Inside Asian Gaming

42 INSIDE ASIAN GAMING | April 2013 INTERNATIONAL BRIEFS Opposition Mounts to Crown’s Sydney Casino Plan Opposition politicians in New South Wales are getting antsy to learn more about the government’spositiononCrown’s proposed luxury casino inSydney, but Premier Barry O’Farrell says they will have to wait. One key to the fate of the A$1 billion, six-star hotel and high-roller casino, which is planned for prime real estate at the Barangaroo commercial complex on Darling Harbour, is a Deloitte report that Mr O’Farrell says will not be released until the government hears from an independent panel formed last year to assess the project and its economic potential. The panel’s report is due at the end of April, at which point the government will make a decision, the Liberal Party leader said. “There is a process underway [that is at] arms length, independent of government,” he told reporters recently. “Whether that decides to proceed or not proceed, reports will be released after this point. But midway through that process we’re not going to be releasing documents that endanger that process.” The opposition generally has gone along with this, but that could be changing in the wake of a threat from shadow planning spokesman Luke Foley to withdraw the Labor Party’s support if the Deloitte report isn’t released. He also wants the government to publish its own assessment documents and the conditions of the casino’s gaming licence. “The opposition has been very open-minded regarding the Crown proposal, but unless there is openness and transparency around this project, it will be extremely difficult for Labor to offer bipartisan support,” he said in a statement. Greens MP John Kaye, meanwhile, is urging Labor to unconditionally cut its ties with Crown boss James Packer “and unreservedly reject the unsolicited casino proposal,”which he claims will cost the state hundreds of millions in unrealized benefits if it continues to move ahead without an opportunity for competitive bidding. “The Barangaroo proposal has never been tested against alternatives,” he said. Wynn Gets US$155M for Repaired Picasso Art restoration has come a long way, as have art prices, judging from the US$155 million a hedge fund tycoon has paid Steve Wynn for the Picasso titled “Le Rêve”. That’s the 1932 masterpiece Mr Wynn poked a six-inch hole in with his elbow while showing it to friends and a few select members of the press back in 2006. At the time, he had just sold it—for $139 million—to the same guy who has bought it now. That’s Steven A. Cohen, who runs $15 billion hedge fund SAC Capital Advisors. The hole nixed the sale, but apparently not Mr Cohen’s ardor, given the $16 million premium for the repaired painting, not to mention the fact that $155 million is the most ever paid for a Picasso and the most money a US collector has ever shelled out for a work of art, according to reports on the sale in the New York Post and New York Times . Mr Wynn paid $48.4 million for “Le Rêve” at auction in 1997. It’s not the first nine-figure work of art to join Mr Cohen’s collection. He paid $120 million for four Matisse bronzes a few years back. Nor is it the only record Mr Cohen has laid claim to recently. That would be the $616 million SAC Capital agreed to pay the US government earlier this year to settle an insider-trading case against two of its affiliates. It’s the largest penalty of its kind ever leveled in the US. The settlement, which is scheduled for review in US District Court in Manhattan this week, came out of a federal investigation into dealings connected to SAC that is ongoing, according to news reports. As for the other bit of artistry, neither Mr Cohen nor Mr Wynn had anything to say, according to the Post . Wynn Resorts’ Marc Schorr To Retire Marc Schorr, chief operating officer of Wynn Resorts, Limited, will retire effective 1st June, the company announced last month in a filing with the Securities and Exchange Commission. Mr Schorr, 65, also will step down from Wynn Resorts’ board of directors. Mr Schorr’s total compensation, including base salary and bonuses, last year was US$8.86 million, a regulatory filing showed. “My great friend and colleague will retire from Wynn Resorts after an illustrious 33-year career,” Wynn Resorts CEO Steve Wynn said in a statement. “Prior to Wynn Resorts, Marc held many senior executive positions at my former company, Mirage Resorts.” Mr Schorr was president and chief operating officer of both The Mirage and Treasure Island. “For the last 13 years, Marc has been the COO of Wynn Resorts; standing by my side every step of the way while we grew into the world-class multibillion-dollar company that we are today,” Mr Wynn said. Wynn Resorts has not yet announced Mr Schorr’s replacement. Bill Lerner, an analyst with Union Gaming Group, said there are plenty of talented but unemployed executives in Las Vegas from which to choose. In his daily“Heard on the Strip”report, Mr Lerner said Bill McBeath could be a possible candidate to replace Mr Schorr. Mr McBeath resigned in December as president and chief operating officer of CityCenter. Cosmopolitan Posts US$106.5M Loss in 2012 The Cosmopolitan of Las Vegas posted a net loss for the year as the luxury resort continues to attract customers to its restaurants, clubs and retail shops but still struggles to produce strong casino revenues, reported the Las Vegas Review-Journal. Rendering of Crown’s proposed Sydney casino resort Picasso’s“Le Rêve”