Big-deal poker tournaments to lure world's richest high-rollers
There's at least US$4.1 million in prize money up for grabs as Macau plays host to two major poker tournaments over the next two weeks, and the back-to-back contests promise to lure high-rollers from around the world.
Things start with the Asian Poker Tour (APT) at Galaxy Entertainment's StarWorld casino from August 27 to 31. Making its debut in Macau, the APT is ramping up rapidly following its acquisition by online gaming firm Asian Logic and promises a guaranteed prize pool of US$1.5 million - at least US$500,000 of which will go to the top player. The main event is expected to attract close to 500 players at a US$5,300 buy-in, while a high-rollers event with a HK$1 million buy-in is not for the weak of heart. Before the APT kicks off, a charity celebrity tournament on Tuesday night will raise HK$200,000 to be donated to Caritas Macau.
Next up, the Asia-Pacific Poker Tour (APPT - note the extra 'P') makes its second annual stop in Macau from September 1st to 9th. Organised by online casino PokerStars.net and returning to the Grand Waldo casino on Cotai, the APPT features a HK$10 million guaranteed prize pool. The buy-in is set at HK$25,000 and is limited to 1,000 players. A separate HK$150,000 buy-in high-rollers' event will give away another HK$10,000 in guaranteed prize money and is capped at 300 entrants.
Since Macau's gaming regulator gave a green light to Texas Hold'em in February and the first four tables were tentatively rolled out on the main floor of SJM Holdings' Grand Lisboa casino, the city is having a poker mini-boom. Baccarat still rules the roost, accounting for about 85 per cent of all gaming revenues.
In poker, players bet against each other, not the house, and according to Macau law, the casino can only rake 3-5 per cent of the pot from each hand. Thus, the 11 million patacas in casino revenue from poker that Macau booked in the second quarter of this year - when the only game in town was the poker tables at the Grand Lisboa and Grand Waldo - represents total wagers between players of 220 million to 366 million patacas during the three-month period.
Despite the smaller direct profits, the attraction of poker from the casino operators' perspective is that it brings in players who might not otherwise visit a casino in Macau.