Tuesday, July 31, 2018

Scientific Games signs sports betting deal with Caesars Entertainment

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eGaming
Scientific Games signs sports betting deal with Caesars Entertainment

Scientific Games Corporation recently announced that it will partner with Caesars Entertainment Corporation to provide its OpenBet sportsbook platform in New Jersey and Mississippi.

MGM CEO apologizes to employees for not communicating about Oct. 1 lawsuits

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Casinos & Gaming – Las Vegas Review-Journal
MGM CEO apologizes to employees for not communicating about Oct. 1 lawsuits

After the company that owns Mandalay Bay sued more than a thousand Las Vegas mass shooting victims, its CEO is apologizing to employees — for not communicating better.

Melco Resorts Philippines redeems PHP6bln of debt paper

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GGRAsia
Melco Resorts Philippines redeems PHP6bln of debt paper

Melco Resorts and Entertainment (Philippines) Corp says it will redeem up to PHP6 billion (US$112.79 million) of the outstanding PHP7.5 billion of corporate secured notes issued by its wholly-owned subsidiary, Melco Resorts Leisure (PHP) Corp. Melco Resorts Philippines announced the transaction to the Philippine Stock Exchange on Monday after a meeting of the board.

Melco Resorts Leisure issued PHP15 billion of senior notes at 5 percent on January 24, 2014. The paper was due to mature in January 2019. The current redemption will be funded from cash at hand.

Melco Resorts Philippines is a subsidiary of Asian casino operator Melco Resorts and Entertainment Ltd. Melco Resorts Philippines manages and operates the City of Dreams Manila casino resort (pictured), a project it developed in cooperation with Premium Leisure Corp. The latter is a subsidiary of Belle Corp, the gaming and real estate unit controlled by the Sy family – widely regarded as the wealthiest family in the Philippines.

Part of the gaming revenue or earnings from the City of Dreams Manila is paid directly to Belle Corp, which announced on Friday a net profit of about PHP920 million in the second quarter of this year – a 10.2-percent increase over the same period last year. Second-quarter gaming revenue at Belle Corp grew by 43.9 percent to about PHP1.07 billion.

Melco Resorts said in May this year it was in talks with Belle Corp to take an equity stake in the City of Dreams Manila. As recently as April, Belle Corp repeated its offer to develop additional facilities at the City of Dreams Manila, including non-gaming facilities and hotel accommodation.

Announcing its group results for the second quarter last week, Melco Resorts said net revenue at the City of Dreams Manila rose to US$173.9 million – up from US$176.2 million – and that adjusted earnings before interest, tax, amortisation and depreciation rose to US$87.3 million, up from US$62.8 million in the corresponding period one year earlier.

Monday, July 30, 2018

GVC Holdings, MGM Resorts in Sportsbetting Deal

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Casino Listings
GVC Holdings, MGM Resorts in Sportsbetting Deal

UK betting group GVC Holdings announced that they've signed an agreement with MGM Resorts International that will see the groups working together to launch sportsbetting operations in the newly opened American market.

Caesars launching sports betting in New Jersey, Mississippi

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Las Vegas Sun Stories: Gaming
Caesars launching sports betting in New Jersey, Mississippi
Two Atlantic City casinos owned by Caesars Entertainment are joining New Jersey's growing sports betting market this week, and another two in Mississippi will do so in mid-August. Bally's casino in Atlantic City started ...

GEG launches Macau training scheme for Japan uni students

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GGRAsia
GEG launches Macau training scheme for Japan uni students

Macau-based casino operator Galaxy Entertainment Group Ltd – also known as GEG – announced on Monday a scheme to bring to Macau groups of Japanese university students, for them to learn more about integrated resort management.

The scheme – dubbed “GEG Japan-Macau Integrated Resort Management Mentorship Pilot Scheme” – is jointly organised by Galaxy Entertainment, Galaxy Entertainment Group Foundation and Japan’s Toyo University, and supported by the University of Macau.

A first group of students from the Faculty of International Tourism Studies at Toyo University in Tokyo is poised to visit Macau under the programme, for a total of four weeks in August. They will attend lectures provided by faculty members of the International Integrated Resort Management Programme at University of Macau, and mentoring sessions conducted by Galaxy Entertainment executives across a wide variety of topics.

“This first ‘class of 2018’ will be one of many groups of students that Galaxy Entertainment plans to host in Macau as it evolves the scheme to include other tertiary institutions across Japan in the years to come,” said the firm in a press release.

Presented as “the first of its kind”, the programme has been “designed to support academic institutions and their undergraduate students in Japan to learn about integrated resort management as this new industry prepares to be introduced to the Japan market.”

Japan’s parliament passed on July 20 the long-awaited Integrated Resort (IR) Implementation Bill, a second of two pieces of legislation that will lead to the establishment of a domestic casino industry. A number of industry executives expect the first casino licences to be issued in around the year 2020, with the first resorts to open for operation in circa 2025.

“We recognise that Macau, and Galaxy Entertainment, have both the vision and an opportunity to share its formula for success with Japan as it embarks on the path of integrated resort implementation,” stated Francis Lui Yiu Tung, vice chairman of Galaxy Entertainment, in a prepared statement included in Monday’s release.

Galaxy Entertainment has previously declared itself a contender for a casino licence in Japan. The firm has also hired Ted Chan Ying Tat , a former senior executive of its Macau market rival Melco Resorts and Entertainment Ltd, as chief operating officer of its Japan development team.

MGM in talks with sports betting company about joint venture

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Casinos & Gaming – Las Vegas Review-Journal
MGM in talks with sports betting company about joint venture

The Las Vegas-based casino operator is in talks with GVC Holdings, one of the world’s largest sports betting companies, about a potential sports betting joint venture.

Saturday, July 28, 2018

Wynn Resorts battle with dealers over tip sharing continues

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Casinos & Gaming – Las Vegas Review-Journal
Wynn Resorts battle with dealers over tip sharing continues

Matt Maddox moved swiftly to put out corporate fires when he replaced Steve Wynn as CEO of Wynn Resorts Ltd. in February.Yet Maddox has not shown any signs yet of settling what is likely the company’s longest-running battle.

Friday, July 27, 2018

Pagcor urges review of reforms that slash its tax breaks

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GGRAsia
Pagcor urges review of reforms that slash its tax breaks

The Philippine Amusement and Gaming Corp (Pagcor) has urged lawmakers to reflect on proposed reforms to corporate tax laws that may reduce the organisation’s profitability.

The Philippine congress is considering tax reform legislation that includes a reduction of the rate of corporate income to 25 percent, down from 30 percent. The bill before lawmakers makes up the shortfall in government revenue by rationalising other tax incentives. Those incentives include the repeal of a presidential decree that Pagcor pay a tax of 5 percent on the gross revenue from its operations and be exempt from all other taxes. Pagcor is the country’s gaming regulator and an operator of casinos.

In a press release issued on Thursday, Pagcor said its tax break should stay in place because it faces “already onerous obligations” to contribute to the nation’s coffers, among other commitments. Pagcor noted that it also contributes to “nation-building and other socio-civic undertakings”.

“Pagcor at any year could be contributing to government coffers from 52.5 percent to almost 70 percent of its earnings. Thus, illustrating why the ‘in lieu of all taxes’ provision was included in Presidential Decree 1869 and why it should stay,” the statement reads. “We hope that the bills… will be meticulously studied,” it adds.

Presidential Decree 1869 took effect in 1983 and regulates gaming and casinos in the Philippines. The decree also specifies the tax regime for Pagcor.

Under the Comprehensive Tax Reform Package proposed by President Rodrigo Duterte, the Philippine government has passed legislation to spread the tax burden across the economy.

In Thursday’s release, Pagcor stated: “If the ‘in lieu of al taxes’ provision is repealed, it should also include the repeal of all the funding requirements of Pagcor, leaving only the corporate income tax, such that Pagcor and its licensees should be treated as ordinary businesses.”

Pagcor has made headlines recently for exceeding official guidelines for loyalty payments and gifts to long-serving staff. Its management was forced to deny the report by a government auditor that it had spent lavishly on 18-carat gold rings for 20-year veterans at the organisation. Pagcor says the practice of giving staff gold rings ended in 2016.

Thursday, July 26, 2018

Boyd Gaming preparing to expand sports betting into more states

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Casinos & Gaming – Las Vegas Review-Journal
Boyd Gaming preparing to expand sports betting into more states

The Las Vegas-based casino operator also said it is increasing its earnings guidance for the year and is preparing to expand sports betting into more states, the company said in a statement on Thursday.

Naga2 ramp-up leaves Macau in the dust: Union Gaming

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GGRAsia
Naga2 ramp-up leaves Macau in the dust: Union Gaming

Business at the newest casino run by NagaCorp Ltd in Cambodia, Naga2, is ramping up at a faster pace than Macau’s casino resorts can manage, according to Union Gaming Securities Asia Ltd. The brokerage says the high-quality supply of gaming at Naga2 “has spurred demand”, and that NagaCorp is generating “Macau-flagship-like gaming volumes” at levels of earnings before interest, taxation, depreciation and amortisation (EBITDA) typically seen only among first-tier operators of casinos.

Hong Kong-listed NagaCorp made a net profit of US$180.1 million in its financial first half ended June 30, 19.6 percent more than a year earlier. Gross gaming revenue rose by 84.6 percent to nearly US$713.9 million.

NagaCorp reported VIP gambling rolling chip volume of approximately US$16.84 billion for the first half of 2018, up by 116.8 percent from the prior-year period. Mass volume rose by 51 percent year-on-year to nearly US$573.8 million in the reporting period.

NagaCorp operates the NagaWorld Complex (pictured) and has the only licence to operate casinos in and around the capital Phnom Penh. It started operations with the NagaWorld property, now referred to as Naga1, which opened in December 2006. That property now links to Naga2, an expansion that opened in November last year.

The two properties are now described as the NagaWorld Complex, and are connected via an underground shopping mall known as NagaCity Walk.

In a company update issued on Wednesday, Union Gaming said much of the improvement in NagaCorp’s bottom line “speaks to the enviable demand trends” in the Cambodian capital.

In announcing its first-half results, the company told the Hong Kong Stock Exchange that Naga2 “significantly increased the appeal, capacity, quality, range and reach of VIP, mass gaming and non-gaming offerings” of its facilities in Cambodia.

 

Union Gaming analyst Grant Govertsen called Naga2 “a game-changer”. “In 2017, the company generated US$260 million in EBITDA from operations (excluding slot licence fees), which primarily represented operations from the original NagaWorld, as Naga2 opened in November,” he wrote.

“That the company reported US$233 million in EBITDA during the first half of 2018 and that win per day for tables and slots has steadily increased throughout the period indicates the reception to the property has been impressive,” said Mr Govertsen. “This is echoed by our junket contacts, who instantly turned bullish on bringing customers to Naga as soon as Naga2 opened,” he added.

Mr Govertsen said there has been no evidence of cannibalisation of customers or gaming positions between Naga1 and Naga2, which is in contrast to the experience in Macau. “A hallmark of the recent Macau IR [integrated resort] openings is that the legacy/sister properties tend to experience a temporary period of cannibalisation as not only gaming positions, but customers too, are lent to the new property,” Mr Govertsen noted.

The note added: “We look for an announcement on Naga3 within the next 12 to 18 months.”

Union Gaming forecasts that annual growth in NagaCorp’s EBITDA will be “at least 10 percent for the next few years.”

Wednesday, July 25, 2018

Landing gets Pagcor nod for casino, ground breaking in Aug

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GGRAsia
Landing gets Pagcor nod for casino, ground breaking in Aug

Hong Kong-listed casino investor Landing International Development Ltd says that a wholly-owned unit has been granted a provisional gaming licence by the Philippine Amusement and Gaming Corp (Pagcor), the casino regulator in that country.

The company said in a Wednesday press release that the provisional gaming licence was granted to Landing Resorts Philippines Development Corp, “to operate a casino at the integrated leisure and entertainment resort within Entertainment City,” in Metro Manila.

The parent company said there would be a ground breaking ceremony on August 7 for its new casino project in the Philippines, with the firm expecting to begin operations “in early 2022”.

The Philippines casino resort – dubbed NayonLanding – has a price tag of US$1.5 billion, according to Wednesday’s statement. The project “is expected to be financed by internal financial resources and cash flows from its [Landing International’s] operations and borrowings,” said the Hong Kong-listed company.

“Currently, there are no plans to raise capital from the equity capital market, whether via rights issue or private placement, to fund the development of the integrated resort,” it added.

The parent firm said in a Wednesday filing to the Hong Kong Stock Exchange that”upon the completion of the integrated resort and Pagcor’s approval that the actual total project cost of the integrated resort is in compliance with the approved project cost based on the project implementation plan, Pagcor will issue a regular casino gaming licence to Landing Philippines”.

“The provisional licence and the regular licence shall together be valid for 15 years from the date the provisional license is issued or until July 11, 2033,” the firm stated, adding that, upon expiry, the regular licence could be renewed by Pagcor.

“Unless otherwise consented to by Pagcor, Landing Philippines cannot engage in video streaming or internet gaming,” stated the filing.

“We would like to thank Pagcor for their vote of confidence in granting Landing Philippines a provisional gaming licence in the Philippines and the opportunity to strategically expand our Landing brand into the Philippines,” said Yang Zhihui, chairman and executive director of Landing International, in a prepared statement included in Wednesday’s release.

Landing International currently operates the Jeju Shinhwa World casino resort in Jeju, South Korea.

Mr Yang said additionally that the investment in the Philippines “is an ideal opportunity” for the company to expand its footprint into Southeast Asia, “hence taking a major step towards Landing International’s aspiration to be a leading premium integrated resort operator in the region.”

He added: “NayonLanding will be able to leverage on the growing brand equity in Jeju Shinhwa World to attract more Koreans and tourists in the region to visit the Philippines.”

Landing International had said in a filing to the Hong Kong Stock Exchange in early May that the legislature of the City of Parañaque, in Metro Manila, had approved the group’s plan to develop and operate a casino resort at Entertainment City, an area earmarked for casino resort development in the country’s capital.

The Philippines imposed on January 13 a nationwide pause on issuing further casino licences, after President Rodrigo Duterte raised concerns about the “proliferation” of gaming venues in the country.

On May 1, Andrea Domingo, the head of Pagcor, told local media that Landing International was advised to “secure a clearance” from Mr Duterte for its Entertainment City project. Landing International’s Wednesday release made no reference to the matter.

The firm said its subsidiary had agreed to lease 9.5 hectares (23.5 acres) of land in Entertainment City, in the Manila Bay area (pictured). The parent company said the casino scheme features a planned construction floor area of approximately 610,000 square metres (6.57 million sq feet).

The release added that the project would include a “casino; an indoor cultural theme park and water park featuring the Philippines’ rich history, culture and heritage; an indoor movie-based theme park; a convention centre; luxury hotels; retail; and dining areas”.

Union, casinos continue to reach labor agreements

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Las Vegas Sun Stories: Gaming
Union, casinos continue to reach labor agreements
Casinos in Las Vegas and unionized workers continue to reach labor agreements two months after thousands of housekeepers, bartenders and others threatened to go on strike. Members of the Culinary Union on Monday reached a tentative deal with Four Queens and ...

Tech supplier Crane Co declares 3Q dividend

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GGRAsia
Tech supplier Crane Co declares 3Q dividend

U.S.-based Crane Co announced on Monday a regular quarterly dividend of US$0.35 per share for the third quarter 2018. The dividend is payable on September 10, to shareholders of record as of the close of business on August 31.

New York Stock Exchange-listed Crane Co is a supplier of payment and merchandising technology to the gaming industry.

The company had announced earlier on Monday second-quarter net income of US$80.7 million, up by 16.6 percent from the prior-year period.

Crane Co’s payment and merchandising technology division recorded sales of US$324.3 million in the three months to June 30. Operating profit for the segment increased by 10.0 percent year-on-year to US$46.1 million.

The company also provides highly engineered industrial products to customers including companies in the aerospace, electronics, hydrocarbon processing, petrochemicals, chemicals, power generation, automated merchandising and transportation markets.

On Monday, the company said it was raising its 2018 earnings guidance, based on its performance in the first six months of the year.

Tuesday, July 24, 2018

Culinary reaches temporary deals with Binion’s, Four Queens

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Casinos & Gaming – Las Vegas Review-Journal
Culinary reaches temporary deals with Binion’s, Four Queens

Casinos in Las Vegas and unionized workers continue to reach labor agreements two months after thousands of housekeepers, bartenders and others threatened to go on strike.

Macau GGR growth to remain at 10-13 pct in July: analysts

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GGRAsia
Macau GGR growth to remain at 10-13 pct in July: analysts

Macau’s casino gross gaming revenue (GGR) year-on-year growth rate is likely to remain in the low teens of percent in July due to the negative impact of the 2018 FIFA World Cup and a low VIP segment hold percentage, stated Japanese brokerage Nomura in a Monday note.

“Our GGR estimate for the month of around MOP25 billion [US$3.12 billion] implies approximately 10 percent year-on-year growth, which is less than the +17 percent year-on-year lift in the second quarter of 2018, as we believe the World Cup had a marginally negative impact in the first half of the month,” wrote analysts Harry Curtis, Daniel Adam and Brian Dobson. A reduction in Macau casino betting volume is said typically to coincide with major soccer tournaments.

The Nomura note cited unofficial industry data for the first 22 days of July, and estimated daily GGR performance for the remaining of the month. It stated that month-to-date VIP hold had stood at 2.8 percent, “lower than the expected normalised hold of 2.85 percent”.

The Japanese brokerage added it expected GGR growth in the second half of 2018 “to settle into a range of roughly low double digit of percent year-on-year, as the drag from the World Cup in June-July and low VIP hold percentage… stabilises”.

In a note also issued on Monday, brokerage Sanford C. Bernstein Ltd indicated Macau’s average daily GGR for the first 22 days of July was approximately MOP834 million, up 11 percent compared with June and up 1 percent compared with May.

“Assuming a GGR average daily rate of MOP800 million to MOP840 million for the remaining days of the month, we estimate July GGR to a range of MOP25.6 billion and MOP25.9 billion, an estimated year-on-year increase in July of 11 percent to 13 percent,” wrote analysts Vitaly Umansky, Zhen Gong and Kelsey Zhu.

During the week from July 16 to July 22, according to Sanford Bernstein, the average GGR daily rate was approximately MOP793 million, representing a 2 percent decline compared to the similar period last year (July 17 to July 23, 2017).

Month-to-date, the VIP hold rate was still “at normal range”, while month-on-month VIP volume “was likely up low teens”, stated Sanford Bernstein.

The rate of year-on-year growth in Macau monthly GGR more than halved in May, to 12.1 percent, compared to April’s 27.6 percent expansion. In March the improvement had been 22.2 percent year-on-year, according to data released by the city’s casino regulator.

Last month, casino GGR rose by 12.5 percent year-on-year, to approximately MOP22.49 billion.

Some investment analysts covering the casino industry have attributed the recent slowdown in GGR growth in Macau in part to a more challenging environment in the VIP gaming segment.

Melco Int confirms satellite casino at Larnaka Airport, Cyprus

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GGRAsia
Melco Int confirms satellite casino at Larnaka Airport, Cyprus

A Cyprus-based consortium headed by Melco International Development Ltd is to open a so-called ‘satellite casino’ in the terminal building of Larnaka International Airport (pictured), near the port city of Larnaka on the south coast of Cyprus.

The operator of the Larnaka airport, Hermes Airports Ltd, signed a two-year agreement with Integrated Casino Resorts Cyprus Ltd (ICR Cyprus), under which the airport operating company will provide ICR Cyprus “with two specific locations in the terminal building of Larnaka airport in order to create a ‘satellite casino’ in the city of Larnaka”.

“The first location to be allocated is situated in the departures area, accessible only to departing passengers, whilst the second one is situated in the arrivals area, accessible to the general public,” said Hermes Airports and Melco International in a joint press release.

“The first location is expected to be ready and operational in the next three months whilst the second one is expected to be ready by the end of the year,” the two parties added.

According to the release, the satellite casino at Larnaka airport will operate approximately 50 gaming machines.

Hong Kong-listed Melco International controls 75 percent of ICR Cyprus, with Cyprus Phasouri (Zakaki) Ltd, a Cyprus-based conglomerate, holding the remainder.

The consortium opened on June 28 a temporary casino in the southern city of Limassol, in Cyprus, to cater to players until the City of Dreams Mediterranean casino resort is complete. The temporary casino is to remain open until 2021, when construction of City of Dreams Mediterranean – also located in Limassol – is forecast to be finished. A ground breaking ceremony for City of Dreams Mediterranean was held on June 8.

The Melco International-led consortium received in June 2017 a 30-year casino licence from the Republic of Cyprus government. The initial single licence also allows the holder to build three additional satellite casinos, namely in Nicosia, Famagusta and Paphos.

Monday, July 23, 2018

MGM, Wynn tamp down Boston casino intrigue

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Las Vegas Sun Stories: Gaming
MGM, Wynn tamp down Boston casino intrigue
Executives for MGM and Wynn are tamping down speculation the companies are quietly in talks over Wynn's Boston-area casino. MGM Resorts International CEO Jim Murren said today it would have to be an "extremely unique situation" for officials to ...

Macau govt gets preliminary proposal re gaming licences

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GGRAsia
Macau govt gets preliminary proposal re gaming licences

The Macau government has already received a preliminary proposal for amending the existing gaming law, said on Saturday the Secretary for Economy and Finance, Lionel Leong Vai Tac (pictured). That is understood to be an important step for preparing for the rebid of the city’s gaming concession licences.

“We’ve said before that the awarding of the gaming concession contracts [when the current ones expire] will have to be done via a bidding process, and the related law needs to be amended as well [in preparation for a new tender]. We are now having an internal study on it [the preliminary proposal],” said Mr Leong in comments to local media on the sidelines of an event on Saturday.

The official however did not disclose any details of the preliminary proposal submitted to his office. He only noted that throughout the process of planning the arrangements for the city’s gaming concessions, the Macau government would “listen to social opinions and analyse them”. The concessions of the six current Macau operators expire on various dates in either 2020 or 2022, with the respective licences of SJM Holdings Ltd and MGM China Holdings Ltd set to expire in 2020.

Macau gaming law states that the licences of the existing holders can be extended for a maximum of up to five years from their original expiry dates. But once a gaming concession contract expires, any new concession would have to be granted via a public tender. In that sense, say gaming lawyers familiar with the matter, there is no such thing in the Macau context as a “concession renewal”.

Vice-chairman and chief executive at Macau casino operator SJM Holdings Ltd, Ambrose So Shu Fai, told reporters last week that the firm hoped to be granted a two-year extension on its current rights, to put it on the same 2022 starting line – for a potential rebid – as four of the other Macau operators.

Several gaming lawyers and scholars – in comments to GGRAsia – have suggested that Macau’s gaming law needs to be amended in order to account for the possibility of having more than six gaming licensees, as well as to put an end to the “sub-concession” regime used presently.

Sunday, July 22, 2018

Japan casinos could bring lower returns than expected: MS

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GGRAsia
Japan casinos could bring lower returns than expected: MS

Investment bank Morgan Stanley says Japan’s legalised casino industry could offer “lower returns than many expected”. That is due to the potential negative impact on casino revenue of some key regulations included in Japan’s Integrated Resorts (IR) Implementation Bill, passed into law on Friday evening during a plenary session of the upper house of the country’s parliament.

“Two of the key regulations (casino being only 3 percent of total gross floor area and 30 percent revenue tax, on top of consumption, real estate, and income taxes) mean lower returns than many expected,” said a Morgan Stanley note issued on Friday shortly after the IR Implementation Bill was passed by the Japanese parliament.

The report from the investment bank estimated that for a casino in the Japanese city of Osaka to “make a reasonable return of 14 percent (earnings before interest, taxation, depreciation and amortisation/total investment) on a US$8 billion investment” and a 15,000-square-metre (161,000 sq. feet) casino area, it would need to generate gross gaming revenue (GGR) of about US$4 billion – and a VIP and mass table yield of US$36,500 and US$8,500, respectively. “That’s much higher than Singapore,” noted the Morgan Stanley team.

The investment bank stated that Friday’s bill approval “has far-reaching implications for global gaming and related companies.”

It added: “On one hand, Macau could face competition from Japan for Chinese gamblers, on the other hand global gaming companies (and Japanese partners) could see upside to their valuation in anticipation of high ROIC [return on invested capital] similar to what we have seen in case of Macau, Singapore and [the] Philippines.”

A statute legalising the concept of Japanese casino gaming venues – the Integrated Resorts Promotion Bill – came into effect in December 2016. The second enabling bill – approved on Friday – clarified several key points regarding the country’s nascent industry including: an initial cap of three casino resorts nationwide; a 30 percent tax on casino GGR; and an entry levy of JPY6,000 (US$53) for Japanese citizens and residents wishing to enter such venues.

But the passage of the bill still leaves plenty of work to be done before a Japanese casino industry can be created. Not the least of it is the pitches to be made to central government by local authorities – in tandem with their respective private-sector partners – for the right to one of the first licences.

“We expect the first Japan casino to open by 2025 and the market size could peg at a range of US$11 billion and U$20 billion gaming revenue,” stated Morgan Stanley in Friday’s note, quoting previous research by the investment bank.

MGM, Wynn tamp down Boston casino intrigue

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Las Vegas Sun Stories: Gaming
MGM, Wynn tamp down Boston casino intrigue
Executives for MGM and Wynn are tamping down speculation the companies are quietly in talks over Wynn's Boston-area casino. MGM Resorts International CEO Jim Murren said today it would have to be an "extremely unique situation" for officials to ...

Saturday, July 21, 2018

About 2K temporary employees worked WSOP in Las Vegas

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Casinos & Gaming – Las Vegas Review-Journal
About 2K temporary employees worked WSOP in Las Vegas

Some of the employees are part-time workers at Nevada casinos. A few are from outside the industry, like local teachers seeking to make money during their long summer vacation. But for others, tournaments are their livelihood.

Poker’s Chris Moorman says move to Las Vegas good for his game

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Las Vegas Sun Stories: Gaming
Poker’s Chris Moorman says move to Las Vegas good for his game
Chris Moorman, a native of England, cut his poker teeth on the online sites Poker Stars, Full Tilt and 888poker before competing in the World Series of Poker. With more than $15 million in online earnings, he holds the record for ...

Japan allows casinos, Las Vegas-based operators ready to act

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Casinos & Gaming – Las Vegas Review-Journal
Japan allows casinos, Las Vegas-based operators ready to act

Japan’s parliament on Friday passed a long-awaited law allowing up to three casino resorts in the wealthy island nation, setting off the next round of intense lobbying by Las Vegas-based operators for a piece of the action.

Friday, July 20, 2018

MGM, Wynn tamp down Boston casino intrigue

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Las Vegas Sun Stories: Gaming
MGM, Wynn tamp down Boston casino intrigue
Executives for MGM and Wynn are tamping down speculation the companies are quietly in talks over Wynn's Boston-area casino. MGM Resorts International CEO Jim Murren said today it would have to be an "extremely unique situation" for officials to ...

Japan’s IR Bill passes into law, main work starts now

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GGRAsia
Japan’s IR Bill passes into law, main work starts now

Japan’s Integrated Resorts (IR) Implementation Bill passed into law on Friday evening after a plenary session of the upper house of the country’s parliament.

The passage of the second of two pieces of enabling legislation for establishing a domestic casino industry marked a victory for the government of Prime Minister Shinzo Abe. It had pledged to complete the process prior to the expiry on Sunday of the current – extended – ordinary session of parliament prior to the legislature’s summer break.

The approval of the bill also frustrated the efforts of some minority parties. According to GGRAsia’s information, such interests had on Thursday and Friday moved no-confidence motions in the upper chamber – the House of Councillors – in order to trigger plenary sessions of that body and divert effort away from a discussion of the bill in a house committee.

The idea of having casinos, ostensibly, is to stimulate growth in inbound tourism; to create new infrastructure for events, conferences and hotel space using private investment rather than the public sort; and to create an economic multiplier in some places aside from the major conurbations.

Commenting on the passage of the IR Implementation Bill, Jim Murren, chairman and chief executive of casino operator MGM Resorts International, said in a statement: “The process has been very deliberate and transparent. We appreciate the high level of social responsibility reflected throughout the process by creating one of the most comprehensive bills of its kind anywhere in the world.”

MGM Resorts, the parent of Macau casino firm MGM China Holdings Ltd, has declared itself a contender for a Japan casino licence. The U.S.-based company – like other casino operators – already has a full-time development team in Japan.

“Today’s passage allows us to advance our relationships with key stakeholders and together create a coalition of Japanese business partners who will collectively define a vision for a uniquely Japanese, world-class integrated resort,” added Mr Murren.

Japan’s casino liberalisation plan has been likened by some commentators to a fourth “arrow” supplementing Mr Abe’s “Three Arrows” economic policy, those being monetary easing, fiscal stimulus, and structural reforms.

Japan recorded a government debt equivalent to 253 percent of the country’s gross domestic product as of December 2017, an all-time high, according to data from the country’s Ministry of Finance. The nation’s low birth rate and ageing population mean that there is a shrinking base of taxpayers, while aggregate entitlements payable to economically-inactive citizens grow.

But according to a number of publicised surveys, there is no strong majority among Japanese in favour of casino liberalisation.

The passage of the bill still leaves plenty of work to be done before a Japanese casino industry can be created. Not the least of it is the pitches to be made to central government by local authorities – in tandem with their respective private-sector partners – for the right to one of the first licences.

A number of industry executives expect the first casino licences to be issued in around the year 2020, with the first resorts to open for operation in circa 2025.

The statute legalising the concept of Japanese casino gaming venues – the Integrated Resorts Promotion Bill – came into effect in December 2016. Reasons for the delay to the second enabling bill included a snap election called by Mr Abe in the autumn last year, as he sought a fresh mandate for a raft of reforms.

A separate piece of legislation related to the nascent casino industry – the Basic Bill on Gambling Addiction Countermeasures – was passed by parliament on July 6 this year.

Panic button maker displays devices that protect hotel workers

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Las Vegas Sun Stories: Gaming
Panic button maker displays devices that protect hotel workers
When a housekeeper at many Las Vegas hotels feels their well-being is threatened or comes across a guest having a medical emergency, the solution to a fast response is closer than ever ...

Thursday, July 19, 2018

Japan casino bill upper house committee nod, vote Friday

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GGRAsia
Japan casino bill upper house committee nod, vote Friday

Japan’s second piece of enabling legislation for establishing a domestic casino industry, the Integrated Resorts (IR) Implementation Bill, passed on Thursday its penultimate hurdle according to information obtained by GGRAsia.

The passing of the bill by the Committee on Cabinet in the House of Councillors, the upper chamber for Japan’s parliament (pictured), came despite reports of plans for a no-confidence motion in the chamber – organised by minority parties – that was apparently designed to slow the process.

According to political observers, any such opposition motion had no prospect of success, given the large majority of the governing bloc, formed from the Liberal Democratic Party and its junior partner Komeito.

On Friday (July 20) the IR Implementation Bill is likely to be voted on and enacted in a plenary session of the House of Councillors, according to GGRAsia’s Japan correspondent. Passage of the bill will fulfil the government’s pledge to complete the legislative process prior to the formal conclusion of the current – extended – ordinary session of parliament on July 22.

Key points in the draft bill are reported to include: an initial cap of three casino resorts nationwide; a 30 percent tax on casino gross gaming revenue (GGR); and an entry levy of JPY6,000 (US$53) for Japanese citizens and residents wishing to enter such venues.

But the anticipated passage of the bill still leaves plenty of work to be done before a Japanese casino industry can be created. Not the least of it are the pitches to be made to central government by local authorities – in tandem with their respective private-sector partners – for the right to one of the first licences.

A number of industry executives expect the first casino licences to be issued in around the year 2020, with the first resorts to open for operation in circa 2025.

A separate piece of legislation related to the nascent casino industry – the Basic Bill on Gambling Addiction Countermeasures – was passed by parliament on July 6.

MGM, Wynn tamp down Boston casino intrigue

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Las Vegas Sun Stories: Gaming
MGM, Wynn tamp down Boston casino intrigue
Executives for MGM and Wynn are tamping down speculation the companies are quietly in talks over Wynn's Boston-area casino. MGM Resorts International CEO Jim Murren said today it would have to be an "extremely unique situation" for officials to ...

Wednesday, July 18, 2018

Downtown casino plan gets quick OK from Las Vegas City Council

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Casinos & Gaming – Las Vegas Review-Journal
Downtown casino plan gets quick OK from Las Vegas City Council

The 1,224,485-square-foot resort that will replace them will tower 459 feet over Fremont Street on the north side of the Fremont Street Experience, across the pedestrian mall from the Golden Gate casino.

Fruity Casa Casino Review

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Casino Listings
Fruity Casa Casino Review

Now it should be noted that I'm no Spanish speaker, but if my translation skills serve me correctly, then Fruity Casa Casino roughly translates as Fruity House Casino. This strange name doesn't exactly roll off the tongue when you hear it in English, and it's probably best we just keep this odd mix of English and Spanish (Spanglish?) in the background. It is a white label casino running on the Whitehat Gaming platform, which I am familiar with after playing at sites such as PlayGrand and 21 Casino in the past.

Tuesday, July 17, 2018

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