Wire ASIA & OCEANIA
MGM China Falls Seven per cent from Q2
MGM China recorded total revenue of HK$2.2bn, down by seven per cent from Q2. Adjusted EBITDA was HK$101m, down by 13 per cent.
MGM China recorded total revenue of approximately HK$2.2bn, down by seven per cent from the second quarter. Adjusted EBITDA was approximately HK$101m, down by 13 per cent sequentially.
Overall occupancy rate was 50.9 per cent, compared to 65.5 per cent in the previous quarter for the three months and nine months ended September 30, 2021. Te Macau market saw a sequential decline materially on gross gaming revenue (GGR) during the third quarter of the year, reflecting the impact from the COVID-19 pandemic outbreak in Mainland China and Macau in August and September. Tird quarter’s market-wide GGR was down 26 per cent quarter-to-quarter to MOP18.8bn, 26 per cent of 19Q4 pre-pandemic levels, due to tight traffic controls and frequent border disruptions. Visitations in 21Q3 also fell 17 per cent sequentially.
During the period, MGM China outperformed the market with marketshare growth at approximately 13.8 per cent in the third quarter, from 11.2 per cent in the previous quarter. Daily GGR in the third quarter was 38 per cent of 19Q4 pre-pandemic levels, compared to the Macau
market’s 26 per cent. Meanwhile, MGM COTAI recorded revenue of approximately HK$1bn and narrowed loss to negative adjusted EBITDA of approximately HK$26m. Occupancy was 41.8 per cent compared to 56.6 per cent in the previous quarter. Te Group maintained a healthy financial position. Te Group had total liquidity of approximately HK$13.4bn, comprised of cash and cash equivalent and undrawn revolver.
During the period, MGM COTAI is preparing to launch the Emerald Villa (pictured). Every villa is a treasure chest filled with art pieces and cultural elements, where modern aesthetics meets traditional Chinese heritage, echoing to MGM COTAI’s stacked Chinese jewelry box exterior design.
Te 28 suites, ranging from 128 to 371sq.m, increase upscale suite inventory and complement the room product portfolio to accommodate different guest types. Merging tradition, creativity and technology into an eclectically harmonious space, the Emerald Villa is specially catered to stay on top of the latest market trends and appeal to the new generation of family travel.
ASIA Openbox Gaming opens gateway to Asia
A new iGaming supplier is set to give operators access to some of Asia’s most successful casino games. Openbox Gaming, the Malta-based content distributor and facilitator, has the exclusive rights to more than 200 casino style games.
Te products, which include table and traditional board games, slots and Asian Poker, are currently played by more than a million daily users on thousands of sites, and are popular in Vietnam, Tailand, Indonesia and Japan.
Openbox Gaming is also offering slot studios in Europe the opportunity to showcase their products with the same brands.
CEO Richard Hogg is confident
the new company will be popular among operators and providers, looking to distribute their games in Asia.
“Openbox Gaming is the bridge between Asia and Europe and we have a real opportunity to finally much needed conduit between those two markets. Not only have we got access to a huge amount of highly succesful Asian content, we can just as easily reverse the flow to ensure European studios can make the most of their products beyond their traditional markets,” commented Mr. Hogg.
“I have every confidence that the company will be able to meet the aspirations of a whole host of operator and suppliers in the coming months.”
Asia
TLCBet has renewed its ongoing partnership with Spanish La Liga football club Sevilla FC as its Official Asia Betting Partner. Te collaboration cements Sevilla’s long-held commitment to a strategic plan of internationalisation, with a special emphasis on the Asia- facing market, where the TLCBet brand has carved out a progressive profile for fan engagement, thanks to its acquisition and retention rates.
Te six-time Europa League champions will gain access to more exclusive content, offers and experiences from the operator throughout current and future campaigns, as both entities bid to foster deeper engagement with consumers across established and emerging Asia markets.
AUSTRALIA – Crown Resorts announced that it has received an unsolicited and non-binding proposal from a company on behalf of funds managed and advised by Blackstone and its affiliates to acquire all of the shares in Crown by way of a scheme of arrangement at a price of A$12.50 cash per share.
The offer price will be reduced by the value of any dividends or distributions declared or paid by Crown. The proposal follows previous acquisition proposals made by Blackstone of A$11.85 cash per share as announced to the ASX on March 22 and A$12.35 cash per share as announced to the ASX on May 10.
Blackstone will also need to receive final approval from its investment committees. Blackstone has stated that it has received the preliminary support of the global investment committees and Singapore investment committee of Blackstone.
Blackstone will also need a unanimous Crown Board recommendation and a commitment from all Crown directors to vote in favour of the proposal (in the absence of a superior proposal and subject to an independent expert concluding that the proposed transaction is in the best interests of Crown shareholders.
Blackstone has stated that it is prepared to proceed with the proposed transaction upon Blackstone receiving final confirmation of suitability from the regulators, even if the Perth Royal Commission remains ongoing, Crown’s consultation process with the NSW Independent Liquor & Gaming Authority, the legislation to implement the recommendations of the Victorian Royal Commission is yet to be finalised or passed, or the current AUSTRAC investigations are not completed.
However, the consequences or outcomes of these processes may impact the proposed transaction.
JAPAN – The mayor of Kuwana City in Japan’s Mie Prefecture, Narutaka Ito, is asking the prefecture to investigate and research whether it would be possible to attract an IR given the potential financial benefits.
He decided to push his claim after a change in governor in the prefecture. Katsuyuki Ichimi, a former senior official at the Japanese transport ministry, was elected in September.
The chances of success of any newcomers to the IR bidding process at this late stage are remote. The three candidate cities have all chosen their operator partners and are working on their development plans to present to the central government in Tokyo next year.
WIRE / PULSE / INSIGHT / REPORTS P23
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