Date: 04-23-12 19:14
Kobo rarely gambles.
He hasn't even spent a penny on California's lottery in more than a decade.
So these two articles really surprised Kobo:
http://www.ft.com/intl/cms/s/0/e1770dd4-8719-11e1-865d-00144feab49a.html An April 15, 2012 Financial Times article titled "Ireland to make China’s day at the races".
By Jennifer Thompson
China has chosen Ireland as a partner to help establish a $2bn national equine centre, as the world’s second-biggest economy begins establishing a horse racing and breeding industry.
The selection, which is expected to generate almost $50m in exports for Ireland within three years, is a welcome fillip for its own racing and breeding industry, which has suffered in the economic downturn. China’s decision to tap Irish expertise in the sport is also a sign of deepening links between the two countries as Dublin seeks closer ties with Beijing to help it recover from an economic crisis.
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Ireland will over the next three years help China establish a new stud farm by providing more than 100 broodmares as well as stallions to the new facility, located in the country’s fourth-largest city of Tianjin.
These will come from the Coolmore stud operation in county Tipperary, one of the world’s largest breeders of thoroughbred racehorses, which will also host top Chinese agriculture students for further training.
Simon Coveney, Irish minister for agriculture, marine and food, said that while Coolmore was invited as the initial partner in the joint venture, the project “has the potential to provide a range of business opportunities” to Irish businesses and “should facilitate the development of a major export market for horses from Ireland”.
Ireland is hoping its export-orientated breeding industry will benefit from plans by the Tianjin centre to host China’s first international race meeting in 2014, an event which will require up to 800 horses.
“This industry is something we are good at, and today one of the biggest markets in the world has recognised that and has chosen to partner with Ireland,” said JP Magnier, a spokesman for Coolmore Stud and son of John Magnier, the horseracing and breeding magnate.
The agreement comes as Ireland ramps up efforts to boost its visibility with Beijing to secure contracts with Chinese companies as well as attract inward investment. In February Xi Jinping, China’s vice-president, made a visit to the country focusing on trade and investment, and Enda Kenny, the Taoiseach, made a reciprocal visit to China last month.
The partnership with Ireland is the first Chinese government involvement in an overseas joint venture in horse racing and breeding. Horseracing was banned in China in 1949 by Mao Zedong, the communist ruler, as being an immoral pursuit but has become increasingly popular among newly wealthy Chinese as they spend more on luxury pastimes.
China hopes the facilities of the 4,000 horse-stall project, christened Tianjin Equine Culture City, will rival those of the sport’s other established centres such as Deauville in France and Kentucky. The project will cost around $2bn and will also include several racing tracks.
China is going to spend $2 billion to establish a national equine centre for horse racing, breeding, and building race tracks?!?!?!
http://www.forbes.com/sites/robertolsen/2012/04/11/adelson-launches-4-4-billion-macau-casino/ An April 11, 2012 article titled "Adelson Launches $4.4 Billion Macau Casino" found at the Forbes magazine web site.
By Robert Olsen
Billionaire Sheldon Adelson’s Las Vegas Sands opened its fourth casino resort in China’s gambling mecca on Wednesday. The $4.4 billion Sands Cotai Central will be the only casino resort to open this year in Macau as the government has yet to give approval for any further developments on the Cotai Strip, the stretch of reclaimed land connecting the Taipa and Coloane islands.
While the Macau peninsula tends to attract China’s hardcore gamblers, the more expansive Cotai Strip is home to several massive casino resorts more oriented towards the mass market with its entertainment, dining and high-end shopping offerings.
Sands’ rival Galaxy Entertainment Group saw its profit triple to 3 billion Hong Kong dollars ($387 million) last year, after opening the Galaxy Macau on Cotai in May.
The Sands Cotai Central will open in stages, and this phase is said to feature 600 rooms and suites under the Conrad hotel brand and more than 1,200 rooms from Holiday Inn along with meeting, convention and retail space.
Today’s opening marks yet another milestone for the 78-year-old casino mogul. Just three years ago, Adelson’s empire was facing the threat of default, and FORBES estimated that his net worth had plunged from $28 billion to roughly $3 billion. Since then, he’s made almost all of it back— Adelson’s net worth has rebounded to $25 billion, again making him one of the ten richest people in America. (See Comeback Billionaire: How Adelson Dominates Chinese Gambling And U.S. Politics). And he isn’t nearly finished yet. During Wednesday’s opening, Adelson said he plans to spend $35 billion on a mini-Las Vegas strip in Spain.
Two billion dollars for horse racing. A $4.4 billion casino. Tsk, tsk, tsk. :Kobo shaking his head in disbelief smilie:
Them Chinese got to be crazy!!!! ;-0
All of you regulars to these forums should be quite familiar with the name Sheldon Adelson by now.
Kobo's written enough of him.
Or you might have heard his name as a financial backer of that bum presidential candidate Newt Gingrich.
For more about Adelson:
http://www.forbes.com/sites/stevenbertoni/2012/02/22/comeback-billionaire-how-sheldon-adelson-dominates-chinese-gambling-and-u-s-politics/ A February 22, 2012 Forbes magazine cover story titled "Comeback Billionaire: How Adelson Dominates Chinese Gambling And U.S. Politics".
Snippet from the article:
Near default three years ago, Sheldon Adelson has made more money than anyone in America since, dominating Chinese gambling-and U.S. politics. A full-access tour of his $25 billion comeback.
Now China has a long history of gambling but this is ridiculous.
Snippet from the Wikipedia entry for "Gaming industry":
The precise origin of gambling is unknown. The Chinese recorded the first official account of the practice in 2300 BC, but it is generally believed that gambling in some form or another has been seen in almost every society in history.
http://en.wikipedia.org/wiki/Gaming_industry The Wikipedia entry for "Gaming industry">
At any rate whether there was gambling before the Chinese, they haven't left any written account of it. ;-)
So, once again, Kobo poses the question, "Do the Chinese gamble too much?". ;-)