ASIA & OCEANIA
Bloomberry Enjoys Profitable 2019
Solaire and Jeju Sun operator, Bloomberry Resorts saw its profits increase by 38 per cent in 2019 to reach P9.9bn
Bloomberry Resorts, owner of Solaire Resort & Casino in the Philippines and Jeju Sun Hotel & Casino in South Korea, saw its profits increase by 38 per cent in 2019 to reach P9.9bn. Total GGR at Solaire was P59.8bn, 17 per cent higher than in 2018, driven by higher hold in VIP and strength in the mass gaming segments.
Enrique K. Razon Jr., Bloomberry chair and CEO, said: “I am pleased to report another record year of profits for Bloomberry, with consolidated net profit hitting P9.9 billion, higher by 38 per cent year-on-year. Despite increasing competitive pressure, Solaire maintained its market-leading position and has again proven itself as the premier integrated resort of the Philippines.”
“We are off to a rough start in 2020 as we contend with the tourism impact of an official world health emergency. However, we remain steadfast and aim to demonstrate our resilience by working towards another year of operating
excellence,” he added. “We continue to focus on our next leg of growth as work on Solaire North progresses smoothly. We are on track to complete the project in the second half of 2023.”
In the fourth quarter of 2019, total GGR at Solaire was P14.5bn, nine per cent higher than the GGR recorded for the comparable period in 2018. VIP GGR in the fourth quarter declined by 10 per cent compared to the same quarter in the previous year due to lower volumes and a less favorable VIP win rate. Fourth quarter mass table and EGM GGR recorded increases of 21 per cent and 30 per cent, respectively, compared with the same period in 2018. Mr. Razon added: “Solaire’s strong overall GGR performance in 2019 was due in part to a higher than normal VIP win rate. However, we anticipate that sustainable long-term growth for Bloomberry lies within Solaire’s high-margin mass gaming segment which benefits from a healthy domestic patron database.”
Australia Ainsworth buys poker and VLT manufacturer
Australian slot machine manufacturer Ainsworth Game Technology has bought US-based MTD Gaming for an initial purchase price of US$13m, with an additional US$13m deferred payment payable 'on the successful delivery of financial targets and contract renewals.'
MTD Group is a developer and supplier of Poker, Keno, and video reel content for use in Multi-Game and Video Lottery Terminal (VLT) markets. Its products are currently installed within Montana, Louisiana, and more recently South Dakota. Ainsworth said MTD's products were 'highly complementary' to the 'existing game suit' from Ainsworth.
Ainsworth CEO Lawrence Levy said: “We are delighted to welcome MTD to Ainsworth. Te acquisition marks another positive step in transitioning Ainsworth to growth and improved profitability. MTD’s
unique Poker and Keno games are a great fit with our existing Class II and Class III offerings in the US and follows the global launch of our new A-Star cabinet hardware in February 2020. We expect to drive incremental revenues by offering these proven and highly successful games to customers in our established markets where Ainsworth operates, including California and Nevada."
Ainsworth believes there are opportunities within restrictive gaming and other specific gaming venues in Nevada, California, Arizona and New Mexico. Tese are markets that currently have a combined market size of approximately 42,000 units. Ainsworth posted a net loss of US$2.6m in its first half of the year. Mr. Levy said that the company was 'making progress' in implementing steps–including innovation in game technology and new product development 'to deliver improved results.'
China
Lei Wai Nong, Macau’s Secretary for Economy and Finance, has confirmed there will be no tax breaks for the region’s casino operator in wake of the casino sector’s closure following the coronavirus outbreak. He said: “Te gaming industry has had a good time in the past. In accordance with the current gaming law and regulations, gaming operators have to pay several taxes. Tus tax concession for the gaming industry is related to relevant law amendments. We don’t have this kind of intention at this moment.” SJM Holdings’ Vice- Chairman, Ambrose So Shu Fai had asked for gaming taxes to be reduced following a near 90 per cent downturn in revenues in February. Mr. Lei added: “Once the situations in Macau and cities nearby are stabilised, I believe that tourists will come back soon. Macau will recover soon. Terefore Macau has to do our best in preventive measures for not only our citizens, but also to show tourists that we are safe.”
CHINA –Macau's Gaming Inspection and Coordination Bureau has confirmed that whilst visitation may still be well down for some time, a total of 38 Macau casinos have now re-opened with 46 per cent of the region's baccarat tables now in operation. Macau is receiving around 2,000 daily visitors, a fall of around 98 per cent year-on-year. Currently 3,100 of Macau’s total of 6,739 gaming tables are open following the 15-day closure. Hygiene restrictions include leaving enough space between each table to avoid mass gathering, limiting the number of people allowed to sit at any one gaming table to four and making sure everyone on the casino floor wears a face mask.
The DICJ has so far found 28 violations of those restrictions since the resumption of casinos, including guests gathering, guests not wearing masks and inadequate spacing between tables and seats. JP Morgan analyst DS Kim said: “Business will likely remain extremely slow anyway amidst the restrictions on visas and transportation. Most Chinese players are probably unable or unwilling to travel at this point."
INDIA – Goa Chief Minister Pramod Sawant ordered that all of the state’s casinos be shut down through to the end of March as a measure to prevent the spread of Covid-19. The closure order also applied to all education institutions, gyms, public swimming pools, spas, pubs, clubs, boat cruises, and theaters.
“I urge people to avoid travelling without necessity and not attend or organise large functions and gatherings, including weddings as a preventive measure against coronavirus,” Sawant said.
RUSSIA – The Primorye Territory Development Corporation has confirmed that the second gambling facility in the gambling zone will be opened by May, with the investor currently completing construction work.
The RUB8bn (US$110m) Shambhala facility is by far the fastest developing project in the zone’s territory, according to Primorye Territory Development Corporation, Olga Sun-zhayu. “At the beginning of March, the investor carries out installation and setting up of equipment, as well as installation of internal and external engineering networks. The installation of a gas boiler room, transformer substations, and waste treatment facilities has been completed,” the corporation noted. Inside the building, finishing work on all floors is being carried out. The supply of furniture and finishing materials, equipment (wallpaper, marble, carpets, gambling and stage equipment) has been fully completed, and the assembly and installation of kitchen equipment is in progress.”
NEWSWIRE / INTERACTIVE / MARKET DATA P27
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