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I was surprise also last year when we dropby at RW Manila just to check if yun buffet lunch promo is still out there. Yun membership card was free all you have to do fill-up a form and present a valid gov't. ID. Yun RW Manila membership card is being validated inside the casino itself. Upon getting inside whoa... I was surprise only a small number of foreign tourist is playing on those slot machine and majority are locals. My impression before yun casino is supposed to cater yun foreign tourist gambler but right now its the other way around. Ang daming pinoy inside some of them are oldies pinoy balikbayan playing those slot machines. The best part pa dyan no show money to present before you enter the placeOriginally Posted by BeerhandBop
Kaylan kaya magkakaroon ng Songdo IBD version ang Pinas
This project has a bit of a hiccup thanks to good 'ol corruption & greed, it might be delayed (or cancelled?).
A partnership that built two Macau casinos that together bring in three-quarters as much revenue as the entire Las Vegas Strip ended in the middle of the night with an email.
Bearing the subject line, "For Okada," the Sunday morning email informed Japanese gambling tycoon Kazuo Okada that Steve Wynn was dumping him and that Wynn Resorts Ltd. was forcibly buying out his 20% stake at a big discount. What's more, Mr. Okada wouldn't get the bulk of his cash for 10 years.
The Wynn hotel in Macau. Wynn Resorts' two casinos there generate 70% of its total revenue.
A few hours earlier, Mr. Okada had been sitting in a hotel conference room in South Korea listening over the phone as the Wynn board in Las Vegas heard accusations from a private investigator that Mr. Okada had made improper payments to gambling regulators in the Philippines. When he couldn't understand the translation of the meeting, Mr. Okada began shouting during the call, according to a person familiar with the call.
On Monday, Mr. Okada said he would sue to block the board's "outrageous" action and accused it of operating like a "star chamber." A spokesman for Wynn Resorts followed with a terse statement: "Mr. Okada's challenges to the board process are a desperate attempt to divert attention from his misdeeds."
The disagreement is the latest in a boardroom battle that first burst into the open in January when Mr. Okada sued Wynn Resorts, questioning whether a $135 million gift the company made to a private university in Macau on government-owned land was appropriate.Shares in a company controlled by Mr. Okada tumbled Monday. His Universal Entertainment Corp. fell the maximum amount allowed on the Jasdaq stock exchange in Japan, dropping 21% to ¥1,516 ($19.05); early Tuesday, shares were trading at ¥1,515. Shares in Wynn Macau Ltd., a Wynn Resorts unit traded in Hong Kong, rose 3% to 20.90 Hong Kong dollars ($2.70); early Tuesday shares were trading at HK$20.95.
Messrs. Okada and Wynn came together in 2000 after Mr. Wynn lost control of casino operator Mirage Resorts Inc. in a takeover by Kirk Kerkorian's MGM Grand Inc. Mr. Okada invested $260 million in Wynn Resorts, which at the time consisted of an old casino on the Las Vegas Strip that Mr. Wynn had bought and shut down with plans to redevelop. He later increased that by $120 million. In 2006, Wynn opened its first of two casinos in Macau. The company now gets about 70% of its revenue from Macau.
In a 2006 company legal document the two referenced "the spirit of friendship and cooperation that exists between" them.
Wynn Resorts co-founder Kazuo Okada in 2007. Wynn bought out his 20% stake in the company at a steep discount.
The board's move came after an internal investigation of Mr. Okada's alleged actions with Philippine regulators, conducted by Louis Freeh of Freeh Sporkin & Sullivan LLP, found Mr. Okada to be "unsuitable" based on Wynn Resorts' internal regulations. Mr. Freeh is a former director of the U.S. Federal Bureau of Investigation. The report was viewed by The Wall Street Journal. Mr. Freeh is out of the country and couldn't be reached.
"It's really a dirty war," said Cristino Naguiat, the top gambling regulator in the Philippines, who denied he had received any improper payments.
Behind the feud is a hard reality facing U.S. casino companies that are now seeing the vast majority of their growth and profits in Asia. Macau last year generated $33.5 billion in revenue, or more than five times that of Las Vegas, while Singapore in two years has become one of the biggest markets in the world with just two casinos. Other Asian countries, including the Philippines, are getting into the game.
U.S. companies are seeking licenses and other approvals to expand in Asia but are under rising scrutiny by U.S. regulators looking into charges of bribery and other practices in the region. Wynn competitor Las Vegas Sands is under investigation by the Securities and Exchange Commission and the Department of Justice for possible violations of the law that prohibits U.S. companies from paying bribes overseas, which the company denies.
Casinos occasionally oust executives or partners at the behest of regulators or during an investigation by regulators, but legal experts say they haven't heard of such a move before a regulatory investigation.
Under Nevada casino law, a company isn't required to remove someone before regulators find them unfit so long as it cooperates with a probe and turns over information to authorities, according to experts in Nevada regulatory law. The company says it intends to "communicate" with government authorities about its investigation. "We'll do our own independent review and come to our own conclusions," said Mark Lipparelli, chairman of the Nevada Gaming Control Board.
In January, Mr. Okada sued Wynn Resorts, questioning whether the $135 million gift the company made to the private university in Macau "is an appropriate use of corporate funds." Wynn has asked a court to dismiss the suit, saying it was full of "innuendo, hyperbole, half-truths and sweeping generalizations." The accusation prompted the SEC to begin an investigation into Wynn earlier this month.
Mr. Okada is beginning his own investigation into the donation and has directed attorneys to interview people about the donation, according to a person familiar with the matter.
In coming legal disputes, Mr. Okada is likely to argue he wasn't given a fair chance to present his case to the board and was targeted because he is a whistleblower who raised concerns about the donation, the person said.
The company says the probe was sparked by statements from Mr. Okada at a February 2011 board meeting that suggested that gifts to Asian officials might be appropriate. He later denied making those statements.
At the heart of Wynn Resorts' charges against Mr. Okada is the claim he spent $110,000 on hotel rooms and other perks at Wynn casinos for gambling regulators in the Philippines, where he has recently broken ground on a casino. Investigators working for Wynn Resorts were able to track Mr. Okada's spending at the casinos because Mr. Okada used an account with Wynn Resorts tied to Mr. Okada's company, Universal Entertainment Corp., according to the report. The account was set up in February 2008, the same year he began seeking to build a casino in the Philippines, the Wynn report says.
Many of the expenses listed were between $1,000 and $5,000, according to the report. In one case in September 2010, according to the report, Universal paid around $50,000 in expenses for a lavish trip to Macau by Mr. Naguiat, the current chairman of the Philippines Amusement and Gaming Corporation, a government corporation that operates casinos in the Philippines and licenses and regulates them for third parties.
Mr. Naguiat and family members were registered as "Incognito" VIP guests and stayed at the most expensive accommodation in the Wynn Macau, which rented for $6,000 a day, the report says.
The report says Mr. Okada's staff asked for cash to be delivered to the group for shopping and gambling.
In a statement issued by the Philippines gaming authority, Mr. Naguiat said he did receive free accommodations and some meals but nothing else at Wynn Macau, and he called that a normal practice in the industry.
News here in Vegas, Steve Wynn decided not to join the Okada group in developing the resort in the Philippines. The image of the Philippines as a corrupt country is still on the back of the minds of many investors including Wynn. Not only corruption but bribery on how Okada handled his dealings with local authorities regarding this mega-resort.
Steve Wynn for his part bought out Okada and his shares with their business venture in Asia and Las Vegas to the tune of $1.9 billion if I am not mistaken.
After nila gastusin ang billion-billiong pera ng taong bayan for these projects, pag medyo kumikita na ng malaki, saka nila gagawan ng issue porke corrupt si ganito or nalulugi kuno, tapos saka naman nila ipa-privatize yung mga establishments at ibebenta sa mga Cronies nila using yung funds na kinurakot din nila sa kaban ng bayan as payment! Pwe!
Tiba-tiba nanaman mga cronies ng ABNoy dito! Istilo nyo bulok!
Kelangan na kasi talaga mapasa yung FOI Bill para matigil na ang kurapsyon sa Pilipinas. Tanggalin narin yung perception na privatizing government assets is a "good" thing instead of figuring out ways to run it efficiently and cost-effective (mas madali ng gawin yun kung meron nang full transparency sa Government Spending, bwiset talaga mga unaudited Government Funds!)
In hindsight, maganda yung target nila na Manila Bay which is heavily polluted! Kung gagawan nila ng mga resorts yung mga problem areas na heavily polluted or may heavy population ng mga squatters, then I believe that would be a good thing.
Just make sure na lahat ng kinikita ng mga establishments na pinondohan ng tax payer's money eh babalik rin sa budget ng gobyerno instead of sa bulsa ng mga kurakot! (Again, FOI Bill kelangan dito)
On the other hand
(Reuters) - It is getting busy in Cristino Naguiat's spacious 5th-floor office overlooking Manila Bay.
The chairman of gambling regulator Philippine Amusement & Gaming Corp is fielding calls and booking appointments to meet possible investors in a sprawling gambling and entertainment project his government hopes will rival Las Vegas in five years.
Among them: Casino billionaire Francis Lui of Galaxy Entertainment Group Ltd and executives from Melco Crown Entertainment Ltd, controlled by Australian billionaire James Packer and the son of Macau gambling mogul Stanley Ho.
"There is growing interest. The fact that in just two weeks I have had two visitors from big companies in Macau says something about it," said Naguiat, a veteran of the gaming industry.
its very clear that the Entertainment City will be a big threat to Macao/vegas and it will directly affect it's casino earnings . With that statement alone, investors will surely be excited with their current projects in Pagcor city.
Belle Grande of Henry SY
kumusta naman iyan?
wala akong masabi kasi kahit magkaroon pa niyan, kung marami pa rin ang nagugutom at naghihirap, malaking insulto pa rin yan sa karamihan nating mga kapwa-Pilipino.
nagdurusa! habang iilan lamang ang nakakaabot ng mga ganyang mga lugar, ang isang ordinaryong mamamayan ba ay kayang pumunta kung unang una niyang tinitingnan ay ang isusubo ng kanyang pamilya, mag-isip naman sila ....
pagandahin muna nila ang ekonomiya, kaalinsabay ng pag-angat ng mga mahihirap at ordinaryong mamamayan, para lahat makikinabang sa mga proyektong ganyan ...
ang mamumuhunan lang diyan ay ang mga mayayaman, unti-unti nilang gagawing kalunos-lunos ang bansa, sa mga mata ng mga ordinaryong Pilipino ..... Mamamangha na lamang ang ilan ngunit walang garantiya na daranasin nila ang makapunta ni makatuntong sa ganyang mga mamahaling lugar.
dapat na nga iprivatize ang pagcor nagiging source of corruption. Dapat regulatory body na lang pagcor katulad sa las vegas meron sila nevada gaming commission di dapat kinokumpetensya ng gobyerno ang mga private casino vs state owned casino. dapat ibenta na ng pagcor yung mga casino na pag mamayari nila.
Sa billyong mga ninakaw nila sa Pork Barrel nila, eh simple lang makahanap ng mga "proxy" para sa mga cronies din lang nila ibenta..
I'm highly suspicious of ANY attempt to privatize any government assets, especially since pondo ng taong-bayan ang ginamit to establish it.
Edit: You're saying it's corrupt? Then list in detail the process HOW it gets corrupted and WHO are the people corrupting it. Then we can figure out the ways to fix it. Hindi porke sira ang isang bagay eh automatic tapon na kaagad.
PAGCOR could be very profitable for the government if run efficiently. Keyword here is efficiency..
It needs to be cost-effective so (tanggalin yung mga overpriced staff and officials kung meron) Again, as I said we need more transparency in all of our Government Spending. (FOI Bill needs to be able to give us online details of every Government Transaction,Budgets, etc..)
FYI, Foreign tourists ang puntirya nito at hindi mahihirap na filipino na palamunin ng mga tax payers
FYI din.. Lalago ang ekonomiya dahil sa PACGOR CITY.
FYI din walang mahirap kung nag-aral sila at hindi nag family computer o tamad ang mga ninuno nila.
FYI hindi naman pwede na lahat mayaman.
“The Philippines, with its scenic environment and world-famous Filipino hospitality, is an excellent location for the next huge entertainment tourism hub in the region,” said Universal Entertainment Corp. Chairman Kazuo Okada. “Considering its proximity to China, South Korea, Japan, Singapore and Hong Kong, Manila has a competitive advantage over other major Asian cities.”
it is true that i do not have proof because there are cases yet to be filed or pending cases that has to be resolved by the court against the previous chairman of Efraim Genuino and others.
PAGCOR sues ex-chairman Genuino, 26 others
when it comes to the list that is the problem an auditor assigned by the COA can simply turned a blind eye and not make one especially if the chairman of the pagcor is an ally of the President of the republic.
who may not be keen on getting rid of corruption I am not even certain if the next administration would try to follow-up on what the previous administration has done. which has turned worse from ramos -erap and gma.
I agree that running a state owned casino can be very profitable [B]IFrun properly but then again i am not certain if the next administration whoever that maybe may try to circumvent funds for there own pleasure.
I believe that goverment should not get involved in private businesses and should be service oriented. Concessions in Public projects and infrastucture should be adapted.
maybe key legislation that would safeguard and regulate on how funds from gambling profits can be spent wisely without Political influence. But how is that possible when congress is so focused on the impeachment and there is a looming impeachment against another SC justice and by next year it's already re-election.
^To make things simpler. pass the FOI Bill, the problem has always been about the lack of transparency in Government Transactions, Budgets, Salaries, etc..
We now have have the technology to implement this and allow the public to monitor Government Expenses. The FOI Bill shouldn't just apply to this case. It should be applied to ALL levels of the Government. Tignan lang natin kung makapangupit pa sila sa Kaban ng Bayan.
Malamang Sidestep nanaman yung mga Tongressista at mga Senatongs sa pagpasa ng FOI Bill and abolishment ng Pork Barrel.
Eto ang dahilan kaya sa tingin ko mas oks kung implement narin ang E-Democracy/Representative Democracy Hybrid.
In a decade's time, magiging mas mura na ang mga smartphones with internet acces. Kelangan lang natin gumawa ng systema to allow free public access to basic internet and then we create a functional E-Democracy!