Stars Takes Full Ownership of BetEasy ASIA & OCEANIA
Te Stars Group has agreed with the minority shareholders of BetEasy to acquire the remaining 20 per cent interest in the company for A$151m
As part of this agreement, Te Stars Group also agreed to pay A$100m to settle the acquisition of the initial 80 per cent interest
AUSTRALIA SPORTS BETTING
AUSTRALIA – Having had 10 expressions of interest from international casino groups, the Queensland Government has suspended its tender process for a resort casino in order to give the city’s sole casino group chance to ‘put up or shut up.’
Tourism Industry Development Minister Kate Jones said: "We will enter negotiations with Star and they can put up or shut up about their development .The Star has said it wants to make a multi-billion dollar investment into the Gold Coast and a second integrated resort is not needed to attract more international tourists.”
"We will suspend the current global tourism hub process to fast track negotiations with The Star so they can put their best food forward and we can assess what their true offer is for the Gold Coast," she added. “We expect that in the next 10 days The Star will come back to government with a clear indication of what their plans will be. They have said they believe they can deliver a global tourism hub on the Gold Coast and that is what we have to assess.”
Ms Jones added: “The Star have been very clear if we were to enter an exclusive agreement then they would want an exclusive contract. We have the endorsement from the Gold Coast to move forward with a multi-billion dollar investment in tourism infrastructure and we will sit down with Star first out of respect for their significant investment in the community.
“Throughout this process, the incumbent company here, Star, have said they believe they are best placed to deliver an additional AU$2bn of infrastructure which will be a game changer. We have decided we will approach Star to exclusively deal with them so they can provide detail of their offer. The government will examine this offer and make a decision.” The Star has offered to fund the expansion of the Gold Coast Convention and Exhibition Centre and invest in its existing property in exchange for exclusivity as the city's only casino.
A spokesperson for the Star commented: "If we are given the green light, we can move quickly to commence projects that will deliver thousands of construction and operational jobs and opportunities for Queensland suppliers. If rolled out in full, The Star will be able to showcase more than $9bn worth of tourism investments and infrastructure across South East Queensland.
"The Star Gold Coast masterplan and the Queen's Wharf Brisbane project will together create the opportunity to disperse increased numbers of tourists to other regions of Queensland as well."
P36 NEWSWIRE / INTERACTIVE / MARKET DATA
Te Stars Group has agreed with the minority shareholders of BetEasy, its Australian-based sports betting business, to acquire the remaining 20 per cent interest in the company for A$151m. As part of this agreement, Te Stars Group also agreed to pay A$100m to settle the previously disclosed performance payment under the agreements for its 2018 acquisition of the initial 80 per cent interest.
"I'm delighted to reach this agreement for our BetEasy business," said Rafi Ashkenazi, Chief Executive Officer of Te Stars Group. “Te launch of BetEasy through our acquisitions of CrownBet and William Hill Australia in 2018 created one of the leading operators in Australia and increased our exposure to a high-growth regulated market. Matt Tripp's entrepreneurial spirit and vision has guided BetEasy since he founded the business and we are glad he will oversee the transition as non-executive President,” concluded Mr Ashkenazi.
In addition to the acquisition of the remaining interest, Te Stars Group will settle the performance, or earn-out, payment to the minority shareholders for AUD$100m. Te performance payment, which could have reached AUD$232m, was subject to certain performance conditions primarily related to BetEasy's EBITDA.
Te Stars Group will repay AUD$56.9m of outstanding BetEasy minority shareholder loans. Matt Tripp, BetEasy's CEO, will provide ongoing leadership as the non-executive President of BetEasy beginning January 1, 2020, with Andrew Menz, who previously served as BetEasy's Director of Strategy & Regulatory Affairs, as his successor in the CEO role. Mr Menz was previously the Legal and Corporate Affairs Director of Betfair Australia and was at the forefront of the establishment of Responsible Wagering Australia, a key group for Australia's online wagering industry.
China
VIP drives Philippine casino revenue up by one-fifth
Philippines
Tird quarter gaming revenues boomed by 21 per cent in the Philippines with gaming regulator PAGCOR confirming that reached a record Php55.34bn in the three months to September 30.
Te majority of this came from Manila’s Entertainment City IRs, namely Solaire, Okada Manila and City of Dreams Manila, with revenues up 23.5 per cent to Php42.19bn there. Te four casinos in Entertainment City operate 1,576 tables and 9,362 electronic gaming machines accounting for 66.3 per cent of the tables and 44.2 per cent of the electronic gaming
machines in the Philippine casino sector. A fifth casino, Westside City Resorts, is being built by Suncity, Travellers and MegaWorld and is expected to open by the end of 2022.
GGR at casinos in the Clark Freeport and Special Economic Zone, an area two hours north of manila, spanning the city of Angeles and the provinces of Pampanga and Tarlac, was up 55.8 per cent to Php3.31bn. Casinos there include D’Heights, Midori, Royce, Widus, Mimosa Pagcor and Fortunegate Casino at Hotel Stotsenberg.
Te nation’s licensed casinos, made up from all those in Entertainment City and Ckark, reported a huge increase in VIP revenue which was up 50.4 per cent to Php12.43bn whilst mass was up 15.5 per cent.
Dynam Japan Holdings has installed three models of its video slot machines jointly developed with its business partner Weike Gaming Technology, at Legend Palace Casino operated by Macau Legend Development.
Te games include titles such as Fortune Frogs, from the Pachinko Series and Double Frogs, from the Half Chance Series. Kohei Sato, Chairman of the Board, said: "Te company is promoting the package of Pachinko Bonus Series incorporating the pachinko game concept to target the mass market and extend playing time. Te Half Chance Series has an exciting game concept where players have to determine Win or No Win in a short time with one reel/one line play. Moving forward, through the partnership with Weike, the company intends to continue developing the successors to these models and other various models winning the hearts of users, enhancing the recognition of those models to exploit the mass market in the Macau casino industry."
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