Word: junkets
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Dates: during 2000-2009
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...going for about $240,000 a pop, at this year's Open at the Bethpage Black golf course in Farmingdale, N.Y. Back in 2002, the last time the Open was held at Bethpage, there were 78. The financial-services companies, knowing the government will pounce on an unnecessary golf junket, are staying away from the fairways. "That's a significant drop-off," says Peter Bevacqua, chief business officer for the USGA. "We have certainly been affected by the economic downturn...
...spending tens of thousands of dollars every month on four big p.r. firms? Spokesman Nick Ashooh said his in-house communications team needs additional mouthpieces to respond to the "tsunami" of bad news from its collapse last September, including a lavish executive junket and hefty bonuses covered by the $180 billion taxpayer transfusion. (Read "The Bailout Bomb...
...really important that our team members are still valued.' Wells Fargo spokeswoman MELISSA MURRAY, defending the company's decision to host a Las Vegas junket for employees despite criticism that it was misusing bailout funds...
...Melco Crown ripped out slot machines and low-end gaming tables and expanded its VIP casino. But more importantly, Ho outmaneuvered his competitors by coming up with an unusual arrangement to ensure a steady flow of big fish. Macau casinos attract most of their wealthy clientele by working with junket operators, companies that function like specialized travel agencies. By maintaining close ties to high-end gamblers and often providing them with credit to bet, junket operators funnel traffic to the casinos, which pay them commissions. Macau has scores of independent junket operators, making business unpredictable. Ho figured...
...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...