ASIA & OCEANIA
Renders of Naga3 Vertical City Revealed
Skidmore, Owings & Merrill has released images of the Nagaworld expansion, claiming it’ll become ‘the most important city landmark for years to come’
Skidmore, Owings & Merrill, the Chicago-based architect behind the design and construction of NagaWorld's Naga3, has released new images of how the US$3.5bn expansion will look, saying it 'will be the most important landmark for the city in the years to come.' Naga3 will see three towers added to the existing casino in the Cambodian capital of Phnom Penh skyline, two 61-storeys and one which at 75 storeys will be the highest in the city. It will bring 800 more gaming tables and 2,500 EGMs to NagaWorld.
A spokesperson for Skidmore, Owings & Merrill said: “Naga3 will be the most important landmark for the city in the years to come.
“Te building is split in three towers, each rising out of a common, porous podium. At the top, the towers are connected once again through an exclusive amenity with unrivalled views of the city and the river. Te uppermost point in the North tower will be a commanding emblem in the skyline, and the highest point in the entire Phnom Penh.”
A spokesperson at NagaWorld added: "It is envisaged that Naga 3 will be a new landmark on the Phnom Penh skyline, the Naga 3 Integrated Entertainment Complex draws on the Group’s commitment to environmental and social responsibility and the rich tradition of Cambodian design. Designed by SOM, the project envisions a Vertical City: a casino and resort that stretches into the sky, taking inspiration from the vibrancy and excitement of city life."
"Tower One, the anchor of the development, will see one hotel stacked atop another. Tis creates a premier hotel property with a unique sky lobby experience in Cambodia. Perched above Tower One is Phnom Penh’s new City Room: a landmark golden lantern of four floors to be used for VIP gaming. Tis glassy special building feature is wrapped in dynamic shading that adjusts its aperture throughout the day to respond to daylighting. It will be like an ever- moving, shimmering icon on the Phnom Penh skyline for years to come."
China Galaxy Group revenues plummet 61 per cent
Galaxy Entertainment Group (GEG) has reported a 61 per cent year-on-year decline in net revenue to HK$5.1bn and 93 per cent fall in Adjusted EBITDA to HK$283m for the three months to 31 March 2020 as border restrictions and the 15-day closure of all Macau casinos in February took their toll.
Publishing the company’s quarterly results mid-May, Galaxy Entertainment Gaming revealed that the situation would have been even worse had it not played lucky, boosting Adjusted EBITDA by around HK$84m from a normalised level of HK$199m, down 95 per cent year-on-year.
Te impact was felt across all industry segments, with net gaming revenue down 63.5 per cent to HK$4.05bn and non- gaming by 59.0 per cent to HK$549m.
Likewise, VIP rolling chip for the quarter fell 66.5 per cent to HK$68.17bn with win down 66.7 per cent to HK$2.48bn, while mass table drop declined 63.3 per cent to HK$11.19bn with win down 61.7 per cent to HK$2.82bn.
EGM volume fell 56.0 per cent to HK$7.2bn with win of HK$231m.
At flagship property Galaxy Macau, net gaming revenue was down 62.4 per cent to HK$3.06bn and Adjusted EBITDA by 89.1 per cent to HK$329m.
StarWorld Macau saw it net gaming revenue fall 66.8 per cent to HK$948m with Adjusted EBITDA falling 89.0 per cent to HK$104m. Meanwhile, mass property Broadway Macau saw its net gaming revenue drop from HK$76m to HK$22m, with Adjusted EBITDA falling to a loss of HK$45m.
China
Paulo Martins Chan will be stepping down from his position as the head of the Gaming Inspection and Coordination Bureau in June, before the end of his tenure, to be replaced on June 10 by Adriano Marques Ho, an advisor to Secretary for Security Wong Sio Chak, according to a report from Macau News Agency. Mr. Chan is expected to return to the Public Prosecutions Office, where he previously served as assistant prosecutor-general.
Ho has been one of the top advisors to the Secretary for Security since 2014, and was previously head of the Judiciary Police’s investigation unit in charge of gaming-related and economic crimes.
He also served as a member of the Tourism Crisis Management Office, and of the Coordinating Committee for Management and Development of Maritime Jurisdiction Areas.
SAIPAN – Imperial Pacific International has been ordered to pay US$5.6m to its former contractor, Pacific Rim Land Development LLC, by the Federal Court for breaching a promissory note.
The civil ruling was handed down on Monday after the District Court for the Northern Mariana Islands issued a partial judgement last week pertaining to the breach and denying a motion by IPI to dismiss Pacific Rim’s lawsuit, the Marianas Variety reported. Pacific Rim had sued IPI for breach of contract after the Saipan casino operator refused to pay for
services at the site of IPI’s Imperial Palace‧Saipan worth US$5.65 million – despite the agreed-upon works being completed on 30 September 2018.
IPI’s defense was based on its claim that Pacific Rim had overstated the cost of completing the works.
“Pacific Rim fraudulently obtained from IPI a promissory note, which is therefore unenforceable,” IPI said, adding that Pacific Rim had also failed to comply with a contractual obligation to enter into mediation over the matter before filing any lawsuits.
AUSTRALIA – Silver Heritage Group announced it entered into voluntary administration May 18. The board of directors appointed Ryan Eagle and Amanda Coneyworth of KPMG as administrators of the company. Silver Heritage said it had been exploring options to generate liquidity even prior to the emergence of COVID-19, with expressions of interest from several parties in respect of possible transactions, it said.
However, the emergence of COVID-19 and the forced temporary closure of its Nepal operations on March 20, 2020 has led to the timing of the consummation of one of the transactions to become “uncertain”.
The company’s main lender, OCP, who had provided additional funds in January to support the company’s short term funding, has also advised it is unwilling to provide any further support to the company, said the company.
“The board of directors regret that these events have come to pass and acknowledge all the group’s employees for their hard work and contribution.”
In May, Silver Heritage said it had initiated cost reduction strategies in order to mitigate the impact of COVID-19, despite recording an uptick in sales revenue as at the end of February 2020.
At the time, Silver Heritage said the closures were expected to have a significant impact on the group’s results in the short to medium term.
NEWSWIRE / INTERACTIVE / MARKET DATA P25
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