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ASIA & OCEANIA


PHILIPPINES – Chinese company Shanghai Jucheng Supply Management Group has said it will spend $100m on building an integrated casino resort within the Cagayan Special Economic Zone and Freeport in the Philippines.


The announcement comes despite Philippines’ President Rodrigo Duterte stating there would be no new casinos under his leadership. Despite this statement, the Cagayan Economic Zone Authority has signed a memorandum of understanding with Jucheng Group, located in Santa Ana, Luzon’s most northern town in Cagayan province.


A spokesperson for Shanghai Jucheng Supply Management Group said: “We intend to invest at least US$100m in comprehensive holiday development projects in the Cagayan Special Economic Zone and the Free Trade Port Area of the Philippines, including township establishment and infrastructure, logistics, port and airport operations, duty-free shops, hotels and finance.”


Cagayan Economic Zone Authority administrator and Chief Executive Raul Lambino said the inspiration for the project was to create a Jeju Island-esque project. “This is one of the few unspoiled spots in the country that will cater to the sun worshipper, the nature lover and the adventurer,” said Mr. Lambino. “Over the next few years, the Chinese group will pour in investments estimated at US$100m to develop this rarely explored corner off the Northern Pacific Ocean that is part of the sprawling [CEZA] territory. They want to add more value to our natural resources in a more sustainable way while also protecting our environment.”


MALAYSIA – Brokerage firm Nomura has slammed the Malaysian government’s decision to increase taxation for its only casino Resorts World by ten per cent, double what the market was expecting. It said the increase would ‘diminish the investment appeal of the gaming sector.’


“Given Genting Malaysia’s share price correction of nine per cent since the beginning of October, we believe the market has already more than factored- in the bear case scenario of a 5-percentage point increase in gaming tax,” said Nomura. “We predict a MYR600m to MYR700m (US$144m to US$168m) impact on Genting Malaysia EBITDA and net income for fiscal years 2019 and 2020, which would offset a big chunk of the earnings growth expected from Genting’s capital expenditure into new capacity over the past five years.”


Genting Malaysia has committed to spending MYR10.5bn on revamping Resorts World Genting as part of its 10-year Integrated Tourism Plan.


P30 NEWSWIRE / INTERACTIVE / MARKET DATA


Imperial Pacific Denies Bankruptcy Rumour


Imperial Pacific, operator of Imperial Pacific Resort in Saipan, has said it is not going into bankruptcy and will take legal action to end the speculation


Imperial Pacific, operator of Imperial Pacific Resort in Saipan, has said it is not going into bankruptcy and will take legal action to end the rumours.


In a statement, Imperial Pacific underlined: “Te rumour of the bankruptcy proceeding is completely false. Tis rumour is circulating on social media about a senior executive of IPI, and the financial status of the company.


Te rumour is completely baseless and untrue. If in fact IPI had or will be initiating bankruptcy proceedings, an announcement with the Hong Kong Stock Exchange would have been made. Legal action will be taken against the original online source spreading slanderous fake news.”


Imperial Pacific Resort, perched on the water front of downtown Garapan, operates 193


Osaka needs a casino to help fund World Expo 2025


Japan


Officials in Osaka have gone public on the need for an Integrated Casino Resort to help fund the cost of hosting World Expo 2025 which have been pitched at about JPY125bn (US$1.1bn).


Te reward would be a casino on the man-made site called Yumeshima or Dream island in the Japanese city of Osaka, a large port city and commercial centre on the Japanese island of Honshu. Te local government will fund 33 per cent of the total of the total cost and wants a casino group to fund another third as any casino would be built at the same location. Te casino group might also have to fund costs for a subway link to from Yumeshima Island to the city at an estimated cost of


gaming tables and 365 slot machines.


Te rumours of its impending bankruptcy came following its announcement that it would be looking to raise HKD300m (US$38.3m) from a bond placement. It said the proceeds of the sale would be used ‘for general corporate purposes.’


In August the embattled casino operator was given another extension to complete the initial phase of its casino resort until February 28, 2021. Tere had also been rumours concerning the salaries of workers not being paid due to ‘transfer issues.’


Last month former executive Mark Brown said he would ‘return from retirement’ as the ‘interim chairman’ of the company. In August it announced that profits had fallen 91.3 per cent in the first six months of the year.


US$641m. Eleven international casino operators are believed to be interested in developing an Integrated Resort in Osaka according to prefectural records. Melco Resorts has its sights firmly set on Osaka and has sponsored several events and donated money to a natural disaster preparation cause. Last year, Lawrence Ho, the owner of Melco Resorts went public saying he’d prefer to build a casino in Osaka rather than Tokyo.


Ako Shiraogawa, President of Melco Japan, said: “We will make the necessary investments. Even if severe conditions are imposed and the world’s strictest regulations are put in place. We will do in Japan what we have done since our very first day, build with local partners, invest in extraordinary world-first architecture and design, create sophisticated entertainment experiences.” Caesars and MGM have both registered their interest.


Japan


Casinos Austria International has put itself forward as a participant in the race for one of the three initial Japanese casino licences, becoming the 17th international casino group to join the race and the second European operator.


Te company made the somewhat unexpected announcement at a press conference held at the Austrian Embassy in Tokyo on November 5. Te operator said it had already set up its Japanese division and had employed Akio Hayashi to be Prseident of its Japan business. Te announcement included messages of support from Austrian Prime Minister Sebastian Kurz and Minister of the Economy Margarete Schramböck. CAI Japan President Hayashi said: “With Japan’s safe and secure medical treatment, I think we can create the world’s first IR facility that includes a medical mall.”


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