February 28, 2018 |
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February 28, 2018 |
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A married couple in Indonesia was sentenced to be caned this week for gambling at an entertainment center within the city of Aceh.
February 28, 2018 |
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A judge on Tuesday threw out a Czech casino owner’s counterclaims against the Aria and an Australian poker player over a multi-million dollar poker game. Lawyers for Leon Tsoukernik had alleged that he lost $3 million to a professional poker player because the casino plied him with alcohol.
February 28, 2018 |
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Macau casino operator Galaxy Entertainment Group Ltd on Wednesday posted a profit of HKD10.50 billion (US$1.34 billion) for full-year 2017, up 67.2 percent from the prior year. The 2017 profit improvement was supported by an increase in gaming revenue, said the company.
Group revenue for the period was up 18.2 percent year-on-year, to HKD62.45 billion, the firm said in a filing to the Hong Kong Stock Exchange.
The company declared a special dividend of HKD0.41 per share for the year, to be paid on April 27. It is in addition to the two special dividends of HKD0.26 and HKD0.33 per share already paid during the 12 months.
“Our focus on operational execution in general and growing our mass and premium mass businesses specifically has been rewarded [in 2017],” said Galaxy Entertainment’s chairman Lui Che Woo in a statement included in a separate press release.
Galaxy Entertainment operates the Galaxy Macau and sister property Broadway in the city’s Cotai district. The casino firm also owns and operates the casino hotel StarWorld Macau (pictured), in downtown Macau.
There are additionally three so-called “City Clubs” in the peninsula, functioning under Galaxy Entertainment’s casino licence but managed by third parties.
Full-year group adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 36.7 percent year-on-year to HKD14.15 billion.
Galaxy Entertainment said it experienced “bad luck in its gaming operations” during 2017, which decreased its adjusted EBITDA by approximately HKD37 million.
The group’s total gaming revenue in full-year 2017 was HKD58.0 billion, up 17 percent year-on-year.
Total mass-market table games revenue was HKD24.2 billion, up 15 percent year-on-year and total VIP revenue was HKD31.6 billion, up 19 percent from the prior year. Total electronic gaming revenue was HKD2.16 billion, up 9.9 percent year-on-year.
Galaxy Entertainment said it finished the year on a positive note, as its fourth quarter adjusted EBITDA increased by 40 percent year-on-year and 18 percent sequentially, to HKD4.2 billion. The firm said it “played lucky” in the three months to December 31, which contributed HKD52 million to its adjusted EBITDA in the fourth quarter.
Morgan Stanley Asia Ltd said in a note on Wednesday that Galaxy Entertainment’s fourth quarter luck adjusted EBITDA beat the brokerage’s estimate by 7 percent. “Galaxy Macau recorded strong EBITDA growth in this [fourth] quarter … from improved mass and VIP. StarWorld EBITDA declined by 6 percent quarter-on-quarter … mainly due to luck factor,” said analysts Praveen Choudhary and Jeremy An.
Property performance
The firm’s flagship Cotai resort Galaxy Macau’s full-year revenue was HKD44.6 billion, up 17 percent year-on-year. The property recorded adjusted EBITDA of HKD11.1 billion, up 31 percent from a year earlier, the casino operator said.
The property’s adjusted EBITDA margin for 2017 was 25 percent, compared to 22 percent in the prior year.
VIP rolling chip volume at Galaxy Macau for full-year 2017 was HKD621.5 billion, up 27 percent year-on-year. This translated to VIP revenue of HKD23.1 billion, up 18 percent year-on-year. Revenue from mass-market gaming was HKD16.7 billion, up 19 percent year-on-year.
StarWorld Macau’s revenue last year rose by 20.0 percent year-on-year to HKD14.2 billion. Adjusted EBITDA was HKD3.0 billion, up 38 percent from a year earlier.
The property’s adjusted EBITDA margin for 2017 was 21 percent, compared to 18 percent in the previous year.
StarWorld Macau’s VIP rolling chip volume during the reporting period was HKD278.6 billion, up 30 percent year-on-year. The property recorded VIP revenue of HKD8.2 billion, up 24 percent year-on-year, said the firm. Mass gaming revenue for 2017 was HKD5.6 billion, an increase of 15 percent year-on-year.
Broadway Macau’s full-year revenue was down 24 percent year-on-year, to HKD514 million. The firm said the property experienced “bad luck” in its gaming operations in 2017. Broadway Macau saw adjusted EBITDA fall by two-thirds, to HKD10 million.
Broadway Macau – which does not offer VIP gambling – recorded mass gaming revenue of HKD262 million, down 42 percent from a year earlier.
The group’s third-party managed City Clubs contributed HKD107 million of adjusted EBITDA to group earnings in 2017, according to Wednesday’s filing.
The group said it had cash and liquid investments amounting to HKD41.4 billion and net cash of HKD31.7 billion; with group debt of HKD9.7 billion as at December 31.
“Our stable cash flows combined with a strong balance sheet provides us with great flexibility in funding our development pipeline and international expansion opportunities,” said Mr Lui, as quoted in the release.
The firm’s expansion plans include Phases 3 and 4 of Galaxy Macau, and the development of a casino resort in the Philippines. Galaxy Entertainment has also declared itself a contender for a Japanese casino licence.
(Updated at 2.34pm, Feb 28)
February 27, 2018 |
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The continued ongoing disruption of two Station Casinos’ properties dampened fourth-quarter earnings for Las Vegas-based Red Rock Resorts, company officials said Tuesday.
February 27, 2018 |
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A few minutes before the publication of this post a punter scored a mega win when they hit the Mega Moolah Mega Jackpot for a staggering $7,452,254 cash prize.
February 27, 2018 |
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Macau casino operator Galaxy Entertainment Group Ltd announced on Tuesday a salary increase for its eligible employees, effective April 1, 2018.
The firm said eligible staff members at senior manager grade and below earning up to MOP24,000 (US$3,000) per month will receive a pay increase of MOP600, which is equivalent to an average increment of between 2.5 percent and 8.0 percent. Eligible employees earning more than MOP24,000 per month will be awarded an average of a 2.5-percent increase, stated the firm in a press release.
Galaxy Entertainment said additionally that eligible employees who joined the company between January 2 and April 1, 2018, would receive a salary increase “after completion of probation and 90 days of service”.
“Over 70 percent [of] team members will enjoy higher than a 2.5-percent salary increase,” said the firm in Tuesday’s release.
The casino operator had already announced earlier this month a discretionary bonus to its staff, equivalent to one month of salary.
Galaxy Entertainment also announced on Tuesday that it would be implementing a paid paternity leave policy “to address the needs of its team members”.
The policy, effective on April 1, applies to Galaxy Entertainment’s male employees “with at least one year of service”, the firm said in the same release.
Those employees will be eligible for five consecutive days of paid paternity leave, to be taken within 30 days after the birth of the child, according to the release.
Macau’s existing labour law states that a worker is entitled to two working days as justified absences for reasons of paternity, although those are non-paid absences.
Galaxy Entertainment was the second among Macau’s six gaming companies to publicly announce a paid paternity leave policy. Market rival Sands China Ltd said on February 12 it would be implementing a paid paternity leave policy, effective on February 16, for eligible employees.
February 26, 2018 |
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Casino equipment maker and lottery services provider Scientific Games Corp announced on Monday that it has completed the acquisition of a “majority stake” in Brazil-based E-SYS Techologia EM Informática SA – known as EsysnetG – a video bingo content studio.
The precise size of the stake and financial terms of the transaction were not disclosed in the release.
The acquisition provides Scientific Games access to the Brazilian firm’s “existing and future video bingo content” that can be used for developing online, mobile and land-based games that can be placed in markets worldwide, the Monday release stated.
Scientific Games also stated that the founder of EsysnetG, Mauricio Lara, had a “long history” of developing maths models and video bingo content for several markets.
“We are excited to welcome EsysnetG into the Scientific Games family. This acquisition will enable us to provide our customers with expanded, engaging video bingo content and is yet another example of our continued investment in solutions that help the company offer the broadest portfolio of innovative products in the industry,” said Scientific Games’ group chief executive, gaming, Derik Mooberry, in comments included in the Monday announcement.
February 26, 2018 |
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Atlantic City’s newest casino promises to flood the city with live music.
February 26, 2018 |
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Online casino game developer Global Gaming has announced that they've signed a content deal with Yggdrasil Gaming and will be offered on their casino branded websites as a result.
February 25, 2018 |
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The casino at The 13 Hotel, a stalled development on the border between Cotai and Coloane in Macau, may open by March 31, 2019 along with some shops at the complex (pictured), said its promoter in a Sunday filing to the Hong Kong Stock Exchange.
The 13 Holdings Ltd added some details on what the casino is likely to contain. The firm said it expects to operate a total of 66 tables, of which nearly a quarter will be for VIP play, with the remainder for so-called premium mass. The filing noted there would be 50 “high-stakes” mass-market tables; approximately 16 VIP room tables; and circa 50 slot machines “with minimum bets that are set at a comparatively high level”.
But it added: “There may be substantial changes to these plans to accommodate the requirements of the Macau government.”
The local authorities are keen to diversify Macau’s economy from dependence on high-stakes live-table games. When MGM Cotai, the new property of MGM China Holdings Ltd, launched on February 13, it did so initially without any VIP gambling, although MGM China has not so far clarified the reasons.
Sunday’s filing by The 13 Holdings reiterated that the group had in place a memorandum of understanding – which it said had first been disclosed in a 2013 circular – with an “affiliate” of a licensed Macau casino operator in relation to the management and operation of the casino in the new property.
The latest filing said that company had received on January 17 a confirmation letter from the affiliate regarding that arrangement.
“As at the latest practicable date… the company has not received any negative feedback from the licensed operator in respect of the memorandum of understanding,” said Sunday’s filing.
The 13 Holdings also noted the capital required for casino operations – including operating supplies and equipment, and other casino-related pre-opening expenses – would be approximately HKD352 million (US$45 million).
The filing said the firm had “not yet formulated further fund-raising plans to accommodate such costs,” but the board expected that once The 13 Hotel was operational and had received approval of the Macau government for the gaming operation, the group “would be in a better position to explore further funding options including but not limited to bank borrowing, if necessary”.
Several previous deadlines declared by The 13 Holdings for the opening of the hotel accommodation at the property have already been missed. In late January it was announced that entrepreneur Stephen Hung, widely regarded in the investment community as one of the masterminds of the project, had resigned as joint chairman and executive director of the company.
In October last year the group announced a proposed rights issue to raise gross proceeds of approximately HKD1.01 billion.
In the Sunday filing The 13 Holdings said dealings in the rights issue shares in the nil-paid form were expected to take place from Wednesday, until March 7, inclusive.
February 25, 2018 |
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Genting Singapore Plc, the operator of Resorts World Sentosa casino resort (pictured), reported net profit of approximately SGD132.8 million (US$101 million) for the final quarter of 2017, down by 16.6 percent from the prior-year period.
Revenue for the period rose by 4 percent year-on-year to nearly SGD580.1 million, the company said on Friday in a filing to the Singapore Exchange. The company said such growth was supported by strong performance of the leisure and hospitality segment as a result of higher business volume.
The casino operator however reported higher operating costs for the three months to December 31, with its operating profit for the period declining by 24.1 percent year-on-year, to about SGD179.1 million.
Genting Singapore reported adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of approximately SGD255.1 million, up 9.2 percent from a year earlier, but down nearly 20 percent sequentially. Resorts World Sentosa contributed with adjusted EBITDA of nearly SGD262.5 million in the quarter, up by 11 percent from the prior-year period.
EBITDA margin in the three months to December 31 was 44 percent, the lowest margin for full-year 2017; down from 51 percent in the third quarter. The lower EBITDA margin was driven by VIP win rate on the low-end of the normal range but partially offset by a lower level of VIP bad debt. Genting Singapore’s impairment on trade receivables – the majority of which were related to casino debtors – fell by 88.0 percent year-on-year to nearly SGD4.7 million in the fourth quarter, said the firm.
The company said gross gaming revenue (GGR) for the fourth quarter increased by 4.7 percent year-on-year, to SGD417.6 million.
“Our focus on the regional premium mass business saw good momentum in revenue growth,” said Genting Singapore in commentary included in its Friday filing.
Genting Singapore’s fourth quarter results – including revenue, EBITDA and earnings – missed analysts’ consensus. While GGR for the period came above analysts’ consensus, a lower than expected VIP win rate and higher operating costs negatively impacted the quarterly results, said several investment analysts.
“We would attribute some of the delta to lower than expected VIP win rate of 2.7 percent (but still within the normal range of 2.7 percent to 3.0 percent), as well as increased costs,” said analyst Grant Govertsen of Union Gaming Securities Asia Ltd in a note on Monday.
“Resorts World Sentosa saw VIP and mass volumes remain steady on a quarter-on-quarter basis … Clearly, VIP on a regional basis is on the upswing and we do expect Genting Singapore to (more modestly) participate in this trend,” added Mr Govertsen.
Higher dividend, investment
Genting Singapore said it plans to move forward with a revamp of Resorts World Sentosa, although it did not provide details regarding scope, timing and budget, as it was still waiting for the relevant government approvals.
“We will continue to curate and re-invest in new tourist facilities, and re-fresh existing products to remain attractive to our customers … We are optimistic that we will be able to streamline and address various challenges that we foresee ahead, including manpower constraints,” the firm said in Friday’s filing.
Analysts at Morgan Stanley Asia Ltd said in a Sunday note they expected Genting Singapore “to invest over SGD1 billion in the next few years on renovation and new attractions” at the firm’s casino resort.
“This could make the resort more competitive in the medium term but mean disruption and lower free cash flow in the near term,” said analysts Praveen Choudhary and Jeremy An.
On Friday, Genting Singapore proposed a final dividend of SGD0.02 per share for full-year 2017, up 33.3 percent on the SGD0.015 apiece paid out a year earlier.
For the full-year 2017, the casino operator reported revenue of SGD2.39 billion, an increase of 7.4 percent from the previous year. Adjusted EBITDA for the full year was SGD1.15 billion, representing 47.8-percent increase from 2016.
Net profit for the whole of 2017 more than doubled to SGD601 million, versus SGD266.3 million in 2016.
Union Gaming said it forecast Genting Singapore to report a nearly 11 percent VIP volume growth in 2018 and 6 percent in 2019. “We expect mass market, on the other hand, to continue to tread water,” said Mr Govertsen, adding that mass-market volumes at Resorts World Sentosa are expected to be flat in 2018 and to grow just 1 percent in 2019.
On a conference call with analysts, Genting Singapore said “it is now extremely focused on the potential Japan opportunity and will not look at other … opportunities,” according to a Monday memo from brokerage Sanford C. Bernstein Ltd.
“The company talked optimistically about Japan and believes that the [Integrated Resort] IR Implementation bill will be passed during current diet session,” said analysts Vitaly Umansky, Zhen Gong and Cathy Huang.
“However, management provided little information beyond what has already been commented on in public about the Japan process and potential regulatory regime,” they noted.
February 24, 2018 |
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While the Southern Nevada casino industry enjoys a burst of prosperity and development, it also may be facing a tide of negative sentiment from loyal casino customers regarding high resort fees and paid parking policies at Strip casinos.
February 23, 2018 |
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Betting group ManBetX has announced that they've signed a sponsorship deal with World Snooker and will serve as the title sponsor of the Gibraltar Open and Welsh Open tournaments.
February 23, 2018 |
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Former clients of Bettor Investments, one of the first sports betting mutual funds in Nevada, are accusing the company’s founder of going “radio silent” and not responding to requests to return their money.
February 23, 2018 |
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A recent six-fold hike in the fee charged by Zhuhai-based travel agencies helping mainland Chinese obtain a transit visa to Macau will have “minimal impact” on the city’s tourist arrivals and gross gaming revenue (GGR), say analysts covering the city’s gaming industry.
Starting February 18, travel agencies in neighbouring Zhuhai that help mainland visitors get a visa to transit in Macau upped their fees from CNY50 (US$7.9) to CNY340, local Portuguese-language newspaper Ponto Final reported on Wednesday.
In 2014, Macau reduced to five days, from seven, the permitted stay for mainland Chinese passport holders who transit in the city. The local authorities said at the time that the move was aimed at deterring some mainlanders from deliberately circumventing the existing entry requirements to Macau.
It had been reported previously that some travel agencies would sell overseas trips that would be afterwards cancelled once the tourist entered Macau.
In a note released on Friday, Praveen Choudhary, analyst at investment bank Morgan Stanley, estimates that “about 15 to 20 percent” of all Chinese visitors enter Macau using a transit visa. There are no official numbers available for this type of document.
“The new fees of US$50 is high but not significant for average gamblers theoretical loss of US$4,000 (average mass drop per Chinese visitor),” said Mr Choudhary.
These visas are “sometimes used by more frequent visitors who may have used up their IVS [Individual Visa Scheme] annual quota,” he added.
The IVS system allows mainland Chinese living in eligible areas of the mainland to apply for a travel permit to visit Macau individually instead of having to be part of a tour group. The number of mainland cities under the IVS currently stands at 49.
There are no limits to the number of transit visas one can apply, unlike the IVS, which can only be used once every two or three months, depending on the visitor’s province of origin.
In a note also on Friday, brokerage JP Morgan Securities (Asia Pacific) Ltd said transit visas are “mainly used by hard-core gamblers (who frequent Macau more than five to six times a year) or junket agents who don’t have [a] work permit in Macau”.
Analysts DS Kim and Sean Zhuang said the hike “would do little if any to deter any gamblers,” while adding that the new fee is still “smaller than a single hand at the baccarat table”.
Both JP Morgan and Morgan Stanley stressed that the increase only covers applications made in the Gongbei and Hengqin land borders, while passengers arriving in Macau by ferry or by air are not affected.
“We also don’t think this is government policy to restrict visitation to Macau,” stated Morgan Stanley’s Mr Choudhary in Friday’s memo. “The bigger impact is for genuine overseas tourists and gamblers who may have to fly through Hong Kong instead,” he added.
February 23, 2018 |
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Bitcoin casino game specialist SoftSwiss this week that they've rebranded their company by changing the name to BGaming, while also announcing that they've hired new employees that will bolster their future games.
February 22, 2018 |
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Former clients of Bettor Investments, one of the first sports betting mutual funds in Nevada, are accusing the company’s founder of going “radio silent” and not responding to requests to return their money.
February 22, 2018 |
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Massachusetts gambling regulators say there was nothing improper about a $2 million donation Wynn Resorts made to the Republican Governors Association in 2014.
February 22, 2018 |
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The Clark County Commission on Wednesday unanimously approved waivers of development standards, including a reduction in the number of required parking spaces, for the planned 18,000-seat Madison Square Garden Sphere Las Vegas performance venue.
February 22, 2018 |
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Australian casino operator Crown Resorts Ltd said on Thursday that group-wide revenue in the six months to December 31, 2017, increased by 1.4 percent year-on-year to AUD1.79 billion (US$1.40 billion). The company said it saw a surge in VIP gambling turnover during the reporting period.
The firm posted a net profit of AUD238.6 million in its first half fiscal results, down 33.6 percent from the prior-year period, it said in a filing to the Australian Securities Exchange.
Crown Resorts operates casino properties in Melbourne (pictured), Victoria, and in Perth, Western Australia.
The casino operator reported revenue from VIP play of AUD340.1 million, a decline of 13.6 percent in year-on-year terms. The company said main gaming floor revenue rose by 0.7 percent, to AUD859.6 million, “with modest revenue growth in Melbourne offset by softness in Perth”.
The company’s VIP play turnover increased by 15.9 percent year-on-year, to AUD22.6 billion, according to Thursday’s filing.
“Crown’s Australian operations’ first half result reflected mixed trading conditions,” said the firm’s executive chairman, John Alexander, in a statement.
“The VIP programme play turnover … was a pleasing outcome, particularly at Crown Melbourne (up 37.5 percent), given the difficult trading conditions in the prior comparable period,” he added.
Crown Resorts had been known in the regional casino industry for its strength in VIP gambling, drawing customers from neighbouring Asia-Pacific countries – including China – to its properties in Australia.
But the firm’s results have been hit by the downsizing of the company’s international operations, following the arrest of a number of its employees in mainland China in October 2016.
In August last year, Crown Resorts reported that VIP turnover had plunged 39.7 percent year-on-year in the fiscal year ended June 30, 2017.
Crown Resorts’ overall results were boosted by some asset sales during the reporting period, including a net gain from significant items of AUD79.4 million, the major component being a reversal of an impairment on the Alon Las Vegas land in Las Vegas, Nevada. In December, the Australian firm said it was selling its interest in the 34.6-acre (14-hectare) vacant site on Las Vegas Boulevard to a subsidiary of casino firm Wynn Resorts Ltd, for US$300 million.
The company also said on Thursday it expected to sell its stake in horse race and sports betting brand CrownBet Pty Ltd for AUD150 million by the end of February.
February 22, 2018 |
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Macau visitor tally in the seven days of the Chinese New Year holiday – between February 15 and 21 – rose by 6.5 percent year-on-year to 963,265, according to the latest figures reported by the Macao Government Tourism Office (MGTO).
The first day of the current Chinese New Year fell on February 16 (Friday). While the holiday is calculated based on a lunar calendar and the dates vary from year to year, the latest data provided by MGTO is judged compared to the equivalent Chinese New Year period in 2017.
Visitors from mainland China represented 74.3 percent of the arrivals in the period from February 15 to 21, reaching 716,041. That represented an increase of 12.3 percent compared to the equivalent period a year earlier.
The peak of visitor arrivals to Macau during Chinese New Year holiday period was recorded on February 18, the third day of the festive period, reaching 185,563.
According to the data from the tourism bureau, the year-on-year growth in arrivals was more significant in the first four days of the Chinese New Year, with an average growth rate of 9.4 percent, compared to a 2.8 percent increase and a 1.4 percent decline in, respectively, the last two days of the holiday period.
Despite the decline recorded in the overall number of visitor arrivals in the last day of the holiday period, the tally of mainland tourists visiting Macau rose by 1.2 percent year-on-year.
The figures were recorded by Macau’s Public Security Police, and measured the number of tourists passing through border checkpoints around the city.
The Chinese New Year period is usually a peak season for Macau’s gaming industry as hundreds of thousands of mainland Chinese tourists take advantage of the week-long break to visit the city.
Investment analysts however have noted in previous commentary on Macau that there need not be a direct correlation between numbers of tourists to Macau and gaming spend in casinos. This is because research indicates that high-stakes play by a relatively small number of visitors is still an important component of the market.
February 21, 2018 |
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February 21, 2018 |
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This week online lottery group Lottoland has announced that they've decided to choose the Irish Red Cross as it's charity partner for 2018 and will donate funds to the group throughout the year.
February 21, 2018 |
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The Japanese government has suggested to set a casino entry levy of JPY2,000 (US$18.6) for 24-hour access for the country’s nationals and residents, a measure that is to be included in the Integrated Resorts (IR) Implementation Bill, according to GGRAsia’s Japan correspondent.
The proposal was discussed on Wednesday morning in a meeting of the Liberal Democratic Party (LDP) team in charge of drafting and guiding through parliament the necessary legislation to establishing a casino industry in Japan. The proposal has to be approved by the ruling coalition – formed by the LDP and its junior partner, the Buddhist-influenced party Komeito – before being submitted to Japan’s parliament.
Wednesday’s reunion was the second meeting this year held by the LDP group responsible for pushing the casino legislation forward. It focused on issues related to taxation and the future casino regulatory body.
Among the items proposed by the Japanese government was a JPY2,000 daily entry levy per person for Japanese nationals and foreigners living in Japan. The government also plans to forbid the country’s casino resorts from reimbursing the levy fees to players, reported the Kyodo news agency.
According to the government’s proposal, the money collected from the entry levy policy will be divided between the central government and the local government of the region that eventually hosts a casino resort. Part of the funds will be used to finance measures for preventing gambling addiction, said the news agency.
The government has also proposed two options regarding taxes on casino gross gaming revenue (GGR), said GGRAsia’s correspondent. The first was the introduction of a fixed tax rate of 30 percent on casino GGR. The second proposal would be to apply a “progressive tax” system, starting with 30 percent on GGR of up to JPY150 billion; 40 percent for gaming revenue between JPY150 billion and JPY300 billion; and 50 percent for GGR above JPY300 billion.
According to the government’s proposal, the money collected from gaming taxes would be use to pay for a range of community good causes, including tackling gambling addiction and promoting the country’s tourism industry. The tax revenue would be be split between the central and local governments.
The government also plans to require companies that apply for a casino licence in Japan to shoulder the costs of background checks, said GGRAsia’s correspondent, citing the government’s proposal.
Banking group Morgan Stanley said in a note on Tuesday that gaming operators could refrain from “investing too much” in future casino resorts in Japan given the long list of restrictions likely to be introduced in the IR Implementation Bill.
February 21, 2018 |
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February 20, 2018 |
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It never occurred to Wynn Resorts CEO Matt Maddox that what he thought was a prank telephone call in 2002 would ultimately lead to a possible appearances before regulators to answer questions about his boss and mentor, Steve Wynn.
February 20, 2018 |
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This week UK gambling retail and online group William Hill was slapped with a huge £6.2 million fine for failing to prevent money laundering and protect players.
February 20, 2018 |
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Japanese gaming conglomerate Universal Entertainment Corp said in a Friday filing to Jasdaq that the group has “numerous pending claims” regarding a stockholders’ agreement related to shares in U.S.-based casino operator Wynn Resorts Ltd.
The stockholders’ agreement – signed in 2010 – prevented Wynn Resorts founder Steve Wynn, his ex-wife Elaine Wynn, and Japanese businessman Kazuo Okada from selling their respective shares in the firm without the consent of the other two shareholders.
In 2012, Wynn Resorts forcibly ordered the redemption at a discount of the company shares controlled by Mr Okada, the company’s then biggest single shareholder. Mr Okada’s shares in Wynn Resorts were held via Aruze USA Inc, a subsidiary of Universal Entertainment.
On February 9, Wynn Resorts said it had been informed that Mr Wynn had declared the 2010 stockholders’ agreement “invalid” and agreed to give up control over his ex-wife’s shares of the company, given his resignation a few days earlier as chairman and chief executive of the casino group amid allegations of sexual misconduct.
Mr Wynn and Mr Okada have been feuding for about six years, since the Wynn Resorts’ board decided to remove Mr Okada, alleging that he was “unsuitable” to be a Wynn Resorts director and was a threat to the firm’s gaming licences. Universal Entertainment is still seeking return of the 24.55 million shares it held in Wynn Resorts.
In Friday’s filing, Universal Entertainment said the group had sent a letter to Mr Wynn, Ms Wynn and Wynn Resorts stating that the stockholders’ agreement “is a three party agreement among them and Aruze USA Inc, and that Aruze USA has numerous pending claims in this case which assert that the stockholders’ agreement is valid and enforceable”.
“Mr Wynn’s statements that now, in his view, the stockholders’ agreement is not enforceable against Ms Wynn, do not resolve in any way Aruze USA’s claims that the stockholders’ agreement is valid and enforceable,” said the Japanese conglomerate.
It added: “Specifically, neither Mr Wynn nor Ms Wynn can sell their respective shares in Wynn Resorts without the required approval of Aruze USA under the terms of the stockholders’ agreement or until Aruze USA’s claims in this case are resolved.”
The group said additionally it continued to seek “invalidation of the redemption in February 2012 and return of its shares of Wynn Resorts stock”.
Universal Entertainment said in the filing that as of October 31, 2017 – and according to what it described as an “expert report” – it should be entitled to approximately US$4.5 billion in damages “for the invalid redemption”.
In a separate filing on Monday, Universal Entertainment announced that its wholly-owned Hong Kong subsidiary Tiger Resort Asia Ltd had taken out loans amounting to JPY33 billion (US$309 million) from third party companies.
“The proceeds of the borrowing will be additionally allocated to construction of Okada Manila [casino resort],” said the firm. “The company is planning to execute the borrowing immediately,” it added.
Universal Entertainment developed and operates – via a subsidiary – the Okada Manila casino resort in the Philippines. The property had a soft launch in December 2016 but has since been progressively opening additional facilities.
February 20, 2018 |
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Chinese property developer LongRunn International Group is reportedly developing a large-scale casino resort complex in South Korea’s Yeongjong Island (pictured), part of the Incheon Free Economic Zone. The project, called “Diamond City”, is adjacent to a casino scheme being co-developed by U.S. casino group Caesars Entertainment Corp and mainland Chinese developer Guangzhou R&F Properties Co Ltd, according to LongRunn’s official website.
On February 11, LongRunn International inked a deal with the Incheon authorities to purchase a 76,000 square-metre (818,000 sq-foot) land parcel in Yeongjong for KRW87.1 billion (US$81.5 million), several South Korean media reported, citing the Incheon Free Economic Zone Authority.
The development cost of Diamond City will be over US$4 billion, according to media reports. In its official website, LongRunn International describes Diamond City as a mixed development featuring residential units, a high-end hotel, casino, office tower, a mall, schools, “medical and aesthetics centre”, an “interactive world cultural avenue”, a “k-pop hub” and theme parks.
LongRunn International says in its website that it will partner with Chinese state-owned firms and a Hong Kong real estate developer for the casino scheme; none of the partner firms is identified. The firm also reports that it has been “working closely” with South Korea’s government regarding the Diamond City project since 2014.
Yeongjong Island, home to the Incheon International Airport, already hosts a casino resort and several others are under development.
The first phase of Paradise City – with a gaming facility open only to foreigners – was inaugurated in April last year. The project, located close to the Incheon International Airport, is a joint venture between South Korean casino operator Paradise Co Ltd and Japanese pachinko operator Sega Sammy Holdings Inc.
U.S. regional tribal casino operator Mohegan Gaming and Entertainment is currently building a casino resort named “Inspire” in Yeongjong Island, with a targeted overall project opening in 2021.
Philippines-based casino investor Bloomberry Resorts Corp purchased in 2015 a 12.2-hectare plot in Muui Island and the entire Silmi Island, both within Incheon Free Economic Zone. The company said last November it planned to develop the two properties into “a leisure and tourism complex with entertainment facilities and mixed uses developments”.
February 19, 2018 |
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Days before an upcoming foreclosure sale, the Lucky Dragon is now in bankruptcy.
February 19, 2018 |
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Internet gaming groups ORYX Gaming and Quasar Gaming announced this week that they've signed a content supply deal, which will allow Quasar Gaming's casino brands to offer the ORYX library of games.
February 17, 2018 |
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When the state Gaming Control Board released its statewide gaming win statistics for 2017 in late January, the headline was the 2.8 percent increase from $11.26 billion in 2016 to $11.57 billion for the 336 nonrestricted locations across Nevada.
February 17, 2018 |
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Steve Wynn has been living in a duplex villa at Wynn Resorts overlooking his golf course and valley mountains for the past decade.
February 17, 2018 |
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February 16, 2018 |
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Steve Wynn has been living in a duplex villa at Wynn Resorts overlooking his golf course and valley mountains for the past decade.
February 16, 2018 |
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Talk about getting your weekend off to a strong start! Today a punter playing the Microgaming Major Millions slot took home the game's progressive jackpot for a huge $1,896,320 cash prize.
February 16, 2018 |
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In the swelling wake of sexual harassment allegations against former chairman and CEO Steve Wynn, a second group of shareholders filed a lawsuit Thursday against the resort company and its board of directors.
February 15, 2018 |
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The government of Japan is reportedly working on a new law that would limit Japanese citizens from visiting the upcoming new land casinos in the country too frequently, with weekly and monthly limits on visits.
February 15, 2018 |
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By Jerry Stich
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Relatively low house edge – sometimes even a player edge. Unlike table games, you can play without other people commenting on your play. Unlike standard slot machines: The pay table which determines the house edge and volatility is displayed. You have a say in the outcome - player decisions affect results. Playing strategies are available to maximize your results.To finish reading this article, please visit: https://www.888casino.com/blog/video-poker-strategy/tips-on-how-to-win-at-video-poker
February 15, 2018 |
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February 15, 2018 |
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Due to the Chinese New Year holiday, the GGRAsia team will be off between February 16 and 19. We will be back on February 20. We wish all our readers a prosperous Year of the Dog!
February 15, 2018 |
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Lawyers for Kazuo Okada said the Japanese billionaire signed a consent to allow Elaine Wynn to sell her shares in Wynn Resorts on the presumption the company would lend him money. The loan never materialized and Okada now claims it resulted in increased financial costs for his Philippines casino project.
February 14, 2018 |
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Fitch Ratings Inc says a recently-reported “proposal to introduce online gaming on Hainan Island” does not “pose any imminent threat” to Macau’s sovereign rating profile.
Macau would “remain the only Chinese territory able to operate physical casinos,” noted the agency in a report published on Tuesday.
It nonetheless stated in an updated assessment of the territory’s sovereign debt rating: “A challenge to Macau’s economic model could potentially emerge over the longer term should China revise existing criminal laws that prohibit most forms of gambling in the mainland, or if other emerging gaming destinations in Asia were to gain significant favour among Chinese tourists.”
“Even in such a scenario, Fitch would expect this to occur gradually, which would provide the authorities time to respond with policy measures such as expenditure cuts or budget amendments,” the report added.
Fitch forecasts Macau’s real gross domestic product to expand by 5 percent in 2018, allowing for a “moderation in gaming revenue growth to around 10 percent, and a continuation of ongoing infrastructure initiatives aimed at enhancing the territory’s connectivity and attractiveness as a tourist destination”.
The ratings house said on February 1 it expected in 2018 that Macau’s market-wide year-on-year growth rate for casino gross gaming revenue would be 11 percent, with the mass segment contributing almost half the tally.
In its latest bulletin on the wider Macau outlook, the ratings body said that the issue of whether there would be refreshment of gaming rights for the city’s current six operators – when their current concessions expire in either 2020 or 2022 – did not “pose a significant downside risk to the territory’s near-term economic stability”.
Fitch wrote: “The existing concessionaires have already exceeded the authorities’ targets to boost the proportion of non-gaming revenues across the sector (having reached 10.7 percent) and dedicate more floor space within resorts to non-gaming entertainment.”
The agency added the it thought the gaming rights issue would be linked to support from the incumbents regarding the Macau government’s ongoing efforts at diversification of the local economy beyond high-stakes gambling, but added “specific guiding principles have yet to be announced” regarding the refreshment question.
‘AA’ stable
Fitch said on Tuesday that it in its latest assessment it had upgraded Macau’s sovereign long-term debt status to “AA” with a “stable” outlook, from “AA-“ previously.
“The Macau authorities have demonstrated a commitment to fiscal prudence through a period of gaming windfalls and a heavy revenue shock,” noted the agency in a Tuesday announcement. The latter reference was understood to concern the sustained contraction of gross gaming revenue that occurred in the Macau market in 2015 and 2016, which a number of analysts attributed to China’s anti-corruption campaign.
In mid-February last year, the International Monetary Fund had noted in a report on Macau’s economic outlook, that due to high taxes on the gaming sector – an effective rate of 39 percent on wagers – and “discipline on public spending,” Macau was unusual among its sovereign debt-status peers for having no public debt.
Fitch noted in its Tuesday statement: “The territory’s fiscal and external balance sheets have strengthened to levels that more than offset the significant risks associated with its narrow economic base and concentration on mainland Chinese gaming tourism.”
The agency added: “Macau is the only Fitch-rated sovereign globally without any outstanding government borrowings, whereas gross general government debt for the ‘AA’ median grew to an estimated 42 percent of GDP in 2017.”
Fitch estimates Macau’s fiscal reserves were approximately 137 percent of GDP at end-2017, “equivalent to 5.6 times the planned 2018 budgetary expenditure”.
February 14, 2018 |
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Internet betting group GVC Holdings has been fined a large £350,000 for supplying misleading and predatory ads from the UK Gambling Commission.
February 14, 2018 |
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Online casino game developer and Playtech subsidiary Quickspin has announced the release of their newest video slot 'Northern Sky', which brings a slew of northern creatures to your screen.
February 13, 2018 |
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The boards of Las Vegas’ six largest gaming employers have just nine women among their 58 members, and only two of the boards have female representation that is higher than the average of 21.2 percent for SP 500 companies.
February 13, 2018 |
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After months of delays, MGM Cotai, the 1,390-room hotel casino just off Macau’s Cotai Strip, has opened its doors and is expecting massive crowds for Chinese New Year in the next few days.
February 13, 2018 |
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February 13, 2018 |
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A special committee of the Wynn Resorts Ltd. board of directors that said it no longer needed independent outside counsel to complete an investigation of allegations against Steve Wynn on Monday hired a new law firm to assist in its review.
February 12, 2018 |
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February 12, 2018 |
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Golden Entertainment has opened two new PT’s Gold taverns, raising the company’s neighborhood tavern count to 59 in Nevada.
February 12, 2018 |
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The government of Myanmar is considering allowing for the construction of land casinos in an attempt to boost tourism in the country.
