NagaCorp Eyes 2017 Opening for Naga2 ASIA & OCEANIA
NagaCorp, the operator of the only casino in Cambodia’s capital Phnom Penh, has confirmed it will open its new casino, Naga2, next year
Phase 2 of NagaCorp’s NagaWorld casino complex is set to open in 2017 with 200 gaming tables and up to 1,000 slots
CAMBODIA CASINO OPERATIONS
MACAU– Wynn Palace has been allocated just 100 new tables, down from the 400 it had requested. Wynn confirmed it would transfer 250 tables from its current resort in Macau to boost the property, but all the tables will have to operate at a mass gaming level. Macau’s Secretary for Economy and Finance Lionel Leong said that 50 more will be allocated over the next two years. The $4.2bn property will be able to operate 1,145 slot machines.
Wynn China stated it was ‘satisfied’ with the decision despite it being far fewer than the 250 tables Galaxy Entertainment and Melco Crown received for their new Macau projects last year. Union Gaming analyst Grant Govertsen said that even though operators can transfer tables from other properties to boost the allocation, the government’s ‘mass-only’ stance shows it is getting tough on the VIP sector.
VIETNAM– Vietnam is closing in on legalising sportsbetting on international football matches as well as horse and dog racing. Internet betting will not be allowed though. Deputy Prime Minister Vuong Dinh Hue wants the Ministry of Finance to include suggestions put forward by the Standing Committee of the country’s National Assembly into the new rules. Interested betting companies would need to apply for a five-year license.
SOUTH KOREA – Korean casino Kangwon Land has said it is against the opening of a casino, potentially by Las Vegas Sands, in the Saemangeum region in North Jeolla Province, allowing South Koreans players to gamble, marking the first time it has officially passed comment on a new casino project.
Currently Kangwon Land is the only casino in the country allowing locals to play. Legislators from the opposition People's Party want to rewrite laws to allow for the casino in the Saemangeum region. Rep. Kim Kwan-young of the People's Party said:"Some lawmakers are working on a revision bill for the creation of an integrated casino resort, like Marina Bay Sands in Singapore that allows access to Koreans. Should a casino be open to locals, Marina Bay Sands said it would invest up to 10tn won, almost US$9bn in the casino construction. In addition, it will produce 30,000 new jobs."
Kangwon Land stated: “The Kangwon Land Casino was inevitable for the livelihood of more than 300,000 people in the region who lost their jobs as a result of the government-led restructuring of the mining industry. Although the Saemangeum Project is drifting now, a casino in the region cannot be justified in that it entails huge detrimental and intangible effects and the original purpose of the project is farmland supply.”
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With the existing NagaWorld complex reaching full capacity on a regular basis, NagaCorp decided to develop Naga2, costing US$369m, which will be situated a stone's throw away from the current premises with 1,000 rooms. Te company broke ground on Naga2 in November 2012. Te confirmation of an opening in 2017 came as the Cambodian operator announced that net profit had increased by 24 per cent to US$125.2m in the first half of 2016, due to an improvement in the local economy and an increase in visitors.
NagaWorld, which houses 296 gaming tables and 1,662 EGMs, achieved Mass Market growth of 17 per cent on the tables and increase an 18 per cent increase in EGM bills-in. Tim McNally, Chairman of NagaCorp, said: “Te business volume growth is attributable to visitor growth to the property and successful operational efficiencies implemented in 2015 that continued to provide convenience for players at the gaming tables and EGM. Te implementation of table buy-ins for all Public Floor Tables in 2015 continued to drive incremental growth in business volumes. In addition, the group’s collaboration with Chinese outbound travel agents and an independent airline operator to
bring Chinese visitors into Cambodia contributed positively to visitor growth of the property. In January 2016, the independent airline operator commenced thrice weekly scheduled flights from the Chinese cities of Changsha and Xian to Cambodia.”
Naga2 contains two components; the NagaCity Walk with approximately 13,248 square metres of retail and public space, and the TSCLK Complex which features approximately 1,000 hotel rooms, 38 luxury VIP suites, a multipurpose-entertainment/theatre with a seating capacity of approximately 2,100 and the new casino. Located right next to NagaWorld, NagaCity Walk offers duty-free shopping operated by China Duty Free Group as its anchor tenant. It is expected that the opening of NagaCity Walk will draw more visitation from China to NagaWorld which further strengthens NagaWorld’s position as a leading integrated gaming and entertainment destination in the Mekong region. Mr. McNally added: “We aspire to further penetrate the regional gaming markets of both the VIP Market and Mass Market, by offering attractive commercial terms to junket operators and agents as a result of NagaWorld’s low cost structure.”
believed the casinos only had permission to provide gamblers with token coins. Casino gaming is actually illegal according to the 1899 Burma Gambling Act.
Myanmar could enforce token play at casinos in the country
Myanmar
Two casinos in Myanmar could be forced to revert to token play rather than real money as the new government looks to better interpret and enforce regulation. Te government believes that both casinos have breached the 1899 Burma Gambling Act and is monitoring activity at Victoria Entertainment Resort on Treasure and the Grand Andaman Resort which is situated on the Tahtay Island.
Regional Chief Minister DawLaeLae Maw saying she
Te two casinos were introduced as pilot schemes by the then military government to boost tourism in the 1990s. Tey have targeted players from Tailand, which in recent years has seen more than 200 Tais a day visit the casinos.
Te Chief Minister has stressed that she does not want to close the two casinos or take them to court, but wants to make sure they adhere to the regulations laid out in the gambling act.
She said government was in discussion with both operators to thrash out a solution. U KyawLwin, the owner of Grand Andaman Resort said “When we bought the resort in 2015, we were given a 50-year licence to operate.”
South Korea
South Korean operator Grand Korea Leisure enjoyed a 38.1 per cent year-on-year increase in net income to KRW25.6bn (US$23.1m) in the second quarter of 2016.
Te company, which operates Seven Luck Casino, with branches in Seoul Gangnam, Millennium Seoul Hilton and Busan Lotte, reported that revenue for the period was up 5.4 per cent to KRW 129bn. Operating income increased 44.8 per cent compared to last year reaching KRW 31.4bn.
Te swing in results were benefitted from coming from a low-base last year when operations were hit by an outbreak of Middle East respiratory syndrome along with the Chinese government’s austerity measures. Te operator believes growth in casino revenues will be stable going forward.
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