Wire ASIA & OCEANIA
Steelman part of Da Nang Consortium
Da Nang's Investment Promotion Agency has said that an international finance centre to be built in Vietnamese city will boast a high-end casino.
Te Da Nang casino aims to attract customers from Laos, Tailand, Myanmar and Vietnam.
VIETNAM CASINO OPERATIONS
NORTH MARIANA – Imperial Pacific International has had its licence to operate the Imperial Palace in Saipan suspended indefinitely by the Commonwealth Casino Commission (CCC) of the Northern Mariana Islands.
Having violated five orders of the Casino Control Act, the operator has been ordered to pay $6.6m in total penalty within six months, and pay immediately $15.5m and $3.1m in annual casino exclusive licence fee and annual casino regulatory fee, respectively.
It was unable to pay its US$3.1m annual regulatory fee in 2020 due to the effects of the coronavirus pandemic and also failed to comply with an order to pay money owed to vendors, has breached minimum capital requirements, opted not to pay the cost of its annual US$15.5m casino license in 2020, and was twice unable to pay US$20m owed to the community benefit fund in 2018 and 2019.
INDIA – SoftSwiss' sportsbook platform is set to launch with Betjungle Sportsbook, the project of Betjungle Casino. Betjungle will be the first SoftSwiss Sportsbook client launching in the Indian market and introducing a specialised sportsbook 'Premium Cricket' package to its audience. Launched just ahead of the Indian Premier League, which commenced on April 9, the new Betjungle sportsbook solution enables its players to place bets on 30 events with 100 outcomes.
Alexander Kamenetskyi, Product Owner of SoftSwiss Sportsbook, commented: “We’re thrilled to be launching our services for the new Indian market and doing it together with such an innovative casino brand like Betjungle! By broadening our geographical presence we’re also extending our offering – enabling a Premium Cricket option for one of the most engaged cricket fans in the world. The Indian market has proven itself to be highly committed to sports as a whole and sports betting is an integral part of the overall experience. We’re excited to be opening this new chapter for sportsbook with our partners Betjungle and are hoping for a very fruitful collaboration.”
SOUTH KOREA – South Korea’s only casino at which locals can gamble, Kangwon Land, enjoyed one of the largest drops in debt of any Korean company last year. Despite generating a US$249.7m loss in 2020, the operator's debt dropped 45 per cent year-on-year from US$645m to US$353.4m, whilst current liabilities fell US$295.5m. Kangwon Land said: “The reason the current liabilities decreased last year was because of the decrease in sales and profits, which reduced the amount of taxes and funds to be paid in the future for accounting."
P22 WIRE / PULSE / INSIGHT / REPORTS
Da Nang's Investment Promotion Agency has said that an international finance centre to be built in Vietnamese city will boast a trading centre, casino, high-end entertainment and luxury apartments. Huynh Ti Lien Phuong of the Investment Promotion Agency said the building would cover on an area of 84,000sq.m on the beachfront in the Son Tra peninsula.
Te project is being backed by the Imex Pan Pacific Group (IPPG), a consortium of companies from the United States including Cantor Fitzgerald, Weidner Resorts/GAM and Steelman Partners. It will aim to attract customers from Laos, Tailand, Myanmar and Vietnam.
Chairman of Imex Pan Pacific (IPP) Group Johnathan Hanh Nguyen said the corporation would spend more than US$8bn on several developments in the city.
Mr. Hanh Nguyen: “With the desire to contribute to the development of Da Nang city in particular and Vietnam in general, to realise the Government's goal of making Vietnam a developed country by 2045, me and our
Wakayama will be the first prefecture to name its chosen operator
Japan
Wakayama will be the first Japanese prefecture to name its chosen IR casino operator, confirming spring as the time when a decision will be announced.
Only two groups are in the running; Suncity Group Holdings and Clairvest. Te prefecture’s IR Promotion Office told IAG: “We can only answer that a decision will be made in Spring based on the examination of the selection committee. Nagasaki has just entered its second round of examinations and Yokohama is still only in the RFP stage."
Te plan is to develop a casino on an artificial island called Marina City in the Japanese prefecture of Wakayama, located east of Osaka.
partners, who are the world's leading investors in the fields of: Financial Center, Investment and design of resort hotels and casino entertainment complexes, will bring the Regional-level Finance Center Project into Da Nang city in the near future.”
Mr. Hanh Nguyen also expressed his respect for the direction of the Government and the Prime Minister, which are the key to paving the way for accelerating and improving the business environment in Vietnam.
He added: “With the determination and facilitation, proactively solving difficulties and problems for investors of the leaders of Da Nang city, we believe that in the near future Da Nang will become a city of finance, tourism, entertainment and shopping on a regional and world-class scale.
“Te Government's expectation is that by 2045, Vietnam will become a developed country, with the support of the Government in the coming terms, with the assigned mission, I pledge to contribute to bringing Vietnam forward in a multidimensional international.”
Philippines
Suncity has said it would spend between HK$30bn and HK$35bn (US$3.8bn to US$4.5bn) on an Integrated Resort in Wakayama, in the Kansai region, on Honshū island's Kii Peninsula. Suncity CEO Alvin Chau said the vision was for a ‘unique project combining Wakayama Prefecture’s historical tradition, natural landscape and cultural essence.’
Te Office had previously said that over 20 international IR operators from North America, Europe and Asia had expressed their interest with an IR forum which attracted interest from operating groups including Solaire, Lucien Barriere, Mohegan Gaming, Bloomberry Resorts and Galaxy Entertainment. Te government wants its IR to have a 2,500 room hotel with a convention centre and exhibition hall. Marina City is about a 40 minutes drive from Kansai International Airport.
Universal Entertainment has said that Tiger Resort Leisure & Entertainment, the operator of Philippines integrated resort Okada Manila, saw a 35 per cent year-on-year fall in Adjusted segment EBITDA to Php69m(US$14.3m) in the first quarter of 2021 due to the effects of COVID-19. Universal said: "Tiger Resort Leisure & Entertainment posted gross gaming revenue of 5,098m Philippine pesos and other revenue of 188m pesos for FY2021 1Q. On year on year comparison, total revenue decreased by 42 per cent (3,820m pesos) to 5,286m pesos and adjusted segment EBITDA decreased by 35 per cent (377m pesos) to 692m pesos.” VIP table games revenue dropped 49 per cent year-on- year to Php2.33 billion (US$48.2m) with mass table revenue down by 49.3 per cent to Php861m (US$17.8m) in the first quarter. Slot revenue dropped by just 19.4 per cent.
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