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Paradise City Opens in South Korea ASIA & OCEANIA


South Korean casino operator Paradise Co and Japan’s pachinko specialist Sega Sammy have now cut the ribbon on Paradise City, the first integrated resort in Northeast Asia, which has opened at Yeongjong Island


Paradise City opens in South Korea amid Chinese travel ban as concerns over North Korea’s missile threats escalate


SOUTH KOREA CASINO OPERATIONS


CHINA –March surpassed expectation for Macau’s casino revenue, which increased 18 per cent from a year ago, and represented Macau’s best month aside from holiday months for two years.


March GGR came in at MOP21.2bn (US$2.65 bn) marking the biggest year on year gain since February 2014 when there was a 40 per cent increase to the record ever monthly revenue of MOP38bn.


The figures have been driven by the return of VIP gamblers. JP Morgan believes the VIP segment grew 27 per cent last month and 19 per cent in February, outstripping mass growth of 10 per cent and 16 per cent respectively. A breakdown of the results will be available later in the month.


Analysts Carlo Santarelli and Danny Valoy stated: “The second quarter has been softer than the first quarter over the last three years from an absolute dollar GGR perspective. We expect the negative delta to narrow in 2017 and are projecting just a four per cent sequential slowdown.”


AUSTRALIA – SIS and Tabcorp have welcomed a strong start to their UK greyhound partnership. Tabcorp’s racing media arm, Sky Racing commenced broadcasting pictures across Australia from UK stadia in February after striking a deal with SIS, for the supply of UK greyhound racing live pictures and data.


Despite only a soft launch, the meetings have proved popular with the Australian market, with Tabcorp pleased with the turnover generated by the racing product.


Brett Gorman, General Manager of International at Tabcorp, said: “Early indications show our customers have welcomed the new greyhound racing product from the UK. Although most of the coverage so far has been late at night or early morning, the feedback we have received has been very positive.”


SIS currently broadcast two race meetings a day to Australia using Tabcorp’s extensive global communications network. The picture and data feeds are augmented with Tabcorp’s own local, in- house commentary for the Australian audience, and pictures are broadcast from late night through to the early hours of the morning.


SIS acquired the rights to stream BAGS greyhound racing to international customers in 2015. The deal allows SIS to provide coverage from 20 UK tracks featuring almost 30,000 races each year and operates in mainland Europe and South Africa.


P30 NEWSWIRE / INTERACTIVE / 247.COM


South Korean casino operator Paradise Co and Japan’s pachinko specialist Sega Sammy have now cut the ribbon on Paradise City, the first integrated resort in Northeast Asia, which has opened at Yeongjong Island close to Incheon International Airport in South Korea.


Te foreigner-only casino has debuted with 154 game tables, 281 slot machines and 62 electronic gaming terminals. Its opening comes at a difficult time with China, which accounted for just under half of South Korea’s 17.2m foreign visitors last year, imposing a travel ban on its citizens travelling to Korea in groups although individuals will still be able to travel. Tat political fallout has followed the positioning of a US-supplied missile system on South Korean soil, put in place to counter North Korea’s missiles. Known as Terminal High Altitude Area Defence (THAAD), its timing could not have been worse for the casino’s debut.


Paradise Co, which operates another five foreigner-only casinos in South Korea, said of the travel ban: “Tere are concerns about the Chinese market but we don’t expect the missile issue to continue in the long term.” Paradise Group Chairman Chun Phil-lip said the plan was to attract tourists from other parts of Asia.


Mr Chun said: “Tensions over THAAD will not be eased in the short term. We are approaching this matter with a conservative perspective. We have been heavily relying on China but we will look at new markets, such as Japan and Southeast Asian countries, Vietnam, Tailand, Indonesia, Malaysia and Hong Kong.


He added: "Most of our customers individually visit Korea, so they are actually not influenced by the travel ban of the Chinese government. But we will deal with the issue in a conservative way, and we hope more Chinese customers return to Korea during next year's PyeongChang Winter Olympics. We are considering cooperating with the Korean Olympic Committee to accommodate VIPs who visit Korea during the Winter Games. We want to show the Korean wave to foreigners and let them know Korea also has an integrated resort."


Te 330,000sq.m resort is believed to have cost upwards of US$1.1bn and includes a Y-shaped hotel with 711 rooms, a casino, an exhibition hall and one of Korea's largest grand ballrooms. It has been named as an ‘art-tainment resort’ with over 2,700 art pieces. Te aim is for the resort to become the top landmark attraction in South Korea attracting 1.5m tourists a year.


Hong Kong


Synot opens its third casino in Vietnamese city of Can Tho


Vietnam


Synot has continued its expansion within the Asian market opening its the third casino in Vietnam in Can To city. Te casino is located in a five star hotel and is exclusively equipped with gaming machines from the Synot brand, placing approximately 50 video terminals and roulettes.


Te grand casino opening last month was attended by 250 guests. Synot Group wants to continue in its successful business in this region, focusing on Cambodia and other Southeast Asian countries.


Synot Group employs 3,000 employees and operates on almost every continent, in approximately 20 countries all around the world. Its business activities are spread throughout in Europe, Africa, America, Australia and most recently in Asia.


Te CEO of Macau’s Jimei Group, Jack Lam, has sold his majority stake in the Hong Kong holding company Jimei International Entertainment to Cosmic Leader Holdings, which has acquired 65 per cent of the company. Te deal follows accusations that Mr. Lam tried to bribe PAGCOR chief Andrea Domingo which led to an arrest warrant being issued by Philippines President, Rodrigo Duerte. Te HK$443m deal sees Cosmic Leader Holdings raise their interest in Jimei to almost 74 per cent. Notably, the offer price of HK$1.20 per share represents an 82 per cent discount with Lam’s stake down from around 80 to just under 15 per cent. Cosmic Leader Holdings is 80 per cent owned by Yan Xu – a Chinese property developer – and 20 per cent owned by Chen Hong, a telecomms specialist.


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