ASIA & OCEANIA
NagaCorps’ Angkor Wat Lake of Wonder
NagaCorp has signed two architect firms to develop a non-gaming resort, Angkor Lake of Wonder, on a prime piece of development land
NagaCorp has signed two architect firms; Steelman Partners and Genslera to develop a non-gaming resort called Angkor Lake of Wonder on a prime piece of development land, south of the outer restricted zone of the world- famous Angkor Wat in Siem Reap, Cambodia. Te group sees an opportunity to cross-sell between customers of Angkor Lake of Wonder and its NagaWorld casino in Phnom Penh and will promote them both as the 'twin tourism icons of Cambodia.'
Angkor Lake of Wonder will include hotels, water theme park, indoor hi-tech theme parks, canal, water cruise attractions, meetings, incentives, conferences and exhibitions facilities, cultural attractions, food streets and pubs etc. In terms of acreage, by way of comparison, ALOW has a land area of about 75 hectares (187.5 acres), which is slightly bigger than the combined size of Disneyland (85 acres) and Disney California Adventure (72 acres) in Los Angeles which attracted about 28m visitors yearly before the pandemic.
South Korea
Lotte Tour Development plans Jeju Dream Tower grand opening for December 18
South Korean tourism company Lotte Tour Development Co has confirmed the official grand opening of its new US$1.42bn casino resort, Jeju Dream Tower, will be held on December 18. Guests can now book rooms at the 1,600 suite Grand Hyatt hotel. Jeju Dream Tower is located in downtown Jeju, South Korea. Lotte Tour had initially looked at an October launch but faced delays in getting final approvals.
Lotte Tour Chairman, Ki-Byung Kim, said: “With this completion, Dream Tower’s long-standing dream of becoming the No.1 local company in jobs can be realised.”
Lotte Tour COO Lawrence Teo, who was once in charge of VIP- focused Altira Macau, has previously said: "We want to be the Marina Bay Sands of Jeju. We know what tourists want."
NagaCorp Company Secretary Lam Yi Lin said: “Te vision is to promote Angkor Wat and NagaWorld developments as the twin tourism icons of Cambodia. Being the only world-class integrated resort in close proximity to Angkor Wat, ALOW expects Angkor Wat as the anchor attraction and targets to capture most of the existing five million tourists presently visiting Angkor Wat.
“Te Group believes that ALOW will be the comprehensive, critical mass and attractive facilities in place and expect to attract customers coming for long stay. In Siem Reap, sizable world-class integrated resort in close proximity to Angkor Wat is visibly absent. ALOW shall be the only truly sizable world- class integrated resort upon completion and shall address this shortcoming of Siem Reap, which is currently facing decrease in visitation andlack of quality integrated resorts in the city," he added. "ALOW intends to be a world-class destination resort attracting visitors for multiple days and return visits.”
Australia
Jeju Dream Tower is the tallest building in Jeju standing 38 storeys high with its 1,600 all- suite guest rooms under the Grand Hyatt Jeju brand with panoramic views of the ocean, downtown Jeju and Hallasan Mountain. It also offers a retail mall, 14 restaurants and a foreigner-only casino to be relocated from Lotte Hotel Jeju, pending completion of a Casino Impact Study Assessment. Lotte Tour will relocate its foreigner-only casino licence from the Lotte Hotel Jeju and increase the gaming quota from five gaming tables and 51 machines rise to 150 tables and 300 machines.
Online lottery provider, TMS Global Services, subsidiary of Jumbo Interactive, has signed an agreement with Lotterywest, the Western Australian State Government-owned and operated lottery, to provide its online software platform and services for the next 10 years. “I am pleased that the Lotterywest Agreement has now been signed on time and on terms as anticipated”, said Mr Mike Veverka, CEO of Jumbo. “Tis is a major achievement for Jumbo securing our first government client setting up a solid long- term partnership and providing strategic opportunities for Jumbo”, he said. Jumbo will receive a 9.5 per cent service fee for every customer transaction through a white label platform for the provision of the software platform and associated operation, technical and customer support and development services. Te term is to be a three-year initial term with an option of extension.”
AUSTRALIA – Australian casino giant Crown Resorts has been told to delay opening gaming operations at its Barangaroo casino next month by the NSW Independent Liquor & Gaming Authority in light of ongoing concerns over the company’s suitability to run the casino. The instruction comes a day after Crown pulled the plug on the use of unlicensed junkets to supply VIP players.
ILGA chair Philip Crawford said the Authority resolved at a board meeting that it was not in a position to consider a range of essential regulatory applications on matters such as minimum bet limits, VIP membership policy, gaming area boundaries and “close associates” of the licence holder. “We are hopeful that Crown Resorts will agree to our request to postpone opening of all gaming activities, which would be unable to begin without approval of these regulatory matters,” Mr Crawford said.
“The Authority has found ongoing evidence before the Bergin Inquiry to be extremely concerning, and that any gaming activity at the casino before the Inquiry’s findings are released in February 2021 and considered by the Authority would pose unacceptable risks on the community against the public interest. In light of this, we did not consider it appropriate to determine the applications before the Authority until the findings of the Bergin Inquiry.”
Mr Crawford said ILGA is prepared to work with Crown to explore options that may enable the opening of non-gaming areas including accommodation, restaurants, bars and entertainment areas next month. The inquiry into Crown's dealings by the NSW Independent Liquor and Gaming Authority is drawing to a conclusion with any punishment for the operator to be confirmed in February. Crown is already being investigated by AUSTRAC’s Regulatory Operations branch due to the non-compliance referred to ‘ongoing customer due diligence, and adopting, maintain and complying with an anti-money laundering/counter terrorism financing programme.’
Crown Melbourne’s management of customers identified as high risk and politically exposed persons has been called into question with its links to Alvin Chau, the boss of its junket partner SunCity, a ‘politically-exposed person’ with a ‘substantial’ criminal past being the focus of much of the inquiry.
JP Morgan believes it is 'unlikely' that Crown will lose its operating licence following the delivery of a ruling from a regulatory inquiry into its suitability as a casino operator, however it believes Crown could be hit with a temporary suspension. They also believe Crown will be fined and it will be told to address internal compliance issues.
NEWSWIRE / INTERACTIVE / MARKET DATA P21
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