Ireland's Wild Geese flock to Vegas of the East
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While casinos may be illegal in Ireland, it hasn't stopped some natives from heading up some of the world's largest gambling operations.
The tiny island of Macau, a special administrative region of China, has become a magnet for wild geese who have honed their managerial talents around the globe.
Clareman Ian Coughlan recently took over the reins at the Wynn Macau -- a huge 20-storey hotel and casino operation owned by the €15bn US Wynn Resorts group.
Mr Coughlan studied at Shannon College of Hotel Management, qualifying in 1981 and subsequently worked in hotels around the world. Among those he managed was the well-known Peninsula Hotel in Hong Kong.
The Wynn job could be lucrative for Coughlan, who earns an annual basic salary of $750,000 and could earn the same amount again this year as a bonus.
The $1.2bn Macau development only opened last year, and is already outpacing growth at the Wynn Resorts' flagship Las Vegas operation.
According to chief executive Steve Wynn, the company's Macau resort reported a staggering $900m in chip sales within 13 days of opening its doors in September last year.
In the three months to the end of September 2007, it recorded revenue of $347.6m, and in the nine-month period to the end of September, sales topped $1bn.
Adjusted property EBITDA (earnings before interest, taxes, depreciation, amortisation, pre-opening costs, property charges and other, corporate expenses) at the Macau resort totalled $92.8m in the three months to the end of September 2007 (only slightly less than the Las Vegas casino), and $264.5m in the nine-months to the end of September.
The casino business in Macau was deregulated back in 2002, breaking Stanley Ho's monopolistic grip on the market.
Since then, a number of international companies have set up shop on the island.
In 2002, there were 11 casinos with 339 gaming tables and 808 slot machines. Now there are 25 casinos, 2,970 gaming tables and 7,349 slot machines. All this on a 28 sqkm area with a population of roughly 500,000.
Other Irishmen bringing gambling to the masses in Macau include Ciaran Carruthers, who is chief operating officer of the Starworld-owned Galaxy hotel and casino. He has specialised in the Asian gaming business for the past 15 years. A Dubliner, he attended Synge Street Christian Brothers School.
Frank McFadden (below), who previously headed up the Venetian Sands casino in Macau, is now president of a joint venture and business development at Stanley Ho's Sociedade de Jogos de Macau (SJM). Mr McFadden, who was born in Belfast, previously served as chief operating officer of Casinos Australia International, overseeing 65 casinos in 18 countries and territories.
A regular visitor to Ireland, Mr McFadden was recently on his fishing boat off the west coast when rumours surfaced back in Macau that he was about to be poached from SJM. However, the firm said he remains "well supported" by Stanley Ho and the company.
Macau's gambling industry has traditionally been the focus of a turf war between triad gangs (even Stanley Ho's underworld connections have been the subject of extensive speculation and investigation). But it's corruption that's now making the headlines.
Recently the trial commenced of Ao Man-Long, the former secretary for transport and public works in Macau.
He has been accused of taking bribes, money laundering and abuse of power that saw him boost his personal wealth to more than $100m in just six years -- 57 times his family's income during the period.
It's claimed he helped developers win tenders for a number of projects in Macau, including the Venetian Sands.
- John Mulligan
