Wire ASIA & OCEANIA
Melco head to Sri Lanka with City of Dreams
Melco is taking its City of Dreams brand to Sri Lanka as part of a US$1bn-plus integrated casino resort development in central Colombo.
Melco Resorts & Entertainment is partnering with John Keells Holdings, the largest listed conglomerate on the Colombo Stock Exchange, to take its City of Dreams casino brand to Sri Lanka as part of a US$1bn-plus integrated casino resort development in central Colombo.
As part of the partnership, the integrated resort, which had previously been branded Cinnamon Life Integrated Resort, will be rebranded as City of Dreams Sri Lanka. City of Dreams Sri Lanka will be the first integrated resort in Sri Lanka and South Asia and is expected to revolutionise luxury hospitality, entertainment, and leisure in Sri Lanka, presenting an extraordinary architecture and design and a collection of offerings including 800 hotel rooms, retail, food & beverage outlets, MICE facilities, and much more.
Additionally, a wholly-owned local subsidiary of Melco has been awarded a 20-year casino licence by the Government of Sri Lanka. Melco will fit-out and operate the gaming area at City of Dreams Sri Lanka, and Melco will manage the top 5 floors of the hotel under its Nuwa brand of
Laos
Macau Legend Development, owner of Macau Fisherman’s Wharf and Legend Palace, has announced the sale of its Savan Legend casino in Laos for US$45m and is in discussion with the Cape Verde government who wants to take back the licence for the yet-to-be- developed licence there.
Macau Legend Development Chairman, Executive Director and Chief Executive Officer, Li Chu Kwan, said: “Upon completion, the Group no longer has any interest in the target company and the target company ceased to be accounted as a subsidiary of the Group.”
Cape Verde’s Deputy Prime Minister, Olavo Correia, has set a two-month window to reach an amicable solution with Macau Legend over the stalled Cape Verde casino resort.
ultra high-end luxury rooms, which represents 113 of the 800 total hotel rooms at City of Dreams Sri Lanka.
Melco and John Keells have agreed all key commercial arrangements and expect fit-out of the casino area to begin shortly. Te estimated initial investment in the casino is expected to be approximately US$125 million. Te non-gaming facilities of the integrated resort, including the 687 key Cinnamon Life hotel managed by John Keells, is in the final stages of completion and is expected to commence operations in the third quarter of 2024, while we expect to commence casino operations in mid-2025. Tere is potential for further expansion of the gaming facilities, subject to performance and market conditions.
Mr. Lawrence Ho, Chairman and Chief Executive Officer of Melco, said, “We are thrilled to be part of this landmark development in Sri Lanka and to be in partnership with John Keells. We believe Sri Lanka has immense potential and this opportunity complements our existing portfolio of properties.
Macau Sands celebrates 20 years of Sands Macao
Sands Macao celebrated its 20th anniversary with a ceremony at the hotel and entertainment complex’s outdoor fountain, marking two decades since its 2004 opening ushered in a period of monumental growth for Sands China and for Macao.
Sands Macao records millions of visits annually, after having paved the way for its sister properties across the water on the Cotai Strip – Te Venetian Macao, Te Plaza Macao, Te Londoner Macao, and Te Parisian Macao – which connect to form an integrated resort city housed under one roof, attracting visitors from around the world.
Speaking at the ceremony, Dr. Wilfred Wong, executive vice chairman of Sands China Ltd., said: “With our extensive presence in Macao spanning over two
decades, Sands China takes immense pride in bearing witness to and actively participating in the flourishing development of this remarkable city.
“Together, we script an indelible chapter in history. Te grand inauguration of Sands Macao in 2004 served as the pivotal moment in Macao’s illustrious era of tourism. Drawing inspiration from the triumphant integrated resort model of Las Vegas, we subsequently embarked on a transformative journey that reshaped the Cotai skyline, effectively materialising the visionary aspirations of our esteemed founder, Mr. Sheldon G. Adelson. Sands Macao is unequivocally where it all began.
Together, Sands China’s five properties have recorded over 950 million visits since 2004.
NEW ZEALAND – Having agreed an AU$67m financial penalty with AUSTRAC for AML breaches at its Adelaide casino just days prior, New Zealand- based casino group SkyCity Entertainment has agreed to pay $2.5m to New Zealand’s Department of Internal Affairs (DIA) for similar failings. As part of the settlement agreed to by both parties, SkyCity has admitted to all five causes of action in DIA’s statement of claim. SkyCity has also agreed to pay a penalty for the breaches.
The parties will now recommend to the High Court that the proceedings can move to a penalty hearing, where a penalty amount will be determined. Between September 2022 and December 2023, DIA conducted a review of SkyCity’s AML/CFT compliance, which found it breached its obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.
The breached obligations related to its AML/CFT risk assessment, establishing, implementing and maintaining an AML/CFT compliance programme, the monitoring of accounts and transactions, conducting compliant enhanced customer due diligence, and terminating existing business relationships when required. These failures spanned between February 2018 and March 2023. There was no evidence to suggest that SkyCity was directly involved in money laundering or the financing of terrorism.
“This agreement is an impactful outcome,” said Mike Stone, Director AML/CFT Group DIA. “We have achieved our desired result without the extended duration and cost of court proceedings. While we consider these regulatory breaches to be serious, we are pleased that SkyCity was able to admit to the breaches and acknowledged responsibility for what were significant failings.”
THE PHILIPPINES - The Philippine gaming sector posted record revenues for the first three months of the year, increasing by 18 per cent to US$1.42bn driven by an explosion in its electronic games sector. The Philippine Amusement and Gaming Corp. highlighted that the country’s E-Games segment contributed US$391m. Licensed casinos generated the most at US$864m, down by 8.2 per cent. PAGCOR’s Casino Filipino fell to US$89.2m whilst bingo fell 21.5 per cent to US$83.6m.
PAGCOR Chairman and CEO, Alejandro H. Tengco, said: “The E-Games revenue performance continues to exceed our projections, and this reflects how gaming technology and the proliferation of mobile devices is influencing not only our daily lives but our entertainment choices as well. With the way technology is constantly shaping our lives and the way we do business... the future of gaming clearly lies in this sector.”
WIRE / PULSE / INSIGHT / REPORTS P21
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