MGM to Delay Cotai Opening ASIA & OCEANIA
MGM Resorts has confirmed it is delaying the opening of its casino on Macau’s Cotai strip until 2017 in the hope market conditions will substantively improve
Te US$2.6bn MGM Cotai project has already seen its opening delayed from early 2016 until the autumn, before pushing back further into 2017
MACAU– Melco Crown is stepping up its security system to prevent banned individuals from entering its Macau properties City of Dreams and Studio City properties from entering.
This is the first time a Macau casino has installed such specialised facial recognition technology created by Cognitec for security measures. In 2015, crimes related to gaming increased by 38 per cent with over 1,500 such crimes recorded in Macau last year.
The operator has opted for Cognitec’s FaceVACS- VideoScan to strengthen physical security by alerting security staff in real time about banned persons entering the premises.
Cognitec supported the large-scale design and implementation efforts on site, resulting in multiple efficient system installations that now successfully prevent losses and criminal activities.
Stephen Meltz, Managing Director Asia Pacific at Cognitec, said: “Championed by David Mackay, SVP of Asset Protection, Melco Crown’s security team welcomed Cognitec’s technical specialists to work determinedly toward the completion of these projects. We are proud to deliver the first system of its kind in the casino market.”
Cognitec’s software solution uses advanced face recognition technology to detect people’s faces in live video streams and compare them to databases of banned persons. Security staff receive real-time alerts and can deny entrance to the detected individual.
AUSTRALIA – Despite a ‘freakish’ run of luck by six Asian VIP players, Australian operator Star Entertainment has just delivered a 26 per cent increase in its first-half normalised net profit to A$142m due to strong domestic growth.
The Star revealed that an six high-rollers, betting big on baccarat, brought chaos to the group’s performance, stripping away almost $80m in profit over the six month period..
The Star’s target win rate of 1.43 per cent plummeted to just 0.88 per cent in the first half of the year.
Chief Executive of The Star, Matt Bekier said: “It was a freakish result. It was about six individuals who accounted for most of that loss. They were high rolling, big risk taking individuals who happened to have a lucky run here. They are all individuals who are well known to us, who have been coming here for many years, and normally we are ahead, but this time they ended up ahead.”
The Star expects the high-rollers to return to the baccarat tables.
P32 NEWSWIRE / INTERACTIVE /
247.COM
Tabcorp’s NSW Keno Licence to be extended to 2050
Australia
Tabcorp Holdings has been issued with new a NSW Keno Licence extending approval to operate the exclusive NSW Keno business until 2050.
Keno is a random number game played every three minutes and offers customers the chance to win instant prizes and life-changing jackpots. Keno is available in over 1,800 NSW Clubs and
MACAU CASINO OPERATIONS
MGM Resorts is to delay the opening of its casino on Macau’s Cotai strip until 2017. MGM stated: “Te company has made the strategic decision to move the opening of its MGM COTAI development towards the end of the first quarter of 2017 based on current market conditions and the timing of other resort openings in the area. We believe the extra time will allow us to further fine-tune our offerings in an evolving marketplace, ensure that we are being as efficient as possible, and ultimately come out with a spectacular end-product offering unique MGM experiences to the market.
“We believe this is the right decision for a healthy launch and long term success of MGM Coati. Te construction budget remains at HK$24bn.” It added: “As a Macau-based business, MGM believes our long term success depends on our commitment to the whole community. Approximately 80 per cent of our team members are local and we have focused training and development programs for our local team members. Meanwhile our volunteer team gave over 5,800 hours of community service in 2015, a record for our company.”
Te Cotai Project will have 1,600 hotel rooms, 2,500 slot machines, and up to 500 gaming tables with a budget of approximately HK$20bn, excluding land cost and capitalised interest. Over 85 per cent gross floor area will be
given over to non-gaming offerings, including restaurant, retail and entertainment attractions. Macau has suffered 20 consecutive months of year-over-year decline.
During the last year, MGM China recorded total revenue of HK$17.2bn, a decrease of 33 per cent from a year ago, compared with 34 per cent decline in the broader Macau market and 38 per cent decline for Peninsula market. MGM’s market share remained stable despite opening of new properties in Macau.
Main floor gaming accounted for 81 per cent of profit in the fourth quarter. Te group continues to see stabilisation in the mass market. Mass gross gaming revenue in Macau has been showing improvement for two consecutive quarters. For the Group, main floor table games win in the fourth quarter was up 12 per cent sequentially, while VIP table games win was down 22 per cent.
Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: “MGM is committed to grow our presence in Macau and share these opportunities with our community. With MGM COTAI opening in 2017, we will bring added and new MGM experiences to the market, helping to develop Macau as a world tourism destination.” MGM’s first casino in Macau opened in 2007 at a cost of $1.25bn.
Hotels and last year alone made nine players instant millionaires.
Tabcorp operates Keno in NSW under a management agreement with Club Keno Holdings, which is a joint holder of the licence. Te new licence offers enhancements to the current game, including digital play in-venue, subject to approvals. Tabcorp will make a payment of $25m to the NSW Government in 2H FY16. An annual fee of $3m will start one year after licence commencement, increasing to $4.5m in 2022, thereafter indexed at 2.5 per cent for the licence term. Te extension adds longevity to Tabcorp’s portfolio of Keno Licences, with the Victorian licence expiring in 2022, Queensland in 2047 and ACT in 2064.
Macau
A role reversal on recent years has seen results in Las Vegas improving whilst those from Macau decreased for Wynn Resorts, who reported fourth- quarter profit of $87.2, from revenues of $946.9m. Te revenue, declined from the $1,138m set in Q4 of 2014 and was the result of a 27 per cent net revenue decrease from our Macau operations, partially offset by a 3.8 per cent increase in net revenues from Wynn’s Las Vegas operations. Macau still generated the lion’s share of revenue with net revenues of $555.7m for Wynn. VIP table games turnover was $13bn for Q4, a 36.9 per cent decrease from $20.7bn in Q4 of 2014. VIP tables decreased to 192 units in Q4 of 2015 from 244 units in the prior year’s fourth quarter.
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