Resort World Catskills’ US$150m Boost
Genting Malaysia will inject US$150m into its recently acquired North American operator Empire Resorts which will be used to help restart operations
Te casino is likely to remain loss-making for the immediate future to the tune of associate losses of US$96m this year
NEW YORK CASINO OPERATIONS
Genting Malaysia will inject US$150m into its recently bought North American operator Empire Resorts, which will be used to help restart operations at Resorts World Catskills (RWC) in New York, and to fulfil short-term debt obligations.
Genting Malaysia, who owns a 49 share in Empire, said: “Te equity Injection will be funded through internally generated funds and/or bank borrowings, the mix of which has not been determined as at the date of this announcement. Te Equity Injection enables Empire to have funds for working capital for resumption of operations. In addition, Empire will require funds to fulfill its short-term debt obligations within the next six months. Empire will also be able to prove out its business plan and continue with its long-term refinancing plans.
“Additionally, the Equity Injection will enable Genting Malaysia to continue securing its position to participate in the prospects and future growth of Empire, particularly in relation
Great Canadian Gaming to reopen Casino Nova Scotia properties
Canada
Great Canadian Gaming Corporation has confirmed that its Casino Nova Scotia properties in Sydney and Halifax, Nova Scotia, will be reopening on October 5, 2020. Both properties temporarily closed on March 16, 2020 to contribute to the containment of COVID-19 and in adherence with public health orders.
With the reopening of the Casino Nova Scotia properties, they will be joining the company’s 12 properties in Ontario and New Brunswick, which are reopening on
September 28, 2020. Te company’s Casino Nova Scotia properties are reopening as part of the Nova Scotia Gaming Corporation’s (NSGC) plan for the reopening of the Province’s regulated gaming sector. Te reopening of the properties will
to the Orange County Opportunity and the potential expansion of sports betting opportunities within the state of New York.”
Genting Malaysia pointed to a turnaround in the casino's performance with an improvement of 31 per cent since it brought in new management towards the end of 2019. Te first two months of 2020 brought EBITDA of US$2m compared to an EBITDA loss of US$8m over the same period in 2019. It said though: “Te unforeseen and unprecedented situation arising from the COVID-19 pandemic had impacted Empire’s turnaround and long-term refinancing plans.”
Nomura’s Tushar Mohata said there were three main reasons that minority shareholders would 'likely be unhappy with this tranche of investment in Empire."
Tese include the fact that the casino is likely to remain loss-making for the immediate future, the fact they won't get to vote on the move and that an earlier US$475m bond offering has already failed.
be premised upon rigorous and detailed health and safety protocol developed by the Company, and in adherence with direction from provincial health authorities.
Operational revisions at both properties will include reduced guest capacity to approximately one-third of historical levels, the availability of approximately 60 per cent of slot machines, and the temporary closure of most amenities.
“With the reopening of our properties in Nova Scotia, we will have reopened in three of the four provinces we do business in,” stated Rod Baker, the company’s CEO.
“We want to thank the team at NSGC for working with us to achieve this important outcome for our team members, our guests, and other valued stakeholders. Tis is another important step for Great Canadian and our team and the reopening of our 25 properties across Canada.”
New Jersey
Te New Jersey Assembly Appropriations Committee has approved new laws allowing casinos to deduct promotional gaming credits from gross sports betting revenue above certain thresholds from being taxed. It will see operators take off gross revenue above $12m for online/mobile betting and $8m for in-person/retail betting generated from either free or promotional bets.
Assemblyman Ralph Caputo, D-Essex, the bill’s primary sponsor and a former Atlantic City casino executive, outlined that the venues 'have suffered significant losses due to necessary closures and restrictions during this pandemic.' He said: “Despite an increase in online sports betting in recent months, many of our casinos and racetracks have suffered significant losses due to closures and restrictions during this pandemic. We need to help relieve any undue burden on the industry.”
FLORIDA – The first sailings of a series of Norwegian Cruise Line vessels have been announced, which could see cruising again with some ships in North America later this year. Port schedules, previously announced deployments and the Norwegian Cruise Line’s website confirm cruises as soon as November 2020. Other vessels may not start service until 2021.
The third-largest operator in the world after Carnival Corporation and Royal Caribbean, Norwegian has been fighting to stay afloat since the early days of the pandemic, its shares plummeting in the first few months of the year while expenses soared.
Norwegian’s stock price traded at nearly $60 at the end of December 2019. In the six months that followed this value plunged dramatically, going as low as $10 per share in March, an over 80 per cent fall since the beginning of the year.
Norwegian Cruise Line’s financial results for its second 2020 quarter decreased to $16.9m compared to $1.7bn in 2019 due to the complete suspension of voyages. However, total cruise operating expenses decreased by 68.5 per cent in 2020 compared to 2019 and the company has "strengthened its liquidity position with a US$1.5bn triple-tranche capital raise. Two ships and two islands (Norwegian owns Great Stirrup Cay, Little San Salvador in the Bahamas and Harvest Caye in Belize) were offered as collateral to obtain the funds.
Royal Caribbean and Carnival Cruise have had to secure similar funding arrangements with the former having reportedly agreed to a US$2.2bn loan facility and the latter having raised some US$7bn between debt and equity.
MICHIGAN – GLI has become the first independent test lab authorised by the Michigan Gaming Control Board (MGCB) to test and certify iGaming and mobile sports betting in Michigan.
Additionally, the MGCB has referenced the GLI standards “GLI-19 Interactive Gaming Systems” and “GLI-33 Event Wagering Systems” within their regulations, joining jurisdictions worldwide that have adopted the two standards. These, and all of GLI’s globally accepted standards, are available at
gaminglabs.com/gli-standards.
“We are honoured that the Michigan Gaming Control Board has approved GLI to test and certify iGaming and mobile sports betting,” said Peter Wolff, Director of Global Technical Compliance. “We have been helping regulators and suppliers navigate the future of iGaming and mobile sports betting for decades, and we are excited to put our worldwide experience to work for Michigan.”
NEWSWIRE / INTERACTIVE / MARKET DATA P29 NORTH AMERICA
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