Hong Kong Racing Breaks Prize Record ASIA & OCEANIA
Hong Kong racing will offer prize money of HK$1.4bn for the 2020/21 season, including Group 1 LONGINES Hong Kong Sprint and BMW Hong Kong Derby
Te Hong Kong Jockey Club continues to increase its purse to reward owners and ensure its elite races are attractive to overseas competitors
HONG KONG HORSE RACING
NEW ZEALAND – New Zealand casino operator SkyCity Entertainment has raised NZ$230m in new equity to strengthen its balance sheet and aid its ‘recovery from the impacts of COVID-19.’
The new equity will comprise a NZ$180m fully underwritten placement to institutional and other selected investors plus a share purchase plan for its existing shareholders in Australia and New Zealand to raise another NZ$50m.
The operator, whose casinos reopened on May 14 following a seven-week closure, has already been given covenant waivers from its lenders. It expects its Adelaide casino to reopen by the end of June.
SkyCity Chairman Rob Campbell said: “Over the past few months, SkyCity has faced challenges which have impacted the business and operations, particularly the disruption caused by COVID-19. Despite encouraging trading since reopening in New Zealand, the outlook remains uncertain as we adjust to new social and economic settings. Accordingly, the SkyCity board has resolved to increase liquidity and to provide additional financial flexibility for the business to protect against the prospect of a slower or more protracted recovery from the impacts of COVID-19.
“The equity raising will ensure that SkyCity remains appropriately capitalised and provides certainty to allow for the delivery of the strategic plan for the business,” he added.
JAPAN – If the Japanese city of Osaka wins one of the three Integrated Resort casino licences it won’t be ready to open it until at least 2027-28. Officials in Osaka want to build a casino on the artificial island of Yumeshima in Osaka Bay. Osaka Mayor, Ichiro Matsui, blamed the coronavirus pandemic for the two year delay. The government had hoped to be fully operational by start of the 2025 World Expo. The pandemic delayed meetings between Osaka’s candidate consortium, MGM Resorts Japan and Orix.
Mayor Matsui said: “I have received a message from the operator asking for a short extension. The investment capacity of the operator has taken a blow, and we will consider this when we are determining an opening time. I can foresee an overall delay of between one and two years.”
Both Genting Singapore and Galaxy Entertainment have pulled out of the race to and a casino IR licence in Osaka, leaving MGM Resorts and its local partner Orix in sole position if the Osaka Prefectural Government is awarded a licence. Las Vegas Sands, Melco Resorts & Entertainment and Wynn Resorts have all previously left the Osaka race to focus on potential projects in Yokohama instead.
P24 NEWSWIRE / INTERACTIVE / MARKET DATA
Hong Kong racing will offer record prize money of HK$1.4bn (£143.5m) for the 2020/21 season, with the Group 1 LONGINES Hong Kong Sprint and BMW Hong Kong Derby featuring prominently among the Hong Kong Jockey Club’s upward adjustments.
Te LONGINES Hong Kong Sprint (6f) will regain its position as the world’s most richly- endowed Group 1 turf sprint with a value this year of HK$22m (£2.2m), an increase of HK$2m(£205,000). Five other Group 1 races – Centenary Sprint Cup (6f), Stewards’ Cup (1m), Queen’s Silver Jubilee Cup (7f), Hong Kong Gold Cup (1m2f) and Champions & Chater Cup (1m4f) – will receive HK$2m (£205,000) increases, taking their value to HK$12m (£1.2m).
Te historic BMW Hong Kong Derby is Hong Kong’s most important domestic contest and will be worth HK$24 million (£2.4m), a HK$4 million (£400,000) increase on the 2020 renewal. Te 1m2f contest is a key race each year, being a vital springboard for the next crop of Hong Kong’s stars, and regains its position as the second-richest Derby in the world, behind only Japan’s equivalent and ahead of the Kentucky Derby, the UAE Derby and the
New Coast Hotel Manila applies to host its own casino
Philipinnes
Hong-Kong listed International Entertainment Corporation wants to transform an existing hotel in Manila into an Integrated Resort casino.
Te existing development is believed to be the New Coast Hotel Manila, located in the heart of Malate business district.
Dr. Choi Chiu Fai Stanley, Chairman of International Entertainment Corporation, said: “Marina Square Properties, an indirect wholly- owned subsidiary of the company in the Philippines, intends to apply for a provisional license from the Philippine Amusement and Gaming Corporation
original Derby at Epsom. Te Hong Kong Derby is the final leg in the three-race Four-Year-Old Classic Series and the Club has also taken the decision to up prize money for first two legs: the Hong Kong Classic Mile and Hong Kong Classic Cup will both be worth HK$12m (£1.2m) in 2021, an increase of HK$2m (£200,000) to each race.
Andrew Harding, Executive Director, Racing, at the Hong Kong Jockey Club said: “Hong Kong racing is among the best in the world and part of what makes it such a competitive sports environment is the excellent prize money available from Class 5 right up to Group 1.
“Despite the issues associated with the COVID- 19 pandemic and the uncertainty in world economies, we will continue our successful strategy of recent years to increase purse levels as necessary in order to reward and encourage our owners and to ensure Hong Kong’s elite races are attractive to overseas competitors. Tis approach has been a core element in Hong Kong being able to maintain its position as a world leader in providing quality horseracing and has enabled us to achieve between 20 and 26 horses in the World’s Best Racehorse Rankings for each of the past seven years.”
(PAGCOR), the regulatory and licensing authority for gaming and gambling in the Philippines, in order to expand and upgrade the current hotel premises, facilities and services by the establishment and operation of a casino and the development of an integrated resort in the City of Manila, Philippines.
“MSPI is required to obtain a no objection letter and a resolution issued by the government of the City of Manila posing that there is no objection for MSPI’s intention on the development of the Integrated Resort in the City of Manila.
“Te Board is pleased to announce that on 10 June 2020, MSPI submitted a written request to the government of the City of Manila for its approval to issue the Letter of No Objection and the City Council Resolution to MSPI.”
India
Te director of Casino Pride Goa, one of Goa’s largest floating casinos, wants a three year tax holiday and a six-month waiver on interest charges approved by the government, to allow the casino sector a chance of survival following the coronavirus pandemic. All of Goa’s casinos, including its six floating casinos on the Mandovi River, have been shuttered since March 15 with no news yet regarding their reopening. In a letter to the Goa government, Shrinivas Naik, Director of Casino Pride Goa, said: “In order to reduce overall cost of operation and increase funds for disposal in the hands of the industry, the government should provide tax holidays … for at least three years beginning from FY2020-21. Te government should allow the industry to pay minimum sustenance allowance to its employees during lockdown period and post lockdown period of six months.”
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