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澳门的 赌博 中介公司 risk losing their game
By Farah Master
澳门 | Sun Jul 8, 2012 5:33pm EDT
(Reuters) - The shadowy companies that bring China's millionaires to the 赌博 tables of 澳门 are facing their toughest time since the 2008 collapse of Lehman Brothers, and some of the smaller players may soon drop out of the game for good.
These 中介公司 operators, who extend credit to rich gamblers and then collect any debts in exchange for a hefty commission, bring in about 70 percent of 赌博 revenue in 澳门, the world's most profitable gaming destination. They accounted for $22 billion in revenues last year when business was booming.
Licensed in 澳门, 中介公司 help collect debts in China although their presence on the mainland is in a legal grey area. Part money lenders, part luxury concierge service, they often host China's elite in extravagant suites or palm-fringed pool villas owned by the billion dollar casino companies.
When it comes to collecting debts, indelicate means are not unknown.
But back-to-back months of disappointing 澳门 gaming growth show how China's slowing economy has hurt business in the only place in the country where Chinese nationals can legally gamble in casinos. China's surprise interest rate cut on Thursday may not be enough to turn the tide.
Monthly turnover ascribed to China's super-wealthy VIP rollers contracted year-on-year in June for the first time since 2008.
奥玛仕控股有限公司 (0959.HK), once among the most profitable players in 澳门的 中介公司 industry, warned investors on June 29 its financial health had deteriorated so badly that it could cast doubt on the company's survival.
Five days earlier, 奥玛仕控股有限公司的 biggest shareholder was savagely beaten with hammers and sticks while dining at a restaurant in a 澳门 hotel where the company holds a 25 percent stake in its casino section.
Although the attack did not appear to be related to the company's financial woes, it revived images of a violent gang-ridden past that 澳门 has tried hard to bury as it moves to transform itself into Asia's answer to Las Vegas.
The health of the 中介公司 industry is critical for 澳门的 casinos, including those owned by U.S. 赌博 titans - Sheldon Adelson's Sands China (1928.HK) and Steve Wynn's Wynn 澳门 (1128.HK). 澳门的 gaming revenues are six times that of Las Vegas.
澳门, a 50-minute ferry ride from Hong Kong, has more than 200 registered 中介公司 companies, also known as 贵宾厅 operators. When the Chinese economy weakens and liquidity is scarce, they have a tougher time collecting debts and recycling the funds as fresh loans.
"On average, repayment period is around 15 days. Now some gamblers are asking for 2-3 days longer. Only if it is a very special situation will we consider it," said Kenny Leong, chief executive of Nasdaq-listed Asia Entertainment and Resources Ltd (AERL.O), one of 澳门的 top ten VIP 赌博 room promoters.
LESS ADEPT
Smaller 中介公司 are particularly affected by slower growth, industry experts say, because they're generally less adept at collecting debts.
"(The larger players) keep your travel documents, passport or ID (identification cards) until you pay them. They essentially hold you in custody. If you don't pay, they will ask your relatives and friends to come and pay," said 澳门-based political analyst Larry So.
奥玛仕控股有限公司, controlled by 澳门 贵宾厅 operator and attack victim Ng Man-sun, operates through profit-sharing deals with 中介公司. It is still battling to reclaim HK$1.9 billion ($245 million) it indirectly lent to high rollers at Melco Crown's (MPEL.O) Altira casino in 2007 and has relied on its investment in 澳门的 希腊神话赌场 for the bulk of its revenues since then.
希腊神话赌场, which is owned by former 澳门 kingpin Stanley Ho's 澳博控股公司 (0880.HK), is located in the hotel at which Ng was publicly attacked last month.
In a filing to the Hong Kong stock exchange on June 29, 奥玛仕控股有限公司 said its liabilities exceeded current assets by HK$9.9 million ($1.28 million).
"This condition indicates the existence of an uncertainty which may cast significant doubt about the group's ability to continue as a going concern," the company said.
One casino executive said 中介公司 had already cut back on credit extension.
"中介公司 have stopped extending as much credit but could a situation like 奥玛仕控股有限公司 happen again? For sure," said the executive, who declined to be named due to the sensitive nature of the issue.
BIGGER PLAYERS TO DOMINATE
Hoffman Ma, deputy chairman of 实德环球有限公司 0478.HK which has a joint venture with casino king Stanley Ho's 澳博控股公司 (0880.HK) to operate 澳门 casino 十六浦娱乐场 said smaller players would get swallowed into larger 中介公司 rather than stop operations.
"It will more likely be the big guys dominating," Ma said in an interview at Ponte 16's French-themed lounge.
海王国际集团有限公司 (0070.HK), the listed arm of one of 澳门的 biggest 中介公司, said in February it was looking to buy more 贵宾厅 operators in 澳门 and in other Asian countries.
Leong, the CEO of big 赌博 room promoter AERL, said his company was hoping to take advantage of the deteriorating economic environment to acquire smaller 中介公司 operators within the coming year.
Some 中介公司 are eyeing capital markets to fund expansion, although that will entail shining a brighter spotlight on companies used to operating away from the public sphere.
AERL said in May it was considering a listing in Hong Kong alongside its Nasdaq-traded shares. Other firms including Tak Chung Finance, an affiliate of one of 澳门的 biggest 中介公司 operators, and Sun Finance, tied to 澳门 中介公司 SunCity, are also considering public offerings. |
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发表于 2012-7-9 06:26
发表于 2012-7-9 09:53
