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...orderly isn't the same as cheap. To get Citigroup to absorb Wachovia, the FDIC agreed to share the risk on a $312 billion portfolio of loans (Citi has to eat the first $42 billion in potential losses; anything above that hits the FDIC fund...
...TIME: You were involved with Citi's recapitalization earlier this year. Considering everything that's happened since then, any regrets...
...Alwaleed: No. You have to understand that our involvement in the recapitalization of Citi is a long-term thing. It's not a one-, two-, three-year plan. In January 1991, I was the only investor in Citigroup at that time, with around $600 million. The next year, things didn't go well, but over the next decade, things really boomed dramatically. You have to look at the investment in Citi as a long-term thing...
...first casino-hotel, the Crown Macau, saw few customers when it opened in May 2007. But Melco Crown swiftly closed the gap. Its market share of 16% in the first half of 2008 was just a whisker behind Wynn with 17% and Las Vegas Sands at 21%, according to Citi Investment Research. More impressively, the Crown has become Macau's top casino for VIP high rollers. "A lot of people were surprised we turned it around so quickly against the big boys," Ho says...
...gambit worked. In July, according to Citi Investment analysts, Melco Crown may have claimed the largest share of 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...