Month: February 2021

Việt Nam

Macau, Cambodia to lead gaming recovery: Colliers

Posted on by Admin VietNamGaming

01-10-2020 |  

Macau GGR recovery will be driven by premium mass, whilst Cambodia’s gaming recovery will be driven by the VIP segment, according to analysts at Colliers International.

Govinda Singh, executive director & head of hotels & leisure for Colliers International wrote in a report that most of the recovery will be seen around Q3 of 2021, with Macau GGR reaching 50-60 percent of 2019 levels, whilst Cambodia GGR reaching 60 percent of 2019 levels.

Singapore, the Philippines, and Vietnam will lag behind, he added.

Singh said that China’s clampdown on international gaming tourism, opening up of regulated online gaming, Japan’s IR’s coming online, and new properties planned for Singapore, Cambodia, Vietnam, and Vladivostok will create downside risks – depending on whether GGR growth can keep up.

“What is needed and is possible is for the per capita income growth across Asia to continue its pre-COVID march; however, do expect paybacks to be longer, with business models focused on the mass market, and indeed marketed to a variety of source markets.”

Turning to the global hotel industry, Singh said he expects a V-shaped recovery this year, which will be dependent on the success of mass vaccinations in Europe and the US. A global return to pre-covid hotel performance levels is expected in 2023.

Singapore, which experienced an 85.7 percent decline in international visitor arrivals in 2020, will start seeing a recovery in its hotel industry following the resumption of MICE activities. A key event to look for will be the World Economic Forum, which is slated to be hosted in Singapore in August 2021.

“If the event takes place successfully, it will boost Singapore’s MICE and hospitality sector
as it will prove that the city can host large global events despite COVID 19.”

Colliers also turned their attention to Australia’s hotel industry, which saw a challenging year in 2020 with a virtual complete border closure for the year. Singh notes that it is broadly anticipated that the domestic leisure segment will be the key driver of recovery. Though, the winding down of government stimulus packages may have an impact on consumer spending.

“Notwithstanding, domestic leisure still presents a shining light when compared to other segments,” he said.

Source: AGBrief

Tin mới
Tin khác
To Top

Việt Nam

Aristocrat mulls M&A to expand in digital

Posted on by Admin VietNamGaming

01-10-2020 |  

Aristocrat Entertainment CEO Trevor Croker said the company plans to “significantly escalate” its focus on convergence products and services, which may involve mergers and acquisitions.

In his annual address to shareholders, Croker said the group had undertaken a strategic review of its business over the past year in response to the Covid-19 crisis.

While the overall strategy of the company won’t change, there may be changes in emphasis, he said.

“In the context of COVID, and with the encouragement of our customers, we will continue to significantly escalate our focus on convergence products and services as part of our strategy,” he told the meeting. “We remain ready to invest to accelerate our strategy.”

In the 2020 financial year, the group’s digital arm far outpaced its land-based business as the pandemic shuttered casinos and caused significant disruption to travel. Overall group revenue in the year fell 5.9 percent to $4.1 billion, with 29 percent growth in digital going a long way to offset a 35 percent drop in land-based.

Aristocrat at present does not have real-money online gaming. Its digital businesses include London-based Product Madness. The unit offers social casino games, which echo Aristocrat’s real-money content, such as Heart of Vegas, which incorporates Dragon Link from the company’s Lightning Link slot games. It also owns Plarium which owns highly popular role play games, such as RAID: Shadow Legends.

Given the strength in its digital business, analysts have questioned why it has not yet ventured into real-money gaming.

J.P. Morgan analyst Don Carducci wrote after the company released its annual results in November that a move in this direction remains a matter of “when, not if.”

“ALL is most likely to buy (not build) into this segment,” he wrote. “We assume multiple acquisitions of small-to-medium size.”

In his Friday address, Croker confirmed that expansion would likely be through acquisitions, but other than mentioning convergence products, did not give any indication this would include real money games.

“We have the balance sheet strength to support bold moves as well as incremental ones, and to take advantage of opportunities and disruption,” he said. “We also have a track record of leveraging M&A to accelerate our growth, first into attractive Gaming product segments and more recently to scale in Digital.”

Analysts are watching for the company’s next move.

Source: AGBrief

Tin mới
Tin khác

Việt Nam

Incheon gaming zone development faces delays

Posted on by Admin VietNamGaming

01-10-2020 |  

The planned gaming and entertainment zone in Incheon, South Korea, is facing delays on almost all fronts, mainly, but not entirely, due to the coronavirus pandemic.

The original prospect was that the area around Incheon International Airport would become one of the premier playgrounds in East Asia, with more than 100 million passengers annually expected to pass through its gates by 2024.

Paradise City opened its doors in April 2017 as the first element of the gaming zone, and four other projects have been in the works.

The coronavirus, which has put an end to most international travel for the time being, has not been kind to Incheon’s ambitions.

For its part, Paradise City has struggled to bring in customers even when its doors have been open. When available, punters have tended to stay within central Seoul rather than head out to Incheon.

Among the four projects under development, it is the Midan City complex that is most in doubt. Caesars Entertainment has pulled out of the project, leaving it without an experienced gaming operator.

This appears to have had no connection to the pandemic at all, but rather a reflection of the view of current leadership of Caesars opposing all IR entanglements outside the US market, which is a sharp reversal from the outlook of the previous, pre-merger executives who had been eager to bring the firm into the Asian market.

The Mohegan Inspire project appears to be in much better shape, but it too has suffered delays. The company has acknowledged that it has had some difficulties with the financing meant to be supplied from the Korean side. At present, Inspire appears to be on course to open either at the end of 2022 or in 2023.

Two other projects, World Hansang Dream Island and the Solaire Marina IR Project, about which less information has been released, are also said to have fallen behind schedule.

Source: AGBrief

Tin mới
Tin khác

Việt Nam

Crown Perth told to cease junket play

Posted on by Admin VietNamGaming

01-10-2020 |  

The Gaming and Wagering Commission of Western Australia (GWC) today issued a directive to Crown Perth to cease all junket and premium player activity.

According to a filing from Crown Resorts on the Australian Stock Exchange, the ban on high roller activity includes any conduct of junkets, or “table games activity with patrons who are non-residents of Australia with whom Crown Perth has the arrangement to pay the patron a commission, or provide transport, accommodation, food, drink or entertainment, based on the patron’s turnover or otherwise calculated by reference to such pay.”

It comes only a week after the regulator formally called for an independent inquiry into Crown’s suitability to hold a license in Western Australia, after a scathing report in NSW earlier this month detailed years of money laundering through Crown Perth.

Earlier this week, Victoria’s gaming regulator announced the establishment of a royal commission in Victoria, aimed at determining whether Crown Resorts is suitable to hold a license for its flagship property in Melbourne.

Source: AGBrief

Tin mới
Tin khác

Việt Nam

Kangwon Land’s license extended to 2045

Posted on by Admin VietNamGaming

01-10-2020 |  

The South Korean government is moving forward with a plan to extend state-backed casino resort Kangwon Land’s operating license for a further twenty years to 2045.

The National Assembly’s Industry, Trade and Energy Small and Medium Venture Business Committee held a plenary meeting on the 23rd and pushed through this decision, enacting the Korea Mining and Mining Corporation Act and the Special Act on Abandoned Mine Area Development Areas.

The Special Act on Abandoned Mine Area Development Areas includes a provision which will change the amount of funding that Kangwon Land will be required to donate to the Abandoned Mine Fund to 13 percent from the current level of 25 percent, although under a different formula.

The special law that led to the establishment of Kangwon Land was originally enacted at the end of 1995 to help the local economies of abandoned mine areas that had been stagnant due to the decline in the coal industry. It was first enacted as a ten-year limited time law, with Kangwon Land opening its doors in June 1998. It has since been extended several more times, including the current extension.

As a result of the pandemic, Kangwon Land reported an annual operating loss of KRW431.6 billion (US$388 million) on a consolidated basis for 2020, which was its first annual loss since its founding. This unexpected development meant that profits could not be distributed to the Abandoned Mine Fund, exposing a flaw in the previous arrangements.

Kangwon Land reopened its doors on February 15 after another extended period of business suspension provoked by the coronavirus pandemic.

Source: AGBrief

Tin mới
Tin khác

Việt Nam

Dream11 valuation to double to US$4 billion

Posted on by Admin VietNamGaming

01-10-2020 |  

Dream Sports, owner of online fantasy sports brand Dream11 is in talk with investors for a fresh round of funding that will bring the valuation of the company to around $4 billion.

The capital injection, which is expected to be in the range of US$300 million, is said to be coming from Abu Dhabi’s Alpha Wave Incubation managed by Falcon Edge.

The move will strengthen the Indian fantasy sports giant which already commands 90 percent of the Indian fantasy sports market with more than 90 million users – the highest number of registered users of any sports gaming platform in India.

Last year, Dream11 won the title sponsorship rights for the 2020 edition of the Indian Premier League for US$30.3 million.

Dream11 is also the Official Fantasy Game partner of International Cricket Council (ICC), Pro Kabaddi League (PKL), Hero Indian Super League (ISL), National Basketball Association (NBA), Hero Caribbean Premier League (CPL), International Hockey Federation (FIH) and Big Bash League (BBL).

The company’s strengths have also been recognized by investors.

The company successfully completed its Series A funding in 2015 from India-based Kalaari Capital. In 2017, the company saw additional funding from Kalaari Capital and Multiples Alternate Asset Management Private. This was followed by a high-profile move from China’s Tencent Holdings, investing US$100 million in the fantasy sports company in 2018. The company also saw a capital injection from Steadview Capital in 2019.

In September 2020, Dream Sports secured fresh funding of US$225 million from Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital, and Footpath Ventures. At the time, Dream11 was valued at approximately US$2.5 billion.

According to the Economic Times, it is understood that existing investors, including China’s Tencent Holdings, Kalaari Capital, Multiples Alternate Asset Management are looking to make an exit by selling their shares in the company.

“The deal may involve some primary cash infusion but the final contours are still being worked out…” according to their source.

Source: AGBrief

Tin mới
Tin khác

Việt Nam

Macau Legend still in the hunt for own gaming license

Posted on by Admin VietNamGaming

01-10-2020 |  

Melinda Chan, Macau Legend executive director and president of the Macau Fisherman’s Wharf International Investment Limited, told the local media that her company is still focused on obtaining a gaming license of its own in a future public gaming tender.

Currently, Macau Legend operates three casinos–Legend Palace Casino, Babylon Casino, and Landmark Casino–under the auspices of the SJM Holdings gaming license.

“If the government gives a chance to local companies, and we get the chance to take part in the tender, of course, we will try our best,” Melinda Chan declared.

Meanwhile, Macau Legend Executive Director and CEO Levo Chan has been talking up plans to develop Fisherman’s Wharf, where most of the company’s properties are located, “We’re now working hard for a new plan for the Macau Fisherman’s Wharf, [aiming] to facilitate Macau’s development as the global tourism leisure center,” he told reporters.

While Levo Chan has a background in the junket industry with his tenure as head of Tak Chun, Melinda Chan says that so far this doesn’t really play into Macau Legend’s strategy.

“It is not a good time for junkets now. All junkets in big casinos are quiet and have even closed VIP rooms. For the time being, we are only focused on the mass market,” she noted.

Melinda also offered an update on the firm’s Cape Verde casino plans, which she says have been stalled by local government requirements, related to Covid-19, that have shut down the construction site.

“I can say that last year we had plans to complete the foundations. After we finish the foundations, we will stop for a while since afterwards we need to do a tender. But we cannot go there to see it ourselves. The architects are also from foreign companies, so we have not been able to get in touch with them either.”

The Cape Verde project involves the construction of a 250-room boutique integrated resort, a large swimming pool, as well as restaurants, bars, shops, and a marina. This project was launched in 2015 and was originally supposed to be completed this year.

Source: AGBrief

Tin mới
Tin khác

Việt Nam

Thai casino talk not seen as gaining traction

Posted on by Admin VietNamGaming

01-10-2020 |  

News last month that Thailand may consider legalizing gambling has been met with scepticism by those who know the market well, with most saying casinos are not likely to open in at least the next decade.

Prime Minister General Prayut Chan-o-cha raised the prospect of liberalizing what could potentially be one of Asia’s most promising gaming destinations as a way to solve rampant illegal gambling.

Several Covid-19 outbreaks have been blamed on illegal gambling dens and Prayut announced the formation of two committees to study the situation in Thailand. One will focus on authorities’ investigations of illegal gambling and the other will investigate how illegal border crossings are handled.

Some politicians from minority parties have also in the past year called for the market to be opened as a way to rebuild the Covid-19 shattered economy.

Mongkolkit Suksintharanon, leader Thai Civilized Party, last summer suggested that legalization could bring in about THB5-6 billion ($167.4 million) in tax revenue.

Thailand has long been on the radar of global casino companies, including giants such as Las Vegas Sands. The country attracts some 40 million tourists every year, making it one of the most visited in the world. It also has a local population of almost 70 million and the eighth-largest economy in Asia. Almost a fifth of its gross domestic product comes from tourism.

Talk of potential legalization has been on the cards for several decades, in particular under former Prime Minister Thaksin Shinawatra. However, the proposals never progressed and industry insiders say this time around is unlikely to be any different.

“Thailand is somewhat of an enigma clouding the public perception of a freewheeling fun and party tourist destination with the cultural reality of a very conservative society,” said James Kaplan, CEO of Bangkok based Destination Capital. “Religious beliefs and respect together with conservative family values pervades Thai culture. Buddhism is the fundamental base of the education and belief system, and for most people, gaming is really a bad thing.”

Kaplan, who has more than 30 years of experience in the hospitality industry in Asia, said it was likely that the Government initiated a public campaign to solicit comments as a trial balloon to test public reaction. The immediate feedback from the public so far has been negative.

There is a section of the Thai population who like to gamble and are travelling overseas and across into neighbouring countries to do so. There is also a large illegal market, put at THB122.5 billion a year in a 2019 Chulalongkorn University Study, but the majority of people are still opposed to casinos.

Another executive said he didn’t believe there was enough political willpower to risk inflaming public opinion on the issue.

Beyond conservatism, the issues get more complicated. Many of the illegal gambling dens are known to be under the protection of local police and powerful figures who are making too much money to want to see them shut down.

Academics quoted in a recent Bangkok Post article claimed that the police force needs a fundamental overhaul if there is to be any success in clamping down on illegal activity. An opposition politician this month even accused Prayut himself of illegal gambling links.

Thais also control many of the border casinos and their interests would be hurt by opening legal casinos at home.

There is also scepticism over how foreign investors would be able to participate in the market were it to open to outside investment. At present, foreigners cannot own land and foreign investors are restricted to owning 49 percent of a Thai company in most circumstances. That’s not a business model that suits many international operators.

Another issue the government would need to consider is the rationale for having casinos, which would play a major part in deciding the shape of the market. If they are seeking to regulate and stamp out illegal activity, as Prayut seems to be suggesting, building multi-billion dollar integrated resorts aimed at tourists is unlikely to be effective.

If however, the government is seeking to refresh its tourism offering and avoid losing ground to other jurisdictions in Asia, then IRs would be the way forward.

“Money is going out of the country so from that perspective it makes sense if you regulate it and control it,” Kaplan said.

“Thailand needs to reinvent itself. You need gaming as a way of bringing in fresh activities and a fresh new market, as well as spending on infrastructure so it rises the tide for everyone.”

In the past, projects have been mooted for areas such as Pattaya, on the coast a few hours drive from Bangkok, the island of Phuket and Chiang Mai in the north.

Although industry sources contacted by Asia Gaming Brief said there was a very low probability of Prayut moving ahead, some also acknowledged that unlikely government changes of heart had happened in the past and post-Covid there are few sacred cows.

Source: AGBrief

Tin mới
Tin khác

Việt Nam

Victoria to shake up gambling regulation

Posted on by Admin VietNamGaming

01-10-2020 |  

The state of Victoria is reviewing its gambling legislation and plans to set up an independent casino regulator following the findings of a damning report into Crown Resorts in New South Wales.

The state government said that Minister for Consumer Affairs, Gaming and Liquor Regulation Melissa Horne has commissioned a review to advise on the necessary structural and governance arrangements.

The independent review will also assess, among other things, requirements for regulation of money laundering and junket operations.

The announcement came as part of a statement revealing that Victoria is establishing a Royal Commission to investigate Crown Resorts’ operations in Melbourne, the home to its flagship property.

“The reports from New South Wales’ ILGA Inquiry were incredibly concerning, which is why we’re establishing a Royal Commission to get the answers we need about Crown Melbourne,” Horne said in a statement.

“The Royal Commission will establish the facts and the Government and the VCGLR will take any necessary action at the conclusion of the investigation. We will not tolerate illegal behaviour in our gaming industry.”

The commission, which is Australia’s most powerful form of public inquiry, will be headed by retired judge Raymond Finkelstein QC, who will hand down his recommendations by 1 August 2021.

Finkelstein QC has served more than 40 years at the Victorian Bar and has been a Queen’s Counsel since 1986.

A Royal Commission has the power to compel witnesses to appear and for documentation to be given in evidence.

The Bergin report into Crown found the company to be unsuitable to hold a license for its new property in Sydney, prompting the resignation of CEO Ken Barton and other senior directors.

Bergin warned that to convince regulators of its suitability to hold a license for its new $2.2 billion property at Barangaroo, Crown would need to purge its board and face a regulatory deep dive into its accounts and management practices.

NSW Independent Liquor and Gaming Authority Chair Philip Crawford said Crown would effectively need to blow itself up.

Western Australia has also announced a probe into the company’s operations.

Source: AGBrief

Tin mới
Tin khác

Việt Nam

UNESCO concerned about NagaCorp’s Angkor Wat plans

Posted on by Admin VietNamGaming

01-10-2020 |  

NagaCorp’s US$350 million Angkor Lake of Wonder project has drawn eyes narrowed in suspicion from the United Nations’ cultural agency UNESCO.

UNESCO issued a statement yesterday noting, “The proximity of the project to the protected buffer zones of the [Angkor Wat] site as well as the scale, scope, and concept of the planned activities could indeed have an impact on the outstanding universal value for which Angkor was inscribed on the UNESCO World Heritage List.”

The statement added, “UNESCO is certain that the Cambodian authorities remain fully committed to the implementation of the World Heritage Convention and will ensure that the protection of the outstanding universal value of Angkor remains at the heart of the decision-making processes relating to the property and its surroundings.”

Authorities in Cambodia told the Voice of America that they would absolutely be consulting with UNESCO about NagaCorp’s development plans near Angkor Wat, though they wouldn’t confirm whether or not they believe UNESCO’s approval is necessary to move forward with the project.

NagaCorp has yet to issue any response to UNESCO’s concerns.

NagaCorp unveiled its plans for the Angkor area last November. According to the information that it released at that time, the government of Cambodia had granted to NagaGroup Global Limited, a wholly-owned subsidiary of the company, a fifty-year lease, with an option to renew, on a prime piece of development land sited just about 500 meters south of the outer restricted zone of Angkor Wat.

The company statement explained, “the vision is principally aiming at promoting Angkor Wat Siem Reap and NagaWorld Phnom Penh as the twin tourism icons of Cambodia by leveraging on development of the land lease in Siem Reap into a comprehensive non-gaming integrated world-class resort so that overseas visitors to Cambodia can enjoy and experience the world famous ancient temples of Angkor Wat and the sophisticated NagaWorld complex at the same time with the most competitive price.”

The anticipated non-gaming facilities are being planned by two architectural firms, US-based Steelman Partners and Gensler, and may include three hotels, the Naga Water World park, an indoor Digital Theme Park, a non-motorized boating canal system, MICE facilities, a China Town food street, and more.

Source: AGBrief

Tin mới
Tin khác