Property News Media Blog: Casino gambling is colorful and dramatic and theatrical. - Steve Wynn (Wynn Resorts)

Property News Media Blog

Casino gambling is colorful and dramatic and theatrical. - Steve Wynn (Wynn Resorts)

Steve Wynn (Wikipedia)

Wynn Resorts (Wikipedia)

SkyCity Marriott Launches Hong Kong Disneyland New 2-Day Ticket (Effective 1 March 2012)

Book the Magical Escape Room Package to Receive a Complimentary Upgrade to Hong Kong Disneyland 2-Day Ticket



HONG KONG, Feb 23, 2012 - Working closely with Hong Kong Disneyland Resort as one of its top-performing hotel partners, SkyCity Marriott proudly launches Hong Kong Disneyland's new 2-Day Ticket. Guests can now enjoy two magical visits to the Park with just one ticket.

With the new 2-Day Ticket, which costs only HK$100 more than the 1-Day Ticket, guests can enjoy flexibility in visiting the Park on any two days within a seven-day period. With every purchase of any two Hong Kong Disneyland Tickets at the concierge, guests will receive a complimentary special edition Toy Story Land Shopping Bag. Both 1-Day and 2-Day Tickets are now available at the hotel's concierge (refer to appendix A for price table).

To mark the launch of the new ticket type, guests who pre-book the Magical Escape Room Package to stay at the hotel between 1 March to 30 June 2012 will receive a complimentary upgrade from the 1-Day Ticket to a 2-Day Ticket as part of this exciting Hong Kong hotel deal. Guests can take their time to fully explore the Park and meet their favorite Toy Story friends in its latest Toy Story Land.

The Magical Escape Room Package is available for booking, Monday to Sunday, from HK$2,088+ per night. The Package includes a Deluxe Room one-night stay, two adult Hong Kong Disneyland Park Tickets and buffet breakfast for two. Reservations can be made through skycitymarriott.com or by calling (852) 3969 1888 (refer to appendix B for room package and promotion details).

Located just 20 minutes away from the Hong Kong Disneyland Resort, SkyCity Marriott is one of the closest hotels in Hong Kong to the theme park. Due to its proximity, our 5 star Hong Kong hotel is popular among local Hong Kong residents and short-haul leisure travelers from South East Asia, who wish to visit Hong Kong Disneyland and experience five-star luxurious accommodations.

SkyCity Marriott first launched the Magical Escape Room package in 2009 and it is has been one of the most popular room packages, especially among families. The room package has been specially designed to cater to this market with the inclusion of Hong Kong Disneyland Park Tickets and buffet breakfast. To provide a seamless and hassle-free experience, SkyCity Marriott offers complimentary shuttle bus service to and from the Hong Kong Disneyland Resort on a daily basis -- 10am from SkyCity Marriott to the resort, 8:45pm from the resort to SkyCity Marriott.

In addition to our unparalleled holiday offer for families and leisure travelers, guests can also enjoy the hotel's five-star facilities -- 24-hour gym, 27-meter indoor heated swimming pool, sauna, steam room and Jacuzzi. For golf enthusiast, the SkyCity Nine Eagles Golf Course is at the door-step of the hotel. Traveling out of the hotel is convenient with complimentary shuttle bus service to Tung Chung MTR station and the Airport. To reach town, guest can take the Airport Express Line, which is connected to the hotel via AsiaWorld-Expo.

About Hong Kong SkyCity Marriott Hotel Nestled on the edge of Lantau Island and on banks of the South China Sea, the Hong Kong SkyCity Marriott Hotel offers a refreshing escape from the bustling city. A five-star luxury hotel, the Hong Kong SkyCity Marriott Hotel provides luxurious accommodations with 658 guest rooms, 13 premium meeting rooms for corporate events, houses five restaurants for a variety of dining options and offers pampering spa treats at the boutique Quan Spa. Transportation to the hotel is a breeze as the hotel is located next to the Hong Kong International Airport and is just a 28-minute train ride (Airport Express Line) away from Hong Kong's central business district. For the leisure travelers, they can enjoy the convenience of the hotel being located near Hong Kong's famous tourist attractions -- Disneyland, Ngong Ping 360 and the Tian Tan Buddha. This modern day oasis is perfect for conferences, business travelers and leisure guests seeking the best of both worlds -- the luxury and convenience of contemporary living set in peaceful tranquility.

About Hong Kong Disneyland Hong Kong Disneyland Resort offers immersive, unique Disney experiences for all families, generations and ages to enjoy. Hong Kong is one of only five locations in the world that is home to a Disney theme park and the many Disney characters that are beloved the world over, such as Mickey, Minnie, Donald, Stitch and Buzz Lightyear. Since the Grand Opening in September 2005, Hong Kong Disneyland has received more than 31 million Guests from around the globe. Through the unique product offering and the world-class service provided by the 5,000 strong Cast at the theme park and the two hotels, the Resort has received outstanding Guest satisfaction ratings and a range of awards from the hospitality and entertainment sectors.

Property News Media Blog: Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves.

Property News Media Blog

Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. A thing or things belonging to someone; possessions collectively.  "he wanted Jane and her property out of his penthouse"

Property News Media Blog: 4 Outdoor Decor Trends for Spring 2023

Property News Media Blog

4 Outdoor Decor Trends for Spring 2023

Property News Media Blog: Hotels, Bars, Clubs And Casinos Of Australia And The World, by Greg Tingle

Property News Media Blog

Hotel Profiles

Hilton Hotel Palazzo Versace The Darling Virgin Limited Edition Ravesi's Swiss-Grand Resort & Spa, Bondi Beach

Bars

Club 23

Clubs

South Sydney Rabbitohs

Casinos (Australia and New Zealand)

Crown Casino The Star Jupiters Hotel and Casino Gold Coast Treasury Casino And Hotel Reef Hotel and Casino Casino Canberra Lasseters Hotel and Casino SkyCity Group

Casinos (Abroad)

MGM Grand Wynn Hotel and Casino Station Casinos Monte Carlo Golden Nugget Trump Entertainment Resorts

Profiles

Accommodation Hotels

Property News Media Blog: 'No color policy' sign outside Las Vegas casino sends mixed messages

Property News Media Blog

'No color policy' sign outside Las Vegas casino sends mixed messages

Las Vegas

 A picture of a sign on Binion’s Hotel & Casino floor along Fremont Street Experience has sparked uproar.

The three words in large print “No color policy” get people's attention first.

“Is that about people not being allowed to wear color shirts or colored skin, what is that about?” said a mom and daughter from Canada.

“Let’s say I’ve got $200 of red; they’ll give me to blacks and you say, ‘color in’ I don’t know what this means though,” said Jim, visiting from North Carolina.

“That’s up-front racists,” said Bryan visiting from Chicago.

The sign goes on to say, “No person while on the Fremont Street Experience properties shall exhibit apparel, accessories, or decal or endorsement of any motorcycle club, gang, association or organization.”

“If you’re in a motorcycle club and you wear your colors. You can wear them anywhere. You should be able to,” said one man from Idaho.

Still confusing to those who take the time to read it completely.

Josh, an avid motorcycle rider says in most bars the ‘no-color policy’ signs are meant to cut down the tension that sometimes builds between rival motorcycle clubs inside establishments. He thinks the sign is fair.

“I do to an aspect they don’t want the club colors there because it's like a gang. You don’t want Bloods and Crips in the same vicinity with one another,” said Josh.

There was a shootout between two rival biker gangs last May on a local freeway.

Henderson Police say members of the Hells Angels targeted Vagos Motorcycle club members 6 people were wounded.

But Josh isn’t affiliated with any groups and says the sign in Binion’s Casino stereotypes all bikers.

“There’s always going to be that stigma of anybody that rides a motorcycle is in that group and that’s not true. It's just grouping us all together,” said the biker.

KSNV left a message for Binion’s manager but did not receive a callback, however, Fremont Street Experience sent us this statement:

“Fremont Street Experience does not influence or dictate policies for individual private properties. Each property has its policies in place. Fremont Street Experience does not have a restriction on “colors” today.”

Property News Media Blog: The Star puts Sheraton Grand Mirage on the market for $200 million

Property News Media Blog

The Star puts Sheraton Grand Mirage on the market for $200 million

Embattled Australian casino operator The Star is pulling out all the stops in its equity drive, now listing its Sheraton Grand Mirage resort on the Gold Coast for $200 million, according to reports.

The beachfront property is 50 percent controlled by The Star, alongside Hong Kong Stock Exchange-listed Far East Consortium and Chow Tai Fook – each controlling 25 percent.

Both Hong Kong-based companies also hold the same percentage in the $3.6 billion Queens Wharf casino and resort project in Brisbane.

The joint venture between the three companies acquired the Sheraton in early 2017 for some 140 million, with The Star contributing $40 million of equity.

Now the 295-room hotel is up for grabs, with The Star initially showing signs of its disposal in February after it announced it was anticipating losses of up to $1.11 billion due to legal cases for anti-money laundering breaches and potential changes to the New South Wales tax regime.  

The group is undergoing a massive equity drive to raise some $545 million, including investment from its Sheraton and Queens Wharf projects.

Property News Media Blog: Flashback Hotels, Casinos and Resorts

Property News Media Blog

Flashback

Hotels, Casinos and Resorts

They are the so-called whales, fabulously rich gamblers jetted into town to be pampered by their eager hosts. Often demanding, sometimes quirky and superstitious, they attract the very best and attentive service, and enjoy the trappings of the high life, often gratis: six-star luxury accommodation, fine dining, live shows, top-brand shopping.

They can win or drop millions of dollars at gaming tables on a single visit. Wagers of several hundred thousand dollars are not uncommon. Occasionally, as much as $1 million is bet on a hand of cards. Baccarat is a favourite game.

Predominantly ethnic Chinese, their money also buys discretion and exclusivity. Little is ever revealed by casino operators about their identity or their gambling habits, but in a single year, at Melbourne's Crown casino alone, these VIP punters turn over an extraordinary $30 billion - around $600 million a week.

''It's simply another world,'' says an insider, still agog after a decade's involvement in the industry.

It's a world, too, that is fast expanding, as China's exploding wealth and the rising prosperity of nations such as India, Malaysia, Indonesia and the Philippines, spawn a new and vast generation of high rollers.

That reality, and the intensifying competition for their business, lies at the centre of a stoush over control of the Star casino, one that has several elements, commercial and political, and which is flavoured by a hint of hoary Melbourne-Sydney rivalry. At its core is James Packer's ambition to retain his dominance over VIP gambling in Australia by having a key say in Sydney's newly rejuvenated casino business.

The Packer-controlled Crown group enjoys 75 per cent of the nearly $1 billion of annual casino revenue generated by high rollers in Australia through its internationally acclaimed Yarra River complex and its Burswood casino, in Perth.

But the once dowdy northern cousin, the Star, tarted up with a $900 million facelift, is aiming more aggressively at the same VIP market, a threat magnified by Sydney's standing as Australia's gateway for international tourism.

Packer's response has been fierce and multi-pronged, with Crown taking a 10 per cent stake in the Star's owner, Echo Entertainment, and applying to the regulator to be allowed to move to the takeover threshold of 20 per cent.

Simultaneously, the Packer camp has waged a public relations war against Echo over the latter's lacklustre recent performance to the point of forcing out its chairman, John Story, while pushing for its own boardroom appointee, the former Victorian premier Jeff Kennett.

Packer's pitch has been for a united Australian front in the quest to wrest bigger numbers of the region's high rollers, and he has wowed tourism chiefs, and the Premier, Barry O'Farrell, with a proposal for a 35-storey luxury hotel at Barangaroo.

Apart from a potential public backlash, the snag is that Packer wants the hotel to include exclusive gaming salons for high rollers. But the Star holds the state's only casino licence and would need to agree to a hybrid arrangement that split its facilities between its current site and Barangaroo.

O'Farrell, unimpressed by the recent sexual harassment scandal at the Star, has appeared to revel a little in the Star's discomfort by publicly praising Packer as a ''shrewd and successful businessman'', while acknowledging that the Crown push ''is starting to look like a political campaign''. While Packer's ultimate objective is clear - gaining the Star's licence - he faces stern resistance from an Echo board that accuses him of seeking control of the company on the cheap, by denying a premium to its shareholders.

They appear to be daring him to launch a full takeover bid, something that could be in the offing once Packer offloads his remaining media interests. The sale of those, which indirectly include a 25 per cent stake in Foxtel, could raise close to $1 billion.

The longer game plan could be his positioning for Crown's own casino licence in NSW when the Star's exclusivity expires in 2019.

''Everyone concedes that Crown has been the key venue for high rollers in Australia,'' says a close Echo observer. ''They've worked hard and put a lot of effort into that market.

''But the upside for Star is enormous. Sure, you could tackle that market through some joint venture or tie-up with Crown, so in that sense Packer is absolutely right. But Star doesn't need Packer to do that.''

As for Packer's push for new blood in the Echo boardroom, he adds: ''Why on earth would you agree to put a competitor on your board?''

Echo is confident that it can offer a similarly impressive high roller experience as Crown's by coupling the Star with Echo's Queensland casinos, the soon-to-be upgraded Jupiter sites on the Gold Coast and in Townsville, as well as the Treasury in Brisbane.

''The truth is,'' suggests one stockmarket analyst, ''Packer might need Star more than Star needs Packer.''

But that's if the Star gets it right. There are plenty who see Crown's management expertise as vital in finally raising the Star to the high roller firmament. And they offer as evidence the Star's recent admission that the collapse of a Macau-based junket operator (businesses that scoop up high rollers and deliver them to casinos throughout Asia) had cost it $7 million in forward commissions and potentially another $23 million in unrecoverable high roller debts.

Echo, which has portrayed the losses as teething problems, unveiled on Friday details of a $450 million capital raising that will be used to strengthen its balance sheet and lend weight to its high roller push. But the announcement was accompanied by a downgrade in its profit outlook, further fodder for its critics.

The Packer camp argues that its agitation is on behalf of all Echo shareholders, who now include the Singapore casino group Genting, which has built a 4.9 per cent stake, along with Macquarie Bank, whose similarly sized holding on behalf of various investment funds would appear to be a punt on profitable future resolution. Standing steadfast, too, has been Perpetual Investments, with 8 per cent, which has backed Echo's board in rebuffing the Packer demands.

No one would dare suggest that the prevailing obstacles are insurmountable for the Packer camp, which has assembled an impressive roll call of political heavyweights. They include the former federal government minister Mark Arbib and former ALP national secretary Karl Bittar, as well as the former Liberal senator and federal communications minister Helen Coonan, a Crown director. Networking is also the name of the high roller game across Asia, and Packer's interests in Macau in partnership with Hong Kong-based tycoon Lawrence Ho provides a handy conduit for introducing more high rollers to his plush Australian salons. Their business is becoming increasingly vital as growth in the domestic gaming market tails off. While local punters contribute more in terms of profits, the high roller market (despite its skinny margins and greater risk) is growing more strongly, demonstrated by Crown's figures. In the latest corporate reporting period, revenues from local gaming in Melbourne grew by 5 per cent while those from its VIP program were 34 per cent stronger, albeit from a lower base.

Tourism chiefs recognise the potential should this trend be replicated in Sydney, drawing ever greater numbers of big spenders willingly pumping money into the local economy. The boss of the Tourism & Transport Forum, John Lee, sees the Bangararoo development as upping the ante in Sydney's claim for higher tourist numbers, just as Singapore's so-called ''integrated resorts'' have pulled a flood of new visitors to the city-state. He says the Packer plan has merit and would add to the harbour precinct's ''tourism offering''. But intensifying competition for VIP punters has not just triggered a casino ''arms race'' in Australia, but one that is region-wide.

At its epicentre is Macau, the only city in a country of more than 1 billion people permitted to run casinos and the site of several billion-dollar developments.

Having already eclipsed Las Vegas, the territory's 30 casinos are expected to rake in revenues of more than $US40 billion in 2012 (about 10 times the gaming revenues of Australia's 13 casinos), of which high rollers can be expected to account for 70 per cent.

Singapore is fast establishing itself, too, as a key high-roller destination. The 31 VIP salons of the $5 billion Marina Bay Sands, for example, already draw 60 per cent of that complex's gaming revenues.

The widespread assumption is that - notwithstanding the Chinese economy's recent slowing - the premium gambling pie has years of expansion ahead, and the chairman of Marina Bay's Las Vegas parent company, the US billionaire Sheldon Adelson, identifies a growing new class of gambler.

''We are constantly surprised at who they are, the number of people, how they come out of the woodwork and how many there are in the world,'' he recently told Singapore's Straits Times. ''There was a time, 10, 15 years ago, that people thought that in the entire world, there were as few as 150 VIP players. We sometimes get that in a few days, a week or two weeks. So the word plateau, in terms of Asia, is not in our vocabulary.''

But the breadth of competition is likely to demand more creative ways for luring gamblers farther south than Singapore, a fact that could affect the sort of inducements offered to ''whales'' by local operators, such as the extent of ''loss rebates'', where casinos cover a portion of a high roller's losses.

Packer's remedy of a united front also calls for better support from governments to maintain tax and other advantages, which could be extended to faster visa and customs clearances for high rollers to match the efficiency of Singapore.

The Star's ''fate'', meanwhile, may not be determined for some time, with no guarantee that a takeover bid will materialise to unlock the stalemate.

But some ponder a deal that would see some of Crown's interests in Macau passed to Genting, providing Packer with the financial muscle to swallow Echo. At the moment, its link to the Ho Group demands exclusivity in Asia and, as one analyst noted: ''Who would want to rock that boat?''

But another gaming expert based overseas thinks otherwise, wondering if Packer might, in fact, prefer to be the big fish in the smaller pond. "If I was Packer, and if I had the option of cornering the Australian market or keeping a 30 per cent stake in one of six operators in Macau, I'd probably corner the Australian market. It's as simple as that." 

Property News Media: Website and Blog Updated

Property News Media Blog

Property News Media

Media Man Entertainment Blog; Crown, Packer. Barangaroo...Flashback; What a difference a few years makes

Media Man Entertainment Blog

The Australian casino (or gaming) wars have got to a whole new level. It's Packer's Crown VS Echo Entertainment in an almost 'State Of Origin' type battle for the bulk of Australia's land based casinos. One that will take place in a boardroom, rather than on a football field, but make no mistake - it's war.

A takeover war is hovering over the head of Echo Entertainment...the owner of Sydney's The Star casino...as James Packer yesterday made an audacious bid to be represented on the company's board.

The Star has been recently embattled in a scandal regarding inappropriate behaviour of a former director, so its all very interesting timing, and perhaps sees them in a weak position at the moment. Channel Seven is also planning follow up stories on The Star, and to Joe Blogs the casino does like a bit like a soft target right now.

Mr Packer's Crown yesterday fired off a missile more than doubling its stake in The Star's owner to the current 10 per cent maximum it is allowed to hold. Crown also applied to NSW and Queensland authorities for permission to go above the 10 per cent cap: prompting talk Mr Packer wants to in fact take over Echo.

This is understood to be the big move in plans to build a land based casino at Sydney's Barangaroo.

In paperwork sent off to Mr Packer yesterday, Echo Entertainment chairman John Story rejected Mr Packer's board bid.

Mr Packer told Rupert Murdock owned The Daily Telegraph he was "disappointed" in the reaction: "This is a good synergy for both companies, and today's rise in Echo's share price shows that the market thinks so as well," he said.

Mr Story's letter to Mr Packer stated in part: "The board believes that it is inappropriate for a Crown nominee to be appointed to the board as Crown is a competitor organisation. Accordingly, we will not agree to your request."

There have been some signs of an unhealthy business relationship between the two outfits in the lead-up to yesterday's announcement by Crown.

One source of tension has been Echo's constitution, which details a cap preventing any one party from having "voting power" of more than 10 per cent of Echo. Late last year, senior Packer advisor Guy Jalland let loose an attack on Echo's shareholder limit, describing it as a "poison pill" that was not in the interests of the company's shareholders.

Key sharemarket analysts have tabled that Echo Entertainment is one of the market's most obvious takeover targets because of its strategic value to Crown - already a giant in the gaming sector in the Asia Pacific region.

The theory was tested in Echo shares yesterday, which leaped up 50 cents to $4.30 on the understanding that Mr Packer would now move forward a takeover bid.

There was also speculation yesterday that Crown may be looking for a slice of Echo's high-roller VIP "whale" business. The Star has improved its performance in the "whaling" sector since its relaunch late last year.

Packer has torpedos and plenty of bait to snare in Echo. Echo's original "whales" will help with Packer's bottom line net profit, and further helps cement his place as one of the world's real big fish casino moguls. Echo is a touch on the nose at the moment, thanks to the scandal that rocked their boat and captain Packer and his loyal shipmates look poised to go in for the kill.

Will it be ships ahoy, fair winds or man overboard? Stay tuned as the Media Man agency continues to probe to probe the murky waters of the Australian casino wars.


James Packer planning $1.5bn casino investment...

Crown Limited plans to spend more than $1.5 billion on building new luxury hotels in Sydney and Perth, after boosting its investment in rival casino operator Echo Entertainment, Crown's executive chairman James packer advised The Australian Financial Review.

Mr Packer's plan to expand the Crown chain beyond Melbourne is part of a campaign to attract wealthy Chinese gamblers aka "Oriental whale VIP high rollers" to Australia's shores, he told the newspaper.

“Australia needs to have truly world-class hotels,” he said, acknowledging that regulators would probably raise competition concerns.

“I want to build one in Perth and one in Sydney to go with what we have in Melbourne. It puts these cities on the map."

Mr Packer's comments come after Crown spent more than $250 million lifting its stake in Echo, which owns The Star casino in Sydney, and Jupiters on the Gold Coast, to 10 per cent, from 4.9 per cent previously.

Echo rejected Mr Packer's call for representation on the company's board.

Property News Media Blog: Casinos, Hotels, Resorts list; Updates on a weekly basis

Property News Media Blog

Property News Media

List Of Casinos of The World


Punters, here's 10 of the world's top land based casinos for you to mark down in your travel plans.

Monte Carlo, Monaco: Perched above the Mediterranean and bounded by the French
and Italian coastlines on either side, Monaco provides a spectacular and luxurious setting for the wealthy and the wannabees. Home to the Monaco Grand Prix and the legendary Casino de Monte Carlo, this isn't the place for those on a tight
budget. The magnificent Casino hosts the annual European Poker Tour and was also the scene of several James Bond Films, including the original "Casino Royale" and "Golden Eye".

Paradise Island, Bahamas: Located just off the shore of the city of Nassau, Paradise
Island is best known for its sprawling 'Vegas-by-the-sea' resort, Atlantis. The resort spans seven acres along a lagoon, where guests can soak up the Caribbean sun and choose from a variety of outdoor gaming areas. When in need of a break from
the tables, guests can enjoy the private beach or one of the resorts 20 sunlit pools.

Melbourne, Australia: As Australia's sporting and entertainment capital, Melbourne
offers the perfect option for high rollers looking for a local break. Aussies need look no further than Crown Casino on the southern bank of the Yarra River, which is one of the largest casino complexes in the southern hemisphere. The main gambling
floor stretches more than half a kilometre and the casino was the first to introduce the new game Rapid Roulette, which allows players to place bets on a personal electronic touch screen connected to a central roulette wheel.

Macau, China: Known as the 'Monte Carlo of the Orient,' and the gambling capital of Asia, Macau now rivals Monaco and Las Vegas as one of the premier gambling destinations in the world. With no less than 33 casinos, in addition to local horse and greyhound racing venues, Macau is perfect for the betting junkie. The Wynn Macau
casino is a standout, highlighted by 24-carat gold 'Tree of Prosperity' at the entrance, extravagant water displays and Moon Jellyfish Aquarium at reception.

Baden-Baden, Germany: Situated on the western foothills of the Black Forest and on
the banks of the Oos River, Baden-Baden is not your typical casino town. However, in addition to its hot springs and picturesque countryside, the town is also known for its 200-year-old 'Spielbank' casino - the oldest of its type in Germany. With French chateau-style salons rooms named after historical figures such as Madame Pompadour and Louis XV's mistress, the quirky casino provides visitors with a very unique
gaming experience.

Las Vegas, United States: With over 1700 licensed casinos in operation, Las Vegas
offers the ultimate package for travellers who fancy a flutter. A visit to the famous 'Strip' is a must for any player, whether they're looking for a spin on the roulette table or a game of blackjack - this city has it all. The iconic Caesar's Palace
hotel and casino offers 129,000 square feet of casino space plus an endless smorgasbord of entertainment, shopping and fine dining options, including Cleopatra's barge, a floating lounge perfect for a relaxing drink after a jam-packed night on the
casino floor.

Manila, The Philippines: With a favourable exchange rate, Manila provides great value
for Aussies wanting to live the high-life overseas. The city offers a range of shopping and entertainment options, along with a world-class casino at the Hyatt Hotel. Spread across three levels, the sparkling casino offers the newest in gaming
facilities for both hotel guests and visitors, and is just a short distance from Manila's tourist hub.

Sun City, South Africa: Known as 'Africa's Kingdom of Pleasure,' this luxury resort
and casino complex, just two hours from Johannesburg, boasts two large casinos, two 18-hole golf courses and a wildlife reserve. At the extravagant yet picturesque Palace of the Lost City, guests are treated to stunning valley views from the guestrooms, along with exclusive access to the Grand Pool. The nearby Sun City Casino is the entertainment Mecca of the resort, featuring a myriad of gaming options as well as an indoor jungle of native foliage and water fountains.

Atlantic City, United States: Regarded as the US's 'Las Vegas of the East', Atlantic City in New Jersey is renowned for its gambling, shopping and fine dining. Towering above the banks of the Atlantic Ocean, the Trump Taj Mahal casino is an icon of the city, with an on-site shopping district and an abundance of restaurants and bars. The
157,000 square-foot casino is also hard to miss, with 3,500 slot machines and 200 table games. Unveiled in 1990 by a number of celebrities, including the late Michael Jackson, the casino is the second-largest in Atlantic City and well worth a visit.

Genting Highlands, Malaysia: Nestled on the Titiwangsa mountain range, just an hour's
drive from Kuala Lumpur and 6,000 feet above sea level, the Resorts World Genting offers 360-degree views of the surrounding countryside. This spectacular resort has first-class accommodation, dining and entertainment, while avoiding the hustle and bustle of a capital city. The on-site casino, which covers 200,000 square feet, is Malaysia's sole gaming venue and is divided into separate themed areas, such as Hollywood and Monte Carlo, for the ultimate gambling experience.

Property News Media Blog: SkyCity Marriott Launches Hong Kong Disneyland New 2-Day Ticket (Effective 1 March 2012)

Book the Magical Escape Room Package to Receive a Complimentary Upgrade to Hong Kong Disneyland 2-Day Ticket

Profiles

Hotels

HONG KONG, Feb 23, 2012 - Working closely with Hong Kong Disneyland Resort as one of its top-performing hotel partners, SkyCity Marriott proudly launches Hong Kong Disneyland's new 2-Day Ticket. Guests can now enjoy two magical visits to the Park with just one ticket.

With the new 2-Day Ticket, which costs only HK$100 more than the 1-Day Ticket, guests can enjoy flexibility in visiting the Park on any two days within a seven-day period. With every purchase of any two Hong Kong Disneyland Tickets at the concierge, guests will receive a complimentary special edition Toy Story Land Shopping Bag. Both 1-Day and 2-Day Tickets are now available at the hotel's concierge (refer to appendix A for price table).

To mark the launch of the new ticket type, guests who pre-book the Magical Escape Room Package to stay at the hotel between 1 March to 30 June 2012 will receive a complimentary upgrade from the 1-Day Ticket to a 2-Day Ticket as part of this exciting Hong Kong hotel deal. Guests can take their time to fully explore the Park and meet their favorite Toy Story friends in its latest Toy Story Land.

The Magical Escape Room Package is available for booking, Monday to Sunday, from HK$2,088+ per night. The Package includes a Deluxe Room one-night stay, two adult Hong Kong Disneyland Park Tickets and buffet breakfast for two. Reservations can be made through skycitymarriott.com or by calling (852) 3969 1888 (refer to appendix B for room package and promotion details).

Located just 20 minutes away from the Hong Kong Disneyland Resort, SkyCity Marriott is one of the closest hotels in Hong Kong to the theme park. Due to its proximity, our 5 star Hong Kong hotel is popular among local Hong Kong residents and short-haul leisure travelers from South East Asia, who wish to visit Hong Kong Disneyland and experience five-star luxurious accommodations.

SkyCity Marriott first launched the Magical Escape Room package in 2009 and it is has been one of the most popular room packages, especially among families. The room package has been specially designed to cater to this market with the inclusion of Hong Kong Disneyland Park Tickets and buffet breakfast. To provide a seamless and hassle-free experience, SkyCity Marriott offers complimentary shuttle bus service to and from the Hong Kong Disneyland Resort on a daily basis -- 10am from SkyCity Marriott to the resort, 8:45pm from the resort to SkyCity Marriott.

In addition to our unparalleled holiday offer for families and leisure travelers, guests can also enjoy the hotel's five-star facilities -- 24-hour gym, 27-meter indoor heated swimming pool, sauna, steam room and Jacuzzi. For golf enthusiast, the SkyCity Nine Eagles Golf Course is at the door-step of the hotel. Traveling out of the hotel is convenient with complimentary shuttle bus service to Tung Chung MTR station and the Airport. To reach town, guest can take the Airport Express Line, which is connected to the hotel via AsiaWorld-Expo.

About Hong Kong SkyCity Marriott Hotel Nestled on the edge of Lantau Island and on banks of the South China Sea, the Hong Kong SkyCity Marriott Hotel offers a refreshing escape from the bustling city. A five-star luxury hotel, the Hong Kong SkyCity Marriott Hotel provides luxurious accommodations with 658 guest rooms, 13 premium meeting rooms for corporate events, houses five restaurants for a variety of dining options and offers pampering spa treats at the boutique Quan Spa. Transportation to the hotel is a breeze as the hotel is located next to the Hong Kong International Airport and is just a 28-minute train ride (Airport Express Line) away from Hong Kong's central business district. For the leisure travelers, they can enjoy the convenience of the hotel being located near Hong Kong's famous tourist attractions -- Disneyland, Ngong Ping 360 and the Tian Tan Buddha. This modern day oasis is perfect for conferences, business travelers and leisure guests seeking the best of both worlds -- the luxury and convenience of contemporary living set in peaceful tranquility.

About Hong Kong Disneyland Hong Kong Disneyland Resort offers immersive, unique Disney experiences for all families, generations and ages to enjoy. Hong Kong is one of only five locations in the world that is home to a Disney theme park and the many Disney characters that are beloved the world over, such as Mickey, Minnie, Donald, Stitch and Buzz Lightyear. Since the Grand Opening in September 2005, Hong Kong Disneyland has received more than 31 million Guests from around the globe. Through the unique product offering and the world-class service provided by the 5,000 strong Cast at the theme park and the two hotels, the Resort has received outstanding Guest satisfaction ratings and a range of awards from the hospitality and entertainment sectors.

Property News Media Blog: Real Estate, Trends, Listings, Network Available Now

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Property: a building or area of land, or both together: He owns a number of properties on the south coast. The notice said "Private property - keep off!" Yes, I've bought my own house - I'm now a man/woman of property!

Property News Media Blog

Property: a building or area of land, or both together: He owns a number of properties on the south coast. The notice said "Private property - keep off!" Yes, I've bought my own house - I'm now a man/woman of property!

Property News Media Blog: A casino is a facility for certain types of gambling. Casinos are often built near or combined with hotels, resorts, restaurants, retail shopping, cruise ships, and other tourist attractions.

Property News Media Blog

A casino is a facility for certain types of gambling. Casinos are often built near or combined with hotels, resorts, restaurants, retail shopping, cruise ships, and other tourist attractions. Some casinos are also known for hosting live entertainment, such as stand-up comedy, concerts, and sports.

Property: a thing or things belonging to someone; possessions collectively. "she wanted Oliver and his property out of her flat"

Property News Media Blog

Property: a thing or things belonging to someone; possessions collectively. "she wanted Oliver and his property out of her flat"

Property News Media Blog: Caesars the Latest to be Awarded Mass Sports Betting License

Caesars the Latest to be Awarded Mass Sports Betting License

State regulators in Massachusetts approved Caesars to operate a sports betting website in the commonwealth.  They become the third casino company granted a license after Wynn and MGM.

The Massachusetts Gaming Commission voted unanimously to allow Caesars following a grueling review of MGM Springfield's tie-in with a third party vendor that runs its mobile site BetMGM.  Commissioners delayed a decision on the sports betting license application from Plainridge Park Casino due to concerns over ties with Barstool Sports and its controversial founder, Dave Portnoy.

BetMGM was approved for a license one day prior to acknowledging a breach of customer accounts occurring some time in May of this year.  BetMGM parent company, Entain, had been handed down a record fine by UK regulators for failure to implement money laundering safeguards over the summer. 

Caesars already has a foothold in a number of U.S. states including Louisiana.  We had an opportunity this past week to visit their sprawling sportsbook in Harrah's New Orleans.

Caesars Louisiana sportsbooks are making a name for themselves for their willingness to accept huge million dollar bets from Houston area furniture mogul Jim "Mattress Mack" McIngvale.

Property News Media Blog: Florida-based Hard Rock International now running iconic Mirage resort in Las Vegas

Florida-based Hard Rock International now running iconic Mirage resort in Las Vegas

LAS VEGAS - A new operator, Hard Rock International, started running the iconic Mirage resort on the Las Vegas Strip on Monday, following Nevada state gambling regulatory approval for a nearly $1.1 billion sale by former site owner MGM Resorts International, the companies said.

Hard Rock International, owned by the Seminole Tribe, said it plans to reshape the property at the center of the glittery Las Vegas Boulevard casino corridor by replacing its volcano attraction with a huge guitar-shaped hotel tower.

Company Chairman Jim Allen said in a statement that the property's 3,500 employees were absorbed Monday into Hard Rock's 45,000-member workforce. The company has cafes, hotels, casinos and concert properties around the world.

"We are excited to create an integrated resort on the Strip that will make this legendary entertainment community proud," Allen said. The statement specified there were no immediate plans to close The Mirage or lay off employees.

Hard Rock and MGM Resorts announced plans for the operational takeover a year ago. The deal became official following Nevada Gaming Commission approval at a special meeting Friday.

"We're thrilled to welcome Hard Rock to the neighborhood and wish them all the very best," Bill Hornbuckle, CEO and president of casino giant MGM Resorts International said in a statement.

The more than 3,000-room hotel on 80 acres becomes the first on the Las Vegas Strip to be run by a Native American tribe.

East of the Strip, the Connecticut-based Mohegan Tribe operates a casino that opened in 2021 at Virgin Hotels Las Vegas after that property - named Hard Rock Hotel & Casino - was purchased in 2018, renovated and rebranded by Virgin.

West of the Strip, an affiliate of the California-based San Manuel Band of Mission Indians owns and operates The Palms.

Seminole-owned Hard Rock International had no previous involvement with the former Hard Rock Hotel & Casino that operated from 1995 to 2020. It bought licensing and naming rights in May 2020. The Mirage redevelopment plan is projected to run through 2023. Costs have not been disclosed.

Daily operations "are set to continue under The Mirage brand for the foreseeable future, and all room reservations and group bookings will be honored with no action required by guests or group organizers," the company said.

"The process ... ultimately will dramatically reimagine every aspect of the resort and change the Las Vegas skyline with the addition of a guitar-shaped hotel tower," the company promised.

Hard Rock International also entered into a long-term lease agreement with VICI Properties Inc., a real estate investment trust that acquired MGM Resorts properties this year in a $17.2 billion deal with MGM Growth Properties, a publicly traded landowner of holdings in eight states. New York-based VICI owns properties and leases them back to hospitality and entertainment operators.

The sale marks the end of an era for a Polynesian-themed property built by former casino mogul Steve Wynn and credited with helping transform Las Vegas from a gambling hub into an ultra-luxury resort destination with broader appeal.

It opened in November 1989, with a sidewalk-side volcano spewing fire years before gondoliers began plying canals at the Venetian and fountains started dancing at the Bellagio. For years The Mirage hosted Siegfried & Roy taming white tigers. It remains home to a Cirque du Soleil show set to a Beatles soundtrack.

The change-of-hands is one of several involving well-known properties on Las Vegas Boulevard. Rhode Island-based Bally's Corp. completed its acquisition in September of the Tropicana Las Vegas Hotel and Casino. Bally's Corp. does not own Bally's Las Vegas on the Strip.

Caesars Entertainment Inc., which owns Bally's Las Vegas, is rebranding the 2,800-room property as the Horseshoe Las Vegas. That draws on a name made famous at a downtown gambling hall that hosted the first World Series of Poker.

Property News Media: HRH Prince Mohammed bin Salman announces Sindalah, NEOM's first island development

HRH Prince Mohammed bin Salman announces Sindalah, NEOM's first island development

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U.S. to appeal dismissal of Chinese agent lawsuit against casino tycoon Wynn

The U.S. Justice Department will appeal the dismissal of a lawsuit against casino magnate Steve Wynn, who it accused of acting as a Chinese agent.

Wynn defeated the lawsuit in October when a federal judge in Washington, D.C., said the casino tycoon could not be ordered to register with the Justice Department as a foreign agent of China.

".... the Attorney General of the United States of America hereby appeals to the United States Court of Appeals for the District of Columbia from the judgment of this Court entered on the 12th day of October, 2022, granting Defendant's Motion to Dismiss," the Justice Department said in a filing on Friday.

The Justice Department in May sued for a court order forcing Wynn, the former CEO of Wynn Casinos, to register under the Foreign Agents Registration Act (FARA).

Officials alleged that Wynn had lobbied then-U.S. President Donald Trump on China's behalf in 2017. Wynn's attorneys denied that he was ever an agent of the Chinese government.

U.S. District Judge James Boasberg said in October that, because any relationship between Wynn and the Chinese government ended in 2017, the Republican donor cannot be required to register as an agent. The judge pointed to past precedent in D.C. federal court in making the ruling.

The judge said he was not determining whether Wynn had lobbied on China's behalf. He also said the Justice Department could pursue criminal sanctions against Wynn for failing to disclose the alleged lobbying, if the statute of limitations had not expired.

Star’s Queensland casinos to stay open after $100m fine

The Star Entertainment Group’s Brisbane and Gold Coast casinos will stay open under the supervision of a special manager imposed by the Queensland government after it levied a $100 million fine against the company.

Queensland Attorney-General Shannon Fentiman said Star’s operations would be overseen by Nicholas Weeks, the same independent monitor imposed on its Sydney harbourside casino by the NSW gambling regulator.

But Ms Fentiman has put Star on 12 months’ notice to clean up its act or its casino permits for Brisbane and the Gold Coast will be suspended for 90 days.

“Should the Star make satisfactory progress towards rectifying these issues, the special manager and I may determine to postpone or rescind the suspension of licences,” Ms Fentiman said.

The record penalty, the maximum under new Queensland laws passed in August, and the imposition of a special manager follows a short inquiry led by Robert Gotterson, SC.

Mr Gotterson found the company had lured high rollers who were banned from casinos in other states to gamble at its Queensland casinos, and that there were “serious deficiencies” in the company’s anti-money laundering and counter-terrorism financing (AML/CTF) program.

The review, which was released in October, also found Star deliberately misled the gaming regulator to cover up China UnionPay transactions as hotel expenses when their primary use was gambling.

The Queensland move echoes the NSW and Victorian governments’ appointment of a special manager to oversee Star Sydney and Crown Melbourne. Star Sydney’s permit was suspended for 90 days last month.

The NSW Independent Casino Commission (NICC) chief commissioner, Philip Crawford, also slapped a maximum $100 million fine on Star for its widespread wrong-doing, revealed in the Bell review, bringing the total fines from state regulators to $200 million.

The company is also facing massive fines from the financial crime watchdog, which is suing Star for allegedly allowing 117 high-risk VIP patrons to churn billions of dollars of dirty cash through its Sydney, Brisbane and Gold Coast casinos for six years.

AUSTRAC’s statement of claim shows foreign agents, Ponzi scheme scammers, accused sex slave traders, a murderer for hire, loan sharks and drug traffickers were allowed to bet billions of dollars at Star for years, despite information of alleged nefarious activity being publicly available.

Star placed its shares in a trading halt on Friday morning before the announcement. Star shares were 0.4 per cent higher at $2.54 before they were suspended.

Consistency across jurisdictions

Ms Fentiman appointed former Sunsuper executive Terri Hamilton to assist Mr Weeks with the oversight of Star’s Queensland operations.

“Having a special manager that monitors the operations of The Star in both states will ensure they will be looked at as one operating entity and provide consistency across jurisdictions,” she said.

“It’s also important that we have a person on the ground here in Queensland, which is why Ms Terri Hamilton will be the Queensland manager assisting, and will join Mr Weeks’ very skilled and capable team.”

Mr Crawford backed Queensland’s decision to appoint Mr Weeks because it “will further support our ongoing collaboration with our Queensland regulatory counterparts”.

“This will ensure The Star acts consistently and complies with their obligations – no matter which state they operate in.”

Ms Fentiman said this was an opportunity for Star to return to suitability, but “they have a long way to go”.

“If relevant entities do not take significant steps to improve their operations, we will not hesitate to take further action.”

Ms Fentiman said the government would send the bill to Star for the cost of the special manager’s work.

She gave the casino operator 12 months to pay the $100 million fine and said Star’s $3.6 billion Queen’s Wharf casino, hotel and apartment development in Brisbane’s CBD will be unaffected by the penalty.

Last week, the Australian Transaction Reports and Analysis Centre (AUSTRAC) filed its case against Star Sydney and Star Queensland in the Federal Court alleging that the casino group facilitated money laundering that amounted to “serious and systemic” breaches of federal law.

AUSTRAC said Star had breached the Anti-Money Laundering and Counter-Terrorism Financing Act “innumerable times” since 2016. Each breach attracts a maximum penalty of $22.2 million.

Rival Crown Resorts faced similar court action and had stashed away more than $600 million to pay for expected fines levied by the states and AUSTRAC, contributing to its $945 million full-year loss reported last week.

Casinos Around The World

Sydney, Australia

As one of the most-visited cities in Australia, Sydney has an allure that is hard to resist. Set on the coast of New South Wales, Australia’s largest city is home to some of the country’s most famous sights, such as the Sydney Opera House, Sydney Harbour Bridge and Bondi Beach. Although casinos don’t immediately come to mind, Sydney offers some of the county’s best casinos. The Star is the largest and most well-known, with over 100 table games and 1,400 slots spread over two floors. Also worth a visit is The Crown, newly opened and offering a members-only VIP casino experience.

London, UK

Dating all the way back to Roman times, London is a city with a rich historical and cultural background. The UK capital has numerous tourist hotspots, including Trafalgar Square, Buckingham Palace, and Big Ben, and well over 100 museums to explore. Equally as populous are London’s casinos. There are plenty to choose between, with The Hippodrome, The Palm Beach Casino and The Empire being some of the top picks. While planning your London trip online, you can also look up some of the best payout online slots UK before your trip.

Atlantic City, USA

Founded in 1854, Atlantic City made a name for itself in the USA as one of the East Coast’s premier holiday resorts. By the end of the 20th century, the city was best known for its casinos, beaches and Boardwalk. Resorts Casino provides history and entertainment, all rolled into one as Atlantic City’s first and oldest casino. Tropicana Casino Resort and Bally’s Atlantic Casino are both also worth a visit if time allows. No visit to Atlantic City is complete without a seaside stroll along the Boardwalk, a climb to the top of Absecon Lighthouse or a game at one of the USA’s oldest casinos.

Reno, Nevada, USA

Now considered Las Vegas’s little sister, Reno, Nevada, was the Casino capital of the USA until the 1980s. Along with its relaxed gambling laws, for a long time, Reno also had more relaxed divorce laws than other US states, making it a popular place to visit for couples wanting a divorce. Visit the National Automobile Museum and the Reno Arch or get out into nature at the nearby Lake Tahoe. Today, the city is best known for being a technological centre, however, its casinos are also still popular, with Peppermill Resort Casino, Atlantis Casino Resort and Eldorado Resort Casino being just three of the many you could choose to visit.

San José, Costa Rica

San José is Costa Rica’s seat of national government and the country’s most important city due to its status as the most visited city in Central America. As a historical and culturally significant city, San José is home to many museums, including the National Museum of Costa Rica, and the Museum of Pre-Columbian Gold. Casinos in Latin America are a little harder to find, with Barceló San José Palacio Spa & Casino or Hotel and Casino Taormina being two of the most popular. They offer a quieter, more informal feel but are still worth a visit.

Nassau, Bahamas

Made up of an archipelago of nearly 700 coral islands, the Bahamas has much to offer its visitors. A top-rated holiday destination due to its proximity to Florida, there are plenty of award-winning beaches to relax upon, watersports to enjoy and even some world-famous swimming pigs! One of the most iconic sights of Nassau, Bahamas capital, is the Royal Towers at Atlantis Resort, a luxury hotel, waterpark and casino. If casinos are what you’re after, you are spoilt for choice as there is also the Baha Mar Casino and Island Luck Casino in the city.

NSW casino regulator won’t recognize The Star Sydney’s self-appointed independent monitor - November 2022

The NSW Independent Casino Commission – the recently formed regulatory body tasked with overseeing The Star Sydney and Crown Sydney – has informed Star Entertainment Group that it does not endorse the appointment of the company’s own independent monitor and will not recognize the monitor’s actions.

According to information filed by Star, operator of The Star Sydney, this week, the company was informed of the NICC’s view by the Special Manager specifically appointed by the NICC to oversee The Star Sydney’s operations.

Star was recently found unsuitable to retain its casino license for The Star Sydney following a review into its operations.

However, it continues to be involved in the day-to-day running of the casino under the supervision of the Special Manager, Nicholas Weeks of Wexted Advisors, following his appointment by the NICC in mid-October. As reported by IAG, Weekes will oversee operations of The Star Sydney for an initial period of 90 days, with his initial task being to determine whether Star’s failings can be rectified and whether it can return to suitability.

Property News Media Blog: Airbnb’s search marketing shift: Should advertisers follow suit? (Search Engine Land)

Airbnb’s search marketing shift: Should advertisers follow suit? (Search Engine Land)

Airbnb’s search marketing shift: Should advertisers follow suit?

With CPCs rising across performance media channels, is it worth following Airbnb's shift from PPC to brand marketing? Here's what to consider.

A recent Wall Street Journal article reported that Airbnb’s “strategy of slashing advertising spending, investing in brand marketing and lessening its reliance on search-engine marketing is continuing to pay off.”

This remark has sparked discussions among many advertisers, wondering if a similar strategy may work for them. 

In 2019, Airbnb started to move budget away from search marketing in favor of broader marketing initiatives.

The pandemic accelerated the shift, with video and social media picking up the largest share of digital spend in 2021, according to data gathered from Semrush and Pathmatics.

*click here for full article and multimedia

(Search Engine Land)

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Greg Tingle

SEL's Amanda with an interesting and helpful article on Airbnb search marketing. I tend to agree that brand marketing and the like is the way to go. It's a saturated market as has been so for many years. Many brand managers, CEO's, bean counters and the like having been going direct to both creative and advertising agencies - I should know. Airbnb operators still see value in SEO as well as negotiating ad and copy rates with destination websites and niche website owners/ publishers. I've been in this game a few decades. A decade ago I secured a five figure deal with an owner on three continents with a number of properties involved, plus with an interactive game of skill tie-in with PR and news media elements. It was huge. If our agency didn't exist the likes of News Corp's Real Estate.com.au and/or Domain.com.au or maybe Google Ads would have secured it. As they say, you win some - you lose some. This Search Engine Journal feature has sparked my team and I to ramp up property aka real estate coverage including Airbnb again so thank you. There's still opportunity in the sector, be it Sydney, Melbourne, Vegas, Florida, Virgin Islands, Fiji or maybe even out the back of the U.A.E - you can bet the house on it! Web to the world over. 

Property News Media Blog: UAE: News; NEOM News...

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Local Listings - Local Directory: Local Property, Local Agents, Local News Media, Local Advertising

Local Listings - Local Directory: Local Property, Local Agents, Local News Media, Local Advertising

Property News Media Blog: Why Blackstone’s US$69 billion property fund is signalling pain ahead for real estate industry

Why Blackstone’s US$69 billion property fund is signalling pain ahead for real estate industry

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Pain is deepening across the US real estate industry.

Two of the biggest players – Blackstone and Wells Fargo – took steps last week to contend with weaker demand as the industry faces a rapidly cooling property market, rising interest rates and waning investor appetite. 

The well-heeled investors in the US$69 billion Blackstone Real Estate Income Trust (Breit) learned last Thursday (Dec 1) that the fund will limit withdrawals as people seek to pull money from what’s been a cash magnet for one of the largest owners of real estate globally. Also on Thursday, Wells Fargo, the biggest home loan originator among US banks, confirmed that it’s cutting hundreds more mortgage employees as soaring borrowing costs crush demand.

“It’s a one-two punch,” Susan Wachter, real estate professor at the University of Pennsylvania’s Wharton School, said in an interview. “Both are realistic pullback responses to the overall economic weakness we’re seeing now as well as the spike in interest rates.”

In the past decade, the real estate industry reaped the benefits of the Federal Reserve’s policy of low rates. Homebuyers, taking advantage of record-low borrowing costs, went on a spree that fuelled double-digit price gains. Ultra-low rates also drove a refinancing boom that put more money in homeowners’ pockets and spurred the creation of jobs for mortgage brokers, title insurance agents and appraisers. 

Now, real estate has been among the hardest-hit sectors of the Fed’s campaign to quash inflation by boosting interest rates at the fastest pace in decades.

In the housing market, mortgage rates that have doubled this year are sidelining potential buyers and causing sellers to pull back on new listings. A measure of prices has dropped for the last three months, while pending home sales have fallen for five months in a row. The volume of mortgages with rate locks plunged 61 per cent in October from 2021 levels, according to Black Knight. 

Commercial real estate is also feeling the sting. Property prices have slumped 13 per cent from a peak this year, according to Green Street’s October price index. The financing environment has become trickier as some big lenders have scaled back, leading property owners such as a Brookfield Asset Management unit to warn that it might struggle to refinance certain debt.

The industry fallout has been wide-ranging. Reverse Mortgage Funding, a home lender backed by Starwood Capital Group, filed for Chapter 11 bankruptcy last week.

Layoffs have been widespread. Opendoor Technologies, which pioneered a data-driven spin on home-flipping known as iBuying, laid off about 18 per cent of its workforce and wrote down the value of its property holdings by US$573 million. Brokerage Redfin went through two rounds of layoffs and shuttered its iBuying business, while competitor Compass also made deep cuts to its technology teams in a quest for profitability.

Layoffs only tell part of the story of the pain. While mortgage firms and real estate technology companies cut costs by firing workers, real estate agents make up a large share of the industry’s workforce. They’re usually considered independent contractors and depend on commissions for a living. They don’t show up in layoff tallies but are also exposed to slowing home sales.

“There are hundreds of thousands of real estate agents who are not going to be practising because people are buying and selling fewer homes,” said Mike DelPrete, a scholar-in-residence at the University of Colorado Boulder. “It’s like a silent culling of the ranks.”

When interest rates were ultra low, investors turned to commercial real estate as a source for higher yields than they could get by owning Treasuries and other low-risk bonds.

That was part of Briet’s appeal, drawing in high-net-worth clients lured by the 13 per cent annualised returns in one major share class through October. Breit raked in money to buy apartments and industrial buildings, properties that the private equity firm bet would keep growing in value because demand outstripped supply. People who couldn’t afford to buy a house needed to rent, the reasoning went, and shoppers increasingly buying online drove up the need for warehouse space.

“Our business is built on performance, not fund flows, and performance is rock solid,” a Blackstone spokesperson said last Thursday after the firm announced the redemption limits. 

Much of the money withdrawn from Breit was from overseas, with offshore investors redeeming at eight times the rate of US ones in the past year.

Commercial-property owners are getting hit with financing challenges after years of paying for deals with cheap loans. Expensive debt has pushed some borrowers into negative leverage, which means that debt costs are outpacing expected returns. Dealmaking has also frozen, with transaction volume plunging 43 per cent in October from a year earlier, according to MSCI Real Assets. 

“With the benefits of leverage severely limited and owners who are not being forced to sell, the price expectations gap between sellers and potential buyers has been wide enough to limit deal closings,” Jim Costello, an MSCI economist, wrote in a Nov 16 report.

Despite all the pain points, the housing and commercial real estate industries are in better shape than in some previous downturns, with more tightly underwritten loans and less of a risk of markets being oversupplied.

With Breit, the fund is still outperforming the S&P 500 Index, even as investors increasingly want out. And Thursday’s announced sale of a stake in two Las Vegas hotels is expected to generate roughly US$730 million in profit for Breit shareholders, Bloomberg previously reported.

What’s changing most drastically across the industry is the relative value of real estate to other investments.  

Thanks in part to the Federal Reserve’s hiking campaign, investors have other places to earn money that could generate more yield than in years past and tend to be more liquid than commercial real estate, including Treasuries, investment-grade bonds, and mortgage-backed securities.

“Real estate is quite cyclical,” Wharton’s Wachter said. “It’s bad for real estate when rates go up and you can get higher yields from Treasuries and other assets.”