ASIA & OCEANIA
PAGCOR has put a five year ban on any new Integrated Resort casinos in Manila Bay’s Entertainment City
PHILIPPINES CASINO LICENSING PAGCOR Limits Manila Casino Development
CAMBODIA – NagaWorld, located in the Cambodian capital city of Phnom Penh, recorded GGR growth of four per cent in 2016 compared to a three per cent decline for Macau. Net profit increased by seven per cent to US$184.2m. NagaWorld has 241 tables and 1,648 EGMs.
NagaCorp Chairman Timothy McNally said; “We are pleased to report that NagaCorp continued to generate positive operational and financial results during 2016 with net profit of US$184m, a seven per cent increase over last year. GGR for the year ended 31 December 2016 increased by four per cent to US$501m. Our positive results were attributed to a combination of solid business strategy and acumen, operational and execution efficiency, and an increasingly vibrant tourism market in a politically stable country, leading to an increase in business volume across all segments of the gaming business. Today we operate the largest integrated leisure and gaming entertainment destination in the Mekong Region.
NagaWorld continued to achieve growth in the Mass Market segment where Public Floor Tables buy-ins and electronic gaming machines bills-in increased by 12 per cent and nine per cent respectively. This business volume growth is attributable to tourism growth into Cambodia, generating increased footfall into NagaWorld. During the Year, Public Floor Tables revenue grew by seven per cent as a result of 12 per cent increase in buy-ins.
EGM revenue grew by six per centas a result of a nine per cent increase in bills-in and the receipt of a fee of US$60m from an investor for the placement and operation of EGM in NagaWorld. As at 31 December 2016, the Group’s loyalty program, the Golden Edge Rewards Club had approximately 16,041 active Mass Market members up from 15,500, a year earlier).
The overseas junket incentive program introduced in March 2013 has since enabled the Group to increase existing table limits while managing volatility and credit risk. VIP rollings increased by 11 per cent to US$8.7bn with a win rate of 2.6 per cent. Since January 2016, the Group had revised its overseas junket incentive program to improve its margins. Non-gaming revenue increased by 33 per cent to US$30.7m, primarily resulting from higher occupancy and average rates as well as better performance across all the food and beverage outlets. Mr. McNally added: “The opening of NagaCity Walk in August 2016 marked a significant step in the company’s development. NagaCity Walk will enhance the overall retail experience to guests and further strengthen NagaWorld’s appeal to VIP and Mass markets.”
P30 NEWSWIRE / INTERACTIVE /
247.COM
Te Philippine Amusement and Gaming Corporation has put a five year ban on any new Integrated Resort casinos in Manila Bay’s Entertainment City. It has given its blessing to the development of a US$500m casino resort in Lapu-Lapu City on Mactan Island.
Te five-year moratorium on new casinos in Metro Manila has come following a letter requesting exactly that from the four existing licensees. PAGCOR Chairman Andrea Domingo confirmed: “In the Manila area, we listened to our investors. Tey gave us a position paper to give breathing space for the market space to mature in the NCR (National Capital Region) so we listened. We are looking at protecting those who have taken a risk earlier, who have invested a lot of money. We listen to our investors. Tey asked us to give a five-year breathing space. We don’t want too much proliferation of casinos.”
She was speaking at the inaugural ASEAN Gaming Summit, organised by Asia Gaming Brief and held at Conrad hotel in Pasay City, where she revealed that the latest approval was in Lapu-Lapu City in Central Visayas, in Metro
Cebu. Ms Domingo added: “We approved a new license at Mactan Island, a US$500m complex in Lapu-Lapu City. Tey are going to start construction soon. Cebu is the second largest metropolis in our country.”
It would be the country’s first integrated gambling resort located outside of the Manila capital. She didn’t name the Filipino company licensed to operate the Lapu-Lapu City Casino but did add that another application has been lodged for a $300m casino complex in nearby Mandaue City. “We have one also pending in Mandaue, Cebu City, but I think one complex per big city, or one per province, is enough. We do not operate anywhere where the LGU has not expressly agreed in writing that they are going to host a casino in their place.”
As well as Cebu, Ms Domingo revealed that casino gambling will be introduced in the province of Pampanga where South Korean construction company Donggwang Construction will build the $400m Clark SunValley Resorts and Country Club at the Clark Freeport Zone.
Australia South Korea
Paradise City to open on April 20 Paradise Sega Sammy has confirmed that it will open South Korea’s first integrated resort Paradise City on April 20, 2017. Located at the centre of a new tourist hub in Seoul, South Korea, the project combines a 3,600m2 retail complex with a nightclub of 6,200m2 that sits adjacent to it. Phase 1 of the project will cover 330,000sq.m. of land near Incheon’s international airport, and will include a casino, a hotel, a convention centre and a banquet hall.
Te property, a joint venture between Japanese pachinko operator Sega Sammy and South Korean casino operator Paradise Co. Ltd, will cost KRW1.3tn(USD1.12bn) with Sega Sammy investing KRW232.9bn. Te luxury hotel will open with 711 guestrooms as well as South Korea’s largest foreigners-only casino, equipped with 154 game tables, 281 slot machines and four (62 seats) electronic table games (ETG). Paradise City will be comprised of two buildings known as the Sandbox and Nightclub, which will contain retail outlets and entertainment amenities. Te project has been completed by Dutch architects MVRDV in partnership with the Korean Gansam Architects.
Australian sports-betting giant Tabcorp has lodged an application with the Australian Competition Tribunal for authorisation to proceed with the proposed combination of Tabcorp and Tatts Group. Te combination of Tabcorp and Tatts is anticipated to provide a wide range of benefits for stakeholders, including the Australian racing industry. Since announcement of the Transaction, Tabcorp has actively engaged with stakeholders, including as part of the ACCC informal clearance process. Tabcorp stated: “Trough this engagement, it has become clear that many stakeholders are strongly supportive of the Transaction and its anticipated benefits. As such, Tabcorp has formed a view that it has a compelling case to pursue a merger authorisation application in the Australian Competition Tribunal. Under the authorisation test, the Tribunal balances public benefits of the proposed Transaction against likely detriments.
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