The financing of Publishing and Broadcasting Ltd’s (PBL) Macau casino joint venture has been restructured as a consequence of the global credit crunch.Melco PBL Entertainment Ltd (MPEL) says it has signed a $US1.75 billion senior debt facility with a syndicate of six major international banks rather than the original $US2.75 billion finance deal announced in June.
“The recent adverse change in credit market conditions in the United States resulted in a restructuring of the $US2,750,000,000 commitment secured by MPBL Gaming in June 2007 into the facilities as announced today,” MPEL said in a statement.
“The facilities provide MPBL Gaming with financing sufficient to meet the projected cost of constructing and developing the first phase of City of Dreams.”
The majority of the funds, $US1.5 billion, will be a seven year term loan facility, to finance construction of the City of Dreams casino and entertainment resort.
The remaining $US250 million will form a five year revolving credit facility, available for contingencies and other working capital requirements.
The facilities are non recourse to PBL. However, PBL and Melco International Development Limited (which owns 41.4% of MPEL along with PBL) have each undertaken to provide a Letter of Credit for $US125 million which will be able to be used, if necessary, to support completion of the City of Dreams should the facilities be insufficient to fund completion.
The banking syndicate that will provide the funds includes ANZ Banking Group Limited, Bank of America Securities Asia Limited, Barclays Capital, Citigroup Global Markets Asia Limited, Deutsche Bank AG and UBS AG Hong Kong Branch as coordinating lead arrangers.
Agencies
HOW CAN APPLY FOR A JOB IN CITY OF DREAMS MACAU.
We were made aware of openings in security jobs for City of Dreams Macau, through an agency known as Worldwide International based in Kathmandu Nepal. Yes, i am writing all the way from Nepal.
An interview was held at late January of this year at Grand Hyatt Kathmandu and all the personals who interviewed us were officials from City of Dreams Macau. About two weeks ago we were contacted by the agency in Kathmandu and was informed that seventy candidates were selected by City of Dreams to work as Security officers.
The point which i want to highlight is that now the agency based in Kathmandu is demanding 4500 US dollars to forward our document so that we can obtain work permit in Macau. We are not naive enough to think that the agency does not charge money for processing our documents,but the amount which they are demanding is totally absurd . We were also informed that the contract is only valid for one year and our salary will be around 9500 Macau patacas. These are times when the whole world is weeling from economic crisis, it will almost take around seven months should we decide to pay the agency to reclaim only our investments. Something very sinister is going around here and i don’t think City of dreams has got to do anything with it, it’s the agency based here in Kathmandu who is trying to make a huge amount of money from collecting 4500 US dollars from every chosen canditates.
We were chosen on our own merits, thus paying this huge amount is totally unethical, plus most of us can’t afford it. We want to sincerely work for your organisation but please provide us a suitable platform for it. Hope you will look into this matter.
Believe me this will only be the beginning of your troubles if you end up working in Macau.
The place is a nasty racist shithole, and foreign labour gets treated like dirt.
You also get pissed around non-stop by the local labour department and immigration department, waiting months and months for your work permit to be issued, with ni income.
Just this week Francis Tam has announced plans to cut the foreign labour in Macau by a further 50%.
This means even if you pay up and get to Macau, you can be sacked a week later and given 10 days to get out with no compensation.
I would seriously think twice about it mate.
Exactly that happened to hundereds of people I know who were working there pre- christmas.
I was there for 4 years myself and saw it all going on.
Glad to be out of the corrupt, and racist dump.
Let them have it.
You could spend $4,500 on skills and qaulifications which would serve you 10 times better elsewhere.
J
I agree with Jonascollins. I ‘ve got a friend who used to work in a casino in Genting,quit her job there, came here to Macau, and she was one of those who was sent back to our country. She stayed for a year and a half here, I had no chance to speak with her before she left for I was busy at that time -it was christmas- and she was busy packing her things she had to leave Macau before New Year. Just like that, they were not even considerate as to when they’d tell expats to go back where they came from.
So now, even though i want to apply for a job in COD, i am having second thoughts. the newer ones are the easy targets.
if you really want to work here, be prepared.