eased for casinos
reported by the International Herald Tribune
government on Monday announced relaxed rules governing
Harrah's Entertainment, MGM Mirage and rival bidders for
the country's first gambling resort, after regulations
forced some companies to quit the process.
will not need regulatory approval for the layout of the
casino or have to offer a minimum or maximum number of
facilities for any particular game, the minister for home
affairs, Wong Kan Seng, told Parliament. The government
also scrapped a plan to control a casino's operating
& Broadcasting of Australia and the Macao gaming
billionaire Stanley Ho withdrew a joint bid in January,
following the lead of Tabcorp Holdings of Melbourne.
Singapore, which lifted its ban on casinos last April,
requires the winning bidder to pay a land fee of 1.2
billion Singapore dollars, or $740 million.
took into account the investors' feedback and suggestions
and decided to relax a number of operational controls on
the casino operator that may interfere with their
day-to-day operations," Wong said. The other bidders
are Las Vegas Sands and Genting of Malaysia, Asia's
biggest publicly traded casino operator.
casinos will be overseen by the Casino Regulatory
Authority, a body with the power to investigate the
operator's accounts, background and business connections,
Gold Reef says buys casino stakes
reported by Reuters
South Africa - South
Africa's Gold Reef Casino Resorts Ltd has completed the
refinancing of its black empowerment partner, Akani
Leisure Investments Ltd, and is spending some 300 million
rand on increasing stakes in some of its casinos, it said
Reef said it would spend around 115 million rand to
increase its stake in Garden Route to 73.9 percent from
company was also boosting its stake in the Goldfields
Casino in the Free State to 74.9 percent by buying a 62.5
percent holding from Tanglepark Trading for 136.5 million
rand, plus shareholder loans of 3.1 million rand.
had also bought a 6 percent interest in West Coast Leisure
for 7.8 million rand and has acquired Casinos Austria's
right to a royalty of 0.375 percent of Gold Reef's casino
operations for 42.4 million rand.
Reef shares rose 1.58 percent on the news, outpacing the
Johannesburg all-share index, which fell 1.54 percent.