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Articles by David Green
Pensions and Inheritance Tax: Time to revisit your estate planning?
For many years, pensions have occupied a privileged position in estate planning. While they have always been subject to their own tax rules, they have generally sat outside an individual’s estate for Inheritance Tax (IHT) purposes. That long-standing position is set to change from April 2027. The government’s proposals, first announced in the Autumn Budget 2024, will bring most unused pension funds into scope for IHT calculations.
North Central College: Achieving the Gold Standard in Business Education
North Central College recently reached a significant milestone in its long and rich history as a leader in business education. In April, AACSB International (AACSB) announced that North Central had earned accreditation of its programs in the School of Business and Entrepreneurship. Widely considered the gold standard in business education, AACSB accreditation is an external marker of excellence held by just 6 percent of business schools worldwide.
That sinking feeling
David Green – a former Australian gaming regulator, advisor to the Macau government and at one time a director of the State Government Insurance Corporation in Adelaide (South Australia’s largest general insurer at the time) – explores how rising sea levels could present future challenges to Cotai’s integrated resorts and proposes a possible means of damage control. As I write, my home state of Victoria is on fire.
Half-year Results
AIM: CFX COLEFAX GROUP PLC ("Colefax" or the "Group") Half Year Results for the six months ended 31 October 2024 Colefax is an international designer and distributor of furnishing fabrics & wallpapers and owns a leading interior decorating business. The Group trades under five brand names, serving different segments of the soft furnishings marketplace; these are Colefax and Fowler, Cowtan & Tout, Jane Churchill, Manuel Canovas and Larsen.
The public interest puzzle
Former regulator David Green questions whether allowing Star Entertainment Group to continue operating in Sydney is in the interest of the public or the company’s shareholders. On 17 October, the Chairman of the New South Wales Independent Casino Commission (NICC) announced its planned action in response to the findings of the second inquiry into the Star casino conducted on its behalf by Adam Bell KC (Bell).
Re-imagining suitability? Well, nota really
David Green queries to what extent regulators consider whether the associates of casino licensees have the necessary skills and experience to do the jobs they’ve been hired for.
Re-imagining suitability? Well, not really
David Green queries to what extent regulators consider whether the associates of casino licensees have the necessary skills and experience to do the jobs they’ve been hired for.
Important Changes to Employment Law – A month-by-month guide - Fraser Dawbarns Solicitors
5th March 2024 Share: by David Green, Solicitor, Senior Legal Counsel January 2024 In January 2024 changes were introduced to holiday pay and working time, which you can read about here. National Insurance Contributions The class one National Insurance contributions were reduced to 10%. Working time daily records Having now left the EU, daily records of working time have been relaxed and Employers can keep such records of compliance as they deem fit.
OPINION: The MGM Resorts casino hack … where was the regulator?
The hacking of MGM Resorts’ computer and data storage systems in September last reportedly cost the group around US$100 million in EBITDAR, according to its SEC filing dated 5 October 2023. Having personally experienced the impact of the cyberattack, I believe it would have suffered even greater losses, but for the apparent slow response of its casino regulator, the Gaming Control Board. Let me explain.
David Green: Now is the time to break the United Kingdom's commercial dependence in China
David Green is CEO of Civitas. The age of unfettered globalisation is now over. It is now widely accepted that buying whatever we want at the lowest price available anywhere in the world now comes second to national security. Above all, nations that fight wars of conquest against weaker neighbours are not worthy trading partners. But is this change of direction just a temporary response to Vladimir Putin’s unforgivable aggression, or are permanent changes in the world order implied?
No Sporting Chance
While release of the Macau government’s position paper on changes to the gaming law have eased investor concerns, it has also revealed the absence of any near-term plans to allow sports betting in the city’s casinos. The release of the Macau government’s draft bill on changes to be incorporated into its general gaming law has allayed many of the concerns expressed by industry stakeholders during the consultation period.
Forward Focused
Global gaming giant IGT heads into 2022 looking to put the COVID-induced challenges of the past two years behind it. Michael Cheers, IGT’s Sales Director, Asia, discusses the company’s plans for the region over the next 12 months. Ben Blaschke: It’s been a long two years for suppliers around the world, but particularly in Asia. How are you feeling about where IGT is placed heading into 2022? Michael Cheers: I agree, the last couple of years have been challenging for the industry for many reasons.
Cyber Pandemic: The very real threat
The growing threat of cybercriminals targeting businesses globally is one that integrated resort operators must take seriously. The past year has witnessed the onset of a cyber security pandemic that remains rampant, with a 168% year-on-year increase in cyberattacks targeting organizations across the spectrum. In Macau alone, the Judiciary Police recorded a 400% rise in computer crime cases in 2021, compared to the previous 12 months.
Game Changer
Sandra Douglass Morgan, former Chairwoman at the Nevada Gaming Control Board and current director at Caesars Entertainment Inc, will present as core program faculty at Regulating the Game – a prestigious 5-day regulatory education program to be held in Sydney from 7 to 11 March 2022. Morgan spoke with IAG ahead of this year’s event. Ben Blaschke: We head into 2022 with the COVID-19 pandemic still impacting the world but with hope that better days wait in the year ahead.
Laying Down The Law
The final version of Macau’s amended Gaming Law, which is set to be finalized in early 2022, and the subsequent re-tendering of gaming licenses will set the scene for Macau for decades to come. For so many years the undisputed heavyweight champion of the global gaming industry, Macau heads into 2022 on the precipice of a bright new era.
Annie Chan - Keeping it local
Inside Asian Gaming sits down with Annie Chan, Aristocrat’s Operations Director in Macau, to find out more about her career journey. Inside Asian Gaming: Can you tell us a bit about your background? Annie Chan: Although I was born in Hong Kong, I was raised in Macau and here lies my whole childhood. After high school I went on to study in the US and start my career there in Information Technology.
Las Vegas Sands records US$315 million net loss, stays EBITDA positive in 4Q21
Las Vegas Sands reported net revenue of US$1.01 billion from its Asian operations in the three months to 31 December 2021, broadly in line with the same period last year as the COVID-19 pandemic continues to impact tourism into Macau and Singapore.
DICJ cuts number of licensed junkets to just 46 in 2022
The number of licensed VIP gaming promoters in Macau has been slashed by almost half in 2022, falling below 50 for the first time since the junket licensing regime began some 20 years ago, according to information published by the Gaming Inspection and Coordination Bureau (DICJ) on Wednesday. The DICJ’s list shows just 46 licensed junkets in 2022, down from 85 a year ago and well below the peak of 235 back in 2013.
Analysts positive on Wynn’s UAE ambitions but skeptical on timing
A plan by Wynn Resorts to develop the first ever integrated resort with gaming in the United Arab Emirates looms as overwhelmingly positive for the company, according to industry analysts, although efforts to launch by 2026 are seen as ambitious. In a Wednesday note following Wynn’s surprise announcement this week, CBRE Equity Research analyst John DeCree said he remains skeptical on the concept of introducing casino gaming to the UAE despite such rumors being commonplace in recent years.
Extension forecast for Macau casino re-tender
For David Green, principal of Newpage Consulting, 2021 featured some watershed events for the industry, including the probes into Crown Resorts and the arrest of Alvin Chau. It was a surprise to many that Crown Melbourne retained its casino licence, albeit with a special manager appointed by the government to oversee its journey towards suitability over the next two years. Crown is probably the largest gaming company ever to be found unsuitable.
Power Play: Crown governance in the era of a special manager
The appointment of a special manager with powers to oversee governance of Australia’s Crown Resorts for the next two years presents some unique challenges, writes former regulator David Green. While the Finkelstein Royal Commission recommended Crown Melbourne be allowed two years in which to re-establish its suitability to hold a casino license, it clearly feared recidivism.
Junket jitters: Can junkets survive in Macau?
Macau’s casino concessionaires are on the verge of terminating all contracts with junket promoters in a move that would put an end to the junket industry before the end of the year. In the past 24 hours IAG has continued...
Macau concessionaire termination of all junket deals imminent
Macau’s casino concessionaires are on the verge of terminating all contracts with junket promoters in a move that would put an end to the junket industry before the end of the year. In the past 24 hours IAG has continued to hear that discussions are taking place at all six concessionaires, with the general theme being that all existing agreements with junkets will be terminated by the end of December.
Stanley Choi set to dump more shares in International Entertainment Corp
The Chairman of Hong Kong-listed Asian gaming investor International Entertainment Corp (IEC), Stanley Choi, is poised to sell off another 20% stake in the company – the fourth time he will have sold shares since the start of the year and his most sizeable disposal yet.
Summit Ascent bids farewell to third director
Summit Ascent Holdings, the majority owner of Russian integrated resort Tigre de Cristal and an investor in Suncity Group’s Manila hotel and casino project, has announced the departure of another director after Dr U Chio Ieong tendered his resignation.
Speculation rife that Macau junket industry may not survive past 2021
Could Macau’s junket industry be on its last legs? Numerous industry sources IAG has spoken to in the past 48 hours are speculating as to the future of Macau’s junkets and it appears to be increasingly accepted that the industry as we know it may well not last beyond 31 December 2021.
Genting’s Star Cruises to resume domestic sailings out of Malaysia from 22 December
Genting Cruise Lines will resume domestic cruise operations out of Malaysia from 22 December after being granted approval from the government. According to details released by Genting over the weekend, the company’s Star Cruises brand will initially launch a single ship, Star Pisces, for sailings from Penang, with five sailings planned per week.
Hong Kong launches new health code system as quarantine-free travel with Macau, Guangdong edges closer
The Hong Kong government has announced it will open its new “Hong Kong Health Code” system for registration from this Friday 10 December in a major step towards a reopening of borders with mainland China and Macau. Although an exact date for the opening of borders is yet to be announced the “Hong Kong Health Code” system is specifically designed to allow quarantine-free travel between Hong Kong, Guangdong Province and Macau by aligning with their respective health code tracking systems.
A Question of “Public Interest”
Exactly what is in the “public interest” when it comes to determining whether Crown Melbourne should retain its casino license in Victoria? On 22 February 2021, the appointment and terms of reference of the Finkelstein Royal Commission into Crown Melbourne were gazetted in Victoria.
“It was Remainers All Along” - Brexit and Wandavision
9th April 2021 SPOILERS AHEAD FOR THE TELEVISION SERIES WANDAVISION * * * The recent Marvel and Disney-Plus series Wandavision was a brilliant – almost perfect – piece of television. In particular it played to the strengths of a story told in periodic instalments, while playing with and exploiting the conventions, techniques and lore of other great television series over seventy years. But there was part of the story – a misdirection – which makes me think of the current blame games about Brexit.
The year that tarnished Crown Resorts • AGB
In terms of the most surprising event of 2020, I think Crown’s poor showing before the Bergin Inquiry qualifies. Crown has enjoyed a monopoly in both Victoria and Western Australia, which owes more to politics and history than it does to competence and good practice governance. I expect Crown may face an extended suspension of its NSW casino licence, during which time it will be required to undertake major reform of its management and Board, and to distance itself further from James Packer.
How to set up for IR success
Former Victorian gaming regulator Peter Cohen discusses the effectiveness of three key methodologies commonly used in the development of new IRs. There are various methods jurisdictions can use to assess proposals for new IR developments. However, the most critical step in the process is not the evaluation itself, but the assessment model put in place at the outset.
Time to realign?
Managing Partner at Hong Kong’s Delta State Holdings Ltd, David Bonnet, explains why IR operators may need to reevaluate their expectations on ROI in Japan and beyond. Investors seeking above-market returns through participation in integrated resort (IR) business ventures may need to recalibrate their return on investment (ROI) expectations on the heels of the COVID-19 pandemic.
Marketing during COVID-19 and beyond
As gaming companies around the world decrease their marketing spend due to reduced revenues during COVID-19, Sudhir K. Kalé argues that increasing spend can help you stand out from the crowd. Okay, here’s the situation. In Las Vegas, gaming revenues were down more than 50% in June 2020 compared to a year ago and visitor numbers down a staggering 70%. In Macau, gaming revenues were down around 95% during the same period compared to June 2019. In Australia, clubs and most casinos have reopened.
Golden Week fails to glimmer with Macau visitation down 87% year-on-year
The number of visitors arriving in Macau over the first three days of the October Golden Week holiday period fell 87.2% year-on-year, with just 58,345 people crossing the border between Thursday and Saturday. Despite hopes that the resumption of the Individual Visit Scheme for all mainland Chinese residents from 23 September might spark a mini-recovery, figures published by Macau’s Public Security Police Force have so far painted a bleak picture with visitation peaking at 22,116 on Friday.
The decline of VIP in Macau
The number of visitors arriving in Macau over the first three days of the October Golden Week holiday period fell 87.2% year-on-year, with just 58,345 people crossing the border between Thursday and Saturday. Despite hopes that the resumption of the...
China state lotteries show second straight month of gains in August
China has reported a 2% year-on-year increase in lottery sales to CNY34.78 billion (US$5.12 billion) in August, the second straight month of annual increases according to data published by the Ministry of Finance (MOF). The continued improvement came on the back of the sports lottery which saw a 10.5% increase in sales to CNY21.53 billion (US$3.17 billion), the MOF said. Conversely, sales of welfare lottery tickets declined 9.3% to CNY13.25 billion (US$1.95 billion).
Former Crown Resorts chairman John Alexander to stand down from board as suitability inquiry continues
Former Executive Chairman John Alexander has told an inquiry into the suitability of Crown Resorts to hold a NSW casino license that he plans to step down from the company’s board at its upcoming annual general meeting. Alexander’s impending departure comes after he copped a grilling from counsel assisting the inquiry last week over alleged failures of Crown’s risk and compliance measures related to anti-money laundering concerns.
Profession must not sleepwalk into a disastrous Brexit agreement
Covid-19 has so dominated all our thinking in recent months that architects have in most cases allowed the implications of Brexit to drift further back in their minds as they fire-fight and seek to preserve the longer-term viability of their practices. But, if anything, the challenges arising from Brexit have increased. Most of what architects had been urging for their own profession seems highly unlikely to be achieved.
Akimoto forfeits JPY30 million deposit as Tokyo District Court revokes bail
The Tokyo District has revoked the bail of Tsukasa Akimoto – the House of Representatives member charged with taking bribes and violating Japan’s organized crime punishment laws by paying off a witness in a case involving an IR bid. It was also decided that Akimoto would forfeit the JPY30 million (US$284,000) bond deposit he previously paid.
Singapore to allow “cruise to nowhere” sailings, Genting Cruise Lines named as likely operator
Asia’s embattled cruise ship operators could soon be setting sail from Singapore after the Singapore Tourism Board issued a tender to establish a new health and safety certification benchmark. The tender, awarded to DNV GL Singapore, will see the maritime industry classification advisor create a cruise compliance and certification program for cruise lines with the goal of allowing sailings out of the city.
September GGR disappointing on visa, VIP constraints but Macau visitation set to improve in coming weeks: analysts
Macau visitor numbers should finally start to see meaningful improvement from mid-October according to analysts, providing at least some ray of light after gross gaming revenues came in below consensus in September. The Gaming Inspection and Coordination Bureau reported GGR of MOP$2.21 billion on Thursday, down 90.0% year-on-year and missing Bloomberg predictions of an 86% decline.
Macau to consider extending validity of COVID-19 test for tourists to 14 days as visitor numbers stay low
The Chief Executive of Macau, Ho Iat Seng, says he hopes daily visitation during Golden Week can push above 20,000 – admitting genuine recovery from the impact of COVID-19 will take time. Outlining some further measures that could be introduced to help fast track such a recovery while speaking at the annual gala celebrating the People’s Republic of China’s 71th anniversary on Thursday, Ho admitted it was too early to get excited about eased border restrictions just yet.
Macau GGR down 90.0% to MOP$2.21 billion in September
Macau’s gross gaming revenue declined by 90.0% year-on-year to MOP$2.21 billion (US$277 million) in September as GGR showed its first small signs of recovery since the start of the COVID-19 pandemic. The figure, published by the Gaming Inspection and Coordination Bureau, represents a substantial improvement over August when Macau’s GGR declined 94.5% to MOP$1.33 billion (US$167 million).
Century Entertainment to relocate Sihanoukville VIP room to Dara Sakor investment zone
Hong Kong’s Century Entertainment International Holdings, formerly known as Amax International Holdings, has revealed it will now relocate gaming tables under its operations from their current home in Sihanoukville to a hotel in Dara Sakor – a controversial Chinese-backed investment zone covering 360 square kilometers on the Cambodian coastline.
IAG releases promotional video for 2020 Asian Gaming Power 50 ahead of Gala Dinner
Inside Asian Gaming (IAG) has released the official promotional video for the 13th Asian Gaming Power 50 Gala Dinner, to be held in the Parisian Ballroom at The Parisian Macao on Friday 6 November 2020. The video, produced by IAG’s in-house media production team, showcases highlights from last year’s hugely successful Gala Dinner while pointing to the highly-anticipated announcement of the 2020 Asian Gaming Power 50.
FBM donates 5,000 food and medical kits to Philippines Jeepney drivers
Global gaming supplier FBM says it has donated 5,000 essential kits containing food and health supplies to struggling Jeepney drivers in Manila, Pasay, Paranaque and Quezon City. The donation, coordinated together with PAGCOR, was aimed at assisting one the Philippines’ most iconic cultural industries with only a small percentage of Jeepney drivers currently allowed to operate due to COVID-19 restrictions.
Rich Goldman falls to US$10.5 million loss in FY20 on ceased junket business, hotel decline
Rich Goldman Holdings has reported a net loss of HK$81.2 million (US$10.5 million) for the year ended 30 June 2020, down from a profit of HK$91.6 million (US$11.8 million) in the previous year due to reduced visitation to its Hong Kong hotel and reduced revenue from its Macau junket investment.
Get Nice, Current Corp extend deadline to form Nagasaki IR joint venture until March 2021
Hong Kong-listed Get Nice Holdings Ltd says it has extended by six months a Memorandum of Understanding with Japan’s Current Corp to formalize a joint venture agreement for the development of an integrated resort in Nagasaki. The extension follows ongoing delays to publication of the central government’s Basic Policy on IRs, originally due in January 2020, and an anticipated postponement of the submissions period for bids from its current dates of January to July 2021.
IPI requests reduced regulatory fee, ability to sue players over bad debt as part of proposal to amend Casino License Agreement
A halving of its annual US$3 million regulatory fee, cancellation of this year’s US$20 million community fund contribution and the ability to sue patrons over bad debt are among the measures included in the latest amendments to its Casino License Agreement proposed by Imperial Pacific International (CNMI) LLC.
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