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Asia
GKL reports nearly US$80 million loss for full year 2020
Grand Korea Leisure has turned in its unaudited financial reports for the full year 2020, headlined by the fact that it had a consolidated operating loss of KRW88.8 billion (US$79.9 million) in the year of the coronavirus, a sharp reversal from the state-run company’s fortunes before the...
Jeju may call for casinos to upgrade community contributions
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...
Genting Singapore 2021 outlook flat on continuing travel curbs
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...
China anti-gambling drive to have long-term IR impact in Asia
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...
Sands president says Londoner to become instant icon
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...
Wynn upgraded to “neutral” at Citi on premium mass strength
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...
Komeito loses its pro-casino voice
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....
Wynn Resorts operating revenues down 58.5% in Q4
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...
HKJC pins hopes on simulcasts to stem illegal gambling
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...
Paradise January sales reverse improving trend, drop 36.2%
Paradise Co. reported its casino sales in January declined 36.2 percent from the prior month, after seeing strong improvement in December. The company, which operates four foreigner-only casinos in South Korea, said total sales in the month were KRW27.28 billion (US$24.5 million), down from KRW42.7...most popular
Paradise Co. reported its casino sales in January declined 36.2 percent from the prior month, after seeing strong improvement in December. The company, which operates four foreigner-only casinos in South Korea, said total sales in the month were KRW27.28 billion (US$24.5 million), down from KRW42.7...
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Jeju Dream Tower’s September casino revenue nearly doubles year-on-year
The Government Office has just announced the conclusion of Deputy Prime Minister Truong Hoa Binh about the meeting with leaders of Quang Ninh province on August 31. Regarding the investment policy of the high-end resort and entertainment complex project with casino in Van Don economic zone, the...