ASIA & OCEANIA
MGM has opened the Diaoyutai Hotel Hangzhou, a luxury 162-room hotel as the company increases its footprint in China
CHINA CORPORATE NEWS MGM Extends its Brand into Hangzhou
MGM Resorts is growing its brand in China with the opening of the Diaoyutai Hotel Hangzhou via its joint venture, Diaoyutai MGM Hospitality, with Diaoyutai State Guesthouse.
MACAU– SJM Holdings has reported gaming revenue of HK$9,992m for the three months ended 30 September, representing a year-on-year decrease of 11.1 per cent. VIP gaming revenue was down 19.1 per cent to HK$4,403m whilst mass market gaming revenue was down 3.8 per cent to HK$5,317m. Slot machine and Tombola revenue was HK$272m, a decrease of 0.1 per cent from HK$272m. However the group posted a 80.2 per cent profit increase to HKD513m (US$66.2m) due to an impairment loss of HKD250m in last year’s corresponding period.
Revenue at the Group’s flagship Casino Grand Lisboa was HK$3,130m, a decrease of 11.6 per cent from Q3 2015, whilst its Adjusted EBITDA was HK$410m, a decrease of 19.3 per cent. The Group’s gaming revenues accounted for 18.7 per cent of Macau’s casino gaming market during Q3 2016, as compared with 21.3 per cent in Q3 2015.
Dr. Ambrose So, Chief Executive Officer of SJM Holdings Limited, commented, “SJM’s operating margin improved in the third quarter due to stabilising gaming revenue in Macau and the impact of our cost-controlling measures. We are also pleased to note a sequential-quarter increase in SJM’s gaming revenue, led by mass market operations. During the third quarter we completed the renovation of the lobby and hotel rooms at the Grand Lisboa, and the Jai Alai complex is due to reopen around the end of the year. We continue to make substantial progress on construction of the Grand Lisboa Palace, and we are optimistic about SJM’s future and the future of Macau as a world centre of tourism and leisure.”
CHINA – Macau casino operator Galaxy Entertainment Group reported a 28 per cent increase in third-quarter net profit, as its investment in non-gaming projects helped attract visitors. Profit for the quarter ended September came in at HK$2.7bn ($348.13m) marking its best performance in two years. Revenue increased by five per cent to HK$12.9bn. Gross Gaming Revenue increased by just one per cent year-on-year to HKD53.4bn in Q3 2016 but hotel occupancy across the group’s portfolio was 98 per cent or higher.
Dr. Lui Che Woo, Chairman of GEG said: “We believe that the market trend towards mass has continued with total mass GGR now exceeding VIP GGR. Total visitor arrivals in Q3 this year grew marginally by 0.1 per cent year-on-year to 8.1m and the average length of stay of visitors grew by 0.1 day year-on-year to 1.3 days. Importantly in Q3 2016 overnight visitors grew by nine per cent to 4.2m due most likely to the opening of additional hotel rooms. Overnight visitors typically spend more on high margin non-gaming services.”
P26 NEWSWIRE / INTERACTIVE /
247.COM Vietnam
Synot Group opens second Vietnam casino Czech-based SYNOT Group has successfully continued its operations in the Asian market having opened its second casino in Vietnam, in the province of Nha Trang. Te ceremonial opening in November was attended by business group director SYNOT, Miroslav Valenta ml. "We have opened a luxury casino in Nha Trang, equipped with our latest gaming technology - the video lottery terminals brand, SYNOT VLT system and roulette," stated Mr. Valenta, adding that the plan is to cooperate in the marketplace with other local casinos.
SYNOT’s first casino opened in Vietnam at the end of last year in the province of Nghe An, and in addition to building its gaming presence in the country, Synot is also interested in expanding its investments in tourism, just as it has done in numerous markets in which the company currently operates. Mr. Valenta explained: "We are pleased with our expansion in the Asian marketplace, for which we have long strived, it has been very successful and we look forward to continuing our growth. In the future, we would like to expand our focus to include additional countries in the East Asian region.”
Te Diaoyutai Hotel Hangzhou is a 162-room luxury hotel owned by Oceanwide Holdings, the prominent Chinese enterprise, located in Zhejiang, east China.
Te grand opening ceremony for the Hotel was attended by Ambassador Zhang Junsai, Director General of Diaoyutai State Guesthouse; Jim Murren, Chairman and CEO of MGM Resorts International; Bill Hornbuckle, President of MGM Resorts International and Bill Scott, who is Executive Director and General Manager of Diaoyutai MGM Hospitality.
Ambassador Zhang said: “We are very pleased to announce the opening of the Diaoyutai Hotel Hangzhou, which adds to our cooperation with MGM Resorts. We are excited about both the Hotel and the growth of Diaoyutai MGM.”
Jim Murren said: “We are thrilled to participate
in the Diaoyutai Hangzhou, and we look forward to opening the Bellagio by MGM Shanghai and Diaoyutai Frankfurt through Diaoyutai MGM next year. Te joint venture shows great promise and reflects our strong relationship.”
Bill Scott said, “Diaoyutai MGM is committed to building high quality, luxury international hotels and residences under all of our brands, and we believe that the Diaoyutai Hotel Hangzhou is an important achievement that will help us grow our company.”
Diaoyutai MGM Hospitality is a unique joint venture between Diaoyutai State Guesthouse of China, the Chinese Government’s highest standard service venue for hosting foreign heads of state visiting China, and MGM Resorts International, the top global luxury hotel group. Te company is committed to combining the brand advantages of its parent companies to create unique luxury hotel, residence, retail and entertainment experiences. Our mission is to create innovative and welcoming experiences for our customers and guests.
China
Sands has reported that adjusted property EBITDA in Macau increased 15.3 per cent to $628.5m in the third quarter with the new Parisian Macao casino contributing just over $19m of adjusted property EBITDA since opening on September 13. GGR for Sands China increased 3.6 per cent to $1.72bn in the third quarter of 2016, compared to $1.66bn in the third quarter of 2015. Marina Bay Sands generated revenue of $762.6m and adjusted property EBITDA of $390.7m. Marina Bay Sands in Singapore continues to attract visitors from across the region to Singapore. Consistent mass win-per- day of $4.8m and strength in non-gaming revenues, including a 10.4 per cent increase in RevPAR, and higher win percentage in the rolling gaming segment contributed to an adjusted property EBITDA performance of $390.7m, up 0.3 per cent compared to the same quarter last year.
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