Author: Admin VietNamGaming

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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The special law that led to the establishment of Kangwon Land was originally enacted at the end of 1995 to help the local economies of abandoned mine areas that had been stagnant due to the decline in the coal industry.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

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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

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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

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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

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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

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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

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Operators need to reassess junket relations: SVA

Posted on by Admin VietNamGaming

01-10-2020 |  

Casino operators should reassess their relationships with their junket partners in the wake of the Bergin report into Crown Resorts and the changes in the global geopolitical climate, according to SVA, a corporate and political risk consultancy.

CEO Steve Vickers gave evidence during the Bergin inquiry last August, detailing how some junkets rely on triads to carry out “extra legal” services such as promotion of gaming, evasion of China’s capital controls and the collection of gaming debts.

In a report, SVA details how the lessons of the Crown Resorts probe, which resulted in the company being found unsuitable to hold a license in Sydney, apply to many other operators.

“After all, many gaming companies have hitherto relied on Macau’s junkets to find VIP gamers, and in some cases, have downplayed the risk of indirectly dealing with triad societies when doing so,” SVA said.

“This report makes clear that they must change tack and should refresh their due diligence assessments of their junket partners.”

One of the recommendations of the Bergin report was a ban on the use of junkets in the state of New South Wales, putting further pressure on an already shrinking segment of the industry.

The SVA report says this increased focus on diligence has become even more important given the changing geopolitics.

Crown’s ties with junkets posed minimal risk in 2015 when relations between Australia and China were stable and business was booming.

Now however, trade tensions between the two countries are high and as a result “relevant authorities no longer willing to overlook questionable practices.”

The report says Crown misjudged the determination of the Chinese government to crack down on gaming promotion, disregarding the arrest of 13 Korean gaming promoters in 2015. The following year 19 of its own employees were detained in China.

Crown Resorts erred in not responding to clear signals, it said.

As well as re-examining junket relationships, SVA encourages companies to strengthen their Anti-Money Laundering practices and to monitor any changes in regulatory regimes to respond quickly to any further compliance requirements.

It also said companies need to evaluate the geopolitical exposure, with attention to matters such as capital outflows from China.

Source: AGBrief

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Nagasaki seen as best-managed IR bid contender

Posted on by Admin VietNamGaming

01-10-2020 |  

The Nagasaki Prefectural Government continues to distinguish itself as having the best managed bid in Japan’s IR development race, giving them a strong chance to become a licensed municipality.

Surely at the top of the list of their accomplishments is political. Not only does the local political establishment back the Nagasaki bid, but unlike any other candidate location in Japan they have gathered regional support from nearby governors and even the general public is not strongly opposed. Polling data in the region is thin, but it’s possible that a plurality of local residents actually support IR development.

The latest news out of the prefecture is that a total of five consortiums have entered the RFP process, more-or-less ensuring that an appropriate business partner can be selected for the application to the national government.

As a smaller, regional market, none of the “big names” tossed their hat into this ring, but, in alphabetical order, this is what we know of the contestants:

Casinos Austria International Japan announced its entry into the Japan IR race back in November 2018 and seems to have been focusing its attentions on Nagasaki from the beginning. Although this is the firm’s first foray into Asia, it is based on a significant European state-run operator. When we interviewed them more than two years ago, the themes of their bid were classical music and medical care.

The Current Group is a consortium which at last word included the Japan-based Current Corporation, as well as Get Nice Holdings, Sofitel Macau, and Success Universe. In 2019, they floated the notion that their investment might reach US$5 billion.

The Niki & Chyau Fwu (Parkview) Group teams Japanese and Taiwanese firms, and they are the most recent entrant to the IR race. Regarding their pitch, this group has stated, “We will propose to build a Super Smart Community that makes full use of cutting edge technology, centered on an IR in Sasebo city, and spreading to Omura Bay.” They’ve made clear that they are looking for more businesses in the Kyushu region to join their consortium.

One Kyushu is the consortium that brings together Pixel Companyz, Groupe Partouche of France, and TTL Resorts. Pixel Companyz President Hiroaki Yoshida has previously stated that the remote islands of Nagasaki Prefecture figure prominently in the firm’s IR development plans.

The Oshidori Group combines the energies of Hong Kong-listed Oshidori International Development and US tribal casino operator Mohegan Gaming & Entertainment. Oshidori has been in the Nagasaki hunt for quite some time, but the recent partnership with Mohegan gives extra heft. Previously, Mohegan had its sights set on an IR in Tomakomai, but these plans were frustrated by Hokkaido Governor Naomichi Suzuki’s decision not to enter the race.

All in all, it’s looking to be a pretty fierce competition between motivated consortiums, and the local government will no doubt benefit from hearing so many clever ideas about how the tourism resources of the region can be best utilized.

Source: AGBrief

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SkyCity sees opportunity in local business, online gaming

Posted on by Admin VietNamGaming

01-10-2020 |  

New Zealand casino operator SkyCity Entertainment Group saw mixed financial results for the six months ended December 31, 2020, with strong local gaming performance, but weaker tourism-related business over the half-year.

The company, which operates four casinos in New Zealand and one casino in Australia, posted a 76.1 percent decline in net profit, down to NZ$78.4 million (US$56.4 million). Total reported revenue was NZ$449.9 million, falling 37.7 percent compared to the prior-year period.

Whilst its SkyCity Auckland and SkyCity Hamilton saw revenue declines for the half-year, revenue improved for Skycity Hamilton and SkyCity Adelaide compared with the same corresponding period in 2019. Skycity said local gaming was stronger than expectations, particularly for EGMs. International business, understandably, fell by 86.7 percent in the period.

Skycity said its results were impacted by a challenging operating environment and Covid-19 disruptions, including temporary closure of SkyCity Auckland in August 2020, and SkyCity Adelaide in November 2020, as well as restrictions on a number of patrons during heightened lockdowns. The results were also significantly impacted by the fire at the New Zealand International Convention Center in October 2019, the Auckland car park concession that completed in August 2019, and a settlement agreement that it entered into with The Fletcher Construction Company Limited in November 2020.

The company also noted that its online casino venture, named SkyCity Online, was “trading consistently”, and that they see it as a long-term opportunity. Revenue from online/esports business reached NZ$8.1 million in the six months, up from NZ$0.4 million in the prior corresponding period.

The company most recently had to announce the temporary closure of SkyCity Auckland due to a covid cluster breaking in the city. However, as of February 18, the city has moved down to Alert Level 2 and the rest of New Zealand has moved to Alert Level 1. With this, the company said that its SkyCity Auckland casino facilities would begin a staged reopening starting from February 18, 2021. At Alert Level 2, SkyCity Auckland would be allowed to reopen with physical distancing and hygiene requirements in place, whilst its Hamilton and Queenstown properties will be able to shed restrictions on mass gatherings and physical distancing requirements.

In addition to its interim results, SkyCity has also announced the appointment of a new chief financial officer, Julie Amey, effective from May 1, 2021. The company previously announced a number of internal appointments, including Callum Mallet as COO (NZ), David Christian as COO (Australia), and Matt Ballesty as Chief Casino Officer. The company’s currency CFO Rob Hamilton is set to depart at the end of February, whilst the current CMO, Liza McNally will be leaving in March.

Source: AGBrief

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500 .com surges on bitcoin transformation

Posted on by Admin VietNamGaming

01-10-2020 |  

China sports lottery company 500 .com has continued its transformation into the bitcoin space with the all-stock acquisition of bitcoin mining company BTC.com and investors appear to approve.

Stock in the New York Stock Exchange-listed company jumped as much as 75 percent on Tuesday after announcing the acquisition and gained a further 10 percent at the open on Wednesday.

Shares in the company, which provides online lottery services in China and Europe, have ranged from a low of $2.51 to its current price of $29.84 over the past 52 weeks, giving it a market value of $1.27 billion.

Much of that surge has come since the beginning of this year when it announced it was venturing into bitcoin. In early January, it issued US$14.4 million worth of its Class A to finance the purchase of bitcoin mining machines.

It followed up in early February with the $8.5 million plan to buy a further 5,900 mining machines and a framework accord to buy up to 10,500 machines this year.

In the most recent transaction, it’s issuing 44,353,435 shares to buy businesses from the Blockchain Alliance, including the entire mining pool business of Bitdeer Technologies Holding Company operated under BTC.com, including the domain name BTC.com and the cryptocurrency wallet of BTC.com.

500 .com describes the businesses as offering a one-stop mining experience for users. Users can search and browse real-time blockchain information through BTC.com and manage their cryptocurrency mining business through the BTC.com Pool website or app.

It’s quite the transformation for a company that had hitched its fortunes to the opening up of online lotteries in China. Its business was hit hard when Beijing announced it was “temporarily” shutting down online sales in March 2015 to clear up what it claimed was rampant corruption.

Those sales channels are still closed down with no indication of when they might resume, forcing 500 .com to diversify its business, including the purchase of Malta-based lottery provider, The Multi Group in 2017.

The company’s latest results suggest that its strategy may be paying off. Net revenues in Q4 were RMB9.0 million (US$1.4 million) up 4.7 percent from the fourth quarter of 2019 and 47.5 percent from RMB6.1 million for the third quarter of 2020. Its European business made up 62.2 percent of the total.

The operating loss was RMB51.4 million ($7.9 million) compared with operating loss of RMB307.1 million, mainly due to impairment charges.

The share price gain in part has been driven by the surging price of bitcoin, which passed $50,000 this week for the first time, prompting analysts at J.P. Morgan to warn the rally may be unsustainable unless volatility in the currency comes down.

Source: AGBrief

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