November 24, 2018 |
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November 24, 2018 |
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A hearing is scheduled Dec. 20 on a state Gaming Control Board complaint against a man accused of cheating at gambling.
November 24, 2018 |
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A Scottsdale man jumped in excitement when a slot machine at a tribal casino flashed three red double-sevens in a row for what he thought was a $50,000 jackpot.
November 24, 2018 |
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November 23, 2018 |
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November 23, 2018 |
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The Chinese National Day holiday period and the opening of the Hong Kong-Zhuhai-Macau (HKZM) Bridge spurred October growth in the tally of inbound visitors to Macau. The city’s Statistics and Census Service claimed so in a Friday announcement. October visitor arrivals totalled over 3.15 million, up by 9.2 percent year-on-year.
That figure represented a 23.2 percent sequential increase on the September tally, which had stood at over 2.56 million, according to the official data.
Since its opening on October 24 - to the end of October – inbound visitor arrivals to Macau via the HKZM Bridge totalled 71,640, according to the census service. The statistics did not include a breakdown of visitor arrivals by nationality.
“Information from the Statistics and Census Service indicated that in view of the National Day holiday and the opening of the Hong Kong-Zhuhai-Macao Bridge,” the aggregate monthly number of visitor arrivals to Macau “surged by 23.2 percent month-to-month,” the statistics bureau said in a press release. The document did not clarify how the bureau determined that the new bridge was providing incrementally more visitors to Macau, rather than possibly providing an alternative route for those visitors already planning to come.
In October as a whole, the number of visitors from mainland China to the coastal casino hub expanded by 12.1 percent year-on-year to approximately 2.31 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 15.2 percent year-on-year in October, to approximately 1.11 million.
Macau welcomed “more than 890,000” visitors during the National Day holiday – a period also known as the October 1 Golden Week – according to Macao Government Tourism Office (MGTO) data. The tally – more than 80 percent of it stemming from visits by mainland Chinese – represented a year-on-year increase by 7.2 percent.
China’s State Council declared October 1 to October 7 as this year’s National Day holiday period.
In October as a whole, several of Macau’s other major feeder markets in Asia saw year-on-year decreases in visitor numbers. They were Taiwan, South Korea, the Philippines, Thailand, India, Malaysia and Singapore. The exception was Hong Kong, where the number of visitors to Macau in the month grew by 9.3 percent year-on-year to 509,369.
Macau’s visitor arrivals in the ten months to October 31 increased by 8.4 percent from the prior-year period to 28.97 million. Mainland Chinese accounted for 70.9 percent of the aggregate number of visitors in the first ten months this year – or 20.53 million visitors, up by 13.1 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 2.6 percent year-on-year in October, to nearly MOP27.33 billion (US$3.38 billion). It was also the highest monthly tally since October 2014, when casino GGR in the city stood at MOP28.03 billion.
The number of overnight and same-day visitors to Macau in October rose by 5.4 percent and 13.2 percent year-on-year respectively, to nearly 1.55 million and 1.60 million. The average length of stay of visitors in that month held steady year-on-year at 1.2 days.
November 22, 2018 |
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Vietnam’s authorities have reportedly approved the inclusion of a casino in a resort on the island of Phu Quoc, local media reported. Significantly, the project has been allowed to join a three-year trial scheme permitting Vietnamese into selected casinos, reports added.
Online media VnExpress reported on Thursday that the People’s Committee of Kien Giang Province – where Phu Quoc is located – had announced that the country’s Prime Minister Nguyen Xuan Phuc had approved in principle the inclusion of a casino in the resort. It added the overall investment in the project – including the casino portion – was now set at VND50 trillion (US$2.14 billion).
It was unclear from the media reports as to when the casino portion would open to public. The overall resort – to also include hotels, shops and conference facilities – is to be completed by 2021.
The Phu Quoc casino is reportedly promoted by Phu Quoc Tourism Development and Investment JSC. The latter is controlled by Vietnamese conglomerate Vingroup, which owns 50 percent of the company.
The government lifted a ban on Vietnamese gambling in casinos in March 2017, following a decree in January 2017 allowing a trial project for gambling by economically-qualified locals at certain venues. But the market had still been awaiting news of how that policy would be applied in practice.
Customers must be older than 21 and have a monthly income of at least VND10 million. Only casino resorts with a total capital investment of at least US$2 billion – including gaming and non-gaming facilities – are eligible to welcome Vietnamese to gamble.
In November 2017, Augustine Ha Ton Vinh told GGRAsia the Vietnamese government was likely to open two casinos to local customers. Mr Ha, an academic who has advised the government on liberalising Vietnam’s gaming industry, said a resort in Northern Vietnam at Van Don and a second one on Phu Quoc Island would be among the first to admit locals.
November 22, 2018 |
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A self-branded hotel named “Shinhwa Resort” at the Jeju Shinhwa World casino complex on the South Korean holiday island of Jeju, is likely to be ready next year rather than this year, the entire site’s promoter Landing International Development Ltd has confirmed to GGRAsia.
The new hotel facility still needs to get local-government permits confirming it can be occupied, a representative of the firm told us. The person declined to be identified by name.
The previously-publicised opening schedule for the Shinhwa Resort hotel was within the current quarter. The new hotel is part of Hong Kong-listed Landing International’s plan to launch in stages non-gaming elements at its Jeju resort.
“We have obtained the temporary occupation permit for one building of the Shinhwa Resort hotel. It is expected that permits for the remaining two buildings of Shinhwa Resort hotel will be issued in the first half of 2019,” the Landing International source told us.
Issuance of occupation permits would happen “after the Jeju government completes re-examination of the environmental impact of major development projects in Jeju,” said the person. “We will wait until all the three buildings [of Shinhwa Resort hotel] get permits, and then open in one go,” the representative added.
Shinhwa Resort hotel would target family visitors, and will have 533 rooms, the firm’s representative also noted to us. The hotel would provide “easy access” to the “Shinhwa Water Park” and a theme park at the resort complex. Shinhwa Water Park is an outdoor entertainment area launched in early August this year.
The guest room inventory of the entire Jeju Shinhwa World complex will total over “2,000” units once Shinhwa Resort comes into operation, according to Landing International’s interim report 2018 filed in September. By 2020, the group aims to open a Four Seasons Resort and Spa, with about 200 guest rooms, and a theme park called Lionsgate Movie World.
November 21, 2018 |
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The resort on Wednesday announced that online bookings through Monday, often referred to as “Cyber Monday,” the online version of Black Friday, would not charge a resort fee.
November 21, 2018 |
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November 21, 2018 |
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A study by the UK Gambling Commission released this week reveals that children problem gamblers is on the rise, hitting 55,000 over the past two years for those aged 11-16.
November 21, 2018 |
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The announced 10-percentage point rise in tax on VIP casino gross gaming revenue (GGR) applicable to Resorts World Genting (pictured) – Malaysia’s only licensed casino venue – is starting from a lower base than most investors had expected, GGRAsia has learned.
An industry source familiar with the matter told us that the points rise on VIP GGR tax was from 10 percent to 20 percent, not the 25 percent adjusted upward to 35 percent applicable to mass-market table gaming.
A 10 percentage point tax rise on GGR tax had been announced by the Malaysian government in its budget on November 2.
Industry commentators have previously told GGRAsia that – due to the large reinvestment costs incurred by casino operators in general when dealing in VIP play, such as commissions to external junkets or rebates on losses of house-managed players – margins on high-roller play are generally thinner than on the mass variety.
“The history behind this is that the VIP gaming tax rate was cut from 25 percent to 10 percent in 2003 during the SARS pandemic,” said a source, referring to an outbreak of severe acute respiratory syndrome that caused a public health emergency and depressed the tourism sector in a number of markets across Asia.
“Most thought the VIP gaming tax rate was still 25 percent at the time of the budget,” said the person.
A note from Singapore-based investment brokerage UOB Kay Hian Pte Ltd, publicised on Wednesday, cited its own “channel checks” as the source of information indicating the new VIP GGR tax rate as 20 percent, not 35 percent.
“Given that the negative impact from the gaming tax hike has been fairly priced in, and with the lower-than-initially expected VIP gaming tax serving as a pleasant surprise, investors may now refocus on Genting Group’s catalysts in 2019,” said the brokerage, referring to the parent firm of Genting Malaysia Bhd.
It added that in the light of the new information, the casino operator might not need to cut its overhead costs as dramatically as feared.
Genting Malaysia had said in a November 7 filing to Bursa Malaysia that it was “assessing the full implications”of additional taxes announced by the federal government.
The statement added the firm would take “the appropriate next course of action,” which included “a review of its marketing expenditure and cost structure to mitigate the impact of the tax increases”.
Analysts have previously indicated that cuts in casino marketing spend can in some circumstances lead to a reduction in player incentives and thus a fall in play volumes.
As well as operating Resorts World Genting, near Malaysia’s capital Kuala Lumpur, the firm also runs casinos in the United States and the Bahamas, and in the United Kingdom and Egypt. In the latter four markets, other – local – taxes on gaming business are understood to apply.
The share price of the Genting Malaysia unit took a battering on the local bourse, Bursa Malaysia, following the November 2 Malaysian budget announcement.
November 20, 2018 |
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November 20, 2018 |
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Spansish casino group Casino Barcelona is adding games from Swedish developer Yggdrasil, bringing the group's slots and table games to their customers.
November 20, 2018 |
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A judge has temporarily blocked the planned release of a Massachusetts Gaming Commission report about allegations of sexual misconduct against former casino mogul Steve Wynn, a court official in Las Vegas said Monday.
November 20, 2018 |
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Macau’s Judiciary Police has requested web hosting companies working outside Macau to block or remove so far a total of 237 alleged illicit gambling websites. So said on Tuesday Macau’s Secretary for Security, Wong Sio Chak (pictured in a file photo).
It was unclear from Mr Wong’s comments whether the figure referred only to 2018.
The official added that so far more than 130 of these websites had been blocked or removed.
Mr Wong reiterated that illicit gambling websites that pirated Macau casino brands “seriously damaged” Macau’s image as an international tourism and gaming destination.
The Judiciary Police had investigated and analysed these gambling websites, and had subsequently requested web hosting companies to block or remove these websites, Mr Wong said in a press briefing.
He added that the Macau government was preparing new legislation to curb spam text messages being sent by illegal telecoms equipment. Spam text messages are often used in Macau by criminal organisations to promote illegal gambling websites to mainland Chinese tourists. Mr Wong said he expected the new legislation to be ready next year.
During the first nine months of 2018, Macau’s Judiciary Police conducted a total of nine operations against spam text messages. These operations had resulted in a total of 22 arrests, Mr Wong noted.
Macau’s Judiciary Police recorded a total of 1,338 suspected gaming-related crimes during the January to September period, up by 1.1 percent when compared to the prior-year period, according to Mr Wong. The Macau authorities typically label cases as gaming-related when they take place inside a casino or in its surroundings.
More loansharking cases
During the January to September period, the police recorded a total of 390 gaming-related cases of suspected usury – unlawful lending of money and commonly known as loan-sharking. The tally represented an increase of 24.2 percent increase in year-on-year terms. The number of illegal confinement cases linked to gaming-related usury totalled 218, down by 34.7 percent when compared to the same period of last year.
Mr Wong said the year-on-year rise in the number of gaming-related loan-sharking cases was related to an increase in police investigations.
Macau’s Secretary for Security stressed that local authorities remained “highly on alert” to illicit money exchange activities in and around the city’s casinos. Such activities posed a “direct risk” to Macau’s security, in some cases leading to scams and cases of robbery, he added.
In October alone, police operations and police patrols in and around casinos resulted in the arrest of 670 suspects. Of those, 412 people were suspected of involvement in illicit money exchange activities, Mr Wong added.
In the first nine months of this year, gaming-related cases involving a total of 1,601 suspects were sent to the city’s Public Prosecutions Office, up by 0.2 percent year-on-year, the government official said.
November 19, 2018 |
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I've been reviewing casinos for a while now, and nothing surprises me anymore when it comes to names or branding of these sites. The industry has gifted us some truly bizarre names, and sometimes the sites have nothing to do with the name. Twin Casino gifts us a name that's not too strange, but has nothing that makes it stand out as being a duplicate of something. Indeed, this is a case where the marketing of a site has nothing to do with the name. Still, the casino looks good, has a good game selection, and reasonable payout times.
November 19, 2018 |
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November 19, 2018 |
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This week betting site BetStars announced that they've signed Inspired Entertainment to a content deal and will offer the group's virtual sports titles as a result.
November 19, 2018 |
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Gaming technology provider Scientific Games Corp says 2018 has been a “good” year in terms of performance in Asia, but the firm is already eyeing further growth across the region in 2019. So says Ken Jolly, its vice president and managing director – Asia.
Mr Jolly (pictured) told GGRAsia that Scientific Games’ priority in Asia for next year was to “continue to grow” sales across the region, helped by some new casino openings planned in several markets.
“We are bringing more games to our electronic table games and putting more functionalities in our systems,” he stated. “We will be bringing another link product next year.”
He was speaking at the MGS Entertainment Show 2018, held last week at Cotai Expo at the Venetian Macao.
Mr Jolly said 2018 had “been a good year overall” for Scientific Games in Asia.
“We have had some good advances in the Cambodian market,” he said. That included supply of product to Australia-listed Asian casino operator Donaco International Ltd. The latter operates the Star Vegas Resort and Club casino property, located in Cambodia’s Poipet region.
Mr Jolly added: “There is a lot going on in Singapore at the moment and, in addition to that, you have got a couple of openings in Vietnam.”
Scientific Games also increased its footprint in the Philippines during 2018, the executive said.
“As a big company in the gaming industry globally, we have always monitored all markets,” Mr Jolly explained. “There seems to be more action particularly in Cambodia right now, and obviously in Vietnam, and in [South] Korea’s Incheon with the projects that have been going on there.”
Incheon is home to a number of gaming venues. Last year, the Paradise City casino resort opened there, and two other casino resorts – the Inspire by Mohegan Gaming and Entertainment and the US$700-million Caesars Korea – are being built there.
Scientific Games’ gaming segment – which includes gaming operations, gaming machine sales, gaming systems, and table products – recorded total revenue of U$447.9 million for the quarter ended September 30, down 1.5 percent in year-on-year terms, the firm announced earlier this month. The company shipped 7,663 new gaming machines between July and September, including 5,038 new units shipped to North America customers and 2,625 units to international customers – the latter down 10.7 percent from the prior-year period.
At its MGS stand, Scientific Games displayed some of its latest product available for Asia. That included a new standalone title under its “Super Series” called “Super Flower of Riches”, derived from the company’s popular “Duo Fu Duo Cai” link series.
“It was just approved for Macau,” Mr Jolly highlighted.
November 19, 2018 |
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November 18, 2018 |
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November 17, 2018 |
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The New Jersey Division of Gaming Enforcement posted October gaming revenues for Atlantic City, revealing that new properties are eating away at the revenues of existing locations.
November 17, 2018 |
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November 17, 2018 |
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Fountain Valley, California-based Kingston Technology Co. Inc. and Allied Esports on Friday announced that the arena at Luxor will be known as HyperX Esports Arena Las Vegas.
November 16, 2018 |
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November 16, 2018 |
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Bringing e-Sports or virtual reality (VR) games into casinos is a “meaningful” experiment in diversification for casino operators, even in the Macau context, where the city’s casinos are famous for a focus on gambling via traditional games, said Michael Zhu (pictured), senior vice president of international operations planning and analysis at The Innovation Group, a consultancy.
He acknowledge that diversification into digital forms of non-gambling entertainment might not be as lucrative for the casino operators.
Mr Zhu was speaking at a conference at MGS Entertainment Show 2018 in Cotai Expo at the Venetian Macao.
His topic was how operators of modern casino resorts were using new non-gaming attractions to differentiate their properties and their corporate branding.
“These can be a meaningful tryout for diversifying offerings at integrated resorts. It is at least a good option to spread risks,” said Mr Zhu. He was giving commentary on some local examples such as e-Sports and virtual reality games designed to appeal to so-called millennials – young adults born at the turn of the current century.
The Innovation Group is a U.S.-based firm that provides consulting and management services for the gaming, entertainment, hospitality, sports and leisure, food and beverage and retail industries.
“It is hard to attract [some] visitors with just the traditional amenities… we did a lot of surveys on this topic… for the millennials, they are not very interested in bricks-and-mortar gaming,” Mr Zhu remarked to us on the sidelines of the conference.
“We cannot just let this type of customer go… Even though financially, compared to gaming or other types of amenities, this [e-Sports or virtual reality games] is not as lucrative but the tryout is meaningful,” Mr Zhu added.
Melco Resorts and Entertainment Ltd launched in July at its Cotai property Studio City a new e-Sports venue branded as “Macau EStadium”, which has an area of 10,000 square feet (929 sq metres) and is to host multi-player tournaments and live streaming of e-Sports events taking place elsewhere. Studio City is also to feature “Asia’s largest virtual reality zone” – a project that is to be launched around the time of Chinese New Year next year, property president Geoff Andres told us in late July.
Rival operator Galaxy Entertainment Group Ltd launched in late June a virtual reality gaming arena branded as “Zero Latency Macau” at Broadway Macau, in a 200-square-metre gaming zone featuring “zombie attacks, galaxy space missions and family fun adventures” that are for up to eight players at one time.
“With mass gaming gaining more importance and a rise in the number of tourists coming here [Macau], there are many new concepts that can be tried,” Mr Zhu remarked, referring to casino management efforts.
“… I think the most important thing is to integrate the [non-gaming] offerings with local elements, and make it a unique experience that cannot be found elsewhere.”
November 16, 2018 |
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November 16, 2018 |
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To help raise awareness of the risks of gambling to students across Ontario, The Responsible Gambling Council (RGC) is touring high schools for a fifth year, with its show - GAME BRAiN.
November 15, 2018 |
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Two men who were part of a group that scammed Bellagio of an estimated $1.2 million in craps games have been placed on Nevada’s list of excluded persons, commonly called the “black book.”
November 15, 2018 |
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Internet gaming firm bet365 has announced that they've signed a 20 year partnership agreement with Empire Resorts, gaining entry into the lucrative New York gambling market as a result.
November 15, 2018 |
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November 14, 2018 |
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Macau’s six casino operators have pledged not to force employees into accepting a new, voluntary scheme regarding enjoyment of public mandatory holidays, being proposed by the government.
The news was featured in a government press release issued on Wednesday, following a meeting (pictured) between Macau’s Secretary for Economy and Finance, Lionel Leong Vai Tac, and representatives from the city’s six gaming operators.
The release indirectly quoted Mr Leong as stating that the government proposal spelt no change to the existing compensation terms for employees working on a mandatory holiday as stipulated by the Labour Relations Law.
Several Macau gaming labour groups fear that, if the proposal is passed, workers could face pressures from their respective employers into agreeing to work on mandatory holidays.
One of Macau’s most outspoken gaming labour activist groups, the New Macau Gaming Staff Rights Association, plans to host a march against the proposed scheme on Sunday.
The suggested amendment to the current Labour Relations Law would make it possible for the employee to choose – via a written agreement between the employer and the employee – to designate three mandatory holidays as normal work days. The employee would then be able to select three non-mandatory holidays as effectively “mandatory” leave.
For historical and administrative reasons, Macau has a public holiday calendar that includes “non-mandatory” days as well as mandatory ones. Mandatory holidays usually include festivals important in Chinese culture, and are times when friends and family are also likely to be on leave.
As stipulated by the current terms of the Labour Relations Law, those employees paid by the month and that are required to work on a mandatory holiday should be entitled to receive an additional day’s basic remuneration on top of their monthly pay, plus a compensatory rest day designated by the employer within 30 days following the performance of work. Such compensatory leave can be substituted – by agreement with the relevant employer – for a day’s basic pay.
Employees required to work on a non-mandatory holiday are not entitled to any additional remuneration or compensatory leave.
Currently Macau has 20 public holidays, 10 of which are mandatory holidays. The latter are: New Year’s Day; Lunar New Year’s Day; the second and third day of the Lunar New Year; Cheng Ming Festival; Labour Day; the day following Mid-Autumn Festival; China’s National Day; Chong Yeung Festival; and the Macau SAR Establishment Day.
November 14, 2018 |
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Online betting firm The Stars Group announced this week that they've launched their Stars Rewards program in New Jersey, allowing punters in the market to claim exclusive perks at PokerStars poker room and casino.
November 14, 2018 |
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Slovenian maker of electronic table games Interblock DD says it is aiming to install its first multi-game machines in the Macau market “by the end of the year”. “It’s a great achievement for us as we can grow our presence” in Macau, said Michael Hu (pictured), Interblock’s vice-president for Asia, in comments to GGRAsia.
In August, Paradise Entertainment Ltd, a Hong Kong-listed firm specialising in supplying gaming machines for the Macau market, said it had given Interblock the licence to intellectual property rights for certain multi-game gaming machines in Macau that do not involve use of a live dealer. Paradise Entertaiment’s gaming equipment brand LT Game Ltd claims privileged commercial rights in Macau on live-dealer multi-game machines.
Mr Hu said Interblock was now able to grow its market share in Macau. “Automatic, virtual, video, we can put in as many games as our customers want, as long as it is non-live,” he stated.
He added: “I expect to have by the end of the year our first multi-games installed in Macau.”
The executive said the firm was currently negotiating “with several properties in Macau,” adding that there were advanced negotiations with venues operated by Melco Resorts Entertainment Ltd. “They [Melco Resorts] are very keen in reconfiguring their games offering,” he added.
Mr Hu was speaking at the MGS Entertainment Show 2018, a Macau-based trade event featuring casino equipment and a conference about the regional casino industry.
Despite the possibility of expanding its installed based in Macau, Interblock’s Mr Hu does not expect a huge growth in the market, but “some steady progress”.
Interblock has been very active in other jurisdictions across Asia, announcing this year new installations in South Korea, the Philippines and Vietnam.
“We are growing very fast in Vietnam and have more than 2,600 machines installed in that market,” said the executive, adding that the company holds a market share “of about 95 percent” in Vietnam.
The Philippines is also an expanding market said the company. That was particularly the case since Interblock struck a lease agreement with the Philippine Amusement and Gaming Corp (Pagcor), that country’s gaming regulator-cum-operator.
Pagcor directly operates a suite of state-run casinos and oversees a number of private-sector ones. Its own brand of casinos is called “Casino Filipino”. According to Pagcor’s website, the brand operates venues in nine locations across the country, and has a further 31 so-called “satellite” sites across the Philippines.
“We are now moving to a lease agreement with Pagcor, covering 14 of their venues,” Mr Hu told GGRAsia.
“We have about 200 gaming machines under this lease agreement. We expect to expand this agreement and increase the number of machines next year,” he said, adding that Interblock also had “a great presence” in the large-scale casino resorts in Manila.
Mr Hu said the company anticipated announcing soon “something big” with Cambodia casino operator NagaCorp Ltd. “We expect that to be announced next year,” said Interblock’s vice president for Asia.
The executive said additionally that the company continued to invest heavily in research and development, “in order to incorporate more entertainment features” into the firm’s gaming products.
The company has updated its Interblock Stadium product to add ‘mood’ music for different phases of the table games that can be played on the platform. Interblock Stadium can offer up to five game types: mechanical roulette, mechanical sic bo, virtual roulette, virtual baccarat, and keno.
November 14, 2018 |
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November 14, 2018 |
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Japanese gaming company Universal Entertainment Corp says its Okada Manila casino resort (pictured) in the Philippines recorded adjusted segment earnings before interest, taxation, depreciation and amortisation (EBITDA) of PHP370.6 million (US$6.98 million) last month, the most of any month since its soft launch at the end of 2016.
The casino resort’s EBITDA was boosted by increased revenue growth, higher-margin mass-market revenue, more favourable arrangements with junket operators and by reducing the company’s fixed-cost ratio, the company stated.
Universal Entertainment told the JASDAQ Securities Exchange that the 500-live-table Okada Manila had gross gaming revenue of nearly PHP2.68 billion last month, the most of any month yet, excluding May this year when opening events led to a spike in revenue.
Last month’s data shows higher win rates in the VIP and mass market segments for both table games and gaming machines. Newly contracted junkets for VIP players and marketing initiatives aimed at the mass market helped increase revenue and patronage, said the firm.
In the Okada Manila hotel business, the average daily room rate was PHP9,241 last month and the occupancy rate was 97.7 percent, Universal Entertainment said.
Reports of the casino’s monthly results are a novelty. The company announced last month that it was changing the arrangements that govern its relations with investors, to keep them better informed. The company failed to say why it is changing the arrangements.
The casino resort is at the heart of a tussle between the man it is named after, Japanese gaming veteran Kazuo Okada, and Universal Entertainment. The ousted Universal Entertainment founder, Mr Okada is trying to regain control of the company, and he and the company are in dispute in the public arena about several aspects of how it is run.
On Monday Universal Entertainment Corp reported net profit of JPY167.97 billion (US$1.47 billion) in the third quarter of this year on net sales of JPY67.01 billion.
The company changed its financial year last year, so no suitable comparison can be made with its results in any previous quarter.
A Philippine subsidiary, Tiger Resort, Leisure and Entertainment Inc, runs the Okada Manila.
November 13, 2018 |
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Japanese brokerage Nomura says that if Osaka is successful in its respective bids to hold the World Expo 2025 and to host one of Japan’s first casino resorts, that would have a “positive impact” on the economy of the Japanese city.
“A win for both the World Expo bid and the casino licence would be expected to… have a positive impact on Osaka’s economy,” analysts Daisuke Fukushima, Kentaro Maekawa and Atsushi Yoshioka wrote in a report.
They added: “This would likely stimulate redevelopment around Yumeshima, and benefit companies with real estate in the area and Osaka-based construction companies. We also believe that drawing more foreign visitors to the area would increase the stability and growth prospects for the many hotels already being developed in the area.”
Yumeshima – or “Dream Island” in English – is an artificial island in Osaka’s Konohana Ward. The local government has earmarked the area to welcome the World Expo 2025 if Osaka’s bid to host the event is successful. A decision by the Bureau International des Expositions on the World Expo 2025 host is scheduled for November 23. Contenders include: Osaka in Japan; Baku in Azerbaijan; and Ekaterinburg, in Russia.
“If Osaka wins its bid, it would mark 55 years since the city hosted Expo ‘70, and this major international event would be expected to help stimulate business activity in Japan after the 2020 Tokyo Olympics,” noted the Nomura analysts.
“Osaka Prefecture and the City of Osaka are also angling to get Yumeshima selected by the Japanese government as one of the three areas to be awarded integrated resort (casino) licences,” the brokerage added.
Referring to the locations for the first three such venues to be permitted in Japan in the initial liberalisation phase, the institution added: “It is still undecided as to where the integrated resorts will be and when they will open, but the prevailing view is that they will open around 2024-25, and Osaka is viewed as a leading candidate.”
Several major global gaming operators have reaffirmed their respective interest in developing a casino resort in Japan. 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.
Osaka has consistently voiced support for accommodating an integrated resort. Up to three such venues will be permitted at yet-to-be determined locations across the country under a first wave of liberalisation.
Reuters reported in August that “at least” eight casino firms are courting Osaka as a site for a casino resort. Executives from 11 casino companies met with Osaka’s governor for “courtesy calls” 25 times between 2012 and May 2018, according to Reuters, citing prefectural records.
An Osaka casino would need to generate US$4 billion a year in order to produce a 14-percent annual return on a US$8-billion investment, banking group Morgan Stanley suggested in a July report, mentioning some concerns about how much regulation and red tape might be imposed on the industry at national and local level.
As reported last month by GGRAsia, Japan’s central government body coordinating casino liberalisation policy is contacting 67 major local governments across the nation asking what plans, if any, they are making for bids to host a casino resort. The central government wants by July next year to announce the policy framework under which those local governments can make their respective pitch to the national authorities.
November 13, 2018 |
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The Macau Statistics and Census Service estimates that Typhoon Mangkhut caused economic losses to the city amounting to MOP1.55 billion (about US$192.1 million), including MOP960 million in losses to the gaming industry.
A written statement posted online on Monday by the Statistics and Census Service said the storm is estimated to have caused direct losses of MOP520 million and indirect losses of MOP1.03 billion. All the losses to the gaming industry were considered indirect.
Casinos in Macau were closed from late on Saturday, September 15 until the following Monday morning while Typhoon Mangkhut passed close to the city – something that had never happened before since the casino industry liberalisation in 2002.
The precautionary closure of all casinos was agreed by the government and the six operators of Macau casinos. The government said afterwards that it had yet to consider whether to make such closures mandatory when a strong storm threatens Macau.
The Statistics and Census Service said its estimate covered economic losses of businesses, and losses caused to homes and vehicles of households, municipal facilities and certain public service systems, among other things. The statement said the government and the community in Macau were well prepared for Typhoon Mangkhut, so curbing the harm the storm did to the economy.
Mangkhut was one of the fiercest recorded storms ever to hit Macau. It passed over the city with wind speeds of about 160 kilometres per hour (99.4 mph), causing serious flooding in the city and damage to infrastructure. Floodwater levels reached up to 1.9 metres (6.2 feet) above road level in some areas.
November 13, 2018 |
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November 12, 2018 |
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CG Technology, the sportsbook operator whose settlement agreement was rejected by the Nevada Gaming Commission in August, has offered to pay a $1.75 million fine to the state to settle the complaint.
November 12, 2018 |
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The MGS Entertainment Show 2018 starts today, Tuesday, at the Venetian Macao casino resort. The annual event, featuring a casino industry trade exhibition and conference, is organised by the Macau Gaming Equipment Manufacturers’ Association (MGEMA).
So far had more than 100 exhibitors have confirmed attendance at the 2018 event according to information provided by MGEMA.
As in previous years there will be conference sessions. The major topics on the first day of the conference portion of the event include a review of the existing legislation and oversight of the Macau gaming industry. Paulo Martins Chan, the director of Macau’s casino regulator, the Gaming Inspection and Coordination Bureau, is scheduled to speak on that panel at the conference. The session will be moderated by local legislator and scholar Davis Fong Ka Chio.
A second session on the day will focus on Macau’s VIP segment, in a panel including representatives of several junkets, according to the programme provided by the organisers. Some of the topics include the revision of Macau’s framework gaming law, in particular the gaming tax rate and the creation of a central credit database system.
Levo Chan, chief executive of VIP gambling promoter Tak Chun Group, and Weena Sae Kee, vice-chairman and executive director of Macau junket operator David Group, are scheduled to participate in the panel.
The conference part of the event will also discuss the business opportunities for so-called integrated resorts in Japan, and gaming equipment makers’ views on the Asian markets.
The trade show is being jointly organised this year with China’s state-owned enterprises Nam Kwong Culture and Creativity Industry Co Ltd, and China National Machinery Industry International Co Ltd.
This year’s MGS Entertainment Show is to be held from November 13 to 15 at the Venetian Macao’s Cotai Expo.
November 12, 2018 |
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Six people were shot in Memphis, Tennessee this past weekend were shot after a gambling dispute, leading to two people being killed.
November 12, 2018 |
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November 12, 2018 |
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Japanese gaming conglomerate Universal Entertainment Corp reported third-quarter profit of JPY167.97 billion (US$1.47 billion) on net sales of JPY67.01 billion.
In 2017 the firm had changed its fiscal year end from March 31 to December 31, so year-on-year comparisons were not possible regarding the latest numbers filed to Jasdaq.
Group net income per share for the third quarter and diluted net income per share were JPY2,124.82 and JPY2,120.74 respectively, the firm said in a Friday release.
Universal Entertainment makes much of its income from pachinko games, a product class largely confined to the Japanese domestic market.
But the group has also made a significant foray into the regional casino market, via Okada Manila (pictured), a casino resort in the Philippine capital, which had a soft launch in December 2016. The property subsequently opened a number of additional facilities in stages.
The operating loss at Okada Manila grew in the third quarter, by JPY125 million, to nearly JPY1.74 billion, driven by an increase in depreciation and amortisation.
The casino resort business generated adjusted segment earnings before interest, taxation and amortisation (EBITDA) of JPY1.08 billion in the third quarter of 2018. That was up 302 percent sequentially compared to JPY269 million in the second quarter of 2018. In the first quarter such adjusted earnings had been JPY20 million.
Nonetheless, VIP rolling chip volume in the three months to September 30 – recorded in Philippine pesos from an installed base of 153 tables – was down 30 percent sequentially. Such chip volume was nearly PHP100.47 billion (US$1.89 billion), compared to nearly PHP143.50 billion in the second quarter.
Mass table and gaming machine sales increased sequentially in the third quarter, due to “a number of new marketing initiatives,” said the group. These included “improvements in loyalty programmes and promotions” and also due to “better operation of tables and gaming machines of which we have installed the largest numbers in Philippines”.
Mass table drop – from an installed base of 232 mass tables – was nearly PHP4.43 billion, compared to PHP3.88 billion in the second quarter, an increase of 14.1 percent.
Gaming machine handle was PHP31.86 billion in the third quarter, compared to PHP29.10 billion in the second quarter, an increase of 9.5 percent.
The firm said in some commentary accompanying the third-quarter casino results: “In the fourth quarter, additional hotel rooms are expected to be open. This will help support continued growth in the casino business as well as better position the resort to host large group events and foreign tour groups.”
It added it anticipated VIP casino revenues would “continue growing driven by the addition of new junkets, and improved room supply and amenities attracting more demand from existing junkets”.
November 11, 2018 |
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November 10, 2018 |
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November 10, 2018 |
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Macau’s Court of Second Instance has ruled that casino operator Wynn Macau Ltd was jointly liable for the refund of a chip deposit worth HKD6 million (US$766,440) lodged with Dore Entertainment Co Ltd, an operator of Macau gambling junkets.
The case is related to a high-profile 2015 incident of alleged theft of large amounts of Dore Entertainment money by an ex-cage manager from a VIP room at the Wynn Macau casino hotel (pictured). At the time, a number of people came forward claiming they had invested with Dore Entertainment on the promise of higher returns than those offered by regulated banks but had lost their money because of the alleged incident.
In April, the Court of First Instance ruled that Dore Entertainment had to repay the HKD6-milliong chip deposit to a client, but it held that Wynn Macau Ltd bore no responsibility in that particular case.
In the decision released last month – and first reported by the Chinese-language newspaper Macao Daily News earlier this week - the Court of Second Instance decided that Wynn Macau Ltd was jointly liable for repaying the deposit plus interest at the legal – i.e., regulated bank – rate. That was because Wynn Macau Ltd is the gaming concession holder that was overseeing at the time the VIP room where the alleged theft took place.
In an email reply, Wynn Macau Ltd told GGRAsia that the company does “not comment on litigation matters”. The company did not say if it intended to appeal.
According to the court’s latest decision, the existing regulations in Macau aim to give more responsibility to the concessionaires in terms of oversight of the activities of junkets, their administrators and collaborators.
“It is reasonable and logical to demand [from the concessionaires] the duty of monitoring those [junket] activities,” as well as there to be jointly liability for the outcomes of those activities, wrote the judges.
As such, even though a gaming promoter might have obtained financing via illegal means in order to keep operating a VIP room, “such activity reflects directly on the operations of the concessionaire”.
In their judgment, the court said Wynn Macau Ltd should be jointly liable for the damages caused by the Dore Entertainment’s activities, for neglecting its oversight duty, thus “allowing or even tolerating that a gaming promoter ran such activities in its casino”.
Dore Entertainment never publicly disclosed how much the employee allegedly stole. The firm only stated it ranged from HKD200 million to HKD2.0 billion. Complaints made to the Macau police from those claiming to be investors in the cage operations of Dore Entertainment amounted to at least HKD520 million, according to previous media reports.
On Thursday, Ambrose So Shu Fai, chief executive of Macau market rival SJM Holdings Ltd, was asked by reporters to comment on the court’s decision.
Mr So reportedly said that he didn’t believe that the ruling from the Court of Second Instance would become a legal precedent for other eventual cases involving the liability relation between casino concessionaires and junket operators.
The executive added that any court decision should take into consideration the specific arrangements between casino operators and junkets.
The SJM Holdings CEO noted however that the ruling would make casino concessionaires “more cautious” in their arrangements with junket operators. Mr Ho added that he expected the government to introduce specific guidelines regarding these matters, in order to reduce the chances of such cases happening again.
November 10, 2018 |
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A California man’s life has changed after only one day in Las Vegas.
November 10, 2018 |
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This week a 24 year old man in Hallomajra Village in India fell to his death during a police related to illegal gambling.
November 09, 2018 |
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The appointment was announced the day after AGS reported mixed results in its third-quarter earnings. The company reported record revenue for the quarter, but missed analysts’ earnings expectations.
November 09, 2018 |
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The company’s social gaming division includes such apps as Bingo Showdown, MONOPOLY and Jackpot Party Social Casino and is one of its fastest growing segments.
November 09, 2018 |
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November 09, 2018 |
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Internet gaming platform BetConstruct has announced that they're going to be offering Kiron virtual sports products on their platform, providing operators with a new product.
November 08, 2018 |
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Profit at Melco Resorts and Entertainment Ltd plummeted 91.7 percent year-on-year in the third quarter, the company said in a Thursday statement.
Such profit was US$9.60 million, compared to nearly US$115.9 million in the prior-year period. As of January this year, the firm adopted a new accounting standard, so the two sets of numbers were not strictly comparable, noted the firm. Melco Resorts operates casinos in Macau and Manila.
Net revenue for the third quarter 2018 was US$1.2 billion, down 11.4 percent from nearly US$1.4 billion for the comparable period in 2017.
But there was a special item in the third quarter, namely what the firm called a “one-time special gift granted to non-management employees”. It did not quantify the aggregate amount of the payment in its quarterly accounts, although general and administrative costs rose 32.1 percent during the period, to US$146.56 million.
In August, Melco Resorts had announced it would give a “one-time special gift of one month salary to eligible Macau non-management employees” in relation to a new pension fund plan. It was not clear from Thursday’s results announcement if that was the “gift” being referred to, as the latter had been payable at the end of October, outside the third-quarter reporting period, the firm had said in August.
But Lawrence Ho Yau Lung, chairman and chief executive of Melco Resorts, did clarify on a Thursday conference call with analysts that the payment related to the firm’s “pension plan”.
As of December 31 last year, Melco Resorts had 14,715 employees in Macau according to its 2017 annual report published in April this year, and further 4,894 in the Philippines operation.
Mr Ho was asked during the call with analysts to clarify whether the “one-time special gift” for Macau-based workers mentioned in the third-quarter earnings was likely to be a recurring cost in following years. He said only that he would consult with other Macau casino operators to get their views on the matter, implying there was likely to be pressure on the whole industry to make some similar payments to their Macau workforces.
Operating indicators down
In terms of group operations, many of Melco Resorts’ third-quarter indicators were down year-on-year, even allowing for the new accounting standard.
Operating income slipped 56.6 percent to US$83.6 million in the three months to September 30, from US$192.7 million a year earlier.
Casino revenue fell 19.9 percent year-on-year, to just under US$1.03 billion in the July to September period, from US$1.29 billion.
“VIP has fallen faster than we had expected,” said Mr Ho on the conference call, making reference also to “macro” factors affecting Chinese consumer confidence amid the United States-China “trade war”.
The average spend per premium-mass customer “is not what it was,” added Mr Ho, although he said the firm was positive about the base mass and slot business segments.
The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) fell 26.2 percent in the three months to September 30, to just under US$295.4 million, from US$400.2 million in the prior-year period.
“While reported net EBITDA … was considerably lower than consensus … the adjusted third-quarter number was not nearly as bad as the headline,” said Japanese brokerage Nomura in a Thursday note.
“Adjusting for low VIP hold, one-time employee bonuses, and typhoon impact in Macau, we estimate the normalised third-quarter number was closer to US$345 million (US$365 million if mass hold normalises),” wrote analysts Harry Curtis, Daniel Adam and Brian Dobson. The latter was a reference to disruption caused by Typhoon Mangkhut, which led to Macau imposing a precautionary closure of all casinos.
Low hold
Notwithstanding key numbers going south, the firm decided to declare another quarterly dividend of US$0.14505 per American depositary share (ADS).
The board also approved a new US$500-million share repurchase programme, “effective immediately”.
Melco Resorts said that year to date, the company had also repurchased approximately 23 million ADSs, worth approximately US$490 million, under a US$500-million share repurchase scheme the company had announced in March.
Digging deeper into the individual property numbers for the third quarter, Melco Resorts said in its filing to Nasdaq that at City of Dreams Macau (pictured) adjusted EBITDA declined 40 percent year-on-year to US$147 million, “primarily a result of poorer performance in the rolling chip segment” and a “one-time special gift granted to non-management employees”.
Net revenue at City of Dreams was US$600.9 million compared to US$715.9 million in the third quarter of 2017. Rolling chip volume at the property totalled US$12.3 billion for the third quarter 2018 versus US$11.2 billion a year earlier. The rolling chip win rate however was 2.4 percent, versus 3.5 percent in the third quarter of 2017.
Studio City’s adjusted EBITDA declined 7 percent year-on-year to US$89 million, “primarily as a result” of the so-called “one-time special gift” to non-management people.
At City of Dreams Manila, a Philippine casino operated by Melco Resorts, adjusted EBITDA was US$55.2 million, 3.7 percent down on the US$57.3 million achieved in the comparable period of 2017.
Studio City expansion
In common with several other Macau operators that had recently announced third-quarter earnings, Melco Resorts gave some more details on its remaining infrastructure expansion plans in the Macau market under its existing gaming concession.
Aside from the ongoing remodelling of hotel accommodation at City of Dreams Macau extending into 2019, Mr Ho said Studio City phase two would include a “12,000-square-metre [129,167 sq foot] water park” as well as two extra hotel towers with an aggregate extra 940 rooms.
Geoff Davis, the group’s chief financial officer, mentioned on the earnings call the capital budget would be US$1.4 billion.
Mr Ho said the timetable was tight. “We need to finish it by July 2021,” he stated, alluding to the Macau government’s time extension granted to the firm – majority owner of Studio City – on the deadline for development of the phase two land parcel. In addition, Melco Resorts’ current Macau casino rights expire in 2022.
Brokerage Sanford C. Bernstein Ltd said Melco Resorts’ third quarter results were “below estimates” with VIP and slot revenue “weaker than expected”
“Low hold in VIP, and City of Dreams continuing to be plagued by low hold added to the underperformance,” stated analysts Vitaly Umansky, Eunice Lee and Kelsey Zhu.
Referring to Morpheus, a new luxury hotel tower at City of Dreams Macau, opened in June, Sanford Bernstein noted: “The key for Melco is City of Dreams and Morpheus seems to be ramping up.”
The institution added: “Play at City of Dreams was up nicely as rolling increased 10 percent year-on-year, drop rose 17 percent and handle rose 14 percent. Unfortunately, VIP and mass hold were both poor (2.45 percent and 27.8 percent), resulting in a gross gaming revenue decline of 9 percent year-on-year (+4 percent quarter-on-quarter).”
But Melco Resorts’ CEO noted in prepared remarks on the quarter: “The opening of Morpheus only marks the beginning of the relaunch of City of Dreams. On top of that, we are upgrading our VIP gaming spaces that are expected to open over the next six months.”
November 08, 2018 |
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Relax Gaming has unveiled the third game in its recently launched line of video slots, Epic Joker.
November 08, 2018 |
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Red Rock is seeking to revive the 17-year-old property’s glory days by redesigning the gaming floor, adding new restaurants and clubs as well as upgrading rooms and suites.
November 08, 2018 |
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Asiabest Group International Inc has announced that the Philippine Stock Exchange has lifted the limit on the proportion of its shares that foreigners can own, which paves the way for the backdoor listing of shares in the company that runs the Okada Manila casino resort in the Philippines.
Asiabest issued a statement on Wednesday announcing the change. “The action is based upon the company’s application and representations that it is not subject to foreign ownership restrictions, considering that it is no longer engaged in the construction business and currently operates as a holding company,” the document said.
The statement said the Securities and Exchange Commission has approved the change in the company’s Amended Articles of Incorporation, and that previous restrictions were lifted on November 7. The lifting of the restrictions means foreigners can own all of the company’s stock.
The share price fell slightly after the announcement and was trading down by about 2 percent late on Thursday morning at about PHP22 (US$0.418) a share.
The Okada Manila casino resort (pictured) is run by Tiger Resort, Leisure and Entertainment Inc, an unlisted Philippine subsidiary of Tiger Resort Asia Ltd of Hong Kong, which is owned by Universal Entertainment Corp of Japan. Tiger Resort Asia intends to pay PHP646.5 million (US$12 million) for 66.6 percent of the stock of Philippine-listed Asiabest so that equity in the Okada Manila operator can be floated in Manila. Asiabest has said Tiger Resort Asia will then make a tender offer for the Asiabest shares it does not already own.
Japanese gaming magnate Kazuo Okada, who founded Universal Entertainment but no longer controls it, is disputing the whole arrangement, taking his case to court. Mr Okada has made several public statements to the media, prodding the Manila bourse to act on the proposed listing. He says major shareholders – himself included – were not consulted before the plan went into action.
In June last year, Mr Okada was removed from the board of Universal Entertainment and then removed as chairman of Tiger Resort, Leisure and Entertainment. He was subsequently removed from Okada Holdings Ltd, a private company in Hong Kong and is taking legal action there to regain control of the company, which controls more than two-thirds of the stock of Universal Entertainment.
November 07, 2018 |
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Matt Maddox, chief executive of U.S.-based Wynn Resorts Ltd and of Wynn Macau Ltd, says the company will be adding two hotel towers to its Wynn Palace casino resort (pictured), located in Macau’s Cotai district. The plan is to “take that property from 1,700 hotel rooms to over 3,000 [rooms], which is really where we need it to be,” said the CEO during a Wednesday conference call following Wynn Resorts’ third-quarter results announcement.
“We have a 7-acre [2.83-hectare] parcel next to Wynn Palace… and we’ve been working very hard on what could come next and what we have so far is a 1.5 million square foot [139,355 sq metres] facility that we think will be a must-see in Macau,” said Mr Maddox.
The executive said the Cotai property “needs more hotel rooms” in order to achieve earnings before interest, taxation, depreciation and amortisation (EBITDA) of more than US$1 billion.
“On the 7-acre site where we currently contemplated and designed a 671 room all-suite hotel… In addition, on the north 4-acre parcel were working on a 700 room all-suite hotel that we’ll connect into the north side of Wynn Palace,” said Mr Maddox.
The CEO said additionally that the group would build a large glass structure – dubbed the Crystal Pavilion – on the podium level on the 7-acre site offering several non-gaming features. The structure will also house a “fully immersive” theatre, said Mr Maddox, adding that the company is currently working on creating three shows for the theatre.
He added: “We plan on presenting this concept in the next couple of months working through 2019 on the permitting, finalising the design, getting everything together and beginning construction in 2020.”
The executive did not mention on the conference call any expected capital expenditure or timetable for the opening of these projects.
Macau boost
Macau casino operator Wynn Macau Ltd reported total operating revenues of approximately US$1.31 billion in the third quarter of 2018, up 20.5 percent compared with nearly US$1.09 billion in the prior-year quarter. Casino revenue rose by 19.4 percent year-on-year, to about US$1.131 billion, on the strength of Wynn Palace.
The unaudited results of the Macau unit were filed on Thursday with the Hong Kong Stock Exchange, and prepared in accordance with International Financial Reporting Standards.
Wynn Macau Ltd recorded net profit of nearly US$223.5 million in the three months to September 30, more than doubled compared to a net profit of nearly US$90.0 million a year earlier.
The results of the Macau unit helped Las Vegas-based Wynn Resorts Ltd deliver strong third-quarter results. The global operations of Wynn Resorts – including Las Vegas, in the United States, and Macau – generated operating revenues of US$1.71 billion for the July to September period, up 10.2 percent compared to US$1.55 billion in the same period of 2017.
“Operating revenue growth at Wynn Palace and Wynn Macau was partially offset by a decrease of US$65.4 million from our Las Vegas operations,” the parent company said.
Net income for the parent company – on a U.S. generally accepted accounting principles (GAAP) basis – was US$156.1 million, or US$1.44 per diluted share, for the three months to September 30, compared to a net profit of US$79.8 million, or US$0.78 per diluted share, in the prior-year period.
The parent company also announced on Tuesday a cash dividend of US$0.75 per share, payable on November 30.
Adjusted property EBITDA for the group were US$504.4 million for the third quarter of 2018, up 6.6 percent from a year earlier. Adjusted property EBITDA for the Macau unit were approximately US$409.1 million, up 27.3 percent from the prior-year period.
Adjusted property EBITDA increased 63.6 percent year-on-year at Wynn Palace, to US$226.1 million, and was relatively flat at Wynn Macau property on the peninsula.
Palace ramp up
The Wynn Palace property on Cotai generated operating revenues of US$730.6 million for the third quarter of 2018, a 39.1-percent increase from a year earlier.
Third-quarter casino revenues from Wynn Palace were US$625.6 million, up 39.9 percent from the prior-year period. Table games turnover in VIP operations was US$15.53 billion, a 13.4-percent increase from US$13.69 billion for the third quarter of 2017. VIP table games win was 3.01 percent, slightly above the expected range of 2.7 percent to 3.0 percent.
Table drop in mass-market operations was US$1.19 billion, up 37.3 percent compared to US$866.6 million for the third quarter of 2017.
Operating revenues from the Wynn Macau casino hotel property were US$579.6 million for the third quarter of 2018, up 3.1 percent from the prior-year period.
Casino revenues from the Wynn Macau property were US$503.6 million for the third quarter of 2018, a modest 0.9-percent increase from a year earlier. Table games turnover in VIP operations was US$13.97 billion, up 4.4 percent from the prior-year period. Table drop in mass-market operations was US$1.18 billion for the period, a 10.6-percent increase compared to the third quarter of 2017.
On Wednesday, Wynn Resorts also announced that its board had voted Phil Satre as the firm’s chairman. Mr Satre had joined the company’s board as vice chairman in August, with his appointment as chairman expected before the end of the year.
Mr Satre succeeds Daniel Boone Wayson as chairman of the Wynn Resorts board. The firm’s board is now comprised of 10 directors, six of whom joined in 2018, and four of whom are women.