Galaxy Launches AMAX-Type Deal At StarWorld
Galaxy Entertainment owners of the fabulously fabulous Galaxy StarWorld Casino announced today that they are entering into a VIP agreement with junket operator Lucky Star, a holding of Neptune Group Limited.
Neptune Group Limited has three arms to their business dealings, cruise ship casino operator, electrical engineering and materials, and facilitator of VIP gaming investment (ie junkets). The company as a whole is listed on the HK stock exchange (HKG:0070) and previously went by the truly comical name "Massive Resources International Corporation Ltd".
It's quite clear from reading their recent annual reports that the electronics portion of their balance sheet isn't what is getting them excited. In barely one year of operation, their gaming related business now provides about 77% of their profits. Neptune Group Limited's 42 year old CEO Wan Yau Shing - appointed in April 2007 - was previously the Director of Operations at Casino Lisboa and did some time in the cruise ship industry. Another recently hired executive, Nicholas Niglio, came to Neptune after a lengthy stint as Executive Vice President at Trump Taj Mahal. It is apparent from their roster and many of their recent business dealings that Neptune has big eyes on slicing off a chunk of the Macau gaming pie by offering capital to subcontracted junket operators and negotiating contracts with various VIP rooms.
Neptune Group Ltd has also - under another holding "Ocean Star Entertainment" - been junket supplier to the David Palace VIP club at Grand Waldo, Chengdu VIP Salon in Sands Macau and the Neptuno VIP club at StarWorld.
Their new operation at StarWorld via Lucky Star is responsible for a whopping 100 tables in their new Jumbo VIP room.
This is, of course, a much needed move by StarWorld to buttress it's seemingly floundering business model. They also appear to have hired a new Public Relations director, Philip Ho (any relation?) which would explain the reason why the last guy never answered our information request emails.
We should know after a quarter or two of operation exactly how big Lucky Star's VIP cache is - in size of play and number of players.