Macau casinos post 22 percent revenue gain in March Reuters · April 1, 2018 at 2:30 pm Gambling revenue in the Chinese territory of Macau posted a 22 percent gain for the month of March, due to sustained demand for gambling in the country’s only legal casino hub. This is the 20th consecutive month of gains, cementing a roaring recovery in the former Portuguese colony, after revenues plunged to five-year lows due to slowing economic growth and a widespread crackdown on corruption … [Read more...]
GEN HK slims annual loss, but Manila attack hurts numbers GGRAsia · March 30, 2018 at 7:56 am Casino cruise ship operator and Asian casino investor Genting Hong Kong Ltd narrowed sharply in 2017 its annual loss. Such loss was approximately US$242.3 million, compared to US$502.3 million in 2016. The improvement – which had been flagged in a February filing – was partly due to a “one-off gain of US$205 million” which the firm had earlier said related to sale of Norwegian Cruise Line … [Read more...]
Rank Group pays homage to its fund-raising staff G3 Newswire · March 29, 2018 at 10:29 pm The valuable support of Rank Group staff and customers has been recognised at a special event in Coventry on 14th March, with regional winners across both Grosvenor Casinos and Mecca receiving awards for their contribution. The evening was an homage to those who have gone above and beyond with their fundraising, making a true difference in the lives of carers across the country and a … [Read more...]
Goa casinos get six-month relocation reprieve Asia Gaming Brief · March 29, 2018 at 9:12 pm Goa’s floating casinos will get an extension of a further six months before they are forced to move from their current location in the Mandovi River, according to local media reports. The extension runs through to September. Under new legislation, that has not yet been passed, the casinos are being forced onshore to a specified entertainment zone. The extension reprieve comes after the … [Read more...]
Melco International EBITDA jumps 80 percent Asia Gaming Brief · March 29, 2018 at 9:11 pm Melco International Development said its EBITDA for 2017 soared 80 percent after benefiting from full control of its Melco Resorts & Entertainment unit. Adjusted EBITDA came in at HK$9.8 billion ($1.24 billion), while revenue jumped 70 percent to HK$41.2 billion. The results included a full year of consolidated results from Melco Resorts, compared with eight months the prior … [Read more...]
This Cambodian city is turning into a Chinese enclave, and not everyone is happy Anna Fifield, The Washington Post · March 29, 2018 at 10:14 am It was a hot, clear day. The kind of day when, a few months ago, the beach here would have been crowded with tourists deciding whether to drink a US$1 beer or a US$1 fresh coconut juice. Instead, the beach was almost deserted. Women wandered with trays of fresh lobsters perfectly balanced on their heads or carrying kits for performing pedicures, touting in vain for customers. Men lounged on … [Read more...]
Philippines casino GGR up 14 pct in full 2017: Pagcor GGRAsia · March 29, 2018 at 8:16 am The Philippine casino industry reported gross gaming revenue (GGR) of PHP152.55 billion (US$2.9 billion) in full calendar 2017, up by 13.8 percent from the prior-year period, said the country’s gaming regulator. Private-sector casino resorts in the Philippine capital Manila recorded overall GGR of PHP109.38 billion in 2017, an increase of 25.6 percent compared to PHP87.10 billion in the … [Read more...]
888 looks to Malta due to Brexit fears iGamingBusiness · March 29, 2018 at 8:10 am 888 has applied for a gaming licence in Malta due to Brexit uncertainties over Gibraltar. The Gibraltar-based company is concerned about the impact of the UK’s departure from the European Union on the British Overseas Territory, which is home to many of the world’s leading e-gaming and sports betting firms. Around 25% of Gibraltar’s GDP is generated by the gambling industry, but as many … [Read more...]
IPI posts two-fold growth in VIP revenue, profit decline in 2017 Asia Gaming Brief · March 29, 2018 at 8:09 am Imperial Pacific International saw strong growth in VIP revenue in 2017, but increased expenses and impairments pushed the operator to post a 31.9 percent percent decrease in profit in 2017. Such profit was HK$637.5 million, compared to HK$935.6 million in the previous year. IPI said the drop in profit was mainly attributed to an increase in impairment losses of trade receivables, as well as … [Read more...]
Chow Tai Fook and Far East Enterprises claim Star Entertainment Group stake in new Strategic Alliance Inside Asian Gaming · March 29, 2018 at 12:01 am Hong Kong’s Chow Tai Fook Enterprises (CTFE) and Far East Consortium (FEC) have entered into a Subscription Agreement that will see each of them claim a 4.99% stake in Australian casino operator Star Entertainment Group as part of a new Strategic Alliance. Under the terms of the Subscription Agreement, CTFE and FEC will each acquire 45.8 million new fully paid ordinary shares for a total … [Read more...]
