October 31, 2018 |
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The New York Jets and MGM Resorts International have agreed on a multiyear deal that is the first of its kind in the NFL.
October 31, 2018 |
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Earlier today a punter rubbed the magic lamp and walked away a winner as they took home the Millionaire Genie Jackpot for $1,190,793.
October 31, 2018 |
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MGM Resorts International on Tuesday reported better third-quarter results than Wall Street analysts expected and the company had projected.
October 31, 2018 |
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This week The Stars Group announced that they've reached an agreement with Evolution Gaming and will add the live dealer developer's games to their PokerStars Casino NJ site as a result.
October 30, 2018 |
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October 30, 2018 |
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October 30, 2018 |
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MGM Resorts International has become the first gaming company to sign a sports betting deal with the National Hockey League as it seeks a new source of growth and greater customer exposure.
October 30, 2018 |
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Outgoing Ainsworth Game Technology Ltd chief executive Danny Gladstone says the Australian maker of slot machines will exploit the advantages it gained from being taken over by Austria’s Novomatic AG to deliver value to shareholders. In the Ainsworth annual report for the financial year ended June 30, Mr Gladstone said the outlook for the firm in this financial year is “positive”.
“The opportunities with Novomatic will continue to be reviewed,” he said. “We have completed the development and integration of 20 Ainsworth slot titles for their Greentube Pro social casino platform, which will be used in North American land-based casinos.”
Mr Gladstone added: “We are investigating other licensing opportunities with land-based casino machine sales, taking a bundled approach.”
Novomatic completed the acquisition of 52 percent of Ainsworth in January.
Ainsworth called it a “strategic partnership” in the annual report and Mr Gladstone said the firm would continue to deliver shareholder returns on the strength of the relationship.
Ainsworth reported in August that its annual profit fell to AUD31.9 million (US$23.3 million) in its last financial year, 15.8 percent less than the year before. Annual revenue fell by 5.8 percent to about AUD265.6 million. Earnings before interest, tax, depreciation and amortisation fell by 3.3 percent to AUD68 million.
Mr Gladstone announced he would step down as chief executive next year but intends on staying with the organisation.
October 29, 2018 |
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Internet betting group Eye Motion has announced the launch of their newest video slot 'Old Russia', which takes you back to Mother Russia for a chance to say privet to some winnings.
October 29, 2018 |
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October 29, 2018 |
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Australia-listed casino operator Silver Heritage Group Ltd announced on Monday that it had nominated Ben Watiwat as the group’s new chief financial officer, effective November 5.
Mr Watiwat will be replacing Basil Jong, who is stepping down from his role as CFO “by mutual agreement with the board,” the company said in a filing to the Australian Securities Exchange. Mr Jong will stay with the group for a minimum of three months “to ensure an effective handover,” it added.
Silver Heritage operates the casino resort Tiger Palace Resort Bhairahawa (pictured in a file photo), in Nepal. The firm also manages a gaming operation at a hotel in the Nepal capital Kathmandu, and another in Vietnam.
According to Monday’s filing, Mr Watiwat joins Silver Heritage from SafetyCulture Pty Ltd, an Australian venture-backed software company where he held the position of head of finance and company secretary. The executive is described in the filing as a certified accountant, with extensive experience across corporate finance, accounting, and technology.
“Having worked with Ben for a number of years … I’m delighted he has accepted this role. Ben has significant experience and skills in capital management, compliance, risk, tax and reporting. Ben will be a significant asset for the business going forward,” said James Spenceley, Silver Heritage’s non-executive chairman, in a prepared statement included in the filing.
Commenting on his appointment, Mr Watiwat said: “The business has enormous potential and I am looking forward to working with the team to capitalise on the platform they have created.”
Mike Bolsover, managing director and chief executive of the firm, told GGRAsia in September that the early repayment of some bonds without financial penalty, and the pledging of AUD13.1 million (US$9.3 million) in fresh capital from investors announced also in September gave the company the chance to ramp up operations at casino resort Tiger Palace.
The appointment of the new CFO was announced shortly after Silver Heritage said non-executive director Robert Benussi had resigned in order to “focus upon his other business interests”. Michael Bassett replaced him with immediate effect, Silver Heritage stated in a separate filing on Friday.
Silver Heritage’s Friday filing stated: “Mr Bassett has over 25 years direct experience in investment markets having held a variety of senior management roles in Australia and the United Kingdom.”
October 29, 2018 |
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Donaco International Ltd chairman Stuart McGregor says initiatives taken by the Australian operator of casinos to build up its Star Vegas casino business in Cambodia should pay off in due course.
The chairman, writing in the Donaco annual report for the financial year ended June 30, mentions the difficulties caused by the dispute between his company and the former owners of the Star Vegas Resort and Club (pictured) business in Poipet.
But Mr McGregor said: “Progress has also occurred during the year, with new junkets introduced at Star Vegas, new facilities being built and introduced at the property to attract new main floor and VIP patrons, the refurbishment of hotel rooms, the introduction of new gaming machines and gaming systems, and the recently announced launch of the online gaming operations. These initiatives will all hold the business in good stead over the next few years.”
The dispute centres around a no-compete clause that Donaco says the former owners of the Star Vegas willingly entered into. The trio have since gone into a new business, which was trading under the “Star” name. Mr McGregor said the competing casino had changed its name from Star Paradise to Winsor.
Donaco is claiming damages against the three men at arbitration in Singapore for US$190 million. “The board would like a rapid resolution to this issue, but unfortunately the hearing date is currently set for 29 July 2019, due to unavailability of lawyers and the arbitrator,” Mr McGregor wrote.
The executive paints a hopeful picture after a difficult year for his company. Donaco announced in August that it made an underlying net profit after tax of AUD18.3 million (US$13.34 million) on revenue of AUD96.2 million in its last financial year, having made an underlying net profit after tax of AUD54.6 million on revenue of AUD136.4 million the year before.
The company made a statutory net loss after tax – which includes non-recurring items – of AUD124.5 million in its last financial year, having made a statutory net profit after tax of AUD31 million the year before. Donaco said the statutory net loss after tax took into account a non-cash impairment charge of AUD143.9 million in the value of the Star Vegas casino licence due to its dispute with the former owners.
Annual revenue at the Star Vegas casino fell to AUD66.6 million from AUD 110.2 million.
The company’s biggest business is the Star Vegas, with more than 100 gaming tables, more than 1,000 slot machines and 385 hotel rooms. The Aristo International Hotel is a boutique casino in northern Vietnam, located on the border with China’s Yunnan province, that has some 400 rooms.
October 28, 2018 |
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Clark County, Nevada is one of the areas with the highest gambling addiction rate in the country, but the county court is looking to help problem gamblers convicted of crimes to overcome their issues with the formation of a Gambling Court.
October 28, 2018 |
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October 27, 2018 |
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Four times a year, CEOs and company financial officers field questions about what an editor once told me is the purest form of public disclosure of corporate information because it involves easy-to-compare numbers. And this quarter, there will be far more questions than answers.
October 27, 2018 |
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October 27, 2018 |
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The local government in Primorsky Krai in the Russian Far East is to keep the tax burden on local casino resorts unchanged, says the director general of the Primorsky Krai Development Corp (PDC), Igor Trofimov (pictured). “What the operators need in this initial phase is stability,” noted the official in an interview with GGRAsia, referring to investors’ business planning.
The PDC is a government-owned company under the Department of Tourism of the Primorsky provincial government. It is in charge of developing the Primorye Integrated Entertainment Zone (IEZ), a casino development area located 50 kilometres (31 miles) from Russia’s Pacific port city of Vladivostok.
In Russia, taxes on gaming are regulated by the federal and local governments respectively. Under that system, the federal government suggests a range for such taxes, but it is up to the local government to set the actual level within that range.
“Recently, the federal government increased that range, but the local government decided not to change the taxes as it understands the importance of this project [the Primorye IEZ] and does not want to jeopardise the success of this development for a short gain in revenue,” explained Mr Trofimov.
The Primorsky provincial government charges RUB125,000 (US$1,902) per month for each gaming table, and RUB7,500 per month for each slot machine. “The local government, for now, has no plans to change the tax [burden],” stated the official.
The IEZ occupies 619 hectares (1,530 acres). About a dozen properties are envisaged for the first stage of the zone’s development, covering 263 hectares.
Tigre de Cristal, developed by Hong Kong-listed Summit Ascent Holdings Ltd, is currently the only casino resort in operation in the Primorye IEZ. The first stage of the scheme opened in 2015 and the company is now working on the property’s expansion.
All of the venues planned for the first phase of the Primorye IEZ should be in operation by 2025, with the companies expected to invest an aggregate amount of at least US$2.70 billion, according to information provided by the PDC.
The PDC director said he believed that a body to oversee the casino industry would eventually be created, but that “for now it was better for the casino industry to be self-regulated”.
“It’s better to wait for the further development of the IEZ, with the cooperation and oversight of the local government before introducing too many restrictions,” he added. “But it is expected that in the future there will be some regulation specifically for the gaming industry.”
Target markets
Mr Trofimov said the PDC aimed to promote a balance between the gaming and non-gaming offering at the Primorye IEZ.
“The total area for the Primorye IEZ is quite big and we’ve decided to make it more accessible to all types of tourist – families, young people, casino patrons,” he told GGRAsia.
Private companies have committed to invest in a series of non-gaming elements, including water parks, theme parks, ski slopes and entertainment arenas. “A new investor from South Korea plans to promote K-pop concerts,” the official added.
“The basis of our concept is something that continues to grow overtime, and there might be some changes as we develop further,” explained Mr Trofimov. “We are now garnering the interest from the operators and working in partnership with them. Once all the land plots are leased … we will introduce some specific details for the integrated development of the entire [IEZ] area,” he added.
Mr Trofimov said the PDC was “confident” feeder markets that neighbour Primorsky “will be enough to sustain the several [casino] projects at the Primorye IEZ”. That was despite new casino schemes being developed in South Korea and the recent legalisation of casino gaming in Japan.
“We are not concerned about the regional competition, as this project caters for a diversified market,” noted the official. “Our advantage is that this is a Russian territory, it’s quite different from the neighbouring Asian countries, and I think we will be able to attract our target audience, as they look for something different.”
Asian countries were the PDC’s main target as source markets for customers, namely China, South Korea and Japan. “In the future we plan to attract people from further away – especially from countries that are covered by the simplified visa system – to come to Primorsky,” said Mr Trofimov, referring to some immigration rules for inbound visitors to Primorsky.
The official said the Primorsky provincial government had been striving “to increase the attractiveness of the region for tourists”.
He added: “There are three key pillars to develop the market: increasing the influx of tourists, developing infrastructure, and introducing the right legislation. We’ve seen some encouraging policies, like the simplified visa system for 18 countries and improved accessibility via air and land.”
October 26, 2018 |
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Edquity, which describes itself as a “one-stop shop” for college-related finance, was among 100 new financial technology companies chosen by Money20/20 for its USA Startup Academy this week.
October 26, 2018 |
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Gaming platform group Aspire Global announced this week that they've signed a content deal with BetRegal and will distribute their games to the operator as a result.
October 26, 2018 |
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Yggdrasil's new slot, Dark Vortex, delivers unique features and launches just in time for operators’ Halloween campaigns.
October 26, 2018 |
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Brokerage Union Gaming Securities Asia Ltd thinks it unlikely that Phase 3 of the Galaxy Macau casino resort will open before the middle of 2020.
The institution said so in a Thursday note on Galaxy Entertainment Group Ltd, operator of that Macau casino resort (pictured), after the casino business issued highlights of its third-quarter results.
“While design work continues to move forward on Phase 4, construction on Phase 3 has largely maxed out for the time being as the company waits on various government approvals. With this in mind, it appears that Phase 3, including the first batch of hotel rooms, is unlikely to come online before mid-2020,” Union Gaming analyst Grant Govertsen wrote.
Another brokerage, Sanford C. Bernstein Ltd, also mentioned the expansion of the Galaxy Macau in a note issued on Thursday. “Phase 3 is now slated to open in mid-2020 as there have been some delays. Phase 4 continues with site preparation,” the note stated, without elaborating.
Galaxy Entertainment chairman Lui Che Woo said in May he thought that at least ‘part’ of Phase 3 would open next year. But in August, Francis Lui Yiu Tung, deputy chairman of Galaxy Entertainment, had mentioned what he called “stage one” of Phase 3 might open in 2020.
At the firm’s annual general meeting, he told reporters the development of both remaining phases of Galaxy Macau had been accelerated. Galaxy Entertainment’s current Macau gaming rights are due to expire in 2022. According to previous commentary, Phase 3 would feature 1,500 hotel rooms, a casino and an arena that could seat 16,000 people.
Galaxy Entertainment reported on Thursday third-quarter adjusted earnings before interest, tax, depreciation and amortisation of HKD3.9 billion (US$497.5 million) 10 percent more than a year earlier, on net revenue that grew by 6 percent to HKD13 billion.
Union Gaming and Sanford Bernstein both said the third-quarter results were roughly what they expected.
Union Gaming has kept its “buy” rating for shares in Galaxy Entertainment but reduced its price target to HKD57 a share from HKD84 because of the delay in the expansion of the Galaxy Macau, while Bernstein has a “market perform rating for the stock and a target price of HKD62.75.
October 25, 2018 |
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Internet casino game developer has launched their newest game 'Jackaroo Jack', which will be exclusive with GVC-owned casinos for three months.
October 25, 2018 |
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October 25, 2018 |
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Las Vegas Sands Corp. will invest more than $2 billion in its Macau operation over the next two years as the company gears up for the renewal of its license in the Chinese enclave.
October 25, 2018 |
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Macau casino operator Galaxy Entertainment Group Ltd reported adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HKD3.9 billion (US$497.5 million), up 10 percent year-on-year but down 10 percent sequentially.
Galaxy Entertainment reported third-quarter net revenue of HKD13 billion, up 6 percent year-on-year and down 7 percent quarter-on-quarter, according to unaudited highlights of its performance for the period, filed with the Hong Kong Stock Exchange on Thursday.
“During third quarter 2018, Galaxy Entertainment “played unlucky which decreased adjusted EBITDA by approximately HKD332 million,” said the firm in commentary on the numbers.
Galaxy Entertainment’s founder and chairman Lui Che Woo said in a statement included in Thursday’s release: “Despite increased competition, with new property openings both in Macau and regionally, Galaxy Entertainment delivered solid [third-quarter] results.”
The group’s total gross gaming revenue (GGR) in the three months to September 30 was HKD15.8 billion, up 6 percent year-on-year. Total mass table GGR rose by 8 percent year-on-year to HKD6.6 billion, while aggregate VIP GGR stood at HKD8.6 billion, up 5 percent from a year earlier, said the company.
The Macau operator said that during the third quarter, Galaxy Macau casino resort (pictured) generated net revenue of HKD9.3 billion, up 7 percent year-on-year, but down 6 percent quarter-on-quarter. The property’s adjusted EBITDA was HKD3 billion, up 9 percent from the prior-year period.
The firm said VIP rolling chip volume at the property for the third quarter was HKD189.6 billion, up 15 percent year-on-year. That translated into revenue of HKD6.4 billion, up 8.5 percent from the prior-year period.
Mass gaming revenue for the venue was HKD4.4 billion, compared with HKD4.2 billion in the third quarter 2017.
At the group’s StarWorld Macau property on Macau peninsula, net revenue was HKD2.9 billion, up 7 percent year-on-year, but down 5 percent quarter-on-quarter. Adjusted EBITDA was HKD927 million, up 16 percent year-on-year despite the property “playing unlucky” in its gaming operations, said the firm.
StarWorld’s VIP rolling chip volume for the third quarter was HKD73.8 billion, up 10.3 percent year-on-year. This translated into revenue of HKD2.2 billion, down 4.4 percent from a year earlier.
Mass gaming revenue at StarWorld was nearly HKD1.7 billion, compared with HKD1.4 billion in the third quarter 2017.
At the group’s Broadway Macau property on Cotai – which operates without VIP play – net revenue for the third quarter 2018 stood at HKD145 million, an increase of 38 percent from the prior-year period. Adjusted EBITDA was HKD9 million in the reporting period, versus a negative HKD4 million a year earlier.
Galaxy Entertainment said on Thursday it would pay a previously-announced special dividend of HKD0.50 per share on October 26.
The latest filing gave little information on the progress for construction of Phases 3 and 4 of its flagship Cotai resort Galaxy Macau. In previous results it had mentioned ground exploration work.
In the third quarter highlights it stated: “We continue to move forward with our plans for Phases 3 and 4, and we look forward to formally announcing our development plans in the future.”
“Our healthy balance sheet allows us to return capital to shareholders through special dividends and fund both our local development pipeline and explore international expansion opportunities. These include Phases 3 and 4, Hengqin and Japan,” it added.
October 24, 2018 |
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Macau’s junket sector is supportive of a recent proposal by local legislators which would see junket staff added to a list of local gaming workers to be barred from visiting the city’s casino floors when off duty.
So said on Wednesday Ho Ion Sang, in comments to GGRAsia. Mr Ho is chairman of a Legislative Assembly sub-committee examining the draft bill covering the matter.
Some concern had been expressed to GGRAsia that it would be hard to enforce regarding the VIP sector for a number of reasons. They included the fact that many such workers are effectively on round-the-clock standby to cater for the needs of well-heeled gamblers that sometimes roll the equivalent of millions of Hong Kong dollars per trip to the city. Another issue of concern was whether so-called sub-agents or junket associates – people not on a junket investor’s payroll but nonetheless actively associated with the sector – would be covered by the ban.
“The government said that the [junket] representatives are basically supportive of the ban covering their workers, in order to protect employees from being too exposed to the gambling environment and in order to promote responsible gambling,” Mr Ho told us.
On Tuesday the sub-committee had talks with Paulo Martins Chan, the director of the local casino regulator, the Gaming Inspection and Coordination Bureau, and some other bureau officials, on how such a junket worker out-of-hours ban could be enforced.
Mr Ho noted to us that the government had already consulted some junket sector representatives, including some associations of this sector.The proposal was an amendment to the legislation announced in June by the government.
“So far our discussion was only about extending the ban to the workers that are under an employment contract with the junket firms,” Mr Ho noted to us.
“But whether those that work with the junket firms under a collaboration term or a service purchase agreement will also be covered by the bill, it is yet to be clarified in our next discussions [with the government],” he added.
Junket workforce size
The legislators on the sub-committee would also be briefed by the government at the next meeting of the body, regarding the number of contracted junket employees that would possibly affected by the draft bill, Mr Ho added.
According to the draft legislation, some staff that are hired by the casino operators and not directly involved with gaming operations – including cage staff, food and beverage outlet workers, cleaners and those connected to surveillance operations – are also included in the ban, alongside gaming workers.
The total number of casino concessionaire workers – including gaming staff but excluding the junket sector – to be covered by the out-of-hours exclusion measure totalled “about 46,000,” Mr Ho noted to us, citing the latest statistics mentioned to his sub-committee by the government.
The local government’s bill envisages Macau casino workers being allowed to gamble in local casinos only on the first three days of the annual Chinese New Year holiday period. Casino workers would also be permitted to step onto gaming floors outside work hours if it were related to “learning” – understood to be a reference to professional training or education – or if “participating in an association’s event”. The meaning of the latter phrase is yet to be clarified.
According to the bill, the city’s gaming regulator can only inform the data relating to individuals that are barred by a court decision or a definitive administrative decision from entering casinos to the gaming concessionaires or other public entities.
“Other than that, I don’t think the concessionaires are allowed to share data of their workers among themselves,” Mr Ho told.
Zheng Anting, a directly-elected Macau legislator who has ties to the local junket sector, remarked to GGRAsia that he was supportive of the general direction of the bill and the latest proposal to extend the ban to junket firms’ workers. “But what we are concerned of is how those new rules will get implemented,” Mr Zheng said.
“Some of the VIP rooms’ workers, such as the [gaming] hosts, do not have fixed working hours – unlike the hosts that work on the mass gaming floors or the cashiers… VIP service is one that have to be available to patrons 24-hour, and there should be a clearer definition [in the bill] to the working hours,” Mr Zheng added.
In a press briefing that followed the Tuesday subcommittee meeting, Mr Ho was asked about the enforcement issue a applicable to junket workers.
“If there is any problems, the superiors [of the junket employees] must issue a statement saying that the workers are on duty [on the gaming floor]. With this statement, there are no longer any problems regarding illegal entry of junket workers on casino floors,” Mr Ho had told reporters.
October 24, 2018 |
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The company’s policy, which has prompted two lawsuits, required dealers to share about 12 percent of their pooled tips with casino service team leads. A Wynn executive informed dealers the policy will end on Nov. 12.
October 24, 2018 |
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Las Vegas Sands Corp. and MGM Resorts International appear to have the inside track to be selected to build two of Japan’s first integrated resorts and casinos at Osaka and Yokohama, senior equity analyst Dan Wasiolek of Chicago-based Morningstar Inc. said Monday in a research report to investors.
October 24, 2018 |
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The promoter of the Primorye Integrated Entertainment Zone (IEZ) in the Russian Far East says it plans to lease by year-end all of the land plots earmarked for phase one. In an interview with GGRAsia, the director general of the Primorsky Krai Development Corp (PDC), Igor Trofimov, said the corporation expected two new investment agreements to be announced shortly.
“We hope to lease all of the land plots [in phase one] by the end of this year,” stated Mr Trofimov, speaking last week at the PDC’s headquarters. Currently, there are six land plots available for private investors, he added.
The Primorye IEZ (pictured), a casino development area located 50 kilometres (31 miles) from Russia’s Pacific port city of Vladivostok, is being promoted by the PDC, a government-owned company under the Department of Tourism of the Primorsky provincial government.
The IEZ occupies 619 hectares (1,530 acres). About a dozen properties are envisaged for the first stage of the zone’s development, covering 263 hectares.
Mr Trofimov said he had recently signed a preliminary agreement with a Russia-based bookmaker for one of the available plots, spanning 7.89 hectares. The agreement is for a casino hotel with no fewer than 50 rooms, via a total investment of at least RUB7.2 billion (US$109.9 million).
“We are just waiting for some documents, so that we move forward with the payment and finalise the investment agreement and lease contract,” the official told us. “The announcement should be made shortly,” he added.
The director general confirmed that the PDC is currently in negotiation with South Korean investors under the coordination of K International Inc, a holding company that includes several South Korean firms. That would be for an aggregate investment of at least RUB18 billion, according to official documents. The investor would pay an additional RUB1.2 billion to lease a 19.7-hectare land plot.
Mr Trofimov said the South Korean holding company would soon register a local entity in Primorsky, a required condition in order to invest in the Primorye IEZ. “We hope to sign the investment agreement with the Korean investor by the end of November,” he stated.
New investors
Once those two deals are completed there will still be four plots available for the first phase of the IEZ. Those are to be sold as a single batch. The PDC’s director general said the corporation is currently in negotiation with a number of potential investors “that showed interest in acquiring plots 16 to 19”.
“We are in negotiations with Korean companies and NagaCorp, and we are actually finalising the negotiations with NagaCorp,” Mr Trofimov told GGRAsia, referring to Hong Kong-listed casino operator and developer NagaCorp Ltd, already an investor in Primorye.
“However, depending on the number of companies interested in these plots, we might launch one more auction,” he added.
NagaCorp has begun pile cap work for a casino resort in Primorye, with completion of construction works planned for 2019, with the first phase of the facility opening in 2020.
According to the PDC, the first phase of NagaCorp’s project will include a 279-room hotel, casino and a conference hall. It added that the second phase of the casino resort was to be completed by 2022.
Plots 16 to 19 are located adjacent to where NagaCorp is already building its casino project. GGRAsia approached NagaCorp regarding the reported plan to acquire more land in the Primorye IEZ, but a representative said the company would not comment on the matter.
All of the properties planned for the first phase of Primorye IEZ should be in operation by 2025, with the companies expected to invest an aggregate amount of at least US$2.70 billion, according to information provided by the PDC. Investors have committed so far US$2.10 billion for the development of seven casino resorts.
Tigre de Cristal, developed by Hong Kong-listed Summit Ascent Holdings Ltd, is currently the only casino property in operation in the Primorye IEZ. The first stage of the scheme opened in 2015 and the company is now working on the property’s expansion.
The PDC is also investing in the development of the Primorye IEZ, creating the conditions for private companies to invest. The corporation has already injected a total of US$12 million, and in the next six months plans to invest an additional US$5 million to develop further the IEZ’s electric power network.
“Starting from next year, we plan to make use of a federal programme, allowing us to get US$55 million from the federal and local governments for the future development of the IEZ,” said Mr Trofimov.
The official said additionally that the development of the second phase of the Primorye IEZ – comprising 356 hectares – would only start after 2025, “once all of the properties and other infrastructure planned for phase one are in operation”.
October 23, 2018 |
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The Plaza hotel-casino will expand its outdoor equestrian center into a permanent outdoor arena in downtown Las Vegas.
October 23, 2018 |
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October 23, 2018 |
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Visitor arrivals to Macau totalled over 2.56 million in September, up by 3.0 percent year-on-year, the latest data from the city’s Statistics and Census Service showed. The September visitor tally represented a sequential decrease of 24.7 percent compared to the August figure.
In September the number of visitors from mainland China expanded by 5.7 percent year-on-year to approximately 1.82 million. The tally of visitors under the Individual Visit Scheme – mainland China’s exit permit system for outbound tourists travelling independently rather than in tour groups – was up 10.3 percent year-on-year in September, to 788,426.
But in September, several of Macau’s other major feeder markets in Asia saw year-on-year decreases in visitor numbers. They were Hong Kong, Taiwan, South Korea, Japan, the Philippines, Thailand, India and Singapore.
Macau’s visitor arrivals in the nine months to September 30 increased by 8.3 percent from the prior-year period to 25.81 million. Mainland Chinese accounted for 70.6 percent of the aggregate number of visitors in the first nine months this year – or 18.22 million visitors, up by 13.3 percent year-on-year.
Investment analysts have said that headline visitor numbers are not directly correlated to overall gaming demand, as gross gaming revenue (GGR) in the Macau market has been typically skewed to high-end play.
Official data show that Macau’s monthly casino gross gaming revenue (GGR) rose by only 2.8 percent year-on-year in September, to nearly MOP21.95 billion (US$2.72 billion). Typhoon Mangkhut – a category 10 typhoon, the highest measure for such events – struck the city over the weekend of September 15 and 16, resulting in a brief closure of all casinos.
The number of overnight and same-day visitors to Macau in September rose by 1.9 percent and 4.4 percent year-on-year respectively, to nearly 1.41 million and 1.15 million. The average length of stay of visitors in that month was 1.4 days, up by 0.1 days compared with the same month last year.
October 23, 2018 |
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On the same day that they announced that they're adding NetEnt games to their library, Veikkaus announced that they've also signed a content deal with Yggdrasil Gaming and will add the developer's games to their site as well.
October 22, 2018 |
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Crane Co, a United States-based industrial products conglomerate that sells payment processing technology to the financial sector including casinos, saw its third-quarter group profit jump 42.2 percent.
Such profit for the three months to September 30 was US$97.0 million, compared to US$68.2 million in the prior-year period.
“With demand solid across most of our major end-markets, we continue to focus on positioning Crane for the future,” said Max Mitchell, Crane’s president and chief executive, in prepared comments issued with results filed to Nasdaq on Monday.
In the payment and technologies merchandising segment, which included cash handling technology for casinos, sales rose 73.6 percent to US$327.4 million, compared to US$188.6 million in third-quarter 2017.
But profit margin in that segment fell 4.1 percentage points, to 17.5 percent, compared to 21.6 percent in the prior-year period.
Group-wide quarterly sales were a record US$855.8 million, an increase of 23.0 percent compared to US$695.9 million in the third quarter of 2017.
In July Crane had declared a regular quarterly dividend of US$0.35 per share for the third quarter. The dividend was payable on September 10, to shareholders of record as of the close of business on August 31.
On Monday the group declared a fourth-quarter dividend of US$0.35 per share, payable on December 10 to shareholders of record as of the close of business on November 30.
Crane Co also revised higher its guidance for earnings per share for full-year 2018. The firm now expects earnings – excluding special items – to range between US$5.80 to US$5.90 per share, compared to the prior range of US$5.60 to US$5.80 per share.
Full-year 2018 free cash flow is now expected to be in a range of US$260 million to US$290 million, compared to the prior forecast of between US$250 million and US$280 million, according to the firm’s latest filing.
As of September 30, the company was a defendant in cases filed in numerous U.S. state and federal courts alleging injury or death as a result of past exposure to asbestos. There were 29,323 pending claims as of September 30, according to Monday’s quarterly results filing.
October 22, 2018 |
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A so-called “basic plan” to tackle the public policy issue of gambling addiction in Japan is to be formulated and made subject to a resolution in cabinet by April next year, according to information gathered by GGRAsia.
The news emerged after a first meeting on Friday of the body coordinating the public policy effort on gambling addiction, a major topic of community and political concern in relation to Japan’s casino liberalisation process. Having clear harm prevention and mitigation measures in relation to casino gambling is considered in Japan a key precondition of having a casino industry.
Up to three casino resorts are to be permitted in the first phase of market opening up, but the timetable for when that will happen is not yet clear.
A body known as the “headquarters for gambling addiction countermeasure promotion” is the responsibility of the Cabinet Secretariat, under the Chief Cabinet Secretary. The incumbent is Yoshihide Suga, a key figure in the government of Prime Minister Shinzo Abe. The official will be assisted in his work on the gambling addiction countermeasures by ministers of state in government departments that also have an interest in the topic.
The headquarters was set up under the terms of the Basic Act on Gambling Addiction Countermeasures, which came into force on October 5.
For its future deliberations, the headquarters for gambling addiction countermeasure promotion will put in place an executive committee, including people at director general-level in relevant ministries. The entity will be assisted by a panel of people referred to as experts in the field, according to GGRAsia’s correspondent in Japan.
October 22, 2018 |
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Internet betting site Lottoland has announced that they've signed a contet deal with Red Tiger Gaming and will offer the developer's games on their casino product as a result.
October 22, 2018 |
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Another licensed cross-border bus service – this one branded as “Hong Kong-Macau Express” – announced over the weekend a passenger service between Kowloon, Hong Kong and several Macau casino resorts via the Hong Kong-Zhuhai-Macau (HKZM) Bridge.
According to Macau Chinese-language media reports, Hong Kong-Macau Express said it would start services on Wednesday, the first day of full operation for the bridge. The HKZM Bridge opens to traffic at 9am that day according to a Macau government announcement last week.
Hong Kong-Macau Express’s inaugural HKZM Bridge run will start from Hotel Grand Lisboa, a property of SJM Holdings Ltd, on Macau peninsula, and travel to Hong Kong according to Macau television channel MASTV.
When travelling from Hong Kong to Macau, the bus operator’s services will stop not only at Grand Lisboa, but also several other peninsular casino properties: MGM Macau, operated by MGM China Holdings Ltd; StarWorld Hotel, run by Galaxy Entertainment Group Ltd; and Sands Macao belonging to Sands China Ltd. The Macau-bound service will then go on to call at several Cotai resorts: Sand’s China’s Venetian Macao; MGM China’s MGM Cotai; and Galaxy Entertainment’s Galaxy Macau.
When departing from, and arriving in, Hong Kong, the Hong Kong-Macau Express service will call at Shanghai Street in Prince Edward, Kowloon; and the Elements shopping mall in West Kowloon.
Hong Kong-Macau Express will provide – per 24-hour period – a total of 62 trips between Hong Kong and Macau. From the Hong Kong side, the service will run between 7.30am and 1.30am the following morning, inclusive. From Macau, the service will run between 7.00am and 4.30am the next day, according to the firm’s provisional timetable.
Boundary crossing services for passengers and vehicles travelling between Macau and Hong Kong will be open 24 hours a day, once the bridge is operational, said a Macau government statement issued last week. At least two other licensed passenger bus services – one branded as “One Bus” – have already been announced for travel between Kowloon and several casino resorts in Macau peninsula and Cotai via the HKZM Bridge.
In May Macau’s Transport Bureau confirmed that the city’s existing casino shuttle bus services would not be allowed to cross the Hong Kong-Zhuhai-Macau Bridge. But the bureau said at the time that it was discussing with the Macau casino concessionaires the possibility of the companies running a joint shuttle bus service with two routes: from the Macau boundary crossing of the HKZM Bridge (pictured) to, respectively, the Outer Harbour Ferry Terminal and the Taipa Ferry Terminal.
October 21, 2018 |
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The majority owner of Melco Resorts and Entertainment (Philippines) Corp, the operator of the City of Dreams casino resort in Manila (pictured), withdrew on Friday its petition for voluntary delisting of the company.
But MCO Investments (Philippines) Ltd still wants to proceed with a voluntary tender offer to purchase up to nearly 1.57 billion outstanding common shares in Melco Resorts Philippines held by the public.
The purpose now would be to increase the majority owner’s stake: MCO Investments already owns nearly 73 percent, according to previous filings.
Last week Melco Resorts Philippines told the Philippine Stock Exchange that MCO Investments would defer its tender offer, which had been due to begin today, Monday.
A Friday filing stated the tender offer would now be deferred to an unspecified date.
October 21, 2018 |
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October 21, 2018 |
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October 20, 2018 |
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If you ever thought about betting on who wins “Survivor” or “Dancing with the Stars” take heart: the door remains open. But producers of the shows apparently don’t want to walk in.
October 20, 2018 |
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With a string of casinos along the Colorado River some 100 miles southeast of Las Vegas, Laughlin is popular with retirees who drive in and offers low-priced rooms, buffets and plenty of sunshine and open desert.
October 20, 2018 |
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The Hong Kong-Zhuhai-Macau (HKZM) Bridge opens to traffic at 9am on October 24 (Wednesday), the Macau government confirmed in a Friday evening press release.
The operational launch will follow an opening ceremony to be held in Zhuhai next door to Macau in mainland China’s Guangdong province on Tuesday, October 23, confirmed the Macau authorities. Macau’s Chief Executive, Fernando Chui Sai On, will be among the guests at the Tuesday ceremony.
The Macau announcement did not mention whether China’s President Xi Jinping would attend the launch. That had been reported in the South China Morning Post earlier this week.
The HKZM Bridge provides for the first time a direct-line road link between Macau and the major international transport hub of Hong Kong International Airport, across the Pearl River Delta. The infrastructure spans 55 kilometres (34 miles) and is the longest sea-crossing bridge in the world.
Boundary crossing services for passengers and vehicles travelling between Macau and Hong Kong will be open 24 hours a day, once the bridge is launched, said a follow-up statement.
Friday’s initial announcement from the Macau government mentioned the “fundamentals” of the boundary crossing facility had been in place since December 2017, with the local government having been given jursidictional authority over the boundary area since March 15. The Macau announcement added that Mr Chui had made “multiple” visits to the boundary zone since March 15, to assure himself of its readiness.
During a Friday press briefing in Hong Kong by local officials there, it was stated that the bridge would enable the road travel time between Hong Kong International Airport and Zhuhai to be shortened from four hours to approximately 45 minutes.
During the past week, at least two licensed bus service announced that they would take passengers between Kowloon and several casino resorts in Macau peninsula and Cotai via the HKZM Bridge.
Hong Kong-based Kwoon Chung Bus Holdings Ltd announced on Thursday that it would run each day 62 bus trips between Hong Kong and Macau on a round-the-clock basis, with a route that connects Kowloon in Hong Kong to several stops in Macau, including the Galaxy Macau casino resort operated by Galaxy Entertainment Group Ltd on Cotai, and also the Venetian Macao run by Sands China Ltd on Cotai. The bus company is to charge HKD160 (US$20.40) one-way per daytime trip, and HKD180 one-way per night-time trip and on public holidays.
Another bus operator called One Bus Hong Kong Macau Ltd has also announced that it will shuttle passengers between Kowloon, Hong Kong and several casino resorts of Sands China – including stops at Sands Macao on Macau peninsula, as well as the Venetian Macao and the Parisian Macao in Cotai. The operator, which says it will provide a daily total of 38 trips between Hong Kong and Macau, is to charge HKD170 one-way per daytime trip, and HKD190 one-way per night-time trip and on public holidays.
October 19, 2018 |
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October 19, 2018 |
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Internet betting site Nissi Casino has announced that they've added Harness to their library, bringing a virtual racing game for punters.
October 19, 2018 |
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Current casino operators’ efforts to make Macau a ‘world centre of tourism and leisure’ and “internationally competitive” were important to the city’s government, said Lionel Leong Vai Tac (pictured), Macau’s Secretary for Economy and Finance.
He said such efforts are the factors in considering the possible refreshment of Macau gaming rights when the six current concessions expire on various dates between 2020 and 2022.
“Macau-based [casino] operators have to continuously improve their services in order to be more competitive,” stated Mr Leong in remarks to local reporters on Thursday on the sidelines of a public event.
The term ‘world centre of tourism and leisure’ refers to a Macau government aspiration to diversify the city’s economy away from dependence on high-stakes casino gambling. The authorities also want to widen the city’s international appeal so that it is not only a playground for rich Chinese from southern coastal mainland provinces and Hong Kong.
Referring to casino proliferation in other parts of the Asia-Pacific region, Secretary Leong noted: “We are monitoring the situation. We have seen that some regions are trying to develop their own gaming sector, but I do not think these would be in [direct] competition with the Macau market.”
A number of investment analysts have nonetheless said in commentaries that one effect of a perceived increase in scrutiny of the Macau casino market by the Chinese central government and the Macau government, has been to encourage some high-stakes gambling by Chinese players to migrate offshore to neighbouring jurisdictions.
In late July Mr Leong said there had been a preliminary proposal from the local government’s legal advisors regarding possible amendment of the existing framework gaming law, the basis for the current concession system. It was reported the proposal might relate to a fresh bidding process for gaming rights in the city. At the time Mr Leong said the government was studying the proposal but did not disclose further details on its content.
Macau gaming law currently 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”.
October 18, 2018 |
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The proposed merger of Caesars Entertainment Corp. with Tilman Fertitta’s Landry’s Inc. would boost earnings of the enlarged company through cost-cutting and leveraging loyalty programs, Wall Street analysts said.
October 18, 2018 |
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Gaming affiliate conglomerate Cherry AB announced that they've purchased the outstanding shares of Game Lounge, giving them complete ownership of the Swedish company.
October 18, 2018 |
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A under–construction project for a new HKD5-billion (US$637.8 million) Cotai resort fronted by a son of Macau gaming entrepreneur Stanley Ho Hung Sun was only revealed publicly on Thursday at a press conference in the city.
But Arnaldo Ho Yau Heng said it would be “up to the government” whether the scheme would be able to have a casino.
“Lisboeta Macau” (pictured) was started in August of 2017, and the project was topped out this August, the media learned on Thursday, the first public announcement about it.
The project, with four-star accommodation, is on land near to the under-construction Grand Lisboa Palace casino resort. The latter is promoted by Hong Kong-listed SJM Holdings Ltd, which holds a Macau gaming licence via its local unit Sociedade de Jogos de Macau SA. Over the summer, Arnaldo Ho was confirmed as assistant chief operating officer of the latter firm.
It was not clear from Thursday’s press event what formal links – if any – Lisboeta Macau, flagged as having a possible “2020″ opening date, has to the SJM group of businesses.
Arnaldo Ho was referred to at that day’s presentation as a director of Macau Theme Park and Resort Ltd, described as the entity that was developing and would manage the project – and which is being referred to as an “integrated resort”. In the gaming industry, that is usually a euphemism for a large-scale leisure facility with a casino as well as hotel and shops.
Arnaldo Ho told media: “At this moment, this project does not contain any gaming elements… we are not a casino operator and now this project is meant as a hotel complex site; and we are a hotel operator.”
But he added, referring to a possible gaming partner: “I cannot comment now who we will be partnering with.”
In the Macau market, third-party investors – typically Macau or Hong Kong business people – have since the days of Stanley Ho’s monopoly been allowed to get access to table quota and gaming rights by tying with an existing licensee under a so-called service agreement. SJM Holdings has been the most active in this segment in the post-monopoly era.
Casino sought
“If you ask me whether I want it [gaming elements] to be featured, of course I would want them. Because having gaming elements is a good thing in the sense that it enriches the project. But it really depends on the interest of casino operators and the government,” Mr Ho added.
Arnaldo Ho declined to say how Macau Theme Park and Resort might collaborate with SJM Holdings. But he suggested that Lisboneta Macau and Grand Lisboa Palace might be able to achieve what he termed “synergy” in terms of boosting visitor flow. Grand Lisboa Palace is relatively isolated at present, being further from the Cotai Strip – a cluster of casino resorts – than any of its rivals.
The opening of Grand Lisboa Palace is due by the second half of 2019, according to SJM Holdings’ interim results.
“…if we can build a bridge to connect the two projects, they will enjoy an improved visitor flow,” Arnaldo Ho said at Thursday’s press event.
He noted: “Grand Lisboa Palace is a five-star, [and] six-star, large-scale and luxurious property with 2,000 guest rooms; and we go for a more family-oriented resort. So when we are integrated that will bring the two projects an advantage.”
Y-shape floor plan
The Lisboneta Macau project is due to have 820 rooms and suites, housed in a 12-storey tower with a Y-shaped floor plan, according to Arnaldo Ho’s presentation. The hotel complex – all to be operated by Macau Theme Park and Resort – would have three hotel brands: “Lisboeta Hotel”, with 574 rooms; “Maison L’Occitane”, with 164 rooms, and “Casa de Amigo”, which will house 82 rooms. The latter two themed hotels would be a collaboration with, respectively, French cosmetic brand L’Occitane and Line Friends, characters associated with the Line social media software app. It is said to be the first such themed hotel collaboration for each brand.
The overall concept for Lisboneta Macau was a “Macau-themed” resort, with elements that “pay homage to old Macau”, said Arnaldo Ho. An exterior wall of the hotel tower would have a reproduction of the mosaic facade of the shuttered and soon to be demolished Hotel Estoril located opposite Tap Seac Square in downtown Macau. The latter was Stanley Ho’s first foray into the Macau hotel business after winning his original monopoly in 1962.
There would also be at the proposed new site a replica of the former floating casino Macau Palace that was run by his father’s legacy organisation. The facsimile would house an exhibition area and a Chinese seafood restaurant.
In modern Macau there was a “lack of a project that truly represents Macau,” said Arnaldo Ho.
He added: “When I looked at my father’s developments in the [19]60s of Macau, I felt that those are not very well-recognised and as his son, I should inherit those elements and introduce them.”
Angela Leong On Kei, the mother of Arnaldo Ho and who is also Stanley Ho’s fourth consort, is an executive director at SJM Holdings and a Macau legislator.
The Lisboeta Macau project would have two themed zones: “Retrospective Macau”, and “Future Macau”. The entertainment portfolio of the project includes: a zip-line ride that would allow more intrepid visitors to view the property from height; an area described as an “indoor skydiving spot”; and a cinema. The latter is said to be of a “Gatsby themed” design – understood to be a reference to the style and architecture featured in the 1925 novel “The Great Gatsby”, by F. Scott Fitzgerald. It would be run by the Hong Kong-based Emperor Cinemas.
Arnaldo Ho declined to reveal how Lisboeta Macau would be financed and what its earnings potential might be, citing confidentiality, but he said the HKD5-billion price tag included construction and land costs.
Scheme viability
When asked if he was concerned about the viability of the scheme if it could not have a casino, Arnaldo Ho said visitor numbers to Macau had been increasing in a stable manner.
“I don’t see this project will just go for the existing market clientele. The clientele I’m going for is… family [travellers]. This is a four-star resort and the pricing will be benchmarked against other four-star hotels in Cotai.”
He added: “This project is next to Grand Lisboa Palace… Hotels survive in Macau even they don’t have a casino.”
Macau Theme Park and Resort first applied to the Macau government in 2004 for a 200,000-square-metre (2.15 million-sq-foot) site in Cotai. Owing to the size of the project, it was asked to divide the development into two, with one area for the hotel facilities and another for the theme park. It was granted 106,000 square metres of land for hotel development in 2006, according to official records from the Macau government. The other 94,000 square metres for the development of a theme park – of so far undisclosed content – have still not been granted to the firm.
“The Macau government has never granted us this other half of the plot,” said Mr Ho, referring to the 94,000-square metres that is yet to be developed. “…we would hope very much the government can give us a chance to try to develop a true theme park for Macau [on the site].”
“The Land Law [of Macau] that was amended in 2014 has posed several issues to us, so the plan [for building a theme park] was not granted,” Mr Ho added. He noted Macau Theme Park and Resort had decided nonetheless move ahead with the Lisboeta Macau portion.
According to Thursday’s press event, other directors of Macau Theme Park and Resort Ltd are Angela Leong, Lee Wai Man and Li Chi Keung. Mr Lee is known as the founder and leader of the city’s veteran junket firm Macau Golden Group.
October 18, 2018 |
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Markets have priced in any increase to Malaysia’s gaming tax – if it is to occur – meaning gaming stocks, such as Genting Malaysia Bhd, continue to show upside, according to new research from two brokerages. In research notes issued by Nomura International and Maybank Kim Eng Research earlier this week, both brokerages say casino operator Genting Malaysia is unlikely to be strongly affected by higher tax rates.
Nomura said senior Malaysian officials alluded to higher taxes at an investor forum last week as a method to offset shrinking government revenue. This raised concerns that gaming taxes may increase at the announcement of the Malaysian Budget on November 2. Markets have responded by selling down Genting Malaysia stock, which is down 9 percent since the beginning of October.
Taxes on gaming have been unchanged since 1998, when the rate increased from 22 percent to 25 percent.
Genting Malaysia – part of Malaysian conglomerate Genting Bhd – runs Resorts World Genting (pictured), Malaysia’s only casino resort, and operates casinos in the United States, the Bahamas and the United Kingdom.
Nomura expects the earnings of Genting Malaysia to keep growing even if the Malaysian government increases the tax on casino gaming. In a note issued on Wednesday, the stockbroker said the recent correction in the price of Genting Malaysia stock has more than priced-in the worst-case blow to earnings of an increase in gaming tax, and has failed to factor-in the earnings growth due to capacity expansion that will happen in spite of any tax increase.
Nomura said new attractions offered by the company should increase business, so widening profit margins next year. The stockbroker forecasts that Genting Malaysia earnings before interest, taxation, depreciation and amortisation (EBITDA) will grow.
“Given Genting Malaysia’s share price correction of 9 percent since the beginning of October (versus the Kuala Lumpur Composite Index’s 1.9 percent decline), we believe the market has already more than factored-in the bear case scenario of a 5 percentage point increase in gaming tax,” said the Japanese brokerage.
Nomura models two scenarios: a 3-percentage-point increase in the tax rate and a 5-percentage-point increase. It says those increases will remove 6 percent and 10 percent from EBITDA in 2019 and in 2020.
In its research note issued on Tuesday, Maybank also attributes the recent drop in the price of Genting Malaysia stock to fear of an increase in gaming tax. Maybank’s note, written by Samuel Yin Shao Yang, said: “While this risk cannot be discounted, we gather that the market is imputing an overly onerous casino tax hike of eight to 10 percentage points.”
The stockbroker said most of the facilities envisaged by the first phase of the Genting Malaysia programme of capacity expansion have opened, and that the Skytropolis and 20th Century Fox World theme parks will open in the first half of next year. The development will add about 1,500 hotel rooms, as well as recreation and dining opportunities.
“We estimate third-quarter 2018 group EBITDA of about MYR700 million [US$168.42 million], or 50 percent [growth] year-on-year,” noted Mr Yin.
Genting Malaysia reported second-quarter results in late August, with profit up by 104 percent year-on-year for the quarter, despite Nomura reporting a 21-percent year-on-year decline in VIP gambling volume in the same period.
October 17, 2018 |
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A retired executive of Estée Lauder has been appointed to the board of directors of Caesars Entertainment Corp., the company announced in a Securities and Exchange Commission filing Wednesday.
October 17, 2018 |
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Internet betting group Svenska Spel has announced that they've inked a software deal with Yggdrasil Gaming and will begin offering the group's digital slot machines on their site as a result.
October 17, 2018 |
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October 17, 2018 |
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Barbados is a tropical island paradise located in the Caribbean, not too far from the northern coast of South America. The online-only Barbados Casino takes the island as inspiration for its name and theme, but appears unrelated in any other way to the island. It is in fact a white label operation running on the Aspire Global platform, and it opened its virtual doors in 2017.
October 16, 2018 |
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The Gold Strike hotel-casino in Jean will be rechristened come Nov. 1.
October 16, 2018 |
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Betting software firm Gaming Innovation Group announced this week that they're taking on games from Jade Rabbit, a new game developer that will see games built exclusively for the GiG platform.
