Tag Archives: Macau

Business, Finance, Occupation & Industry

Why Kirk Kerkorian Is Important to MGM Resorts

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By Travis Hoium, The Motley Fool

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News yesterday that Kirk Kerkorian has intentions to raise his stake in MGM Resorts isn’t something investors should sweep under the rug before remembering what he has meant to the company over the years. Kerkorian isn’t as well known as Steve Wynn of Wynn Resorts, or Sheldon Adelson of Las Vegas Sands, but he has played a similar visionary roll in MGM‘s history.

Kerkorian began his dealings in Las Vegas in 1962 when he bought the land that Caesars Entertainment’s flagship casino Caesars Palace sits on. When he sold the land to the company, he ended up building MGM Grand, and naming it after the MGM movie studio, which he also owned. Decades later, Kerkorian was behind the merger of MGM and Mirage, which was the company Steve Wynn built, bringing the Mirage, Bellagio, and Treasure Island into MGM.  

If Kerkorian wants to increase his 18.6% stake in the company, he must be bullish on both Las Vegas and the economy as a whole.

Bullish on economy
Kerkorian last tried to up his stake in MGM in 2006 when the economy and markets were going bonkers. After the financial collapse, he backed off MGM, but now that he’s on board, I think it’s a strong sign that one of Las Vegas‘ biggest investors is bullish on the economy as a whole and, therefore, Las Vegas.

Kerkorian also has seats on the board, meaning he has insider access to MGM‘s financials. Insider buying is often a very bullish sign for a stock, because insiders know things about a company’s operation that goes beyond what outside investors can know.

What this means for gaming stocks
Before you go out and buy a basket of gaming stocks, it’s important to understand the difference between MGM and other companies. Wynn and Las Vegas Sands are Asian-centric so, if Kerkorian is bullish on MGM, it doesn’t really mean anything for them. Caesars is in a similar position to MGM with high exposure to Las Vegas, but instead of having exposure to Macau, like MGM does, it has exposure to regional gaming in the U.S. If you’re bullish on Las Vegas, MGM is the way to go, not Caesars.

A deep dive into MGM Resorts

When MGM Resorts began constructing the CityCenter in Las Vegas, it was an audacious plan that seemed like a sure bet with its prime location in the center of The Strip. But Las Vegas hit a rough patch during the Great Recession and has yet to fully recover, so MGM has since turned its attention to a new market in Macau. This Chinese gaming enclave now holds the key to the company’s future, and a new resort on Cotai may relieve the company from crushing debt. For expert analysis on whether this former high-flying stock can regain its form on the back of a growing presence in Asia, you’re invited to check out The Motley …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Kerkorian May Increase Stake in MGM Resorts

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By 24/7 Wall St.

Casino Entrance

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In a filing with the U.S. Securities and Exchange Commission (SEC) today, investor Kirk Kerkorian’s Tracinda Corp. indicated that it may boost its stake in MGM Resorts International Inc. (NYSE: MGM) from its current 18.6% to as much as 25% in early April. MGM‘s stock is getting a healthy lift from the news.

According to the filing, Kerkorian expects to use working capital to make the purchase, provided, of course, that he ultimately decides to do so. The filing notes:

Tracinda continues to believe that there is substantial value in the assets of MGM Resorts and that the Company is a good long-term investment.

MGM recently received approval from the government of Macau to build a second resort/casino on the island’s Cotai Strip and the casino operator has also filed an application with the state of Nevada to operate online gambling within the state. Revenue growth in Macau is expected in the range of 5% to 10% in 2013.

Shares of MGM are up 7% at $13.27 in a 52-week range of $8.83 to $14.80.

Filed under: 24/7 Wall St. Wire, Activist Investor, Casinos & Hotels Tagged: MGM

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Source: FULL ARTICLE at DailyFinance

News, Politics, Government

Philippines set to open $1 billion casino-resort

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The Philippines will become one of the biggest gambling centers in the world, vying with Macau, Singapore and Las Vegas for Asia‘s high rollers, officials of a $1 billion casino resort opening in Manila this weekend said Thursday.

Studies project that the country’s gambling revenue of $1.9 billion will rise to $6 billion, which is currently what Singapore‘s two casinos generate, in about five years, said Michael French, chief operating officer of the Solaire Resort and Casino.

Solaire will open on Saturday as one the country’s biggest hotel-casino complexes in ceremonies to be attended by President Benigno Aquino III, who is targeting 10 million tourists by 2016.

It has 500 hotel rooms, 1,200 slot machines and 295 gaming tables, including those in private rooms with a view of Manila Bay for high rollers. It has eight restaurants, a spa, a night club, and will have a 1,800-seat Broadway-type theater, French said.

It is the first of four such developments in the $4 billion Entertainment City being built on a 100-hectare (247-acre) property reclaimed from Manila Bay. The flagship of Bloomberry Resorts Corp. is majority owned by one of the Philippines‘ wealthiest men, container ports operator Enrique Razon.

The Entertainment City development is potential employment and economic bonanza for the Philippines. Its reputation as a tourist destination has been tarnished by reports of crime, including kidnappings, alongside insurgent violence and the operation of a notorious militant Islamic group in the country’s south.

The country has not yet recovered from the drop in the number of visitors from Hong Kong following the killing of eight tourists from the Chinese administrative region by a dismissed police officer in Manila in August 2010, just two months after Aquino took office.

The hotel-casino currently has 4,500 employees and will employ about 500 more, French said. About half of the staff work for the casino, including 400 senior officers who have worked for years in casinos in Macau, Singapore and in cruise liners, he said.

French said the hotel-casino will offer an “East meets West” venue, combining “the glitz and grandeur and the sparkle of Las Vegas” and the “Macau experience” of VIP gambling.

He said the Philippines‘ 15 percent tax on casino operations compared to 40 percent in Macau is the country’s main attraction, especially for junket operators …read more
Source: FULL ARTICLE at Fox World News

Business, Finance, Occupation & Industry

New Neighbor Not a Welcome Sight for MGM and Caesars

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By Travis Hoium, The Motley Fool

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The latest development in Las Vegas will bring excitement to the city and a new neighbor to Las Vegas Sands and Wynn Resorts on the north side of The Strip. But it also comes at a time when casinos are just starting to return to reasonable returns and, with growth in the single digits, the city doesn’t need the new capacity. 

Alison Southwick sat down with analyst Travis Hoium to see who Genting Group‘s new resort will affect most. 

Is MGM finished?

When MGM Resorts began constructing the CityCenter in Las Vegas, it was an audacious plan that seemed like a sure bet with its prime location in the center of The Strip. But Las Vegas hit a rough patch during the Great Recession and has yet to fully recover, so MGM has since turned its attention to a new market in Macau. This Chinese gaming enclave now holds the key to the company’s future, and a new resort on Cotai may relieve the company from crushing debt. For expert analysis on whether this former high-flying stock can regain its form on the back of a growing presence in Asia, you’re invited to check out The Motley Fool’s new premium report on MGM Resorts. Simply click here now to claim your copy today.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Zerg Rush! StarCraft® II: Heart of the Swarm™ Now Live

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By Business Wirevia The Motley Fool

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Zerg Rush! StarCraft ® II: Heart of the Swarm ™ Now Live

New expansion follows Kerrigan through vengeance-fueled campaign, adds deadly new multiplayer units, and introduces several new features for players of all skill levels

IRVINE, Calif.–(BUSINESS WIRE)– Hail to the Queen of Blades! Blizzard Entertainment, Inc. today set off a global zerg invasion with the launch of StarCraft® II: Heart of the Swarm™, the next chapter in the epic saga of StarCraft® II. Kerrigan has arrived, and with the help of her brood, she aims to take down Arcturus Mengsk once and for all.

Players can now purchase Heart of the Swarm in retail stores throughout the U.S., Canada, Europe, Russia, South Korea, Australia, New Zealand, Southeast Asia, Mexico, Chile, Brazil, Taiwan, Hong Kong, and Macau, as well as digitally via the game’s official website (www.StarCraft2.com). Release plans for mainland China will be announced at a later date.

“Heart of the Swarm enhances every aspect of StarCraft II,“said Mike Morhaime, CEO and cofounder of Blizzard Entertainment. “In addition to Kerrigan’s campaign and the new multiplayer units and maps, we think players will really enjoy the new online elements and new features that make StarCraft II more fun and easier to learn than ever before.”


Standard, Collector’s, and Digital Deluxe Editions

StarCraft II: Heart of the Swarm is now available at retailers nationwide on DVD-ROM for Windows® XP/Windows Vista®/Windows® 7/Windows® 8 and Macintosh® (suggested retail price $39.99). The expansion can also be purchased directly from Blizzard at www.StarCraft2.com for $39.99. In addition, Blizzard is offering a retail-exclusive Collector’s Edition of Heart of the Swarm loaded with digital and physical bonus items, available at select retail stores for a suggested retail price of $79.99.

Players also have the option to purchase a Digital Deluxe version of the expansion, which includes all of the digital items from the Collector’s Edition, directly from Blizzard via www.StarCraft2.com for $59.99. Anyone who purchases the standard edition digitally or at retail can upgrade to the Digital Deluxe version at any time (for as long as the standalone Digital Deluxe version remains available) for an additional $20.

The Digital Deluxe version of Heart of the …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

MGM Resorts Needs to Catch a Break

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By Travis Hoium, The Motley Fool

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MGM Resorts can’t seem to catch a break. Macau is growing, but MGM‘s resort is on the wrong side of town. New Jersey is going to allow online gaming, which will be great for operators there, but MGM was kicked out of New Jersey because of its ties to Pansy Ho in Macau. Finally, just as Las Vegas starts to slowly return to revenue and profit growth, Genting Group decides to build another massive resort and suck the air out of MGM‘s sails.

Las Vegas isn’t what it used to be
In 2007, Las Vegas Strip gaming revenue peaked at $6.83 billion and MGM looked like one of the big winners in the industry. Last year, the region gained 2.3% from a year before to reach $6.21 billion in gaming revenue, still well below the peak. The problem is exacerbated by the fact that CityCenter opened in 2009 and The Cosmopolitan opened in 2010, spreading both gaming and room revenue among even wider supply. The competition has shown on the income statement as recently as the last quarter.

Fourth-quarter revenue fell $2.3 million to $2.3 billion, and wholly owned domestic resorts saw a $10.0 million drop in revenue. The only good news is that the company was able to squeeze an extra $15.2 million in EBITDA from wholly owned domestic resorts during the year.

Las Vegas isn’t growing quickly, and MGM and Caesars Entertainment are struggling under heavy debt loads built during the financial crisis. They would be seeing a light at the end of the tunnel because of increased traffic and gaming if it weren’t for the recently announced sale of an 87-acre strip of land to Genting Group by Boyd Gaming . Genting is planning to build a $2 billion-plus resort on the north side of The Strip, with another 5,000 rooms and 140,000 more square feet of gaming. This will grab a lot of the upside in Las Vegas from MGM and Caesars, just as they’re starting to get back on their feet.

Lagging behind in Macau
MGM is definitely happy about its investment in Macau, but the Macau Peninsula isn’t growing as quickly as its neighbors to the south on Cotai. MGM‘s Macau revenue grew just 2% to $731 million from a year ago, which actually outperformed Wynn Resorts , its Macau Peninsula neighbor. Operating income was up 8% to $83 million in the quarter.

The big prize for MGM is its Cotai property, which will hopefully open in the middle of 2016. The company recently broke ground on the resort with 1,600 hotel rooms, 2,500 slot machines, and 500 table games next to Melco Crown‘s City of Dreams and Las Vegas Sands‘ Sands Cotai Central. Both companies have been big winners in Macau recently as Cotai has grown and mass-market play has trended toward Cotai, so the resort should be a big hit for MGM. …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Can Melco Crown Continue to Shine?

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By Travis Hoium, The Motley Fool

MPEL Total Return Price Chart

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Melco Crown has been one of the best performing stocks on the market over the past three years, easily surpassing rivals on a total return basis. Even Las Vegas Sands and Wynn Resorts , who generate most of their revenue in Asia, haven’t kept up with Melco’s pace.

MPEL Total Return Price data by YCharts.

How does this much smaller rival continue to beat out competitors with much greater resources?

Growth that just won’t stop
The first reason Melco Crown‘s stock continues to outperform is the company’s improving finances. Fourth-quarter revenue grew 9% to $1.1 billion, EBITDA was up 7% to $247.5 million, and net income was $108 million, or $0.20 per share.

But the key for Melco is why revenue and profits continue to grow. For that, we need to look at the company’s improving competitive position.

Location, location, location
The single biggest reason Melco Crown has been able to outperform rivals is the central location of its largest casino. City of Dreams sits in the middle of Cotai and it has been able to leverage three resorts from Las Vegas Sands and one by Galaxy to draw more revenue there.

Look at the image above and then compare revenue, EBITDA, and mass-market growth over the past year on the Macau Peninsula versus Cotai. You can draw a quick conclusion that gaming is trending toward Cotai, particularly in the mass market.

 

Q4 Revenue Growth Y/Y

Q4 EBITDA Growth Y/Y

Mass-Market Table Drop Growth Y/Y

City of Dreams 

11%

17.6%

24.5%

The Venetian 

10.3%

17.6%

10.5%

Wynn Macau 

-9.7%

-9.5%

-1%

Sands Macau

-2%

4.2%

3.1%

Source: Company earnings reports.

Just the location of Melco’s Cotai resort has been a huge advantage for the company and is a main driver of its stock performance. And it doesn’t look like the draw of Cotai will stop any time soon. Las Vegas Sands is working on another resort, Wynn is as well, and MGM Resorts will soon join the fray with a resort next to City of Dreams. If the mass-market continues to grow like it has recently then Melco Crown should see improving results.

Low expectations
To outperform on the stock market you have to do well financially but it doesn’t hurt if the market sets low expectations to begin with. Two and a half years ago, I lamented that Melco Crown was the worst performing gaming company in Macau by reporting mid-teen EBITDA margin when rivals exceeded a 30% margin.

During the second quarter of 2010, City of Dreams reported a 13.9% EBITDA margin. Today, that margin is up to 28.4%, more than doubling over that time. Even if revenue didn’t more than double, EBITDA would have doubled over that time. With growing revenue and expanding margins Melco Crown was able to rapidly grow …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Corruption Violations Not a Reason to Sell Las Vegas Sands

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By Travis Hoium, The Motley Fool

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Late last week Las Vegas Sands admitted that it likely violated the Foreign Corrupt Practices Act, although it was mum on what the exact violations are. But is this a reason to sell the stock when Macau‘s gaming numbers are only getting better? Alison Southwick sat down with analyst Travis Hoium to get the answers. 

For many companies, successfully capitalizing on a booming Chinese economy is like winning the jackpot. That’s indeed the case for gaming company Las Vegas Sands, which made a big bet on Macau gaming about a decade ago that’s paid off in spades. The company is now looking to spread its empire further, but will it be able to replicate its prior successes? Learn about all these opportunities, and the risks they pose, in our new premium report on Las Vegas Sands. We’re providing a full year of analyst updates to go with it, so make sure to claim your copy today by clicking here.

var FoolAnalyticsData = FoolAnalyticsData || []; FoolAnalyticsData.push({ eventType: “TickerReportPitch”, contentByline: “Travis Hoium“, contentId: “cms.21333”, contentTickers: “NYSE:LVS”, contentTitle: “Corruption Violations Not a Reason to Sell Las Vegas Sands “, hasVideo: “True”, pitchId: “9”, pitchTickers: “NYSE:LVS”, …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Asia Entertainment & Resources Ltd. Announces Rolling Chip Turnover of US$1.29 Billion for February

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By Business Wirevia The Motley Fool

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Asia Entertainment & Resources Ltd. Announces Rolling Chip Turnover of US$1.29 Billion for February 2013

HONG KONG–(BUSINESS WIRE)– Asia Entertainment & Resources Ltd. (“AERL”) (NAS: AERL) , which operates through its subsidiaries and related promoter companies as a VIP room gaming promoter, today announced unaudited Rolling Chip Turnover (as defined below) for the month of February 2013 at the company’s VIP rooms in Macau was US$1.29 billion, down 32% year-over-year, compared to US$1.91 billion for the month of February 2012. This compares with a year-over-year increase in overall gross gaming revenue for Macau of 12% for February 2013. Win rate for the month of February 2013 was 3.54%.

For the first two months of 2013, AERL’s Rolling Chip Turnover was US$2.55 billion (an average of $1.28 billion per month), down 29% year-over-year, compared to US$3.62 billion (an average of $1.81 billion per month) for the first two months of 2012. Macau gross gaming revenue increased 9% for the first two months of 2013. Win rate for the first two months of 2013 was 3.89%.

The decline in Rolling Chip Turnover was attributable to the Company’s self-directed tightening of credit to agents due to its conservative view on the Chinese economy.

The Company’s VIP rooms are primarily focused on high stakes baccarat. Baccarat accounts for approximately 88% of total Macau casino winnings according to the Macau Gaming Inspection and Coordination Bureau (DICJ). In Macau, two remuneration methods are used to compensate VIP room gaming promoters. On a fixed commission basis, VIP room gaming promoter revenues are based on an agreed percentage of Rolling Chip Turnover. On a win/loss split basis, the VIP room gaming promoter receives an agreed percentage of the “win” in the VIP gaming room (plus certain incentive allowances), and is required to also bear the same percentage of losses that might be incurred. Compared to the fixed commission basis, the win/loss split basis subjects the VIP room gaming promoter to the risk of losses from the gaming patron’s activity and greater volatility.

As of September 1, 2012, all AERL VIP rooms are on a revenue sharing remuneration model.

Definition of Rolling Chip Turnover

Rolling Chip Turnover is used by casinos to measure the volume of VIP business transacted and represents the aggregate amount of bets players make. Bets are wagered with “non-negotiable chips” and winning bets are paid out by casinos in so-called “cash” chips. …read more
Source: FULL ARTICLE at DailyFinance

News, Politics, Government

Malaysia's Genting To Pay $350M For Boyd's Mothballed Vegas Resort

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By Simon Montlake, Forbes Staff

Malaysian gaming firm Genting hasn’t been dealt a lucky hand in jump-starting proposed casinos in New York and Miami. Las Vegas is proving more accommodating: Boyd Gaming announced Monday that it was selling its stalled Echelon resort to Genting for $350 million in cash. This acquisition gives Genting an entry point into Vegas and may signal renewed interest in the U.S. gambling hub, which has long been eclipsed by Macau in terms of revenues. Cash-rich Genting, which operates in Hong Kong, Singapore, Malaysia and the Philippines, doesn’t own any casinos in Macau and derives its largest gaming revenues from its Malaysian resorts. The 87-acre project in Vegas, which was mothballed in 2008, is to be rebranded as Resorts World Las Vegas with the first phase due to open in 2015. When completed, says Genting [pdf], it will offer 3,500 hotel rooms and 175,00 sq ft of gaming space. …read more
Source: FULL ARTICLE at Forbes Latest

Articles of Interest

Las Vegas Sands Under Investigation For Corruption, Admits Violations ‘Likely’

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By The Huffington Post News Editors

March 2 (Reuters) – Las Vegas Sands Corp said it “likely” violated the federal Foreign Corrupt Practices Act, which outlaws the bribery of foreign officials, according to a Securities and Exchange Commission filing on Friday.
The filing marks the first disclosure by the casino operator, controlled by founder and billionaire Republican donor Sheldon Adelson, that is was under investigation.
The SEC subpoenaed company documents in February 2011 relating to its compliance with the antibribery act while the U.S. Department of Justice also advised Sands it was conducting an investigation, the company said in its annual report filing.
“There were likely violations of the books and records and internal controls provisions of the FCPA,” the company said.
Sands spokesman Ron Reese said on Saturday he had no additional comment beyond the SEC filing.
Reuters reported exclusively in August that Sands allowed a man identified by the U.S. Senate as an organized crime figure to move a $100,000 gambling credit from a Las Vegas casino to one of its Macau casinos.
The company’s findings are related to deals in mainland China led by executives no longer employed at Sands, the Wall Street Journal reported, sourcing a person familiar with the matter.
Sands, in the filing, said the issue would have no material impact on the company’s financial records and that it would not need to restate any past financial statements.

Read More…
More on Securities And Exchange Commission

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Source: FULL ARTICLE at Huffington Post

Business, Finance, Occupation & Industry

Global investors watch how chips fall in China's cashless casino bar

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Placing bets on green-felt baccarat tables in a new casino bar on China‘s southern Hainan island, punters seem oblivious to a huge wager quietly being placed around them, one that could potentially siphon business from the world’s largest gaming hub in Macau an hour’s flight away. …read more
Source: FULL ARTICLE at Fox Business Headlines

News, Politics, Government

Pacquiao Balks At Vegas Fight, Claims Taxes Are Too High

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By Kelly Phillips Erb, Contributor

What happens in Vegas stays in Vegas. It also gets taxed in Vegas – which is why Manny Pacquiao is hoping to take his boxing gloves elsewhere. The Filipino native is in talks to fight for a fifth time against Juan Manuel Marquez in the fall of 2013 but Vegas is likely not the destination. Pacquiao is hoping to land instead in tax-favored Macau. …read more
Source: FULL ARTICLE at Forbes Latest

News, Politics, Government

Is Las Vegas Sands Future Hitched To Macau?

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By Trefis Team, Contributor

  Las Vegas Sands reported its Q4 2012 results last week and Macau once again was a big driver to growth. Unlike its competitors, Las Vegas Sands hasn’t experienced slower growth in Macau in spite of a slowdown in the Chinese economy. We believe the company has established a critical mass in the market with its properties and resorts and that has helped it take market share away from its competitors such as Wynn Resorts. …read more
Source: FULL ARTICLE at Forbes Latest

News, Politics, Government

Vegas Is Back Baby! Wynn Suffers China Slowdown In Macau As Sin City Shines

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By Agustino Fontevecchia, Forbes Staff Wynn Resorts posted fourth quarter earnings after the bell on Thursday, taking a hit on China’s well-documented economic slowdown.  Casino revenues fell in Macau, while Las Vegas was the surprising star, seeing sales jump 12.1% as the U.S. economy managed to muddle through a tough fourth quarter.
Source: FULL ARTICLE at Forbes Latest

News, Politics, Government

Macau Casinos Going Strong Despite Chinese Slowdown

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By Zacks.com, Contributor The gaming industry in Macau is hot, which is great news for Melco Crown Entertainment Limited (MPEL – Snapshot Report). This developer and owner of casino gaming and entertainment resorts hit a 52-week high on Jan 15, shortly after a report that Macau’s gaming revenue grew 13.5% in 2012. Melco Crown Entertainment primarily operates in this region.
Source: FULL ARTICLE at Forbes Latest

Automobiles

McLaren MP4-12C GT3 Now for Everyman—Every Man Who Can Spare $519,865

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By John Lamm

McLaren will build still more of its MP4-12C GT3 models for 2013, not just increasing the venues at which it can race, but also making the supercars available to collectors and those who want to have the 493-hp, 3.8-liter twin-turbo V-8 competition McLaren, but don’t care to race it. And, for that matter, have enough cash in the bank to cover the asking price of $519,865. The Woking, U.K.–based automaker built more than 20 examples of the GT3 that were raced in 2012 by 13 teams, taking 19 wins and 19 additional podium finishes in 98 races. For that season, McLaren only had European-based teams compete with the GT3 in various championships, plus outings in Abu Dhabi, Macau, and Azerbaijan. With the new production run, the MP4-12C GT3 will be able to race throughout the world.

Lessons learned in 2012 have led to changes for the 2013 12C GT3s. Aerodynamics have been reworked to improve the balance and tire wear of the cars. There’s a revised ECU as part of a redone electrical system and a new choice of shock absorbers for the double wishbone suspensions. To allow for the fact that the cars might compete in warmer climates around the world, McLaren has redone the hood and ducting to better vent heat. Among the new teams that will race the 12C GT3 is that of nine-time World Rally champion Sébastien Loeb, who will co-drive one of the team’s pair of cars.

Source: FULL ARTICLE at Car & Driver

News, Politics, Government

Hong Kong Billionaire Too Sick For Corruption Trial, But Prosecutors Say Otherwise

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By Robert Olsen, Forbes Staff Chinese Estates' Joseph Lau The trial of Chinese Estates Chairman and CEO Joseph Lau was delayed for the second time on Monday after his lawyer said the billionaire was too unwell to stand trial. South China Morning Post reported that Lau’s lawyer produced medical documents to support the claim, but Macau‘s prosecutors opposed […]
Source: FULL ARTICLE at Forbes Latest