Caesars Publishes Five Japan Blueprints ASIA & OCEANIA
Caesars Entertainment has published its blueprints for five Integrated Resorts in Japan in Hokkaido, Yokohama, Tokyo, Osaka and Okinawa.
Te ‘100-Year Partner For Japan’ campaign was designed to bring Caesars Entertainment’s vision to life evoking its eight decades of experience
PHILIPPINES CASINO OPERTORS
AUSTRALIA – Ainsworth Game Technology has confirmed that Danny Gladstone will step down from the role of Chief Executive Officer subsequent to 30 June 2019. A search process to identify a new CEO for appointment will be undertaken with Mr Gladstone to remain in the CEO role until a new appointment to 'ensure a smooth and orderly transition.' The company further advised that following an appointment of a new CEO, Mr Gladstone will continue with AGT in a different role to utilise his extensive industry experience and expertise.
Graeme Campbell, Chairman said: “While there will be a more appropriate time to formally thank Danny, I would like to state that he has been an excellent CEO for AGT. He has successfully driven significant international expansion and growth in recurring revenues. Ainsworth is much stronger for Danny’s contribution. We are delighted he will continue to assist us in the future. A thorough and extensive search process will be undertaken to secure a new CEO who can lead AGT to the next stages of growth and profitability.”
CAMBODIA – Hong Kong-based Amax International Holdings has signed a Service Agreement with Cheung Shing Global Travel Entertainment Limited (CSG) which will see it help open a new casino project in Sihanoukville, Cambodia. As well as pre-opening advice it will offer technical assistance to the casino via Amax’s wholly-owned subsidiary Victor Mind Global Limited. This help will cover the design of the casino, the development and implementation of information technology systems, the establishment of operational structures, the setting up of internal control systems, recruitment services and help in getting all the relevant licenses and permits in Cambodia for the opening of the casino. Amax will charge HK$9m for its assistance with HK$2m to be paid before the end of this year and the remainder when the casino opens or by 31 March 2019.
Amax said: “CSG has been sourcing an experienced service provider to assist itself in setting up the casino for operation and the company has solid experience in pre-opening preparation and operation of gaming business in Asia Pacific regions. The Directors believe that the entering into of the Service Agreement between VMG and CSG can provide an additional source of income to the group while allowing the Casino to leverage the Company’s expertise in the gaming industry. Having considered the above, the Directors (including the independent non-executive Directors but excluding Mr. Ng and Ms. Ng Wai Yee) consider that the terms of the Service Agreement are fair and reasonable.”
P30 NEWSWIRE / INTERACTIVE / MARKET DATA
Caesars Entertainment has published its blueprints for five Integrated Resorts in Japan in Hokkaido, Yokohama, Tokyo, Osaka and Okinawa. In Yokohama, it wants to build an IR called Te Yokohama Art & Culture Park and Entertainment Resort on Yamashita Pier, resembling a wave to reflect its coastal location on the Pacific. Architecturally, it is inspired by Te Great Wave of Kanagawa, a woodblock print by the Japanese artist Katsushika Hokusai.
Kengo Nishimura, Head of Government & Community Relations for Caesars Japan, said: “Yokohama is a city where the West and East have long intersected and is today a creative city of art and culture. Te thinking is to spread waves of art, culture, and entertainment to the world.”
He added that Caesars ‘was not doing anything to narrow down which city’ at this stage of the process.’ Te Hokkaido resort would be built in a forest and offer luxury camping facilities.
Steven Tight, Caesars’ President of International Development, said: "It would be a fascinating
Slowing GGR growth rates take the shine off Golden Week
Macau
Analysts in Macau warned investors that slowing growth rates in Macau have dampen celebrations in Golden Week with one reducing the target prices for stocks of four casino owners.
Tey warned that the slowing Chinese economy and trade war with the states could see October become the first month since February register single digit growth with an expectation growth of five per cent.
Sanford C. Bernstein said: “While the slowdown in GGR growth is evident, we still have a positive outlook on the Macau gaming industry in the long run. Since early 2018, we had been raising caution that Macau GGR growth would
opportunity for us if the governor were to support an integrated resort, because Okinawa would be a tremendous destination for tourism.” Te planned resort in Osaka, a city famed for its pharmaceutical and medical device industries, would act as a medical tourism destination.
Referring to working with local partners, Mr. Tight added that Caesars ‘does not require majority stakes as some competitors might’ but that it hopes to oversee decisions on guest experience whilst respecting the freedom for ‘Japanese investors to address their own objectives.’ It unveiled the artists impressions at press conference to launch a new ‘100-Year Partner For Japan’ campaign, symbolising its aspiration to develop long-term partnerships with Japan and nurture the IR sector together with the local community.
Te ‘100-Year Partner For Japan’ campaign was designed to bring Caesars’ vision to life, evoking its eight decades of experience in the development and operation of IRs and the lasting relationship forged with Japan.
decelerate in the second half of 2018 and further in 2019.
“Te recent sell-off in the sector has been largely due to investor concerns over decelerating growth, Chinese economy, escalation of US- China trade issues and potential policy risks. Over the short to medium term, these drivers will likely create headwinds for GGR growth, leading to continued deceleration in growth.
“Tese short-to-medium-term concerns will continue to weigh on stocks and likely lead to significant price volatility,” it added. “Improvements in transportation and new property openings support long-term growth in mass where the long-term demand is clear.”
As a result, Sanford C. Bernstein lowered its target price for shares in Wynn Macau, Galaxy Entertainment, MGM China and Sands China.
Macau
Macau’s mass market baccarat drove citywide GGR growth in the three months to September 30th 2018, with mass baccarat revenue up 21.5 per cent year- on-year to MOP$25.4bn. Te figures, released by the Gaming Inspection and Coordination Bureau, compare with just 3.6 per cent year-on- year growth in VIP baccarat to MOP$40.1bn. While VIP baccarat still comprised slightly more than half of Macau’s GGR in 3Q18, its share of the pie declined from 57.7 per cent in the same period last year to 54.3 per cent this time around. By comparison, mass baccarat’s share grew from 31.2 per cent last year to 34.4 per cent in 3Q18. Slot machine revenue enjoyed an 8.3 per cent year-on-year increase in 3Q18 to MOP$3.5bn, thanks in part to the number of machines Macau-wide growing by 908 to 17,218. Te number of gaming tables in Macau also increased from 6,449 in 3Q17 to 6,598.
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