Universal to Float Okada Manila in 2019 ASIA & OCEANIA
Universal Entertainment Group will float Tiger Resort, Leisure and Entertainment Inc. (TRLEI), the company behind its Okada Manila in the Philippines, next year, as it looks to speed up growth and raise its brand
Te resort announced that its operating loss increased 202m yen mainly due to an increase of depreciation.
PHILIPPINES CASINO OPERATIONS
NEW ZEALAND – New Zealand operator SkyCity Entertainment has achieved a record financial performance in the 2018 financial year, driven by strong growth in its international Business and improved operational performances by all properties across the group. Normalised Net Profit After Tax (NPAT) was $169.9m, up 10.4 per cent and normalised Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) was $338.2m, up 5.5 per cent.
Chief Executive Officer Graeme Stephens said: “I’m really pleased with SkyCity’s FY18 full-year result, which delivers a record year for the company both in terms of operating earnings and net profit. I’m particularly encouraged by both the strong rebound in our International Business and a return to earnings growth in Adelaide and Darwin on a like- for-like basis.’’
INDIA – The confirmation that Goa’s offshore casino industry will be given four years to relocate to land-based facilities should kick-start a ‘transformational’ period in the sector. The Goan government has long wanted to relocate its casino industry from the Mandovi River to designated land-based zones, but hasn’t so far confirmed where they could be.
Union Gaming believes that Goa could mirror the transformation in Illinois’ casinos when having moved on-shore in 200 they record a 25 per cent increase in GGR in their first full year. It predicts that with ‘quality supply’ Goa’s casino sector could be transformed from a US$200m industry to one generating GGR of US$1bn each year.
Union Gaming analyst Grant Govertsen said: “We believe the introduction of high-quality integrated resort (IR) supply will firmly put India on the gaming map and (eventually) become one of the crown jewels of Asia. Importantly, the government intends to issue IR licences only to those holding existing offshore licences. Delta holds three of these licences, while two are owned by another company, and a sixth has never launched operations. In terms of developing its first IR, not only has Delta purchased a large site near the already-under- construction new airport, they’re also well under way in terms of master-planning the site with a world-renown gaming architect.”
Delta Corp announced profit from operations of INR416.6m (US$6.05m) and revenue of INR1.96bn in its Q2 finances. Mr. Govertsen added: “Upside to our expectations derived from all major reporting segments: casino gaming operations, online gaming and hospitality, with the biggest delta in absolute dollar terms coming from casino operations upside.”
P42 NEWSWIRE / INTERACTIVE / MARKET DATA
Universal Entertainment Group will float Tiger Resort, Leisure and Entertainment Inc. (TRLEI), the company behind its Okada Manila in the Philippines, next year, as it looks to speed up growth and raise its brand.
Te decision was confirmed briefly in Universal’s latest set of results which saw first half profits increase to JPY 172.5bn(US$1.6bn) up from JPY 6.6bn from the same period a year earlier. Universal stated: “Te Universal Entertainment Group is preparing to take public Tiger Resort, Leisure and Entertainment, Inc., the core company in the Group’s Casino Resort Business, in 2019 to accelerate its growth and raise its name recognition. Details will be disclosed as soon as they are finalised.”
Te resort announced that its operating loss increased 202m yen mainly due to an increase of depreciation. Universal stated: “Total sales at Okada Manila, led by the gaming business in the Manila Bay region of the Philippines, continue to increase and this casino and resort has already become profitable in terms of its quarterly EBITDA. Sales in this business surpassed the initial forecast with gaming operations for the mass market and for VIPs which are the primary source of the company’s
Hard Rock lodges its interest in Gold Coast Integrated Resort
Australia
US casino group Hard Rock International has set its sights on the potential of an Integrated Resort on Australia’s Gold Coast, joining Caesars in the fight for what would be Queensland’s second casino licence.
Edward Tracy, CEO for Asia Pacific of Hard Rock International, has contacted the State Government to lodge its interest in a potential development.
Mr. Tracy said: “We believe Queensland has a strong market potential for a new product paradigm, one that is more entertainment-centric, not merely in physical
sales growth. Te volume of the mass market has been climbing steadily and the official opening of junkets promoters have started contributing to growth in VIP gaming sales.”
Te resort already features the world’s largest multi-colour fountains and Cove Manila, an all- weather dome that has Southeast Asia’s largest nightclub and beach club. Now, the resort has added the Maharlika Club which is a gaming area exclusively for premium Filipino players, a high-end resort spa called Te Spa Retreat and an outdoor swimming pool that overlooks Manila Bay. “Tese additions reinforce Okada Manila’s position as the only fully integrated resort in Asia,” the company added.
“To increase earnings from the mass market, there will be more non-gaming facilities and services that match customers’ needs. In the VIP casino, operations are benefiting from the full-scale operations of current junkets. In addition, Okada Manila plans to start initiatives to attract an even larger number of VIPs from other countries. Plans include strengthening the international marketing, opening sales offices in strategic countries, and adding and enhancing amenities that position Okada Manila as an integrated resort.”
amenities themselves but how they are delivered to customers. People flock to the Hard Rock because of the lifestyle element the brand exudes. Te casino is but one among a plethora of entertainment options. We believe each of the proposed locations in Queensland offers its own individual charm and opportunity and I can envisage a Hard Rock product for each setting.”
Daniel Cheng, Hard Rock’s Senior Vice-President for development Asia, added: “I would like to express our company’s utmost interest and support to the very exciting Global Tourism Hub vision which we strongly believe will complement Queensland’s existing world-class tourism assets and vault the state’s tourism industry to greater heights,” commented Mr. Cheng.
Singapore
Revenue for Genting Singapore dropped by six per cent to SG$560.3m in the second quarter of 2018 due to low hold in both the VIP and mass segments of its casino operation at Resorts World Sentosa. Te group reported Adjusted EBITDA of $265.9m.
Te company stated: “Our signature attractions performed well during the second quarter of 2018 with average visitation exceeding 18,000 daily. Hotels continued to outperform industry with average occupancy of over 91 per cent for the quarter. In the gaming segment, our VIP rolling volume showed encouraging year-on- year growth but luck factor was not in our favour. On a hold- normalised basis, Resorts World Sentosa would have generated an Adjusted EBITDA of approximately $293m.”
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