Day: 25 March 2018

The Monaco-based company Silversea Cruises is cutting one of its ships in half in order to add 15 metres to the overall length of Silver Spirit. The operation is currently underway at the Fincantieri Shipyard in Palermo, Italy, and will involve more than 500 skilled workers and almost half a million man hours.

The prefabricated 15-metre section has already been inserted to stretch Silver Spirit from 195.8 to 210.7 metres.

Silversea said that the project is a first of its kind involving a cruise ship, adding that the purpose is to create more space in public areas and “enhance Silver Spirit’s facilities”.

“Witnessing these breathtaking phases of the Silver Spirit lengthening project has filled us with pride and excitement,” said Barbara Muckermann, Chief Marketing Officer of Silversea.

“The lengthening and refurbishment of Silver Spirit will replicate the modern elegance of our latest vessel to make for a more luxurious travelling experience. We are eager to share the new and improved layout of our cherished ship with our valued guests.”

The transformation will continue until May 1, 2018.

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https://www.youtube.com/watch?v=Aj–pIQY79k

Macau-based casino operator Galaxy Entertainment Group Ltd, a strategic partner of Société des Bains de Mer, in which it holds a five-percent stake, is acquiring an estimated five-percent stake in US-based firm Wynn Resorts Ltd. As a result, Monegasque citizen Steve Wynn, will effectively have no financial holding in the company that bears his name.

According to Wynn Resorts, Galaxy Entertainment “has agreed to purchase 5.3 million primary shares of Wynn Resorts at a price of US$175 [€142] a share, resulting in US$927.5 million [€750 million] of gross proceeds to Wynn Resorts.”

Galaxy Entertainment Vice-Chairman Francis Lui Yiu Tung said in a prepared statement included in the release: “This is a unique opportunity to acquire an investment in a globally recognised entertainment corporation with exceptionally high quality assets and a significant development pipeline.”

Wynn Resorts said in a later press release on Thursday, March 22, that it intends to “use the net proceeds from that [sale] to repay amounts to be borrowed under the 364-day term loan facility contemplated by the commitment letters that the company entered into on March 9, 2018, with an affiliate of Deutsche Bank Securities in an aggregate principal amount of up to US$800 million [€647 million].”

Wynn Resorts also announced on Thursday that “two long-term institutional investors, both of whom are currently investors in Wynn Resorts, have agreed to purchase the remaining eight million shares held by founder and former Wynn Resorts CEO Steve Wynn, thus demonstrating their confidence in the long-term strength of the company”.

The firm added, “The two sales, combined with previous sales by Mr Wynn, effectively eliminate his ownership in Wynn Resorts.”

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The Monaco Yacht Club will again be hosting the Inter-Bank Challenge at the height of the summer. The Challenge Inter-Banques – Trophée ERI remains a very popular event, the Yacht Club said.

Organised under the patronage of AMAF (Association Monégasques des Activités Financières) with ERI, the world leader in financial software packages, the weekend of June 30 and July 1 is reserved exclusively for the banking and finance sector.

The fun and very sociable weekend comprises a regatta in Monaco Bay on J/70s then a coastal race between the Principality and Cap d’Ail, with lunch by the sea at La Mala Beach. A dozen teams have already registered for the weekend, which concludes with a gala dinner at the YCM.

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Monaco’s football club has issued a strong denial that majority owner Dmitry Rybolovlev is seeking to sell his stake in the Ligue 1 side.

The statement, published on the club’s website, said: “The president Dmitry Rybolovlev is happy to develop the Monegasque project since seven years [sic].”

AS Monaco points out that the club was last in Ligue 2 in 2011 and today is the champion of France. Facts are more important than rumours, the club said.

“The entire club is turned today towards the finale of the Coupe de la Ligue and the fight for the qualification in [the] Champions League.”

The press reports originated in the Italian sports media, and linked the alleged sale of AS Monaco to a purchase by the Russian magnate of AC Milan.

When contacted for comment, Dmitry Rybolovlev’s spokesperson referred Monaco Life to the club for a statement.

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On Sunday, March 18, Prince Albert arrived in Colombia for a multi-day trip, his first official visit to the country.

Received warmly by President Juan Manuel Santos in the city of Cartagena, this visit marked by friendship between the two states, which led also to the signing of several agreements on environmental protection and the economy.

Prince Albert praised the efforts of the Colombian Government to rebuild peace in their country.

The international association “Peace and Sport”, which is based in Monaco, was part of the delegation and organised a football match with Colombian children sponsored by the international foootballer Didier Drogba.

Prince Albert continued his week-long trip in the South American country by attending a conference on ocean acidification.

He also visited the archaeological site “Ciudad Perdida”, discovered in 1972, that is a 400,000 hectares nature reserve where indigenous tribes live.

At the end of the week, the Sovereign joined the exploration vessel Yersin and members of Monaco Explorations to participate in a series of underwater dives on the island of Malpelo.

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