At least 32 dead after gunmen set Mexican casino ablaze



MONTERREY // Two dozen gunmen burst into a casino in northern Mexico on Thursday, doused it with a flammable liquid and started a fire that trapped gamblers inside, killing at least 32 people and injuring a dozen more, authorities said.

The fire at the Casino Royale in Monterrey, a city that has seen a surge in violence this year, represented one of the deadliest attacks on an entertainment center in Mexico since President Felipe Calderon launched an offensive against drug cartels in late 2006.

"This is a night of sadness for Mexico," said federal security spokesman Alejandro Poire in a televised address. "An unspeakable, repugnant, unacceptable act of terror has been committed."

"These unspeakable acts of terror will not go unpunished," Poire said, adding federal authorities were aiding state forces in the investigation.

State police officials quoted survivors as saying about two dozen armed men burst into the casino, apparently to rob it, and began dousing the premises with fuel from tanks they brought with them. The officials were not authorized to be quoted by name for security reasons.

With shouts and profanities, the attackers told the customers and employees to get out. But many terrified customers and employees fled further inside the building, where they died trapped amid the flames and thick smoke that soon billowed out of the building.

Angel Flores, a commander of the Monterrey Green Cross rescue service, said that 28 bodies had been recovered from the casino and that more were likely to be recovered. He said most died of asphyxiation.

Other Green Cross and Nuevo Leon Civil Defense rescue workers later said 32 bodies had been recovered and video footage showed workers continuing to remove bodies well into the night.

Monterrey Mayor Fernando Larrazabal said many of the bodies were found inside the casino's bathrooms, where employees and customers had locked themselves to escape the gunmen.

While there was no immediate information linking the attack to drug cartels, Monterrey has seen bloody turf battles between the Zetas and Gulf cartels in recent months. Once Mexico's symbol of development and prosperity, the city is seeing this year's drug-related murders on a pace to double last year's and triple those of the year before.

Maria Tomas Navarro, 42, stood weeping at the edge of the police tape stretched in front of the smoke-stained casino building. She was hoping for word of her brother, 25-year-old Genaro Navarro Vega, who had worked in the casino's bingo area.

Navarro said she tried calling her brother's cellphone. "But he doesn't answer. I don't know what is happening," she said. "There is nobody to ask."

Larrazabal said the casino, in a well-off part of Monterrey, had been closed by authorities in May for building an expansion without a permit, but a judge later granted the owner an injunction to continue operating.

Initial reports said 11 people had been killed, but the death toll climbed as emergency personnel and firefighters searched the casino building. Medics treated survivors for smoke inhalation.

State police officials initially said witnesses reported hearing three explosions before the fire started, but later said a flammable material was used. The officials were not authorized to be quoted by name for security reasons.

The reports of explosions may have been the sound of the ignition of the liquid.

It was the second time in three months that the Casino Royale was targeted. Gunmen struck it and three other casinos on May 25, when the gunmen sprayed the Casino Royale with bullets, but no was reported injured in that attack.

Last month, gunmen killed 20 people at a bar in Monterrey. The attackers sprayed the bar with rounds from assault rifles, and police later found bags of drugs at the bar.

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Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

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Group E: River Plate, Urawa, Monterrey, Inter Milan.

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Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

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The five pillars of Islam

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Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million