Wire ASIA & OCEANIA
Genting Malaysia’s Revenues Treble
AUSTRALIA – Crown Resorts has been fined A$80m ($57.4 million) by the Victoria state gambling regulator for enabling illegal transfer of funds from China, ahead of the watchdog’s decision on the casino operator’s $6.3bn Blackstone buyout.
The Victorian Gambling and Casino Control Commission (VGCCC) in its decision said the issue related to illegal conduct between 2012 and 2016 whereby patrons were allowed to use credit or debit cards to access funds to gamble at Crown’s Melbourne casino. This facilitated access to nearly A$164m to the patrons, from which Crown derived an estimated revenue of more than A$32m, the regulator said. The decision came just before regulators in Victoria, New South Wales, and Western Australia – all of whom have found Crown unfit to hold gaming licences at different times – decide on whether to approve the Blackstone deal.
PHILIPPINES - Philippine casino operator Bloomberry Resorts has confirmed it will be using its Solaire Entertainment brand to develop a new ‘world class casino’ at the beach resort of Ternate in Cavite, in the Philippines.
The operator said: “On May 18, Bloomberry Resorts through a newly incorporated subsidiary of Solaire Entertainment entered into an agreement with a group of landowners comprising Boulevard Holdings, Puerto Azul Land, Ternate Development and Mote Sol Development for the purchase of a total of 2,797,768 square meters of land in the Paniman area in Ternate, Cavite to develop the Paniman property into an integrated resort and entertainment complex with a world class casino, hotel, golf course, commercial, residential and mixed use development. This Paniman Project is expected to commence after the Solaire North in Vertis, Quezon City has started its commercial operations.”
AUSTRALIA – The Star Entertainment Group announced that John O’Neill AO has tendered his resignation as Executive Chairman and has stepped down from the Board, with a departure date to be agreed. Mr. O’Neill was appointed to the Executive Chairman role on an interim basis on April 1, 2022 following the resignation on March 28, 2022 of Managing Director and CEO, Matt Bekier. Mr. O’Neill will transition his Chair and executive responsibilities in an orderly manner.
Ben Heap will assume the role of interim Chairman and Geoff Hogg the position of Acting Chief Executive Officer from June 1, 2022 (subject to any regulatory approvals) following the resignation. Mr. O’Neill, Chairman of Star since 2012, is about to take to the stand as part of the public hearings into Star’s suitability to keep its NSW casino licence for The Star Sydney.
P18 WIRE / PULSE / INSIGHT / REPORTS
Genting Malaysia generated revenue in the first quarter 2022 of RM1,721.3m, almost three times the level reported in the first quarter of 2021.
Genting Malaysia generated revenue in 1Q 2022 of RM1,721.3m, almost three times of the level reported in the first quarter of 2021. Te increase in revenue for this quarter was mainly due to higher revenue from the leisure and hospitality business in Malaysia by RM621.0m or more than three times of the level reported in Q1 2021, mainly due to higher business volume from the gaming and non-gaming segments as a result of the easing of travel restrictions during Q1 2022. Revenue for Q1 2021 was impacted by the temporary closure of Resorts World Genting (RWG) for almost one month followed by the re- imposition of travel restrictions across the country caused by the adverse impact of COVID-19 pandemic.
Tere was higher revenue from the leisure and hospitality businesses in the United Kingdom (UK) and Egypt by RM355.1m from RM40.2m to RM395.3m, mainly due to the nationwide lockdown in the UK with effect from early January 2021 as a result of COVID-19 pandemic, where all the land-based casinos and resort operations were temporarily closed during Q1 2021. Te Group’s land-based casinos in the UK have re-opened since mid-May 2021; and higher revenue from the leisure and hospitality
Australia Tabcorp shares plummet 81 per cent
Australian betting operator Tabcorp saw its shares slump by 81 per cent to AU$1.01, following the demerger of its lotteries business, Lottery Corp, which became an AU$10bn company when it floated on the ASX.
Motley Fool Analyst, James Mickleboro, said: “Based on the current Lottery Corporation share price, it has a market capitalisation of approximately $10.24bn, whereas new Tabcorp is valued at $2.2bn. Whether you can call Tabcorp a gaming giant anymore remains to be seen. Its shares are down a massive 81 per cent to 99 cents, with the balance of power seemingly shifting to the ASX 200’s newest member.”
He added: “[Lottery Corp.]
Management highlights that the Lottery Corporation is an omni- channel business with a portfolio of high profile, recognised brands and games, strong digital growth and a retail footprint across ~7,000 retail outlets/venues. Tis makes it one of the largest in the country. Tese businesses continued their solid growth in FY 2021, generating a 14.4 per cent increase in EBITDA. Tis meant that its Lotteries and Keno businesses contributed 55 per cent or $611m of Tabcorp’s total EBITDA during the 12 months.
“Pleasingly, since then, these businesses have continued their positive form. For example, in February, Tabcorp reported a 15.1 per cent increase in Lotteries and Keno EBITDA to $358m.”
businesses in the United States of America (US) and Bahamas by RM101.6m or 40 per cent, mainly due to the strong operating performance from Resorts World New York City (RWNYC) since the full lifting of COVID-19 restrictions in June 2021. In Q1 2021, RWNYC operated with limited operating hours in compliance with a government directive.
Te company said: “Te growth of the global economy is expected to be challenging due to disruptions caused by geopolitical tensions, prolonged supply chain issues and inflationary pressures. Whilst economic recovery in Malaysia is expected to remain intact as the country transitions to the endemic phase of COVID-19, the challenges to the global economic environment could pose downside risks.
“International tourism is expected to continue its gradual recovery although weakening economic sentiments may delay the return of confidence in global travel. Nevertheless, the progressive reopening of borders and continued easing of COVID-19 restrictions will improve optimism surrounding the tourism, leisure and hospitality industries.”
China
Macau operator SJM Holdings has confirmed that it will buy Oceanus from its parent company STDM with a pledge to give the Oceanus gaming area back to the Macau government at the end of the year. It could yet buy back the 13,576sq.m gaming floor from January 1 if it secures a new licence when they are up for renewal at the start of next year
SJM Holdings will buy the property with HK$1.906bn worth of five-year convertible bonds to STDM with an annual interest rate of two per cent. Te Oceanus non-gaming area is said to be worth HK$516m with the gaming area worth HK$1.39bn Tis would take STDM’s share in SJM from the current 54.7 per cent to 58.1 per cent.
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