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Archive for April 4th, 2019

Genting Subsidiaries Sell $1 Billion Bond to Finance Vegas Casino Construction

Resorts World Las Vegas owner sells $1 billion bond to finance its construction; property on track for late 2020 opening

Two subsidiaries of Malaysian casino and hospitality giant Genting Bhd priced on Tuesday $1 billion senior notes to fund the construction of Resorts World Las Vegas, a $4-plus-billion integrated resort currently under development on the Las Vegas Strip and slated to open doors in late 2020.

Genting told Bursa Malaysia that its wholly-owned subsidiaries Resorts World Las Vegas LLC and RWLV Capital Inc sold a $1 billion bond with a coupon of 4.625%. The notes are due in 2029.

One of the bankers on the bond deals has revealed that orders from investors have reached $3.8 billion. This indicates a strong demand from different investors, including ones from the United States.

The deal received a BBB+ rating by S&P. According to bankers, it is on a rare occasion that a project still under development with no cash flow and with construction risk is given such a rare investment-grade rating.

Genting said Tuesday that net proceeds from the issue of the 10-year bond would be used “to fund remaining costs associated with the design, development, construction, equipping, financing and opening of the Resorts World Las Vegas casino and integrated resort.”

The funds will also be used to pay transaction fees and expenses in relation to the offering and the senior secured credit facilities as well as for working capital and other corporate expenses.

First Las Vegas Strip Resort

Resorts World Las Vegas will be the first integrated resort to open doors on the Strip in more than a decade. The property will feature a casino, 3,400 hotel rooms, a number of food and beverage outlets, retail space, spa and wellness facilities, and meeting and convention space.

Genting has recently cleared a major legal hurdle that could have hampered the planned 2020 opening of the luxury resort. Last year, rival gambling operator Wynn Resorts sued Genting over the design of Resorts World Las Vegas.

Wynn Resorts claimed that Genting’s unfinished resort looked strikingly similar to its Wynn Las Vegas and Encore properties. Wynn Resorts’ flagship hotel and casino resorts are located right across the street from where Resorts World Las Vegas is currently being developed.

Wynn Resorts sued its rival gaming and hospitality powerhouse on five counts of trademark infringement, arguing that Genting had ripped off the signature concave facade of its own properties to used for its own resort. The owner of Resorts World Las Vegas dismissed those claims, saying that the property would look “dramatically different” once finished.

The two companies eventually settled their dispute off the court floor. Genting agreed to change the design of its luxury complex. The changes are not likely to delay the targeted 2020 opening of the property.

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The post Genting Subsidiaries Sell $1 Billion Bond to Finance Vegas Casino Construction appeared first on Casino News Daily.

Wynn Executives Concealed Sexual Misconduct Allegations against Steve Wynn

Top-level Wynn Resorts employees concealed key information about former boss Steve Wynn when the company was applying for a Boston casino license

Wynn Resorts executives intentionally concealed sexual misconduct allegations against the company’s founder and former boss, Steve Wynn, according to a report by the investigative team of the Massachusetts Gaming Commission.

Massachusetts regulators kicked off Tuesday a critical three-day hearing focused on how the Las Vegas hotel and casino powerhouse handled the multiple allegations leveled against Mr. Wynn by staff members and whether company officials hid information about those allegations.

The ongoing hearing could be the final step before MassGaming announces its final decision on whether Wynn Resorts is suitable to operate the $2.6 billion Encore Boston Harbor. The casino resort is slated to open doors in June.

Massachusetts regulators finally released Tuesday the 199-page report into the sexual misconduct allegations compiled by its investigative team after an extensive months-long probe into the matter. The investigation was launched shortly after the publication of a Wall Street Journal article in January 2018 that detailed a decades-long pattern of sexual misconduct by Mr. Wynn.

The MassGaming report concluded that a limited group of Wynn Resorts executives and employees have neglected the casino operator’s policies when it came to sexual misconduct allegations against the company’s former boss. The embattled businessman has maintained that the allegations were “preposterous.”

Wynn Resorts was awarded a license to build and operate a casino resort in the Greater Boston area in 2013. Back then, the company was subject to thorough checks into its suitability to operate the luxury property in the lucrative area.

According to MassGaming’s report, the executives’ “efforts at secrecy made it exceedingly difficult, if not impossible, for gaming regulators to detect this potentially derogatory information through typical regulatory means.”

The report went on that the actions of those executives contributed to a “culture where employees were reluctant to report” allegations against their boss.

Wynn Resorts Lauded for Its Efforts

Business experts and women’s rights advocates praised Wynn Resorts during Tuesday’s hearing for its efforts to eradicate a culture that made it possible for sexual misconduct allegations against its chief to remain concealed for decades.

Over the past year, the casino operator made sure that more women were hired to key leadership posts and were admitted to its board of directors. In addition, Wynn Resorts made sure to oust all executives that were found to have held back information about the sexual misconduct allegations against Mr. Wynn.

The company has submitted an 18-page document with its new controls of handling reports of sexual misconduct to the Massachusetts Gaming Commission shortly before the start of the three-day hearing.

The hearing continues today and tomorrow. During the remaining two days, MassGaming will continue collecting evidence from attendees which it will use when making its decision about the future of Wynn Resorts in Massachusetts.

The gaming regulator will likely need several weeks before announcing its decision. Based on information gained during the hearing, the investigation, and a number of other factors, the Gaming Commission could revoke Wynn Resorts’ license or place limitations to it, or fine the casino giant.

The company was recently slapped a $20 million fine by the Nevada Gaming Control Board but was allowed to keep its license in the state, despite being found to have failed to detect and handle the sexual misconduct allegations properly.

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The post Wynn Executives Concealed Sexual Misconduct Allegations against Steve Wynn appeared first on Casino News Daily.

Smile-Expo Debuts Zurich iGaming Affiliate Conference This June

It’s already been a busy year for Smile-Expo, and the event organizer is now gearing up preparations for yet another brand-new iGaming affiliate event

After the Prague iGamiing Affiliate Conference and the Minsk iGaming Affiliate Conference, both slated to take place later this month, Smile-Expo will next debut the Zurich iGaming Affiliate Conference, yet another premium event in its extensive portfolio.

After its tumultuous passage, Switzerland’s new Money Gaming Act took effect on January 1, 2019. It legalized the provision of online gambling services on the territory of the country, but outlawed international gambling operators.

Through seasoned industry experts, the Zurich iGaming Affiliate Conference will look to provide additional information about Switzerland’s new highly restrictive regulatory regime and how it would affect the iGaming and affiliate marketing sectors in the country.

When

The first-ever Zurich iGaming Affiliate Conference will take place on June 20, 2019.

The Swiss Federal Council is expected to issue the first online gambling licenses under the new regime by July 1, 2019, and event organizers have deemed it important to hold the event around that date. It is also important to note that July 1 will mark the enforcement of blocking measures that will shut the Switzerland’s doors to unlicensed foreign gambling operators attempting to service local gamblers.

Where

The Zurich iGaming Affiliate Conference will take place in the Swiss capital. Organizers are yet to announce the host venue for the event.

Who will find the event useful?

The conference is intended for casino operators, software manufacturers, game developers, and affiliates. Organizers expect Swiss land-based casinos, betting shops, affiliate networks, payment solution providers, law firms, PR agencies, tech laboratories, and international iGaming companies to attend the inaugural edition of the event.

Speakers

Organizers are yet to reveal the names of the event’s speakers.

Conference Agenda

The Zurich iGaming Affiliate Conference will be focused around the operation of online gambling services in the new restrictive regulatory environment. Specialists in the online gaming and affiliate marketing fields will provide delegates with tips and strategies of:

+ how to operate in Switzerland and Europe in compliance with the new laws;
+ how to discover the most profitable affiliate networks;
+ how to successfully promote an online gambling product through an affiliate network;
+ what are the newest promotional tools?

Other topics to be discussed during the Zurich conference will include responsible gambling, implementing a successful affiliate strategy, and what future holds for blockchain in the online gambling industry. Speakers at one of the sessions will also draw a comparison between the newly reorganized Swiss gambling market and that of Belgium.

The Demo Zone

Aside from the conference portion of the event, it will also feature a demo zone that will enable companies closely related to the iGaming and affiliate marketing sectors to exhibit their latest IT tools for online casinos, promotional solutions, and third-party services.

The Organizer

As mentioned above, Smile-Expo is an international event organizer with more than 13 years of experience in holding B2B events focused on a number of industries. The company is also set to hold the Prague iGaming Affiliate Conference in the Czech capital on April 18, 2019 and the Minsk iGaming Affiliate Conference in the capital of Belarus on April 24, 2019.

Head over to the official website of the Zurich iGaming Affiliate Conference to register for the event and find more information about its speakers and schedule.

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The post Smile-Expo Debuts Zurich iGaming Affiliate Conference This June appeared first on Casino News Daily.

Melco Awards Cyprus Casino Resort Construction Contract

A joint venture of Greek companies was awarded the construction contract for the City of Dreams Mediterranean casino resort

Integrated Casino Resort Cyprus Ltd. (ICR Cyprus) awarded Tuesday the concession for the construction of what would be the Republic of Cyprus’ first integrated casino resort to Avax – Terna J.V., a joint venture between Greek companies GEK Terna and J&P Avax.

ICR Cyprus revealed in a Tuesday statement that according to the principal contract, construction is set to begin early this month and is scheduled to be completed in 2021.

City of Dreams Mediterranean will be the first integrated casino resort on the territory of the Republic of Cyprus and Europe’s largest property of this kind. The luxury resort will be built over 37 hectares of land in the western part of the city of Limassol. ICR Cyprus said Tuesday that the property will be constructed to the “highest sustainability standards to adapt to the natural environment.”

The complex will feature a 16-story hotel tower with 500 guest rooms, including multi-bay suites with garden balconies, an expo center, MICE facilities, an “extensive poolscape area” with four outdoor pools, Jacuzzis, and other amenities, an expansive children’s playground, and multiple dining facilities.

The casino portion of the resort will feature more than 100 gaming tables and 1,000 slot machines. The gambling venue will operate under the Cyprus Casinos brand, the local casino operation of Hong Kong-listed gaming and hospitality giant Melco Resorts & Entertainment. Melco and its Cypriot business launched last June a temporary casino near the site where the main resort would be built as well as two of four satellite casinos – one in the Cypriot capital, Nicosia, and one at Larnaca International Airport.

Construction Scope

ICR Cyprus said Tuesday that the scope of work in the principal construction contract includes the construction of all resort facilities on the designated 37 hectares of land, including the central podium building which will house the casino floor, world-class dining facilities, convention and conference facilities, luxury retail space, and a spa and wellness center with an indoor pool. The podium will also include the main hotel entrance, staff areas, plant rooms, and operations facilities.

City of Dreams Mediterranean is expected to create 4,000 jobs during construction phase and 2,400 permanent jobs once fully operational. According to early projections the luxury resort will generate €700 million per year for the Cypriot economy after year two of operation, which represents around 4% of the annual GDP of the tiny Mediterranean nation.

Commenting on the award of the construction contract, Melco CEO and Chairman Lawrence Ho said Tuesday that the move “marks the beginning of the construction of City of Dreams Mediterranean and demonstrates [their] ongoing commitment to the project as well as to Cyprus.”

Avax Chairman Christos Joannou said that they are honored to be taking up an important project that “will drastically change the entertainment and tourism industry for both Cyprus and Europe.”

According to recently released data by the Cyprus Gaming and Casino Supervision Commission, the nation’s temporary casino in Limassol and two satellite casinos in Nicosia and Larnaca drew 470,000 customers during their first months of operation. Gamblers wagered more than €210 million and were paid out €175 million, the local regulatory body said. Two more satellite casinos – one in Paphos and one in the Famagusta area, are expected to open doors later this year.

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The post Melco Awards Cyprus Casino Resort Construction Contract appeared first on Casino News Daily.


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