Wire ASIA & OCEANIA
Five IR Casinos approved in Thailand
AUSTRALIA – Aquis Entertainment has completed the sale of Casino Canberra to Iris CC Holdings for AU$60.5m. A further AU$2.5m is being held in escrow to be released to Aquis nine months from completion, subject to no warranty claims being issued.
Aquis outgoing director and CEO Allison Gallaugher will continue as CEO of Casino Canberra after stepping down from her position as Director and CEO of Aquis. The board of Aquis has been considering the use of funds from the sale and the future of Aquis as a listed entity. It expects to be in a position to make a decision, and advise shareholders, in respect of these matters by the end of January 2023.
HONG KONG - Chinese New Year Raceday at Sha Tin has generated the highest level of betting turnover since 1997, with over 80,000 punters in attendance contributing to a total of HK$2,060m (approximately £214m).
With an overall attendance of 84,394, the highest since COVID restrictions began in 2020, turnover was notably up on the £176.2m bet at the corresponding Chinese New Year fixture in 2022.
AUSTRALIA – Casino tax arrangements will be reformed by the New South Wales Government to help fund vital services and raise an additional $364m over the next three years. The proposed increases are anticipated to commence on 1 July 2023 and include tax rates on what the casinos earn from gaming tables and poker machines.
Treasurer Matt Kean said the changes will support the State’s fiscal sustainability as it continues to invest in communities recovering from the unprecedented impacts of COVID-19, bushfires and floods. The updated poker machine rate will bring NSW into line with Victoria, following recent reforms to casino taxation arrangements announced in the 2022-23 Victorian Budget.
Casinos have bemoaned the fact that there has been no consultation from the NSW Government on this matter. No other details have been made available in relation to the potential reforms including as to how the taxes would be levied or applied.
PHILIPPINES - Gaming regulator PAGCOR has rejected calls to abolish the Philippine Offshore Gaming Operators (POGO) industry. The agency issued an official statement in response to claims made during a Senate hearing on Monday that it had failed to take adequate action against delinquent POGOs. The hearing also saw PAGCOR accused of hiring an unlicensed company to audit the revenues and tax payments of POGO.
P36 WIRE / PULSE / INSIGHT / REPORTS
A report proposing five resort style casinos in Tailand within two to three years has been approved by the House of Respresentatives.
A special House Committee report proposing that five resort style casinos should be opened in Tailand within two to three years has been approved by the House of Representatives. With a vote count of 310 votes to nine, the House has now asked for a more detailed break down of the economic effects that Integrated Resort casinos would bring to the country.
Te report recommends that entertainment complexes should be built with no more than five per cent of the floor space dedicated to gaming in up to five locations with Bangkok, Pattaya, Rayong, Phuket, Krabi, and Phang Nga all suggested as ideal locations.
Pichet Chuamuangphan, the second vice- chairman of the committee, said that an initial casino in the Greater Bangkok area, along with gaming floors in seaside southern regions could generate at least $11bn in taxes if tax was set at 30 per cent.
He said: “We’re focused on attracting foreigners to step up tourism and draw more money out of their pockets. Tis will also stem the outflow of money from Tai gamblers and help the
government collect hefty taxes for our economic
security.Providing multiple activities will avoid the creation of gambling dens and broaden the appeal of the tourism industry,” he added.
Whilst Tailand’s Gambling Act of 1935 bans most forms of gambling it contains a provision allowing the government to issue decrees or licenses for certain gaming activities and venues.
Committee member Pakornwut Udompipatsakul of the Move Forward Party (MFP) said: “A decision on the casino- entertainment complex project is likely to be made by the next government. It can’t happen within two or three years and most importantly public hearings and even a referendum among locals must be organised.”
Te IR’s will include five-star hotels, shopping malls, beauty and spa parlours, amusement parks, zoos, and sports stadiums. Entry to casinos would be open to foreigners and locals of 21 years and above. although the latter would need to show that they held at least US$15,000 in their accounts for the previous six months.
China Macau Legends pulls plug on VIP junkets
Macau Legend has confirmed it has pulled the plug on the operation of VIP junkets at satellite casinos via its Hong Hock subsidiary and its partnership with and SJM Resorts, at Casino Babylon and Casino Legend Palace. However, the company has signed a deal to continue operating Legend Palace for the next three years via a service agreement with Macau concessionaire SJM Resorts S.A.
A deal has been signed for the ‘provision of services in selling, promotion, advertising, customer development and introduction, coordination of activities and other related services to SJM for the operation of casinos to be operated under SJM’s gaming concession as agreed by SJM for a term of three years.
China
Macau’s Chief Executive Ho Iat Seng has confirmed that the government believes its 2023 gross gaming revenue forecast of MOP$130bn (US$16bn) will prove accurate.
Under the VIE Structure, the Group, through Hong Hock, had indirectly participated in the gaming promotion business . It will now have a greater control over the management and marketing of the gaming promotion activity of New Legend in the VIP rooms in the casinos located in its properties.
Macau Legend Chairman, Chief Executive Officer and Executive Director, Li Chu Kwan, cited the ‘significant impact’ on the VIP gaming promotion business for the decision.
Mr Ho said: “Tis year’s budget states that gross gaming revenue is MOP$130bn, and the average monthly gross gaming revenue need to be more than MOP$10bn. Te government will not revise this forecast for the time being and hopes that all sectors of the community will work hard to achieve this figure.”
Te revenue prediction was made in November before the lifting of travel restrictions and is the same government prediction as made in each of the past two years, despite GGR falling short in both 2021 and 2022.
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