Baha Mar founder gambled and lost casino

Sarkis Izmirilian conceived an integrated resort on Cable Beach with then and future Bahamas Prime Minister Perry Christie in the early years of this century. When global credit froze in 2008, a deal with China saved US$3.5 billion Baha Mar but doomed Izmirlian, whose gamble on bankruptcy cost him his $850 million investment in the largest hospitality project in the Caribbean. Baha Mar is due to begin opening next month, under ownership of Hong Kong’s Chow Tai Fook Enterprises.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

China holds cards in Bahamas’ largest casino project

The stalled US$3.5 billion Baha Mar casino resort has a Chinese suitor after Beijing money pushed the original owner out.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Race for new Korea casinos heats up

The government has sharpened the competition in Korea’s casino license contest that attracted 34 contenders for two licenses in round one. In the final leg, anyone can apply for any of the nine potential resorts sites, minimum investment 1 trillion Korean won (US$850 million).

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Bahamas casino flounders with China’s help

China hopes to combine huge currency reserves and burgeoning overseas travel to extend its global soft power. The Bahamas’ $3.5 billion Baha Mar casino project shows the dangers of having Beijing for a partner for commercial projects.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

South Korea casino scene heats up

Incheon, site of South Korea’s gateway international airport, and resort island Jeju are the scenes of an escalating competition for new gaming licenses among foreign billionaires and national champions to cash in on Chinese tourist growth, plus a Philippine wave seeking to lure Korean customers to Manila casinos.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Atlantic City: Macau’s past or Macau’s future?

Atlantic City came out of nowhere to top Las Vegas as the global leader in gaming revenue in the 1980s and ‘90s. Now, the New Jersey shore Queen of Resorts is shriveling, with four of its 12 casinos shuttered and a fifth due to close next month. Current global gaming leader Macau shares some troubling traits with Atlantic City and needs changes to avoid a similar fate.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Australia bets on casinos to draw Asian tourists

Queensland wants to license three new multibillion dollar casino resorts to attract Chinese tourists and revive its economy hit hard by declining mining export earnings. Not everyone is convinced integrated resorts in Australia’s sunshine state will be a smart play.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.