Work to Start on Mactan Leisure City
Sino America Gaming Investment Group, Macau Resources Group and Calata Corp will begin construction of Mactan Leisure City, Mactan Island in Cebu
Mactan Island in Cebu, is an island province of the Philippines located in the Central Visayas region, with the casino proposed for the north of the island
PHILIPPINES CASINO OPERATIONS
Sino America Gaming Investment Group, Macau Resources Group and Calata Corp will begin construction of Mactan Leisure City in January 2017. Te P65bn Mactan Leisure City will have three hotels, including a seven-star hotel; a casino and entertainment complex; commercial, retail and conference facilities; and a yacht club.
Te plan is to open the venue in the northern part of Mactan island by mid 2020.
Te collaboration said in a filing to the Philippine Stock Exchange: “Subject to the issuance of construction permits and Tourism Infrastructure and Enterprise Zone Authority approval, site works on the Mactan Leisure City is targeted to begin this January 2017. A license is expected to be secured by the end of 2017. Te gaming license for the casino and entertainment complex shall be subject to compliance with PAGCOR policy, for which the company will be placed to meet these explicit requirements at the date of submission.”
Te companies have already been given ‘letters of no objection and support’ from the governor of Cebu and the mayor of Lapu-lapu City, as is needed for casino projects outside of
Australia
Australian operator Star Entertainment Te Star Entertainment Group reported full-year net profit up 15 per cent as it benefited from an increase number of Asian VIPs. Te Star’s net profit for the year to June 30 increased by 14.9 per cent to A$194.4m, reflecting good growth across its domestic gaming business, particularly Te Star in Sydney. Overall revenue was up six per cent to A$2.27bn whilst revenue from its International VIP segment increased by seven per cent to a record A$49.5bn for the year.
Te operator is in the process of adding more hotel rooms and improving gaming facilities at Te Star in Sydney and Jupiters on the Gold Coast, as it looks to attract more tourists from Asia. Te Star Sydney saw revenue increase in FY2016, with good volume growth across all lines of business offsetting the impact of disruption from capital works.
Entertainment City in Parañaque , meaning complete application will be lodged with PAGCOR by October 2017.
Sino and Macau Group will initially invest around P836.1m. Te investment group from the United States and the gaming operator incorporated in the British Virgin Islands will invest P234m through Calata and the remaining P602.1m directly to the corporate vehicle 51 per cent owned by the Philippine-listed firm.
Te filing added: “Te formed corporation shall initially be used to acquire various real property which shall then be leased to developers and third parties. It is intended that this corporation shall eventually be transformed into a REIT. Te parties intend to have the corporation formed on or before the month of September.
Tereafter, the parties shall pursue the corporation’s transformation into a REIT and execute such plan at the soonest practicable time.”
It added that the project will ‘generate tens of thousands of employment opportunities’ with annual GGR of about P55.74bn.
strategy and comes after a settlement was agreed with his sister Gretal over a debt he owed.
Former Chairman reduces share in Crown by five per cent
Australia
Crown Resorts’ Former Chairman James Packer has offloaded A$448m shares in the Australian casino group, lessening his ownership from 53 to 48 per cent.
Te sale comes via Mr Packer’s privately owned company, Consolidated Press Holdings, and relates to about 4.8 per cent of Crown, which has been snapped by third party investors.
Consolidated Press said the sale was part of a financing
Catherine Davis, Secretary of Consolidated Press Holdings and legal counsel for the company, said: “CPH remains deeply committed to Crown Resorts and is excited about the future for the company. Te sale is being conducted as part of CPH’s financing and capital management strategy. CPH remains supportive of Crown Resorts’ recently announced initiatives to increase shareholder value, being the new dividend policy, proposed demerger and continued evaluation of a potential REIT.”
In May Mr. Packer stepped down as co-chairman of Macau operator Melco Crown Entertainment with Crown Resorts selling part of its stake to Macau partner Melco International for $US800m.
CAMBODIA – Donaco International, operator of the Aristo International Hotel in Vietnam and the Star Vegas Resort in Cambodia, has seen its net profit reach A$77.2m (US$58.2m) for the year to June 30, turning around a loss of A$9m the year before.
Revenue, which came in at A$143.4m, was boosted by the A$360m acquisition of Star Vegas in Poipet, Cambodia, in July 2015 with these results the first to include a full year for the venue. Joey Lim Keong Yew, Donaco’s Managing Director, said: “We are pleased to have delivered a strong operational result from both of our gaming assets, with a major part of our earnings this year coming from Star Vegas, which contributed A$120m in revenue and A$87m in underlying EBITDA.”
Star Vegas generated revenue of THB3bn (US$87.3m) for the full year, showing an increase of 15.8 per cent compared to the previous year.
Aristo International generated GGR of RMB58.7m (US$8.8m) marking an improvement of 16.2 per cent.
Mr Lim added: “Our business is also producing strong cash flow, generating A$48.7m of cash flow from operations and demonstrating our ability to convert EBITDA into cash flow. Our excellent financial performance has enabled us to announce our intention to pay a maiden dividend of 1 Australian cent per share, whilst maintaining our strong capital position and healthy balance sheet.”
Overall, Donaco is performing in line with analyst’s expectations at group level on a normalised basis, driven by strong performance from both the Star Vegas Resort and Club and Aristo International Hotel assets.
The company said it was considering expanding the gaming business at Star Vegas into the adjoining Star Paradise property.
“There is significant demand from new Thai junkets, who cannot be accommodated in the existing property, due to long-standing arrangements with existing contracted junket operators,” it explained.
“The upgrading of the Star Paradise property, and construction of a new gaming hall, is being undertaken by Donaco’s Thai partner, at no cost to the Company. Due to a construction delay, the new gaming hall is now expected to be completed after June 2016. Discussions are still ongoing as to the business model most suitable to all parties, including pure gaming management arrangements, or leasing the entire facility. Negotiations are expected to be completed during the December 2016 half.”
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