Now, Louis XIII hotel in Macau has grabbed the honor by purchasing the largest Rolls-Royce Phantom fleet in the world. Hong Kong based luxury entrepreneur Stephen Hung has placed a record-breaking order for 30 Bespoke Extended Wheelbase Phantoms for his upcoming Louis XIII hotel. Macau owner of world’s biggest Rolls-Royce fleet to raise HK$1.7 billion to complete luxury casino.
Yip Hon (simplified Chinese: 叶汉; traditional Chinese: 葉漢; pinyin: Yè Hàn; Jyutping: Yip6 Hon3) (1904 – 7 May 1997) was a gambling tycoon in South China. His wealth was estimated to be HK$ 100 million.[when?] In his childhood, he stayed in Kong Mun of Kwangtung, and usually participated in gambling with his pocket money. He was nicknamed Kwai Wong (鬼王) (translated as Ghost King.)[1]
In his adulthood, he was in Macau, working for a casino of gambling tycoon Fu Lo Yung (傅老榕). He helped to crack down Teng Sik Tong (聽骰黨), a gang of gamblers, who won by listening dice. After the crackdown, he became famous, and went to Shanghai. He gained a great sum of wealth in the casinos there, by his technique in listening dice, and then opened his own casino.
He closed his business in Shanghai, and returned to Macau when the Second Sino-Japanese War broke out. He soon got a casino license in Macau, and cooperated with Stanley Ho, Teddy Yip and Henry Fok to form Casino Lisboa. He later left the company, after arguments over shares and the business. He then started a chariot racing business, which was unsuccessful. In 1988, he pioneered a gambling business in international waters, by purchasing a cargo converted cruise ship named Princess of the Orient, and later selling it off for the 港龍星 which was bigger and solely a cruise ship to begin with. He gained initial success, but was unable to deal with a large number of competitors later. He subsequently sold his business to Heung's Brothers.
A story about him circulated in the mid-1980s, on gambling in Las Vegas in the United States. He supposedly played for 32 hours continuously, involving more than 3,800 rounds of Baccarat. He ended up losing US$2 million. The owner of the casino offered him a Rolls-Royce if he could win back a million. Two days after, he won US$3 million and the car from the casino.
Death[edit]
Yip Hon suffered a heart attack, and died on 7 May 1997, at the age of 93, while poring over a horse-racing newsletter.
See also[edit]
References[edit]
- ^Bertil Lintner (2002). Blood Brothers: Crime, Business and Politics in Asia. Allen & Unwin. p. 112. ISBN1-86508-419-0.
The gross revenue decline Macau-based casinos have been reporting for almost two years was a result of the anti-corruption campaign of the Chinese government that made high rollers choose another gambling destination. The restrictions, applicable to Chinese tourists as well as the regulative measures against corruption are also said to be among the main reasons for the record downfall.
Paulo Martins Chan, the newly appointed director of Macau’s Gaming Inspection and Coordination Bureau, commented on the matter and said the worst was over and the rapid declines in gross gaming revenue that happened throughout 2015 are not likely to occur in 2016.
The gaming revenue for 2015 was down 34.3% as compared to the results for 2014.
Mr Chan remained confident that the decline for 2016 would be slight and added that he expects it to be under 10%.
According to released reports, the revenue generated in March was 16% down as compared to the numbers reported in February. February statistics also show that there was a 11.5% decrease in number of tourists travelling from Mainland China to Macau.
March was the 22nd consecutive month of a rapid decline. Macau’s casino industry has not reported an increase since May 2014, when the generated revenue was well over MOP32 billion.
Market analysts expect the revenue generated in April to be about MOP19 billion, which is in line with the revenues reported from the beginning of the year. The latest trends indicate that the industry seems to show signs of improvement, but compensating for the record losses and returning to the previous peak of MOP360 billion in annual revenue will take some time.
High rollers used to be the main source of revenue for Macau, but the anti-corruption campaign made Macau casinos switch focus from high rollers to mass market players.
However, the problem with the junket operators remains unsolved and casinos might even experience a further revenue decrease if the government starts working with new junket operators.
Junkets are companies that lure high roller players and lend them money. The industry has been struggling for 22 months, so if the new proposal that also includes raising capital requirements for new junkets passes, the casinos might experience yet another plunge in revenue.
New Casinos
As the transition from high rollers to mass market players is believed to be the key to long-term recovery of the local industry, the new casino resorts that are to open doors in the next few months, will be focused on ensuring gambling and entertainment facilities for both mass players and high rollers.
Genting Singapore Shuts Macau Subsidiary
Mere days ago, Genting Singapore representatives announced that the company was to shut down its Macau subsidiary. More than a decade ago, when Macau was a thriving gambling hub, Genting Group acquired Genting Star Ltd via Genting International Plc. Genting Group and Genting Star were said to join forces for the establishment of a casino resort located opposite the former Casino Lisboa site. SJM Holdings Ltd was pointed as the company that would run the casino property.
Wynn Palace
Wynn Palace will be the second Macau-based casino resort run by Wynn Resorts. Although the property was expected to open doors at the end of March, Wynn Resorts representatives announced that its launch will be postponed for June 2016. Wynn Palace will feature plenty of dining and entertainment facilities as well as a recreational area, a luxurious hotel and a spacious gambling hall.
The construction of the property will cost Wynn Resorts $4.1 billion. Since the opening is within a couple of weeks, Wynn has already started the recruitment process. As many as 2,600 employees will be hired. It was also announced that some of the casino workers, currently employed at Wynn Macau, located in downtown, will be transferred to the new property.
Louis XIII
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Louis XIII is a $1-billion casino resort, expected to open this summer. It will be intended mainly for well-off players. The complex will feature as many as 236 hotel rooms, boutique gourmet outlets, etc. What is more, the property owner has already purchased Rolls-Royce Phantoms that would be available for visitors who would like transport from the hotel or casino area.
The Parisian Macao
Sands China, a subsidiary of Las Vegas Sands, is in charge of The Parisian Macao construction. The latter is to open doors for visitors in the second half of 2016. Among other things, it is to feature a replica of the Eiffel Tower, a 3000-room hotel as well as a plethora of gambling options, a spa center, a theater, water park. The entire project is estimated at $2.7 billion.
The first quarter of 2016 was a pretty challenging period for Las Vegas Sands in terms of revenue. Both the Singapore and Macau-based properties reported unsatisfactory financial performance but yet, Sheldon Adelson reassured the company’s investors that signs of stabilization are observed in Macau.
MGM Cotai
MGM Cotai is the third casino property that will be completed towards the end of the year. The property construction is estimated at $3 billion. MGM Cotai will feature a comprehensive range of accommodation, recreational and shopping options. The property will be focused mainly on attracting mass market players. Representatives of MGM China, the subsidiary of MGM Resorts, promised innovations as far as entertainment facilities are concerned.
Labor Day Protest
May 1 is referred to as Labor Day in some Asian countries and two labor groups are planning to submit petitions to the government on that day. They will insist on more benefits for casino workers and the implementation of a complete smoking ban in all casinos on the territory of the Chinese administrative region. A march in support of these demands is also scheduled for May 1.
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Currently, VIP players are allowed to smoke at their tables while mass market players are allowed to smoke in airport-style smoking lounges. However, management is accused of turning a blind eye when players smoke at the tables, which exposes casino staff to health risks.
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Apart from the reinforcement of strict smoking policies, the two labor groups will also demand more reasonable benefits for the casino workers including more training opportunities as well as a salary increase.
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Macau casino industry has just entered an adjustment phase after the record slump and representatives of the two labor unions will demand protection of workers and their rights at times like these.