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Harrah Entertainment Inc has reportedly been looking to bring its Caesars Palace brand to Macau as they seek new markets for growth.
Since the Macau government has limited the number of casino licenses to six, the world’s biggest casino company must work with an existing operator to enter the gaming market.
According to David Bain, an analyst at Sterne, Agee & Leach Inc, Lawyers for Macau Chief Executive Fernando Chui Sai-On have been asked to examine a potential transfer of shares from Crown Ltd. to Harrah’s.
Crown Ltd and Melco PBL Entertainment are partners in Melco Crown Entertainment Ltd which operates the Altira Macau casino and Mocha Clubs, the largest non-casino based operation of electronic gaming machines in Macau.
Melco Crown CEO, Lawerence Ho has referred to the reports as “rumors”.
On an earnings call today he said, “From our perspective it’s total nonsense. We see a lot of potential growth, and the business is ramping up very, very nicely. It’s really nonsense, all the rumors that we’ve heard.”
According to a Bloomberg report Las Vegas-based Harrah’s, declined to comment on the report, as did Anthony Klok, a spokesman for Crown, citing company policy not to respond to “speculation”.
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