MACAU BUSINESS M T 24 SEPTEMBER 2022
Gaming operators to end 2022 with US$800 mln in negative results – Brokerage
acau SAR gaming operators are now expected to end 2022 with nearly US$800 million in EBITDA losses after the most recent pandemic outbreak, a Morgan Stanley
report estimates. The brokerage had predicted 2022 to end with an industry positive EBITDA of US$991 million at the beginning of the year, with annual gross gaming revenue expected to drop to US$7 billion this year from the US$11 billion reported in 2021. ‘We believe 2022 GGR will be worse than 2021 at
-38 per cent YoY due to occasional COVID spikes and lock-downs in Mainland China and Macau in 2022. Also, we now expect full travel reopening to happen only from 2Q23,’ Morgan Stanley analysts state in the report. Therefore under its new estimates, gross gaming
revenue predictions for 2022 and 2023 GGR were reduced to 18 per cent and 44 per cent, respectively, of 2019 levels, when they reached about MOP292.4 billion (US$36.1 billion).
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Suncity Group to rebrand as LET Group
he board of directors of Suncity Group Holdings Limited has proposed for the group’s name to be altered to LET Group Holdings Limited, a Hong Kong Stock Exchange dispatch states.
‘With ‘L’ in the new name standing for ‘Leisure’, ‘E’ in the new name standing for ‘Entertainment’ and ‘T’ in the new name standing for ‘Taste’, the Board is of the view that the Proposed Change of Company Name will better reflect the Group’s strategic business plan and its future development direction with the focus on tourism-related business,’ Suncity Group added. The group’s image was greatly impacted by the
arrest of the CEO of junket operator Suncity and a leading figure in junket’s Hong Kong-listed arm, Suncity Group Holdings Ltd, Alvin ChauCheok Wa, in November 2021. Chau, together with several top-level Suncity management directors, was detained by Macau police authorities following an arrest warrant issued by authorities in Mainland China’s Wenzhou city over alleged cross-border gambling activities, and will face trial together with 20 people in September 2.
Linda Chen to take over as Wynn Macau President in 2023
inda Chen will take over as President of Wynn Macau Limited in addition to her current role as Vice Chairman in 2023, the gaming operator revealed. According to an announcement, Wynn Macau’s current president, Ian Michael Coughlan, has
decided to transition to a role as advisor to the Company and non-executive Director upon completion of his employment agreement, which concludes February 28, 2023. ‘Coughlan has agreed to continue as an advisor to the Company through the end of 2023. Subsequent to the end of his contractual term, he will continue as non-executive director on the Wynn Macau board until May 2023,’ the group added. Therefore upon Coughlan’s departure, on February, 2023 Linda Chen will take over as President of Wynn Macau, Limited.
Chen is currently the Vice Chairman and Executive
Director of Wynn Macau Ltd. Meanwhile, the gaming operator announced that its Wynn
Palace Chief Operating Officer, Frederic Jean-Luc Luvisutto, has been promoted as its new COO on July 7, 2022. The appointment came as Linda Chen stepped down from her position as COO in Wynn Macau Limited and Wynn Resorts (Macau) S.A. on the same day.
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Macau Jockey Club ends 2021 with MOP1.9 bln in retained losses
etained losses reported by the company responsible for the Macau Jockey Club have increased to MOP1.9 billion (US$240 million) in 2021, its latest financial report published in the Official Gazette shows.
According to data published by the Gaming Inspection and
Co-ordination Bureau (DICJ), 2020 finished with some MOP47 million in total horse racing gaming revenue results, MOP3 million less than the previous year. Meanwhile, some MOP10 million in horse racing betting gaming revenues were reported in the first quarter of this year. As with several other concessionaires who published their financial reports in Macau, the company’s financial balance sheet for last year does not include the year’s profits and losses, only retained losses accumulated since the date of incorporation. The company indicated in its report that in accordance with
the extension contract signed for his horse racing concession signed with the Macau SAR Government, the company has completed the renovation of his horse swimming pool, stables and the first to fifth floors of its racing building while having also replaced its computer system and carried out improvements to the race track.
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