The Star Competition to Find New Architect
Te Star Entertainment Group has unveiled an architectural design competition to provide Sydney with another world-class hotel at its Pyrmont property
New development concept will take Te Star’s room inventory to more than 1,000 and bring Te RitzCarlton brand back to Sydney
AUSTRALIA CASINO OPERATIONS
Te Star Entertainment Group has unveiled an architectural design competition to provide Sydney with another world-class hotel at its Pyrmont property.
Te tower project, pending all necessary approvals, would be contained within the existing footprint of Te Star Sydney and include a six-star hotel component to be operated by Te Ritz-Carlton. Te Star Entertainment Group has engaged its partners in the $3bn Queen’s Wharf Brisbane development, Hong Kong- based Chow Tai Fook and Far East Consortium, to joint venture on the Sydney plans.
Te tower would feature more than 220 premium hotel rooms and around 150 residences. Tree leading architectural firms with local and international credentials are contesting the right to create the tower design which, in addition to the hotel and residential components, will include further works to connect the hotel to the existing property. Tis section of the development will feature food and beverage options plus a number of other attractions. Te aim of the design excellence process is to encourage innovation, best practices and the highest standards of build to ensure a truly iconic hotel development that contributes positively and authentically to the overall architectural quality of the city while also achieving environmentally sustainable outcomes.
Odds rise on Japan legalizing casinos after political gains by LDP
Japan
A landslide July election win for Prime Minister Shinzo Abe’s Liberal Democratic Party, the elevation of key gambling proponents in the LDP, division in Abe’s junior coalition partner and a relatively uncrowded parliamentary schedule all increase the likelihood casinos could finally get the nod.
“Tere’s a near 100 percent chance” of the bill being debated in the session ending Nov. 30, said Hiroyuki Hosoda, head of the main pro-casino parliamentary group and one
Te winning architect will be asked to take community views into consideration before a final design is submitted as part of the project’s planning approvals process during FY2017. Te investment in the tower, and the associated works to provide connectivity to the existing property and increase available amenities including food and beverage, will be up to $500m.
Tis is in addition to the $500m worth of upgrades and improvements underway and in planning at Te Star Sydney. Tese include the comprehensive refurbishment of rooms at the Astral Tower and Residences, the opening of the Harvest Buffet restaurant, work on the arrivals area, and upgrading internal spaces, including VIP facilities.
“Tourism, especially from Asia, is a huge, long term growth driver for Australia,” said Matt Bekier, Te Star Entertainment Group Managing Director & CEO. “Sydney needs more quality hotels, and exciting entertainment and hospitality infrastructure to win its share of that growth.
“Our development concept will take Te Star’s room inventory to more than 1,000, bring Te RitzCarlton brand back to Sydney, and add a further 20 food and beverage venues,” he added. “It will allow us to really enhance and increase our contribution to Sydney’s tourism offering.
of three casino proponents recently named to top LDP spots. If the bill makes it to committee, it is virtually assured of success given the LDP’s dominance of both houses of parliament.
Backers say casinos would boost tourism, a success of “Abenomics.” A sharp fall in the yen under easy-money stimulus and relaxed visa rules have led to a flood in visitors, especially from China, since Abe swept to power in December 2012.
Foreign tourists surged to 19.7 million last year from 8.4 million in 2012, but Abe’s target of 40 million a year by 2020 and for doubling the ¥3.5 trillion they spend annually is under threat.
With the yen rebounding over the past year and visitors spending less per person, a second wind for tourism could help Japanese banks, manufacturers, construction firms and travel agencies.
Japan already has gambling aplenty, from pachinko halls — officially tolerated despite a hazy legal status — to government-backed betting on horse, boat and bicycle races. But these pastimes tend to be low-stakes and are not popular with the deep- pocketed foreign visitors.
Te public also is not on board, with opinion polls in recent years indicating casino opponents outnumber supporters by around 65 percent to 30 percent.
MACAU– Having been downbeat about Macau’s casino sector, Deutsche Bank‘s Karen Tang has now predcited an upswing in the market, upgrading Sands China, MGM China and Melco Crown to buy.
She said: “Over the past two weeks, we’ve had extensive interviews with a dozen of casino service staff & premium mass hosts. We learnt that gaming spend per visitor has started to rise, and VIPs are returning as premium mass players. We conclude that Macau is now at the start of a mass- led GGR recovery. Importantly, both base mass and premium mass are growing again. We forecast that Mass GGR growth will accelerate from four per cent year-on-year in the second quarter of 2016 to 10 per cent year-on-year in the second half of 2016 and to 12 per cent year-on-year in 2017. As mass has higher margins, we lift our sector EBITDA by 10 per cent to US$6.6bn for 2017. We prefer mass- focused operators, and upgrade Sands, MGM China & MPEL from Hold to Buy.
She added: “Over the past two years, over 100 small junket operators closed their VIP rooms. This left hundreds of agents and service staff jobless. Some were recruited by casinos as premium mass marketing costs. As cash access via UnionPay remains easy, these new hosts are helping VIPs convert into premium mass. Our proprietary table count confirms the return of premium mass. Proportion of baccarat tables with over HK$2,000 min bet rose from 29 per cent of the mass floor in Dec to 36 per cent by July, with minimum bets rising prominently since July. We believe this player conversion can sustain premium mass growth for the next one to two years years. Each mass market player is spending more. In the second quarter, Macau’s mass gross gaming revenue rose four per cent even though the total number of visitors fell 0.5 per cent.”
MALAYSIA – There's a new Chinese-based political party in Penang and it wants to build a casino in the state. The Penang Front Party (PFP), has announced its intention to contest against the Democratic Action Party DAP in the upcoming 14th General Election. The Penang Front Party (PFP) was formed in 2014, and claims to have 2,000 members and the support of 44 Chinese non-governmental organisations. According to the party's chairman, Lee Poh Kong, the party has intentions to build a casino - only for tourists - in the state if they win enough seats to secure the state administration. "This will generate RM3 billion in income, which would greatly help the state economy," he has been quoted as saying.
The proposal has already been met with fierce criticism from both government and church officials across Penang.
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