Wire ASIA & OCEANIA
Inspire Korea Aiming for Q2 2023
Mohegan Gaming is aiming at the second quarter of 2023 to open its US$1.6bn Inspire Korea IR close to Incheon International Airport near Seoul.
Mohegan Gaming & Entertainment has pitched the second quarter of 2023 as the likely opening for its US$1.6bn Inspire Korea integrated resort which is being built close to Incheon International Airport near Seoul.
Speaking during an interview for Gaming Laboratories International’s Illuminating Conversations series, International President, Bobby Soper, said he was closing in on securing funding for the project. “My goal is to close that transaction in the very near future, remobilise, get construction going and opening in 2023,” he advised, adding the opening would 'hopefully [take place] in the second quarter, or third quarter latest 2023.'
Having put up US$300m of its own, Mohegan is looking for a total of US$900m from Korean investors, as well as US$200m from Incheon International Airport Corp for infrastructure and US$200m from bank loans. Mohegan’s Vice President of Corporate Finance, Chris Jones, confirmed that construction of the first phase of the resort had 'slowed down materially' due to the effects of the global pandemic but that it was confident of finalising financing from 'blue chip' Korean companies.
Mr Soper said: “It’s been a rollercoaster, we’ve had our ups and downs, and COVID certainly threw a curve ball. But we’re in the ground, we have significant investment in the ground. We need to finalise some of the final financing and I just spent two and half months in Korea pursuing that. I think we are far along. It’s a tremendous opportunity. Tis is really the first truly integrated resort in the area. Paradise opened in Incheon too with a MICE, hotel focus, but we’re entertainment focused. Tat’s our brand.”
“Tere are 28 million people in the pop culture hub of Asia where there really is not an indoor arena in Greater Seoul. Tere are some stadiums but they are all suboptimal for live entertainment, and that’s the type of opportunity we’re looking at here," he added. “A good part of our traffic will be driven locally through the Greater Seoul area but there is still great opportunity for the international gamer. Remember our tax rate is less than half of what it is in Macau, so when you bring all these amenities and you look at the potential from China and Japan, we feel really good about the opportunity on the non-gaming side and even on the gaming side.”
Australia Star searches for slot expansion in NSW
Sydney's Te Star Casino has confirmed it is now in negotiations with the NSW Government to bring extra slot machines to its gaming floor.
It said: "Te Star Entertainment Group advises that the NSW Government has agreed to commence formal negotiations with Te Star in relation to its proposal to increase the number of gaming machines permitted to be operated at Te Star Sydney. Te Star Sydney is currently permitted to operate 1,500 gaming machines, which represents 1.6 per cent of the total number of gaming machines in the state, and it is well below the number permitted in Crown Melbourne (2,628), Queen’s Wharf Brisbane (2,500) and Crown Perth (2,500).”
At the same time the NSW Government is seeking community feedback on impacts of its 2018 gaming machine reforms that capped machine numbers in high-risk communities and introduced a leasing scheme to encourage small venues to go “pokies-free.”
Te formal evaluation of the reforms by Liquor & Gaming NSW is a chance for the public and interested stakeholders to give their views and help shape future policy directions. Te reforms were the most significant changes to NSW gambling regulation in a decade and featured stronger harm minimisation measures: including a cap on the number of gaming machines allowed in higher-risk areas.
South Korea
Grand Korea Leisure, the South Korean foreigner-only casino operator, saw its revenues improve by 43.8 per cent, compared to last year's second quarter results, with more than a 500 per cent sequential quarterly gain compared to the first quarter of 2021. Second quarter casino revenue improved to KRW32.98bn (US$28.4m) as the company’s Gangnam COEX and Gangbuk, Millenium Seoul Hilton in Seoul and Seven Luck Casino Busan Lotte were able to operate throughout most of the quarter. Tey had all been forced to shut up shop from November 2020 until mid-March 2021.
Te company reported a loss though of US$15.5m. For the first half of 2021, GGR was down 71.6 per cent to US$32.9m.
JAPAN – Casinos Austria International has said its integrated resort project in Nagasaki, Japan, will feature eight hotels with conference and exhibition centres and entertainment complexes in cooperation with 'reputable international partners such as the Hyatt Hotel Group as well as Japanese partners.' Casinos Austria also confirmed that the casino project is to be developed alongside the currently existing Huis Ten Bosch theme park.
Casinos Austria’s CEO, Bettina Glatz-Kremsner, said: “By passing this milestone in the award process in Japan, CEI has once again demonstrated the kind of excellent reputation that the company enjoys abroad. After years of restructuring, CAI is back on track. Its know-how and expertise in the development and operation of such complex projects continue to be impressive. I wish Casinos Austria International, under Christoph Zurucker- Burda’s management, all the best and that they will be awarded one of the three licences next year, together with Nagasaki Prefecture.”
AUSTRALIA – Scientific Games has acquired content studio Lightning Box, a Sydney-based slot developer with a proven track record for creating feature-rich, land-based inspired games for online slot players. The studio’s titles include ChickenFox, Lightning Horseman, Lightning Leopard, ChickenFox 5x Skillstar, Astrocat and Silver Lion.
Dylan Slaney, SVP Gaming, Digital at Scientific Games, said: “ Our strategy is a simple one: talented, passionate people make great games and the addition of the Lightning Box team is another example of this and how we will continue to be the iGaming industry leader.”
PHILIPPINES – International Entertainment Corp (IEC) has confirmed that COVID is delaying a cooperation agreement with Philippines gaming regulator PAGCOR that would see it transform an existing hotel in Manila into an Integrated Resort casino following the issuance of a provisional licence from PAGCOR.
The company said: "Due to the surge of the highly contagious Delta variant of the coronavirus in the Philippines, the execution of the Cooperation Agreement between MSPI and PAGCOR is required to be postponed until the release of the Restrictions."
The existing development is believed to be the New Coast Hotel Manila, located in the heart of Malate business district. The company wants to ‘expand and upgrade the current hotel premises, facilities and services by the establishment and operation of a casino and the development of an integrated resort in the City of Manila, Philippines.’
WIRE / PULSE / INSIGHT / REPORTS P23
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