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Casino Magnate James Packer Says Macau Downturn Worse Than Anybody Imagined

Casino Magnate James Packer Says Macau Downturn Worse Than Anybody Imagined

James Packer (right) with Robert De Niro at the opening of the new Nobu Hotel in Manila, Philippines.

James Packer, the Australian billionaire and casino mogul, has admitted that Macau’s economic downturn was ‘more severe’ than any of the gambling hub’s operators could have foreseen.

Packer’s Crown Resorts derives 50 percent of its income from the 34 percent stake in Melco Crown, which owns properties on the Cotai Strip, including the lavish City of Dreams resort.

Just more than a 12 months ago, Macau was announced by Forbes to be one of many globe’s fastest-growing economies, and the spot’s casinos had been enjoying bi-monthly revenues equal to that of Las Vegas’ yearly haul.

But a crackdown that is unprecedented corruption and cash laundering by President Xi Jinping’s government regarding the mainland has halted the success tale and delivered revenues tumbling.

Financial Crackdown

The financial crackdown is element of an ongoing anti-corruption drive that has scared off the high rollers therefore the junket companies that once accounted for some 60 per cent of Macau’s revenue.

Tub thumping from Beijing has delivered shares into the regions casino companies tumbling. And also this, and also a new smoking ban, increased economic restrictions imposed on tourists, and a generally weak Asian economy has hit the region hard.

In April gross video gaming revenue fell 39 percent, year-on-year, to 19.2 bil Continue reading

Legendz Sports Case Yields Millions in Fines for Police Force Agencies

Legendz Sports Case Yields Millions in Fines for Police Force Agencies

Legendz Sports, which had been accused by prosecutors of offering Internet and telephone gambling services almost exclusively to US gamblers, will now forfeit profits in a controversial ‘equitable sharing’ payout to law enforcement.

Legendz Sports’ unlawful activities just aided police force agencies’ bottom line in brand New York and Florida.

That’s because various agencies in the Empire and Sunshine states are to benefit from $9.6 million in forfeited criminal assets for their roles in breaking up the illegal online gambling ring.

Forty everyone was arrested in April 2013 for tasks related to Legendz Sports, a company that handled over $1 billion in bets and managed a large system of overseas sports wagering websites.

Charges included racketeering, money-laundering, and wire fraudulence.

The truth began in Albany County, NY, with local police investigating two prison guards who have been suspected of acting as bookies for prisoners. After that, the investigation quickly spread over the US, as FBI offices in Miami, Oklahoma, and Boston coordinated with the Albany County Sheriff’s office to intercept thousands of phone phone calls and emails that would ultimately trigger the arrests.

The founder of Legendz Sports founder, Bartice ‘Luke’ King, from Oklahoma, is currently dealing with trial in Oklahoma City.

US Gamblers Targeted

Legendz sports, that has been initially based in Costa Rica before relocating to P Continue reading