a $400 billion business in the United States,’ Matzie said in a statement. ‘Most of that betting takes place illegally, through bookies and offshore wagering companies. This bill would position Pennsylvania’s casinos to be among the leaders in sports betting as soon as the legal hurdles are removed.’
Those legal hurdles are complex, as sports betting is currently outlawed in all but Nevada. For that to change, a federal statute passed in 1992, the Professional and Amateur Sports Protection Act (PASPA), would need to be repealed by Congress.
Pennsylvania is currently considering a massive gambling expansion packa Continue reading Pennsylvania Sports Betting Bill Introduced, Penn State Football Popular at Sportsbooks
ï»¿As Rome Burns, Putin OKs Crimea Gambling Zone
Russian president Vladimir Putin, dealing with sanctions that are economic signs in a legislation that may create a ‘gambling area’ in annexed Crimea. But could their timing be any worse?
The old story about Roman emperor Nero fiddling while his city burned to the floor features a mythic quality that could be used to Vladimir Putin today. Facing an international scandal after Russia’s seeming involvement in shooting a Malaysia Air passenger jet out of the sky, the Russian president has chosen now to ok a new gambling zone in Crimea; a small region just to the south of Ukraine, where the horrific incident took spot week that is last.
Of course, unlike Nero, Putin continues to be firmly accountable for all things Russian, and it has borne the brunt of surprisingly little international outrage over the incident which was allegedly carried out under their military’s auspices.
Putin signed into effect a legislation this week which will transform the annexed territory of Crimea into a gambling zone for Russian holidaymakers. Within the light of recent events in Eastern Ukraine, Putin, faced with the prospect of increased US/EU sanctions, could quite possibly have chosen a more moment that is apposite make this specific announcement, but he could be nothing if not bull-headed, and it is clear he is determined to make the region economically self-sufficient.
Russia annexed the territory that is largely russian-speaking the Ukraine in M Continue reading As Rome Burns, Putin OKs Crimea Gambling Zone
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