Caesars Completes Sale of Its Interests in South African Casino Resort
As reported by Business Editors/Casino Writers

LAS VEGAS, Nevada - Caesars Entertainment Inc., one of the world's leading gaming companies, today completed the sale of its ownership and management interests in Caesars Gauteng, a casino resort near Johannesburg, South Africa, for approximately $145 million. Net after-tax cash proceeds from the sale are expected to be approximately $100 million, which will be used to reduce outstanding debt under the company's credit facility.

Under the terms of the transaction, Peermont Global Limited, a South African luxury hotel and casino company, and its economic empowerment partner, Marang (East Rand) Gaming Investments, jointly acquired the 25 percent interest held by Caesars' South African affiliate in the company that owns Caesars Gauteng. Peermont also acquired Caesars' 50 percent interest in the company that manages the South African casino resort.
Caesars Entertainment expects to record a pre-tax gain of approximately $95 million on the transaction in the first quarter of 2005.

Situated near the Johannesburg International Airport, Caesars Gauteng features 276 guest rooms and suites, a casino with 1,640 slot machines and 67 table games, ten restaurants, an award-winning spa, a 1,000-seat showroom, an indoor roller coaster and theme park, a unique retail concourse and extensive conference facilities. As a result of the transaction, the resort is being re-branded.

Stanley Ho to open floating casino?
As reported by PhilStar.com

MACAU - Macau gambling magnate Stanley Ho is back and is set to open his floating casino in Manila Bay, Ilocos Norte Rep. Imee Marcos claimed yesterday.

Marcos said an influential Chinese-Filipino businessman and a former ambassador have been instrumental in lobbying with the Arroyo administration for Ho's return and for his gambling franchise to operate, though she did not name the businessman or former envoy.

She said that besides dealing directly with Ho, the Philippine Amusement and Gaming Corp. (Pagcor) is doing business with known Ho associates Lin Wei Cheng and Cheng Yu-tung.

However, Malacañang has disavowed any knowledge of Ho's reported moves to revive his plans to open the floating casino in Manila Bay.

"That is the first time we've heard of it," Presidential Spokesman Ignacio Bunye said. "We don't even know if that floating restaurant is still afloat."

He recalled that Ho's proposed floating casino did not open because it was unpopular. He also said Pagcor cannot enter into any venture that is not provided for in its charter. Pagcor spokesman Edward King said Pagcor never had any dealings with Ho, adding that the gaming body has not received any application from Ho to operate a casino in the Philippines.

"We do not have any dealings with Mr. Stanley Ho," King said. "There was no application for casino operation or any floating casino."

Under the law, King said, only Pagcor may operate casinos and issue gambling permits. "On (a more) personal basis, what is wrong with Mr. Ho? He is, in fact, a papal awardee and one of the most respected businessmen in Macau."

King also challenged Marcos to identify the former ambassador and businessman who are the sources of her information. He also challenged Marcos to check with the local government of Pasay City and find out if Ho will indeed be engaged in operating the floating casino.

Marcos said the unnamed former ambassador had called in favors from his links with powerful people in Malacañang and the Catholic Church to ensure that Ho's reentry into the country's casino operations would be smooth.