Monthly Archives: May 2020

Adrian Ho to lead Macau’s DICJ as of June 10

Paulo Martins Chan has been running Macau’s Gaming Inspection and Coordination Bureau (DICJ, for its Portuguese acronym) since the beginning of December 2015. However, with the goal of returning to the Public Prosecutions Office, he decided to vacate the position ahead of his December 2020 contract termination. Chan is going to turn over control to Adrian Ho, the former boss of the Judiciary Police’s gaming-related and economic crimes investigation unit and current advisor to Macau’s Secretary of Security. The transfer of power has now been confirmed, with Chan scheduled to clear his desk on June 9 to make way for Ho’s entry the following day.

Lei Wai Nong, Macau’s Secretary for Economy and Finance, confirmed the transition last Friday, adding that Ho is well equipped to assume the role and that the change was not an attempt to increase gaming regulations. He explained, “Regulating the gaming industry is a persistent work for the government, it is not future tense. No matter who is the DICJ director, we’ll continue with our regulation as usual to ensure healthy development of the gaming industry.”

Lei also made it clear that the casino tender process, scheduled for 2022, isn’t expected to be handled or differently, or be delayed, because of the handover. As he explained to the media, “The authority of making decisions about the gaming law [is] in the hands of the Chief Executive and the five Secretaries. The DICJ’s job is mostly to execute our decisions and policies.”

That position was reinforced by lawyers who specialize in gaming law and regulations in Macau. For example, Carlos Lobo, a Macau-based lawyer, told GGRAsia, “This change of leadership at DICJ [Macau’s Gaming Inspection and Coordination Bureau] will not bring many changes in regards to new regulations. Although probably different in style, both [men] have a strong legal background.” However, he added that Ho’s background in law enforcement gives him an “advantage in regards to practical issues as I’m sure he would have been aware of potential areas for improvement on coordination with not only other law enforcement agencies, but also with other jurisdictions.”

Silver Heritage on the edge of bankruptcy as it enters administration

It shouldn’t come as a shock to anyone that the coronavirus pandemic is going to force businesses of all kinds to step back and reevaluate their operations as economic losses continue to mount. Few industries, though, have been hit as hard as the casino realm, where venues literally dropped from making money to making zero in less than 24 hours. Some casino operators are going to be able to weather the storm more easily, supported by longevity and solid foundations that have allowed them to endure. Others, though, are going to have a more difficult time, especially if they were already suffering before the coronavirus punched the world in the gut. Silver Heritage Group falls into the second category, and has entered voluntary administration in an attempt to tread water until it can reach solid ground.

Silver Heritage was forced to call off its operations in Nepal soon after the coronavirus pandemic began. The company’s Tiger Palace Resort Bhairahawa and The Millionaires Club & Casino, Kathmandu suddenly found themselves in a bad way, after the company was already having to deal with setbacks that had cost it money. The Australian-listed gaming company announced today that it is now collaborating with KPMG, who it brought in as an administrator to help figure out what needs to happen to keep the company from sinking.

The voluntary administration is similar to bankruptcy protection in virtually every way. It will now allow KPMG to objectively dissect the company’s operations to look for areas that may be able to be used as financial flotation devices, and the sale of the Nepalese assets will once again be put on the table. That idea had come up previously and Silver Heritage almost secured a deal, but the potential buyers changed their minds.

Earlier this year, Silver Heritage picked up a loan for $1 million that allowed the company to continue moving toward the shore, but that piggy bank has gone dry, which is why the voluntary administration is necessary. It confirms in a statement, “The company had been exploring options to generate liquidity and prior to the emergence of COVID-19 had received expressions of interest from several parties in respect of possible transactions. However, as a result of the emergence of COVID-19 and the forced temporary closure of the company’s facilities in Nepal, the timing in relation to consummating one of the transactions has become uncertain.”

Star Entertainment confirms massive loan to complete Queens Wharf

Despite the economic fallout caused by the coronavirus, Star Entertainment Group isn’t deterred in its goal of building the massive Queen’s Wharf (QWB) casino resort in Brisbane. Expected to cost as much as $2.3 billion, the casino operator started looking for financing well before the current pandemic. If there was a chance that the funding would be lost as a result of the impact from the coronavirus, it can now be dismissed, as Star has confirmed that it has picked up AUD$1.6 billion ($1.3 billion) to keep the project moving forward.

The money had already been arranged prior to the global COVID-19 outbreak, and it would not have been surprising if the deal had died as the global casino industry is set to lose hundreds of millions of dollars. However, Star confirmed in a filing (in pdf) with the Australian Securities Exchange (ASX) last Friday that the funding is still intact, and that it has successfully executed the facility agreements related to the transactions. It explains, “The Star and its joint venture partners in the Destination Brisbane Consortium have now executed facility agreements for the QWB Funding on terms consistent with the commitments received. Thee terms were agreed prior to the COVID 19 pandemic and therefore reflect terms available in the market at that time. Conditions precedent for the QWB Funding are expected to be completed in June 2020, including relevant final approvals from the Queensland Government.”

The first installment of funds is expected to be handed over sometime next month, with a larger chunk to be provided early next year. The loan has a period of 5.5 years, which, according to Star, will give it three years of operating history before refinancing may be required. The money is “in proportion to the partners’ equity interests,” which is broken down into three parts – 50% held by Star and 25% held each by Chow Tai Fook and Far East Consortium out of Hong Kong.

Star isn’t the only Australian-based gaming-focused company to receive some positive financial news recently. Aristocrat Leisure Limited, the gaming equipment manufacturer and supplier, has picked up a new $500-million Term Loan B (TLB) product that it hopes will help it counter the losses incurred by the coronavirus. The loan will mature in 2024, and is expected to be formalized by the middle of this week.

“Tsitsipas and Zverev hate each other” Kyrgios and Murray blow up instagram

During the global Coronavirus pandemic, the art of bringing virtual sporting content to the masses has been one where legends have failed to make an impact while others have thrived. The outbreak of COVID-19 has forced everyone through a prism and viewing some through the aftereffects of simply chatting from home has highlighted just how many of our favourite sports stars are kept interesting by Media and PR outlets determined to do so to turn a profit.

Think of some of the English Premier League’s finest, reduced to entertainment rubble by the sheer force of personality of James Maddison. For fans of the Foxes midfielder, it was agonizing when his signal dropped and his image froze. For some of his contemporaries, sat mute on their sofas throughout, it was imperceptible if their WiFi crashed.

Tennis hasn’t been immune to this. Andy Murray was great to watch during the recent Virtual Madrid Open where he crushed the field laughing at himself and others while doing so. But for some others, it was just as easy to forget that they were even playing.

Cut to the action this weekend, then, and an organized chat between two of tennis’ most entertaining big hitters in Andy Murray and Nick Kyrgios. There was only one problem with the Instagram Live session – the kick-off time. While Murray was opening up the app and connecting to the video-sharing stream at 3pm his time in the U.K., Kyrgios was booting up at 12 midnight in Oz.

Teams of the Century: Chelsea 2014/15

As the 2014/15 season kicked off, a familiar face was back in the Chelsea dugout for the start of the season, as José Mourinho, who had departed Chelsea under a cloud in 2007 had cleared out players he didn’t rate such as Juan Mata in 2014, had built his new squad with the crucial purchase of Diego Costa from Atletico Madrid for around £32m.

While Mourinho’s first season had been one of dismantling the work that had gone before him, Mourinho’s second season was – as it often was during the Portuguese’s early managerial career – highly successful and ended with his team as champions.

The set-up for Chelsea in the 2014/15 season was breathtakingly simple. Protecting his ageing back four with players like Nemanja Matic crucial. New signing Diego Costa was the battering ram, with Didier Drogba the returning hero who was the back-up plan. Cesc Fabregas, brought in from Barcelona and Eden Hazard were the creative players given reign to cause chaos at the other end, with Willian and Oscar both contributing on that front too.

Chelsea’s tactics were to push forward and score early goals, preferably getting two goals ahead, then lock up the shop and play with brutal efficiency on the counter-attack. It worked like a dream in the first half of the season, and in particular the first four games, where Chelsea won 3-1 at Burnley, 2-0 at home to Leicester, 6-3 at Goodison Park and 4-2 at home to Swansea. Of those games, the nine-goal thriller away to Everton was a classic.

Is the NFL commissioner trying to renege on date with Dave Portnoy?

Last week, the founder of Barstool Sports, Dave Portnoy, was the highest bidder in a unique auction that would allow the lucky winner to spend an evening watching an NFL game with league commissioner Roger Goodell. Portnoy paid $250,000 for the opportunity, which will see Goodell invite the entrepreneur into his home when, and if, the football season gets underway. However, Goodell may not be totally pleased with the outcome of the auction, and might try to do something to sabotage it. There are even lines up on the odds of whether or not the encounter will take place.

Goodell and Portnoy don’t exactly see eye to eye on a lot of subjects. It could because the commissioner was slammed by Portnoy during “DeflateGate” in 2015. At one point, Portnoy became so incensed with Goodell that he began wearing a T-shirt of the commissioner sporting a red clown’s nose. Things got so heated that, last year, Portnoy was booted from Super Bowl LIII and banned from NFL Media Night.

The money raised was for a good cause – providing relief to those who have been economically impaired from the coronavirus. Portnoy is publicly excited about his ability to give some assistance, made possible by the acquisition of his company by Penn National Gaming, explaining in a video posted on Twitter, “Two hundred and fifty grand. A quarter Milly. That’s how much it cost me. Good charity. Great charity. I’m happy to give the money. Let’s help people. Let’s go watch some football, Roger. I got some questions. We got all day. Football takes, what, three, four hours? No handcuffs, no jail. I paid fair and square. I won. Quarter Milly. Me and you, Roger. Let’s put that money to good use. You know, I’m happy to donate it. Let’s talk.”

The NFL and Goodell saw the auction as a perfect opportunity to support financial relief efforts, but probably didn’t think things all the way through. If Goodell were to reject the encounter, the NFL would have to return Portnoy’s money and hold the auction again. That could lead to a weaker response and even a lawsuit by Portnoy for breach of contract. However, if the commissioner invites Portnoy into his mancave, there’s no telling what will happen. Portnoy admits that he is a “walking GoPro” and will have no qualms about airing everything he encounters, much to the chagrin of Goodell.

Sir Watts gives SCOOP players ‘The One-Two’ as Drinan equals record

Two massive names grabbed more poker glory over the last few days as Connor Drinan equaled Shaun Deeb’s SCOOP record and Mike ‘Sir Watts’ Watson proved that even if he’s multi-tabling, you still can’t hope to beat him.

At poker’s highest stakes, any consistency is incredible. Not only do you have to be in incredible form, but you’re also relying on others who barely put a foot wrong to make the odd mistake and then capitalize on it before they make the correction. You’re looking for chinks in armour as dense as the tightest chainmail.

Legendary warriors in online poker don’t come much bigger than Mike ‘Sir Watts’ Watson or Connor Drinan, both of whom have been two of the bigger winners in recent years on sites such as PokerStars, where this year’s record-breaking SCOOP is being held as usual.

Mike ‘Sir Watts’ Watson took down one SCOOP and finished as runner-up in another on a spectacular day for him at the felt. In Event #65, Watson was only behind Noah Boeken in the $1,050-entry 8-Game SCOOP tournament. With 193 entries including such poker superstars as Connor Drinan, Mike Leah and Talal Shakerchi, that was impressive enough, and bagged Watson a cool $29,098 for his efforts.

Every wrong word in the Will Kassouf and Griffin Benger WSOP Cooler

Four years ago, across one super-hot summer, the World Series of Poker dominated headlines not only in poker publications, but in the mainstream media too.

One hand defined the action, with British lawyer Will Kassouf the aggressor and Canadian Griffin Benger the assumptive hero. Both men held monster hands, but Kassouf’s pocket kings, the second-best starting hand in poker, were way behind Benger’s pocket aces.

A standard opening raise from Benger saw 875,000 in chips go into the middle. Kassouf’s three-bet to 2.3 million saw the rest of the players fall away. The two men were ‘heads-up’, and the mind games and war of words could begin. As legendary commentary from Norman Chad and Lon McEachern described at the time…

“A big hand at the wrong time… and we now will wait for Will Kassouf because this is his time.”

CalvinAyre.com is getting an upgrade

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