[Content provided by Maucau's Gaming Watch]
In our [IUOE] review of Wynn Resorts Limited’s Macau operations we are taking a close look at the company’s junket and VIP room operators in the Chinese territory. According to a background report on Wynn Resorts conducted by the Massachusetts Investigations and Enforcement Bureau (IEB) on behalf of the Massachusetts Gaming Commission, “Wynn's Gaming Promoters generated gaming revenue approximating two thirds of Wynn Macau's total gaming revenues and approximately 30 percent of Wynn Macau's profits” in 2012. A substantial portion of that play comes from third party junket or VIP operators.
The Macau junket system, however, has drawn scrutiny from the international press and from various regulatory agencies. Recently, financial concerns have dogged Macau’s junkets, including reports that a sub-junket operator absconded with over U.S. $1 billion. Another report disclosed that a major junket operator told investors “that 30 percent of the outstanding debt owed to its agents was over a year old.”
By Kyle Roerink (contact)
Thursday, April 2, 2015 | 2 a.m.
Carson City —
A hard hat hangs in the office of Republican Assemblyman Ira Hansen.
It’s not for show.
Hansen is a plumber from a working-class family whose members have included union bricklayers and boilermakers. His hard hat is a constant reminder of his blue-collar roots. But there’s little remorse about the way the three-term assemblyman and his Republican colleagues are treating unions this session.
The GOP has more than 30 bills seeking to reform collective bargaining, prevailing wage, health benefits, workers compensation and other laws rebuked by organized labor as attacks on the middle class.
Unions dubbed one bill as armageddon.
The majority of the legislation aims at public sector unions and employees: police, teachers, firefighters and others. Others bills would hit private sector groups as well.
Hansen doesn’t always toe the party line. He broke with the GOP ranks on one controversial measure signed by Gov. Brian Sandoval that will cut wages for construction workers — union or non-union — building public schools.
But, like most in his party, he doesn’t have second thoughts about government employee unions.
“I am not sympathetic,” he said.
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