Word: amaxingly
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...which pay them commissions. Macau has scores of independent junket operators, making business unpredictable. Ho figured out a way to get a core group of operators to act as consistent suppliers. In December 2007, he formed a partnership with an affiliate of a Hong Kong - listed gaming company named Amax Entertainment Holdings; Amax raised $250 million through a stock sale, which was then used to provide financing to eight junket operators. In effect, Amax became like a central bank for the high-roller market. Using this financial leverage, the Amax affiliate funneled gamblers to the Crown and in return...
...Macau's VIP market. Now Ho's challenge is staying on top. The Macau government has announced that it intends to cap commission rates paid to junket operators as part of a larger effort to bolster regulation of the industry. That could reduce Ho's leverage, but analysts say Amax's financing power still gives him an advantage. "Once you've got the kind of critical mass Ho's got, it will be difficult to dislodge him as a true contender in Macau," says Anil Daswani, Citi's head of gaming research in Hong Kong. Ho "has invented a product...
...south to New Mexico, then north along the spine of the Rockies above ulcerated | earth where the land has bled money -- from gold at Victor near Pikes Peak, and at Battle Mountain near San Luis, Colorado; and from molybdenum at Questa in northern New Mexico and at the vast Amax mine near Leadville. The hawk's-eye view shows the wreckage of mountains, dead land that will not revegetate, soured rivers, towns left to wither when mineral prices dropped and distant corporate directors cut their losses...
...deliberation because two jurors held out for conviction on most of the 50 counts. In New York, Thomas Reed, a former Air Force Secretary and Reagan assistant, was acquitted of profiting in the stock market through illegal insider information, allegedly from Gordon Reed, his father and a director of Amax, Inc. Reed made $427,000 by acquiring Amax stock options in March 1981, just before a takeover offer from the Standard Oil Co. of California ballooned the value of his purchase. In Alexandria, Va., jurors found former Assistant Navy Secretary George Sawyer not guilty of violating conflict of interest laws...
Critics concede that forecasting has its place. "Whether we like it or not," Spanish Philosopher Ortega y Gasset once wrote, "human life is a constant preoccupation with the future." Indeed, though bad predictions have hurt companies like AMAX, its chairman, Pierre Gousseland, still believes in trying to look ahead. Says he: "Economists are as essential to conducting your business as meteorologists are for anticipating weather patterns. The alternative would be flying blind." But even when the weatherman forecasts sunshine, a cautious person may take along an umbrella. Executives should be no less skeptical when listening to their economists. -By John...