Wire ASIA & OCEANIA
Mohegan Delays Inspire Korea Opening
ASIA – Bloomberry Resorts Corporation, whose subsidiaries own and operate Solaire Resort & Casino and Jeju Sun Hotel & Casino, enjoyed ‘sustained recovery’ during the three months ended June 30, 2022.
Total Gross Gaming Revenues (GGR) at Solaire was P13.1bn, representing an increase of 131 per cent from P5.7bnin the second quarter of 2021. Easing COVID-19 restrictions throughout the quarter furthered the recovery of gaming revenues. GGR at Solaire improved by 47 per cent compared to the first quarter of 2022.
In the second quarter of 2022, Metro Manila remained under the lowest alert level—General Community Quarantine (GCQ) Alert Level 1. Throughout the reporting period, Solaire’s gaming, hotel, F&B and retail segments operated at capacities consistent with guidelines set forth by PAGCOR and the Inter-Agency Task Force for the Management of Emerging Infectious Diseases.
Consolidated net gaming revenue in the first six months was P14.6bn, up by 67 per cent compared to the same period last year.
Enrique K. Razon Jr., Bloomberry Chairman and CEO, said: “Our performance in the second quarter indicates a sustained recovery in all segments of our Philippine operations. Strong demand from the domestic mass market is pushing revenues closer to pre-pandemic levels and spurring the continued improvement of EBITDA and net income.
“Absent the emergence of new COVID-19 variants that could disrupt our gains, we see scope for further recovery as regional travel starts to pick up in the coming months. In the meantime, we will grow our market leadership by continuing to operate Solaire at the highest levels of service and health security.”
Solaire’s VIP, mass table, and EGM GGR in the first quarter were P4.4bn, P4.1bn, and P4.6bn, representing year-over-year increases of 281 per cent, 45 per cent, and 175 per cent, respectively.
SINGAPORE – Sega Sammy Creation unveiled its next generation cabinet, Genesis Crest 43J, at the Global Gaming Expo Asia 2022: Singapore.
The Genesis Crest 43J will provide an expansive game library and an immersive gaming experience to all kinds of players with a stylish 43-inch J-curve 4K monitor and LED lighting effects.
“We are excited to introduce the new Genesis Crest 43J cabinet at our first post-pandemic tradeshow in Asia and are looking forward to meeting with our existing and new partner,” said Masahiro Kurosaki, Managing Director of Sega Sammy Creation.
P22 WIRE / PULSE / INSIGHT / REPORTS
Mohegan Gaming & Entertainment has put back the opening date for its US$1.6bn Inspire Korea resort, being built close to Incheon International Airport.
Mohegan Gaming & Entertainment has put the opening date for its US$1.6bn Inspire Korea resort, being built close to Incheon International Airport near Seoul, back to late 2023 instead of the second quarter of 2023 as earlier envisaged.
Mohegan CEO Ray Pineault said: “We anticipate a projected completion and opening in the latter part of 2023. Obviously there is a challenging environment when you think about the supply chain issues. It’s something we are in constant contact with our general contractor in monitoring our pre-opening expenses and we continue to look at ways to make sure we keep that project on track and on budget.
“Te concrete structures for the three hotel towers continue to develop at various stages between Levels 8 and 12 and installation of the aluminum curtain wall has commenced. Te steel structures for the casino, convention center, retail, pool dome and parking garage are at various stages of progress up to levels three and four. Level three of the arena has also been completed and level four is underway.”
Te first phase of Inspire Korea will include a five-star hotel with 1,256 rooms, a 15,000-seat arena, convention halls, and a foreigner-only casino, costing an investment cost of $1.29bn. Te gaming floor will boast 150 table games and
700 slots. Tere will also be a hemispherical dome featuring over 48,000sq.ft of climate- controlled indoor pool space with rides, dining and retail. Te second phase will include a Paramount Picture-branded theme park due to open in 2025. Te fourth and final phase won’t open until 2031.
Mohegan’s International President, Bobby Soper, previously 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.”
Mohegan expects the player base to be driven locally through the Greater Seoul area but there is still great opportunity for the international gamer, especially from China and Japan. Te tax rate will be less than half of what it is in Macau.
Te announcement came as Mohegan reported a 271 per cent jump in net revenues to US$417.1m and 134 per cent increase in income to US$59.4m in the June quarter at its seven casinos in the US and Canada. Adjusted EBITDA came in at an all-time quarterly record for the company of US$120m.
China Macau demands minimum gross income
Te Macau government has released figures capping the number of gaming tables to 6,000 and gaming machines to 12,000 for new casino concession holders. In addition, the government has set minimum income levels for each operator. Te minimum annual limit of gross income to be generated from each gaming table is seven million patacas ($866,122) and that of each gaming machine is 300,000 patacas ($37,120).
Under the revised gaming law, concessionaires will each have a minimum annual GGR target. If operators fail to meet the goal, they will be required to pay the Macau government the shortfall. It
is the first time authorities have set a formal cap on the numbers of tables and a minimum income requirement. With contracts set to expire at the end of the year, the territory’s six licensed operators must rebid for their spots. Te bidding process commenced in July. It is expected that new concessions will being able to start from the beginning of January next year.
Te rebidding takes place amid Macau’s worst outbreak of COVID-19, which led to a 12-day closure of casinos in July. Macau’s casinos are losing around $600m per month and are expected to have little to no income for months to come.
South Korea
Korea’s Board of Audit and Inspection (BAI) wants to limit customers at Kangwon Land to a maximum number of visits to the casino to 100 each year down from the current 148 days. Te board said: “Te effectiveness of measures to prevent gambling addiction, such as the access restriction system, are insufficient. Te National Assembly has requested Kangwon Land reduce the number of days of casino users to less than 100 days a year to prevent the occurrence of high-risk customers who enter the casino excessively.” Despite reducing playing days by 32 per cent, analysts at JP Morgan don’t think it will materially impact the casino’s profitability.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126
