Saturday, Aug. 4, 2018|2 a.m.
. One remorse Phil Satre has about his 25-year career with Harrah’s Entertainment is that he didn’t take the business into the Macau gaming market.
Satre, who spoke Wednesday on Nevada Newsmakers, retired as chairman of the board of Harrah’s Entertainment in 2005. The company later on changed its name to Caesars Home entertainment.
“Harrah’s missed out on Macau, and I will accept some of the obligation for that,” Satre said. “I was at the tail end of my profession, and we didn’t pursue it strongly.”
Satre, a former standout Stanford University football gamer, is now chairman Nordstrom and IGT boards. He belongs to the American Video gaming Association’s Gaming Hall of Popularity and UNLV’s Company Hall of Fame.
Other video gaming companies, consisting of Wynn Resorts and Las Vegas Sands, pursued holdings in Macau, which has actually been the world’s No. 1 video gaming market for more than a decade, overtaking Las Vegas in 2007.
“It turned out to be an exceptional market and, of course, the largest worldwide and an extremely crucial source of revenues for the business that get involved there,” Satre stated.
Satre said Harrah’s decided to pass on Macau due to the fact that it “had some serious concerns about the regulatory environment and the total environment that existed from some early business that I had actually taken there.”
Some of Satre’s misgivings revolved around Macau gaming magnate Stanley Ho, who had a 40-year Chinese government-granted monopoly on Macau video gaming till the federal government ended it in 2001, leading the way for the Las Vegas companies.
Ho had substantial ties to Chinese organized crime, which he let “run and thrive” inside his casinos, inning accordance with a report from New Jersey gaming regulators.
Ho has denied any ties to organized crime. He has actually never been apprehended on a gang-related crime, inning accordance with reports.
Satre, nonetheless, said he did not want to endanger the business’s U.S. holdings by getting involved in Macau.
“At the time, we had licenses not just in Nevada, but we had licenses throughout the United States– more than anyone else in the industry,” Satre stated. “We had expanded our residential or commercial properties into more than 26 locations and to be truthful with you, I was fretted we would jeopardize those licenses because they would see us as having taken a reputational or regulative threat that we didn’t have to take.”
In 2010, New Jersey regulators required MGM to divest its holdings in Atlantic City since of a company relationship with Ho’s child, Pansy Ho.
“It did not shock me at all,” he stated. “Atlantic City was the most difficult regulatory environment in operation.”
Quick forward, and Caesars Home entertainment is now pursuing chances in Asia, including Japan, according to released reports.
Satre stated he supports Caesars move into Japan, which authorized legislation in December 2016 opening the door to U.S.-style gambling establishment resorts. “I think we will see that as another crucial market,” he said.