Wire ASIA & OCEANIA
Star Entertainment Net loss of A$74m Star Sydney has recorded strong revenue growth upon re-opening, while Star
Entertainment posted a net loss of A$74m, down from a profit of A$64.2 last year.
Star confirmed Queen’s Wharf Brisbane is anticipated to open progressively from mid CY2023. 64 per cent of the gross floor area has been built out to date.
AUSTRALIA LAND-BASED
SINGAPORE – Genting Singapore posted a significant 49 per cent decline in net profit to $95.1m in the second half of 2021, due to a decrease in visitation, an increase in COVID-19 community cases and the recent emergence of the Omicron variant. The group confirmed plans to invest $400m on expanding several non-gaming attractions at the resort.
A series of enhanced safe management measures, such as the reduction in group size for social gathering and prohibition of dining-in at food and beverage establishments, were introduced to contain the spread of the virus. These had a profound negative impact on operating capacity and visitor arrivals.
For the full year ended 31 December 2021, Genting Singapore‘s revenue and adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) improved marginally as compared to the previous year the company continued to grapple with the pressure and limitations on its operations arising from the COVID-19 pandemic.
The operator said: “We are appreciative of the Singapore Government’s support measures, including the Jobs Support Scheme and the $100 SingapoRediscovers vouchers that partially mitigated the negative impact of the COVID-19 pandemic on the Group’s financial performance. During the financial year, the Group acquired leasehold land for the expansion of its Singapore integrated resort, which resulted in an increase in non-current assets. The acquisition has been included in the purchases of property, plant and equipment amounting to $942m in the Group’s Statement of Cash Flows for the financial year ended 31 December 2021.
“Whilst the COVID-19 pandemic has severely impacted the business of the Group, there are signs that allow us a sense of optimism for the travel and tourism industry. We are hopeful that with further relaxation of Singapore’s COVID-19 related regulations and gradual resumption of mutual vaccinated travel lanes (VTLs), more travellers will return to Singapore in 2022. However, such tourism flow is expected to be mostly small groups of FIT (Free Independent Traveller) leisure and business travellers.”
“As we anticipate a gradual return of visitors from our traditional markets over the next two years, we remain resilient and continue to harness opportunities to refresh and build new visitor offerings to emerge stronger from the pandemic for the return of visitors to pre-COVID levels. With this in mind, we are moving forward with our reinvestment and expansion plans at Resorts World Sentosa (RWS). “
P24 WIRE / PULSE / INSIGHT / REPORTS
With the Star Sydney recording strong revenue growth upon re-opening on October 11 2021 with revenue up 29 per cent, Australian casino group, Te Star Entertainment, managed to post a net loss of A$74m, down from a profit of A$64.2 a year earlier.
Chairman John O’Neill said: “Te Group continued executing its strategy well in the context of the extraordinary COVID-19 related challenges. Te fundamental earnings prospects for Te Star’s domestic business remain attractive. Tey are underpinned by valuable long-term licences in compelling locations while the transformation of our properties into globally competitive integrated resorts is nearing completion.
“Te Star remains committed to maintaining a balance sheet that positions the Group for the post COVID-19 recovery. Te Board has not declared an interim dividend for 1H FY2022 given the continuing impacts of COVID-19 on the business and, consistent with the December 2021 covenant waiver, cash dividends cannot be paid until gearing is below 2.5 times.”
Rivalry licensed for sports betting in Northern Territory
Australia
Rivalry Corp. has been approved for a sports bookmaker licence by the Northern Territory Racing Commission pursuant to the Racing and Betting Act 1983 (NT), which allows the company to legally operate throughout the whole of the country. Australia is Rivalry’s first fully regulated market, representing a key milestone in the company’s growth strategy.
“Expansion into regulated markets across the globe is a key part of our growth strategy, and we couldn’t be more thrilled to officially receive our licence for Australia,” said Steven Salz, Co-Founder and CEO of Rivalry. “We believe the country’s sport and gaming
In Sydney, earnings were significantly impacted by the property shutdown and COVID-19 related operating restrictions
Te casino generated strong domestic revenues on re-opening, up 28 per cent on pcp from 11 October 2021, and approaching pre-COVID levels in November/December with strong improvement in mass revenues. Non-gaming revenue up 46.5 per cent on pcp from 11 October 2021. On the Gold coast, domestic revenue was up six per cent on pcp with non-gaming revenue up 35 per cent despite the shutdowns and more onerous operating restrictions as compared to the prior period. In Brisbane, domestic revenue was down 11 per cent, impacted by the shutdowns and more onerous COVID-19 related operating restrictions as compared to the prior period.
Managing Director and Chief Executive Officer, Matt Bekier, said: “Comprehensive actions to mitigate the impact of COVID-19 were implemented, safeguarding staff and customers. Te properties reacted effectively to the many changes to operating conditions throughout the period.”
culture is a great fit for our brand and look forward to connecting with existing fans of Rivalry, and creating many new ones.
“Te approval of the NTRC also demonstrates that we are capable of meeting what are undoubtedly some of the world’s highest regulatory standards.”
Rivalry is among the first entrants in Australia to focus on esports betting and the younger demographic. Te company intends to invest in building its brand and acquiring customers through an expanded toolkit of marketing initiatives that have not been available in its existing markets.
Australia is the first regulated market in which Rivalry has obtained a licence. Te company has operated in multiple international markets since 2018 through its Isle of Man licence.
Australia
Lottoland Australia has been awarded a 20-year licence by the Victoria State Government to provide keno games services online and in retail settings in Victoria. Te licence is effective from 15 April 2022 and is the first dual licence to be awarded by any Australian state. Lottoland will launch KenoGo in the coming months. Nigel Birrell, CEO of Lottoland, said: “We are thrilled to have been granted a Keno licence by the Victoria State Government and look forward to launching KenoGo in 2022. I would like to personally thank the Minister for Gaming and Liquor Regulation, Melissa Horne, and the Victorian State Government for awarding the first dual licence in Australia. Most importantly, this license means that consumers in Victoria will be able to enjoy Keno online on their smartphone or computer for the first time ever, with new gaming experiences and greater choice through Lottoland.”
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