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...Genting, operator of Resorts World Sentosa, recouping its $4.5 billion investment won't be easy. Even though it will be one of two exclusive casino operators, unlike Macau or Las Vegas, where there is fierce competition within a much larger pool, analysts and investors have set their initial expectations for Sentosa's gaming revenues "far too high," says Citigroup analyst Dominic Noel-Johnson. To meet Citigroup's relatively conservative 2011 gaming revenue estimate of $1.2 billion for Resorts World Sentosa - more than a third less than the consensus of other brokerage houses - every single foreign tourist expected to come...
...that likely? No, Noel-Johnson says, even though such robust expectations are clearly reflected in the high price of Genting Singapore's stock, currently the most expensive gaming stock in the world. According to Noel-Johnson, Genting Singapore is trading at an estimated price-to-earnings ratio of over 60 for the current fiscal year. Even though he believes Resorts World Sentosa has the potential to be "a long-term success," Citigroup has slapped a "sell" rating on the stock...
...pass, being imposed on local visitors will be one of the casinos biggest obstacles. "The entry levy is meant to signal that gambling is an expense, not a means to make a living," explains Lim Hock San, Chairman of the National Council on Problem Gambling. "It discourages impulse gambling." Though betting on horse races is allowed in Singapore, the government strictly controls other forms of gambling, one of the reasons it plans to allow only two casinos to operate on the small island. The families of gambling addicts can also apply for their loved ones to be excluded from...
...Sure, these stories are charming. Too often, however, the connection between the athletes and the countries they represent is tenuous at best. Though athletes are required to be citizens of the countries they're competing for, that definition of "citizen" varies widely from one country to the next. It's a problem that has spread across a spectrum of sports. A Pittsburgh-bred point guard, who speaks little Russian, suited up for Russia's basketball team during the Beijing Olympics. African distance runners have competed for Bahrain, and American baseball players for Italy. But the tie between country and competitor...
...Canada's most famous athletes, including hockey great Wayne Gretzky and NBA MVP Steve Nash; the four torches were designed to light the final Olympic torch. But one of the massive columns malfunctioned, leaving the athletes stranded and looking peeved in front of millions of television viewers. Eventually, though, the Olympic torch...