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ASIA & OCEANIA


Genting Hong will open its Westside City Resorts World integrated resort in Manila’s Entertainment City in 2020.


PHILIPPINES CASINO OPERATIONS Genting to Open Westside City in 2020


MACAU– In a move that has confused analysts, Melco International will lessen its ownership in its Macau casino Studio City by floating part of its shares in the US.


Its motives are not yet known although analysts believe it could be to raise money to complete phase 2 of the Macau casino.


Having seen its joint venture partnership with Crown Resorts crumble following the Australian operators much publicised problems in China, Studio City’s ownership is split with 60 per cent owned by Melco Resorts with New Cotai, a privately owned investment company, owning the other 40 per cent of Studio City International Holdings.


“Following completion of the proposed spin-off, the company’s interest in Studio City will be reduced although it is intended that the company will remain as Studio City’s majority shareholder after the IPO,” Melco International said.


Analysts Vitaly Umansky and Zhen Gong from brokerage Sanford C Bernstein said: “The IPO, if it were to happen, does not make much sense to us at this stage (from the perspective of Melco). It further creates complexity for Melco, a company which is already complicated by Macau standards. The IPO filing allows banks/company to approach investors to gauge interest. If a valuation is palatable, New Cotai may be willing to sell secondary shares in the IPO. Alternatively, Melco may be willing to pay a similar price to acquire New Cotai's interest. An IPO process may be way to set a valuation – either to actually raise new capital that dilutes New Cotai or to get a view on third party valuation and have Melco dilute New Cotai.


CHINA – Local news service Macau Business Daily has reported that Sands Cotai Central will bring a London theme to its four towers; St. Regis, Sheraton Grand, Conrad and Holiday Inn.


It quotes a Sands China source saying: “The decision is done, it’s now just a matter of starting to work on it.”


The towers have been the focus of strategic business planning by Sands executives for some time now. Sands China has enjoyed huge success from bringing city brands to life with the Venetian and the Parisian proving the model works in Macau.


The source explains that the four towers will accommodate iconic features from London in the interiors and exteriors but did not speculate what they might be. Sands China has so far not commented on the report.


P38 NEWSWIRE / INTERACTIVE / 247.COM


Genting Hong will open its Westside City Resorts World integrated resort in Manila’s Entertainment City in 2020. Te group said: “Come 2020, another Resorts World brand will have its second location in the country. Te Westside City Resorts World will be a 31-hectare property situated in Philippine Amusement and Gaming Corporation’s Entertainment City and is projected to have at least 1,500 hotel rooms from in-house and international hotel brands.”


Genting said it was still ‘tweaking’ the project’s design ‘so that we offer something that is quite unique not only there but also in relation to Resorts World Manila. So we don’t repeat the same offering.’


Genting Hong Kong made the announcements as it confirmed its better than expected six months results to 30 June with revenue up 22.2 per cent year-on-year to US$532.5m. Despite the revenue increase, the company posted a loss of US$203.2m.


It operates Resorts World Manila and a host of cruise liners. Revenue from Resorts World Manila suffered as the venue was shut for 28 days in June following the much –publicised attack that killed 38 people. Genting Hong Kong’s profits from the casino fell to US$2.2m from US$19.1m a year earlier.


Since the attack the company has completed the construction of the Sheraton Manila Hotel with the Hilton Manila and Maxims II expected to be completed in early 2018.


“Te new lodgings will also include additional gaming areas, more retail space and six basement parking decks," Genting said. "Te Sheraton Manila Hotel will offer 391 new hotel rooms and Maxims II an additional 190 rooms, while Hilton Manila will house 355 rooms.


“Upon completion of all three, RWM’s room count will increase to 2,390 –the biggest among all the integrated resorts in the Philippines.”


Australia Hong Kong


Morgan Stanley tips Okada Manila to be leader Analyst group Morgan Stanley is tipping Okada Manila to take pole position in the Philippines’ market by 2019, surpassing Bloomberry, Melco Resorts Philippines and Resorts World Manila. Te firms Alex Poon and Praveen Choudhary said: “We expect Okada to add US$1.2bn of GGR by 2019 to the overall market, capturing 32 per cent market share (Bloomberry 30 per cent; Melco Resorts Philippines 25 per cent). Tis drives market GGR growth of 35 per cent CAGR over 2017-18 (VIP 43 per cent; Mass 30 per cent) for the integrated resorts or 25 per cent CAGR for the overall market.”


“We expect the Philippines gaming market to be the fastest growing in Asia (25 per cent CAGR in 2017-18) and cannibalisation is not our concern. We expect EBITDA of existing operators to grow sequentially in 2H17 and 2018 due to slow ramp of Okada, thus, Bloomberry and Melco Resorts Philippines 2018e EV/EBITDA of 6-7x and 10 per cent FCFE yield look attractive, compared to 8x based on 2Q17 EBITDA and net debt. Cannibalization is not visible in 2Q17. Strong tourist arrivals and NAIA Expressway have brought in more Chinese and Filipino mass customers from cities outside of Manila respectively.”


Te Australasian Gaming Expo (AGE) 2017 saw a 19 per cent increase in attendance with 8,099 people attending the show as it returned to Darling Harbour in Sydney where it started 28 years ago. “Te return of this event to Darling Harbour and the halls of the new exhibition centre created the most successful event in the history of the AGE” said Ross Ferrar, CEO of the Gaming Technologies Association, which hosted the Expo. “Tis year there were 246 exhibitors, with 60 more than what we had last year” and thanks to the generous and well designed loading docks at the new venue, “exhibitors reported that the bump-in for this massive event went smoothly and that the facilities were superior to anything else they’d experienced,” Ross continued. Once they were at the show, visitors were able to optimise their time at the event because for the first time the Expo featured digital show bags, which allowed visitors to transfer information about exhibitors to their mobile device.


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