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VIPS TAKE CROWN FOR OVER $100M
Crown Resorts’ James Packer has revealed that players have won huge sums at his Melbourne and Perth casinos
Australia - Operations
Crown Resorts’ owner James Packer has revealed that his Melbourne and Perth casinos have taken a hiding from VIP customers who have won more than $100 million in less than four months.
CAMBODIA – NAGACORP UNDERLINES EXCLUSIVITY Timothy McNally, the Chairman of Cambodia’s NagaCorp, has released a voluntary statement from the company that underlines its exclusive licence rights in the country. Seeking to reassure investors that nothing has changed to affect its exclusivity deal with the Cambodian government, Mr. McNally released a statement to clarify its position, noting first that elements have sought “with an intention to cause trouble or not,” to cast doubt upon its claim.
Mr. McNally underlines the fact that Ariston, an indirect whol- ly-owned subsidiary of NagaCorp was granted a casino licence by the Royal Government of Cambodia under which Ariston has the right to conduct gaming activities in Cambodia for a period of 70 years from January 2, 1995, with an exclusive right to operate a casino in Phnom Penh, Cambodia and the area within a radius of 200km of Phnom Penh up to the end of 2035.
The announcement comes as observers have commented that NagaCorp’s gaming rights are tied to the political for- tunes of Prime Minister Hun Sen, who has been in power for more than 25 years but has recently faced a growing domestic opposition to his government.
PHILIPPINES – IGT LANDS CITY OF DREAMS DEAL City of Dreams Manila will be equipped with IGT Advantage systems, sbX Floor Manager and Service Window, providing a comprehensive patron interaction and floor optimisation suite of solutions and applications when it opens its doors later this year.
An extensive bonusing tool set which includes Xtra Credit, Point Play, Scheduled Return Play and Carded Lucky Time are among the elements that will drive meaningful promo- tion capabilities, in addition to direct player interaction through Message Blast.
“City of Dreams Manila has carefully selected the latest and greatest innovations, technologies and amenities for its lav- ish new resort, and the choice of IGT systems is no exception. We’re driving player excitement with personalized communi- cation on the casino floor, combined with IGT’s extensive game library with flexible bonusing technology in a variety of themes,” said Mark Michalko, IGT Director of Sales Asia. “We’re also empowering the operator with advanced tech- nologies including Asia’s first installation of EZ Pay Mag Card, and the backing of IGT’s Manila office to provide support.”
The IGT Advantage installation at City of Dreams Manila will provide Machine Accounting, Advantage Monitor, Patron Management and the Visual Slot Performance Tool, which deliver valuable up-to-the-minute data on player activity and preferences, giving the operator the option to change content dynamically to optimize floor performance. Plans also include the new EZ Pay Mag product to take cashless to the next level, offering players a card-based cashless option alongside EZ Pay ticketing.
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Mr. Packer revealed to shareholders at Crown’s AGM that the high-rollers were currently enjoying a sustained period of luck at his tables. He described trading in the first 15 weeks of the year as ‘mixed at best.’
“Our VIP businesses are almost $100m below the theoretical result less than four months into the financial year due to an adverse win rate or put simply, bad luck. The punters are killing us. Despite what some people will tell you, our busi- ness is not a licence to print money, we operate in an extremely volatile industry, one that is affected by a variety of factors such as the roll of the dice or luck of the cards. Last year, we recorded strong profits, but trading so far this year has been mixed at best. We face soft consumer sentiment in Perth and Melbourne and our most recent VIP win rates at both resorts have unfortunately been poor. Our VIP businesses are almost $100m below the theo- retical result less than four months into the finan- cial year due to an adverse win rate or put simply, bad luck. Recent trading in Macau has been diffi-
cult, negatively impacted by regulatory changes around smoking and the government crackdown on corruption in China, a crackdown that we give our 100 per cent support to and believe will secure the long term future of the industry there.”
Mr Packer defended Crown’s latest foray into Las Vegas. “I have made a lot of mistakes in my life but one thing I try not to do is make the same mis- take twice,” Mr Packer explained. “We’ve got an absolute world-class management team in Las Vegas this time. Crown has acquired a 34.6 acre site on Las Vegas Boulevard, which was formerly occupied by the New Frontier casino. The devel- opment plans for the site, which will be unique, and the capital structure of the ownership entity are not yet finalised. However, it is expected that Crown will have majority ownership and Crown’s total equity investment will be approximately US$400m to US$500m with a total project budget of approximately US$1.6bn to US$1.9bn. Crown believes there are extensive opportunities to expand our customer base in a city that is still regarded as the home of gaming and which is ben- efiting from strong flows of domestic and Asian tourism.”
Vietnam Royal Caribbean Cruises Vice President, John Tercek,has met with Vietnamese officials to ask permission to keep its casinos, souvenir shops and other services open after the cruise ships dock at Vietnamese ports. Royal Caribbean is planning to increase its business in Vietnamese ports, which are aiming to bring 25,000 cruisers a year with bigger cruise ships visiting Chan May Port in Thua Thien – Hue province. After cruise ships dock at Vietnamese ports, many passengers opt to stay on the ship and the cruise line would like to offer more entertainment onboard. The reason for the ban is a result of government concerns regarding smuggling.
Revisions made to limit play in Japan dampen market interest
JAPAN Japanese legislators looking to pass new laws to introduce casino gaming have revised a bill to limit entry for Japanese players to appease opponents who had promised to veto any legalisation unless it considered issues such as problem gam- bling.
In a move that mirrors Singapore’s adoption of gaming laws, the amended bill now reads: “The government, for the purpose of preventing the nega- tive effects of casino facilities by non-foreign visitors, will take necessary measures regarding admittance and
capacity.” Some operators have already said they would not be interested in Japan if casinos were limited to foreign players.
Sheldon Adelson, CEO of Las Vegas Sands, said: “From our standpoint, I will say that we will not be interested in Japan or any other country on a foreign- ers-only basis. We can’t do that. Our business model won’t allow it.”
Hiroyuki Hosoda, Chairman of the pro-casino lawmakers’ alliance, said the amendment followed concerns over problem gambling but added that they would not be enough to derail
the bill, a second version of which will be drafted next year. The second bill would fine tune the specifics of any entry fees and limitations for locals. Members of Komeito, Prime Minister Shinzo Abe’s Buddhist- backed coalition partner, will continue to discuss the bill over the coming weeks.
Jay Defibaugh, an Analyst at CLSA Asia-Pacific Markets, said: “Within the ruling coali- tion, a lot does come down to the religious affiliation, and whether the Komeito party will vote on party lines or not.”
Union Gaming Analyst Grant Govertsen believes that a lack of unity from key minority par- ties on the casino issue will see more discussions needed with a delay to the first bill of November or December.”
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