From yesterday's Hotels online newsfeed
September 13, 2007 Thursday
Harrah's gains Macau play with golf course
Neil Gough
South China Morning Post
"Harrah's Entertainment, the world's largest casino company by revenue, has acquired the Orient Golf Course on Macau's Cotai Strip casino-development zone, according to a source.
If approved for casino-resort development, the site could be worth HK$21 billion to well over HK$30 billion based on recent Cotai casino-land deals.
The Orient Golf purchase gives Harrah's its first footprint in Asia after failed bids for gaming licences in Macau in 2002 and Singapore last year. It also instantly delivers the 70-year-old Las Vegas-based company the second-biggest plot of land among all casino developers in the world's largest gaming market.
At about 7.6 million square feet, the site is second only to the neighbouring 8.7 million square foot parcel claimed by Las Vegas Sands Corp, which recently opened the Venetian casino resort and is building a total of 14 hotels on Cotai at a cost of US$11 billion to US$14 billion." ....
"Two other substantial Cotai sites are understood to have been earmarked by the government for development by both Wynn Resorts and a joint venture between MGM Mirage and Pansy Ho Chiu-king." .....
"It remains unclear what price Harrah's is paying for Orient Golf, which was privately controlled by a Taiwanese investor and a Macau partner. While the Las Vegas firm does not have a Macau gaming licence, analysts and industry observers have speculated it may target licence-holders Galaxy or Melco PBL in a revenue-sharing deal to co-operate on the operation of casinos." ...
for the complete story see:
http://www6.lexisnexis.com/publisher/EndUser?Action=UserDisplayFullDocument&orgId=616&topicId=12552&docId=l:669071489&start=7&nid=3457
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