Month: February 2021

Việt Nam

Jeju may call for casinos to upgrade community contributions

Posted on by Admin VietNamGaming

01-10-2020 |  

The eight casinos on Jeju island, South Korea, may soon be required to enhance their contributions to the local community as concerns have risen about their possible negative impacts on the region.

On Monday, Representative Kim Hwang-Guk of the Jeju-do Council’s Culture, Tourism and Sports Committee announced that he is planning to propose a partial amendment to the ordinance on the management and supervision of the Jeju-do casino business that will require such contributions. His initiative has eight co-sponsors.

These requirements, as yet unspecified, will likely be integrated into the next Jeju-do Casino Business Comprehensive Plan, the second five-year plan for the industry which will begin to be compiled in the near future.

Kim also called for a more concrete evaluation system the next time a company applies to establish, expand, or relocate a casino in Jeju; a process which Lotte Tour Development recently underwent in relation to the Jeju Dream Tower.

Kim explained, “The impact assessment for the expansion and relocation of the casino in Jeju Dream Tower has been completed, the appropriate decision has been made, and the procedure for approval is now in progress; but there is still a lot of concern about the socio-cultural and environmental impact of the casino facility in the downtown area.”

He added, “I hope this will help to prepare a plan for a corresponding expansion of the contributions of the casinos to the community.”

Source: AGBrief 

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Crown faces board purge, forensic audit to regain suitability

Posted on by Admin VietNamGaming

01-10-2020 |  

Crown Resorts will need to overhaul its board of directors and carry out a full audit of its operations as the very minimum requirements to become suitable to hold a license in Sydney and in the meantime its Barangaroo casino will remain closed.

The long-awaited report into whether Crown should be allowed to keep the license for its $2.2 billion property in Sydney following an investigation into anti-money laundering practices was released on Tuesday by the New South Wales government.

The two-part, 768-page report by Patricia Bergin will not be easy on the eyes for the Melbourne-based operator, with Bergin finding Crown Sydney as not a “suitable person” to hold the Sydney Barangaroo casino license.

However, the report highlights steps that would make Crown a suitable person to hold the license – such as a full purge of the Crown board, as well as a “full and wide-ranging forensic audit” of accounts to “ensure that its operations are free from criminal influence or exploitation.”

“We expect that the conversion to suitability will at a minimum include implementing the actions recommended by the report, including a restructure of the Board and a full forensic audit, said Kelly Amato, Director, South East Asia Industrials at Fitch Ratings speaking to Asia Gaming Brief.

“Crown has already begun implementing a number of the measures, including forming compliance and financial crime department. But we expect these measures will probably go further to address the concerns around corporate culture which were highlighted throughout the inquiry, and this will probably include increasing prioritization of and education around compliance with regulations within Crown, as well as greater co-operation and ongoing dialogue with regulatory authorities to actively manage risks.”

In the matter of whether the disposal of shares held by Consolidated Press Holdings (CPH) in Crown Resorts to Melco in 2019 constituted a breach of the Barangaroo license or any other regulatory agreement, the company was cleared by Bergin of any wrongdoing.

Further recommendations of the report include the establishment of an Independent Casino Commission (ICC) as a specialist casino regulator to “meet the extant and emerging risks for gaming and casinos.”

“The ICC has the powers of a standing Royal Commission comprised of Members who are suitably qualified to meet the complexities of casino regulation in the modern environment.”

This would include giving the ICC power to pursue any disciplinary action with respect to casino licensees and giving them the power to enforce rules under the Casino Control Act over that of any other government or authority.

There are also a number of recommendations to amend certain parts of the Casino Control Act, with the aim of combating money laundering. Most notably, there is a recommendation to prohibit casino operators in New South Wales from dealing with junket operators.

“The recommendation to prohibit junkets in NSW would have a negative impact on VIP revenues at the two Sydney casinos, particularly from Chinese VIPs where direct promotion of gaming activities is prohibited,” said Amato.

“However, the stable domestic mass-market gaming operations are the main source of strength of gaming operators in Australia, which has been highlighted by the resilience of the businesses as pandemic restrictions are relaxed in Australia, while international border closures have left VIP turnover at close to zero. Even with open international borders, VIP has historically made up a smaller proportion of Australian gaming operators revenues than domestic, it is inherently more volatile and operates at a lower margin than the domestic business and these characteristics would limit the impact of any decline in VIP revenues for the operators.”

“We expect that Crown will work with the NSW authorities over the next few months as it embarks on a process to remediate the deficiencies identified by the inquiry and convert itself to a suitable person,” concludes Amato.

“We wouldn’t expect that it would be able to open its gaming operations in Sydney until these issues are resolved, however it has already been able to open its non-gaming facilities at its Sydney property and we expect that it will continue to operate these in the meantime, while also dealing with operations in Melbourne and Perth amidst changing social distancing restrictions.”

According to the local press, Customer Service Minister Victor Dominello, who oversees gambling regulation in NSW said he welcomed the Bergin report saying his office will consider its recommendations “very carefully” before providing a formal response.

A similar response has been heard from WA regulators, who, according to WA Today, said they won’t consider the NSW report until it meets in two weeks’ time.

Amato notes that the Victorian regulator has already brought forward its seventh casino review required under the legislation – which is due to be completed in 2021. It has also issued Crown Melbourne with a show-cause notice in October 2020 as to why disciplinary actions should not be taken in relation to alleged non-compliance with its Internal Control Statement for junket operations, she said.

Source: AGBrief 

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Genting Singapore 2021 outlook flat on continuing travel curbs

Posted on by Admin VietNamGaming

01-10-2020 |  

Genting Singapore expects a lacklustre year in 2021 as visitation to Singapore is likely to remain restricted and does not see a significant improvement from the results achieved in H2, 2020, analysts said.

The operator of Resorts World Sentosa reported a 90 percent drop in net profit for 2020 to $69.2 million ($53.1 million) and said that two thirds of that result had been generated during Chinese New Year prior to the Covid-19 mandated lockdowns.

However, for Q4 of 2020 the numbers were better-than-expected as luck played in the operator’s favour and it also benefited from one-time items.

Revenue for Q4 was $315 million, up 5 percent from the prior quarter, while adjusted EBITDA was $211 million, up 42 percent, which was 70 percent higher than forecasts. Gaming revenue was flat on the prior three-month period.

Bernstein analysts Vitaly Umansky and Tianjiao Yu said the group had “significant high VIP hold, reversal of bad debt, government support for salaries in light of the Covid epidemic and full reversal of accrued bonuses.”

The VIP win rate in the month was 3.8 percent, compared with the historical average of 2.85 percent.

Umansky cited management as saying that the group still remains committed to pursuing an IR in Yokohama, Japan and to press on with its expansion plans in Singapore.

However, major construction on the $4.5 billion extension to Resorts World Sentosa won’t begin until next year.

The Singapore market has proved to be resilient during the crisis, with strong local support for its two IRs. However, analysts in the past have noted that there are limits to how far Singaporean residents could push growth, with Genting Singapore appearing to suggest it is close to that limit.

Meaningful expansion is unlikely without the return of international travellers.

“Vaccinations will pick up pace in Singapore, but large-scale inbound tourism is unlikely to pick up much this year, in our view,” Nomura said in a note. “Also, given tapering JSS subsidies, and no more impairment reversals, we believe FY21F revenue might not see a material uplift from 4Q20 run rate, and EBITDA margins are likely to normalise downward.”

Nomura said to be prudent it has cut it forecast for revenue, EBITDA and net income by 11 percent, 7 percent and 18 percent respectively. It has only cut its 2022 forecast for earnings by 5 percent as it expects tourism to improve.

Source: AGBrief

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China anti-gambling drive to have long-term IR impact in Asia

Posted on by Admin VietNamGaming

01-10-2020 |  

China’s ongoing crackdown on casinos and junkets targeting its nationals may have long-term implications for the industry in Asia and force changes in the business models of many of the region’s integrated resorts.

Beijing has signalled that it means business when it comes to cracking down on those seeking to lure Chinese to gamble and last year passed a law making it a criminal offence for junkets and overseas casinos involved in such activities.

The Chinese government followed up on Friday with a press conference ahead of the Chinese New Year, urging “criminal suspects in cross-border gambling to surrender,” saying authorities would be taking action to crack down.

“Overseas casinos that rely significantly on junkets are clearly in the cross hairs and will suffer the impact – especially if China has plans for long-term enforcement of existing policies (which we believe it does),” Bernstein Research wrote in a note. “We also question the strategy of certain Chinese companies trying to set up casino operations in foreign countries that are now clearly the target of a long-term anti-gambling campaign targeting such jurisdictions.”

China hasn’t published its so-called “blacklist” of overseas jurisdictions, which first emerged last August and was recently expanded. Although, countries are believed to include the Philippines, Cambodia, Vietnam, Myanmar and potentially Korea.

The crackdown leaves major question marks over the future of Asia’s glitzy integrated resorts, which were built to target China’s army of VIP clients and their junket-enabled gambling trips. This is doubly true in jurisdictions which don’t allow their locals to gamble.

Already hurting due to Covid-19 mandated travel restrictions, there is now a distinct possibility Chinese guests won’t flood back when the borders are open.

“If I can use an analogy — before the market exploded with Chinese VIPs, the casinos were quite happy driving Corollas,” Ben Lee, managing partner at iGamiX Management and Consulting said. “Then China opened up and Rolls Royces became the norm. They built bigger garages to house the Rolls. For them to downsize back to the Corollas is a new old paradigm they need to reacquaint themselves with.”

Lee pointed out that the China-driven casino boom has pushed up executive pay, bonuses and perks for those in the industry. Unfortunately, the sheer size and spending power of the Chinese tourist is not going to be easily replaced.

“With a truncated market, existing casinos will have to realign their marketing strategy with the much smaller SouthEast Asian market,” Lee said. “New projects will have to be revisited. The focus will swing back towards their respective core domestic market to realize their business objectives.”

Some analysts had already raised question marks over how sustainable the IR building boom in Asia was. In 2019, Union Gaming estimated that there was a pipeline of new projects worth about $65 billion, including those in Japan, which it said was “too much in too short a period of time.”

That was before the Covid-19 pandemic and China’s crackdown.

So where is likely to be safe? Analysts agree that Macau, as a special administrative region of China, is not likely to be on the radar, and its casinos may ultimately benefit from China’s policies. That being said, Macau authorities will be expected to work with the Mainland to prevent nationals from being targeted either by online operations, or by those seeking to encourage them to travel to another overseas destination.

Singapore, with its strict regulations and lack of junkets, is also viewed as a benign jurisdiction.

Outside of these two destinations, those Mainland Chinese that can may prefer to remain relatively local.

“I think cross border /close border traffic on foot or by vehicle will survive as trucks, goods and people pass through daily en masse and that isn’t slowing down,” said Tim Shepherd, director of Fortuna Investments. “You can think of a couple, Aristo International, Tigre de Cristal, to which Chinese can travel without flying and being scrutinised in a sanitised/secure area like an airport,” he said, referring to Donaco International’s property in northern Vietnam and Summit Ascent’s resort in Vladivostok, Russia.

“Also the fear of being far from home (and stuck) is now embedded in all of us, so if you want to have fun, why not go locally and forgo the albeit bigger, brighter lights of IRs in countries far away.”

On an operational level, operators are likely to continue a shift towards a direct VIP model, which entails greater risk, but will ultimately be more profitable. Bernstein said it doesn’t believe junkets will disappear altogether, but the system will “undergo a fundamental change.”

“It won’t be business as usual for the junket promoters,” said independent consultant Andrew Klebanow. “That’s an issue because so much of the revenue is still generated by the junkets.”

Still the potential for a prison sentence will act as a significant deterrent to those flouting the rules, he added.

Last year, China said it had detained 75,000 suspects in 3,500 separate illegal gambling cases. It shut down over 2,260 gambling platforms and 1,960 illegal payment platforms. A further 600 Chinese wanted for illegal gambling were repatriated to China from overseas.

Source: AGBrief

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Sands president says Londoner to become instant icon

Posted on by Admin VietNamGaming

01-10-2020 |  

Sands China opened its $1.9 billion “The Londoner” on Monday, providing a vote of confidence in the Macau market’s recovery.

In an opening ceremony, Sands China President Wilfred Wong paid tribute to company Chairman and CEO Sheldon Adelson who died last month and whose vision transformed Macau’s Cotai strip. He also said he believed the Londoner would become another icon for the gambling hub.

“Like The Venetian and The Parisian before it, The Londoner Macao will become an instant landmark on Cotai, with unmistakable design features like the Houses of Parliament and the 96-metre-tall Big Ben,” he said. “And seeing the Changing of the Guard will be a must-see experience just as taking a ride with a singing gondolier is at The Venetian Macao.

“The Londoner project is a 1.9-billion-US-dollar investment into Macao and demonstrates our faith in the future of the city. It is part of our continuing contribution to the transformation of Macao into a world centre of tourism and leisure.”

The property is a revamp of Sands Cotai Central into a London-themed resort. On Monday, the company unveiled the first phase featuring a Victorian-style glass atrium, dubbed Crystal Palace. It also introduced new dining options, interactive London-themed attractions, and the opening of The Londoner Hotel – an all-suite tower featuring approximately 600 luxury suites. Other attractions will be rolled out during the course of 2021.

The opening comes at a delicate time in Macau’s recovery from the Covid-19 pandemic. Visitation had been improving strongly over the Christmas and New Year holidays, but has tailed off into February due to increased restrictions on the Mainland due to new virus clusters.

Analysts who follow the market are expecting the Chinese New Year holiday to be lacklustre this year, with Beijing actively urging its citizens to stay at home.

It also comes as Beijing steps up its efforts to target overseas casinos that seek to woo its nationals. Although the warnings are not thought to refer to Macau, the junket sector is likely to be in the cross hairs further restricting the VIP market.

Analysts still expect a strong recovery in the second half of 2021 as vaccines are rolled out and travel restrictions are eased.

Monday’s opening ceremony was attended by high level government officials from both the Mainland and Macau, including Edmund Ho Hau Wah, Vice Chairman of the National Committee of the Chinese People’s Political Consultative Conference; Mr. Lei Wai Nong, Secretary for Economy and Finance of the Macao SAR; Ms. Yan Zhichan, Deputy Director of the Liaison Office of the Central People’s Government in the Macao SAR.

The ceremony also included a tribute to Sheldon Adelson, the company’s founder who passed away last month.

Source: AGBrief 

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Wynn upgraded to “neutral” at Citi on premium mass strength

Posted on by Admin VietNamGaming

01-10-2020 |  

Wynn Resorts was upgraded to “Neutral” from “Sell” at Citi due to optimism over the company’s premium mass business in Macau after it reported better-than-expected Q4 results last week.

Although VIP still represents a significant portion of the group’s earnings in Macau, Citi analyst George Choi said the company will generate an increasing amount of its EBITDA from the premium sector, which will also improve its earnings quality.

Premium mass has higher profit margins that the VIP business.

Bernstein also noted that the future for the company lies in its premium mass business and Wynn has been making changes at its properties to take full advantage of the sector.

The firm said Wynn has changed some of its food offerings and has also changed the configuration of high-end suites to create more entertainment spaces for small events.

Although Wynn’s management has said it does not expect the VIP sector to go away completely, analysts warn the segment has been structurally weakened.

“The VIP market will see less players (especially smaller players) in the future,” Bernstein said. “There will not be a quick VIP recovery as seen in the late 2016-2017 timeframe.”

The VIP business had already been suffering from the impact of U.S./China trade tensions even before the pandemic struck. In addition to these two factors, Beijing has declared war on the illegal cross border movement of money for gambling, which will have a direct impact on the junket sector.

Wynn reported $39 million in EBITDA for its Macau properties in Q4, compared with a loss of $112 million in the prior year. The results beat expectations and analysts said they would have been better still had luck not worked against the company. Hold was lower than normal in both the VIP and mass sectors.

For Chinese New Year, management has said that it’s expecting visitation levels closer to the October Golden Week holiday than over the busy Christmas period due to renewed virus clusters in China.

Beijing has also urged its nationals to stay at home and not to travel either overseas or within China to avoid taking Covid-19 back to rural villages.

Source: AGBrief

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Komeito loses its pro-casino voice

Posted on by Admin VietNamGaming

01-10-2020 |  

This week a fresh scandal, unrelated to IR development, stripped the ruling coalition Komeito Party of its only lawmaker who was proactively and vocally in favor of casino legalization. This represents an indirect but still distinct blow to the industry’s future prospects at the national level.

There were two related missteps that terminated the career of Kiyohiko Toyama within Komeito, the influential party that remains the de facto political wing of the Buddhist lay organization Soka Gakkai.

First, he was caught by a weekly magazine visiting a hostess bar late at night during the Covid-19 state of emergency, violating the rules that the general public had been advised to respect at the very height of the lethality of the pandemic. Second, it emerged soon afterward that he had included on his official political funding reports as “dining out expenses” his past visits to hostess bars.

Toyama had always seemed to be in the wrong political party, and this time it cost him dearly. Had he been a member of the ruling Liberal Democratic Party (LDP)—the outfit whose spirit he seemed a better match for—neither of his mistakes would likely have represented more than a temporary setback.

The LDP takes a much more easygoing attitude about personal corruption, and one can indeed argue that graft has been near the heart of the ruling party since its very beginnings in 1955, when some of its leaders were directly on the payroll of the US Central Intelligence Agency due to their “anti-Communism.”

But that’s very much not the case with the religion-oriented Komeito, and the nature of Toyama’s transgressions led to his resignation not only from the party, but from the House of Representatives altogether.

For years Toyama had stuck out prominently as the most “LDP-like” Komeito lawmaker. When, in 2015, then-Prime Minister Shinzo Abe moved to pass security legislation that most scholars argued was unconstitutional, it was Toyama who jumped up and vocally supported the government line. Likewise, when the IR legislation was proposed, Toyama emerged as the only vocal advocate within the party.

Other than Toyama, other Komeito lawmakers were either opposed to casino legalization—in line the view of the majority of its Soka Gakkai political base—or reluctantly in favor so as not to antagonize the LDP, their ruling coalition partner.

Toyama, however, was positively enthusiastic. When Komeito finally established its own IR Project Team in July 2017, it was no surprise that Toyama was made the leader of the team. He was also the only Komeito lawmaker that would make appearances at industry events such as the Japan Gaming Congress. It would be hard to even imagine any other politician from his religion-backed party going up on stage to publicly advocate for casinos.

There is a certain poetry about the fact that it turned out to be his attraction to alcohol, ladies, and nightlife that brought about his political fall.

In the short term, Toyama’s fall is not likely to exercise any major impact on IR development in Japan—though with his Kyushu electoral district he probably would have been helpful to Nagasaki’s candidacy.

Longer term, though, it might make a difference. The Komeito party is unlikely to see anyone like him for a long time. His fall represents another weakening of the central government’s will to confront the public on the IR development issue, following the much heavier blow of the bribery case of former Senior Vice-Minister of the Cabinet Office Tsukasa Akimoto.

The IR development process is still being pushed forward by the insistent administration of Yoshihide Suga.

Source: AGBrief 

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Wynn Resorts operating revenues down 58.5% in Q4

Posted on by Admin VietNamGaming

01-10-2020 |  

Wynn Resorts has published its fourth quarter 2020 and full year financial results, headlined by a 58.5 percent year-on-year decrease in operating revenues.

Operating revenues came to a total of US$686 million for the quarter. Net losses attributable to the company were US$269.5 million.

Matt Maddox, CEO of Wynn Resorts, offered the following statement: “We are encouraged by the progress we have made at each of our properties over the past several months, as we continue along the road to recovery from the pandemic. In Macau, the gradual and thoughtful easing of visitation restrictions allowed us to return to Adjusted Property EBITDA profitability in the fourth quarter, with particular strength in our premium mass business.”

Turning to US developments, he added, “our operations at both Wynn Las Vegas and Encore Boston Harbor were resilient as we continue to deliver our industry-leading service, while remaining focused on costs. On the development front, our WynnBet online casino and sports betting app is currently available in three states following successful launches in Colorado and Michigan, with additional launches planned over the coming months.”

For the year 2020, operating revenues decreased 68.3 percent to US$2.1 billion.
Net losses attributable to the company reached US$2.07 billion.

Operating revenues from Wynn Palace were US$221.5 million for Q4, a 62.5 percent decrease from 2019. Adjusted Property EBITDA from Wynn Palace was US$28.7 million. VIP table games win as a percentage of turnover was 1.97 percent, below the property’s expected range of 2.7 to 3.0 percent. Table games win percentage in mass market operations was 21.6 percent.

Operating revenues from Wynn Macau were US$181.9 million in the same period, a 65.4 percent decrease from 2019. Adjusted Property EBITDA from Wynn Macau was US$10.7 million for the fourth quarter of 2020. VIP Table games win as a percentage of turnover was 3.10 percent, above the property’s expected range of 2.7 to 3.0 percent. Table games win percentage in mass market operations was 17.9 percent.

Wynn’s cash and cash equivalents as of December 31, 2020 totaled US$3.48 billion. It’s available borrowing capacity under the Wynn Macau Revolver was US$343.5 million, and available borrowing capacity under the Wynn Resorts Finance Revolver was US$117.9 million.

Total current and long-term debt outstanding at December 31 was US$13.07 billion, comprised of US$6.35 billion of Macau related debt, US$3.12 billion of Wynn Las Vegas debt, US$2.99 billion of Wynn Resorts Finance debt, and US$612.3 million of debt held by a retail joint venture.

Source: AGBrief 

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HKJC pins hopes on simulcasts to stem illegal gambling

Posted on by Admin VietNamGaming

01-10-2020 |  

The Hong Kong Jockey Club said the government’s decision to allow extra simulcast days during the summer racing lull will help curb the illegal gambling that has threatened to undercut its revenue in recent years.

The government will allow the club to broadcast 14 more days of racing from overseas meetings into Hong Kong, taking the total number of days to 37.

It will simulcast during July and August, allowing people in Hong Kong to bet on races even though there is no local racing at that time.

“During the summer break of Hong Kong’s racing, it is the peak season of overseas racing particularly in Europe, and the illegal and offshore bookmakers have taken advantage of this time gap to lure Hong Kong people to place bets on overseas races.”

“As such, the approval of extra simulcast days in the summer will effectively address the existing illegal gambling issues while at the same time generate additional betting duty as well as charities donations, and create additional job opportunities which will benefit the Hong Kong community as a whole,” a Club spokesperson said.

“In addition, the Club believes that the offering of simulcast betting on overseas races in summer will further strengthen Hong Kong as a racing hub. Racing jurisdictions worldwide will also welcome this new initiative for the promotion of globalisation of horse racing.”

The HKJC has long been battling against illegal gambling, which it says has been growing at twice the speed of legal wagering, with an estimated $140 billion in illegal wagers placed each year.

The first quarterly bulletin from the Asian Racing Federation’s Anti-illegal Betting Taskforce in July last year warned that the Covid-19 pandemic had exacerbated the problem. As sports and illegal betting was disrupted, the illegal operators were ready to fill the gaps.

This was particularly prevalent in racing, as it was one of the few sports that was able to continue. The HKJC created a racing “bubble” and was able to hold meetings at its tracks throughout the year, though without the audience.

As a result, the HKJC recorded its third-highest turnover ever during its 2019-2020 season at HK$121.6 billion (US$15.8 billion) through 87 local meetings and the simulcast of 164 overseas races.

While local betting turnover was down 8.3 percent, overseas turnover rose 25.3 percent to reach HK$23.5 billion, showing the value to the club of its simulcast and commingling programs.

Source: AGBrief

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Star Entertainment to benefit from Crown woes

Posted on by Admin VietNamGaming

01-10-2020 |  

Star Entertainment is likely to benefit from expected delays to Crown Resorts’ ability to open a casino in Sydney and its current share price presents a good buying opportunity, J.P. Morgan said in a report.

The firm said it has upgraded its rating on Star to “overweight” due to three main drivers. The company has plans to reduce debt, the competitive environment in Sydney is favourable given likely delays to Crown’s license and its loyalty program and streamlined operating model will boost margins.

Rival Crown opened its new property in Barangaroo in Sydney in December, but was not permitted to operate the casino pending the results into an inquiry into its suitability. The results of that report are pending publication in the next two weeks and J.P. Morgan says it expects a temporary finding of “unsuitability” with risks persisting into 2022.

The firm said Star’s share price is trading at a significant discount to Crown on a price/earnings basis at 19.3 x compared with 26.

It said it expects management to continue to reduce Star’s cost base and capex levels to position itself into FY22 and sees an attractive runway for earnings post-COVID-19.

Both companies are expected to report their results for the first half of fiscal 2021 on Feb. 18.

J.P. Morgan points out that operating leverage and cost management have been key focus areas for Star’s management in 2020 and previous years and these efforts are likely to bear fruit in the upcoming results.

The firm said Sydney continues to feel the pinch from pandemic-mandated restraints, but overall group domestic revenue is likely to be around 75 percent of the previous calendar year.

“We model total table revenues of $191.5 million in 1H21,” it wrote in a report. “While this is a 37.8 percent decline vs the pcp, we are modelling a 31.6 percent increase sequentially vs 2H20.”

Source: AGBrief 

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