Tag: Gaming
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Galaxy EBITDA down to HKD575m in Q1
Galaxy Entertainment Group’s (GEG) adjusted EBITDA in the first quarter was HKD575 million, down 33% year-on-year and down 45% from the previous quarter, according to an ... -
MGM revenue slumps in Q1 amid lockdowns in China
MGM China continues to face headwinds in the short term, with public health policies impacting customers’ ability to enter Macau, according to MGM Resorts’ CEO and ... -
Lawmakers question division of authority over junket contracts
Members of the Second Standing Committee of parliament have questioned the authority governing junket contracts being divided between two different officials, committee president Chan Chak Mo ... -
Gaming Revenue slightly picks up, yet still subdued
The city’s gross gaming revenue has likely reached MOP2.1 billion from April 1 to 24, mainly due to the further relaxation of the nucleic acid test ... -
Jefferies: Short-term prospects in Macau remain bleak
The recovery of the gaming sector is likely to be further delayed even after the May 1 Labor Day, due to increased border controls and new ... -
Casino sector on the brink of revenue downturn
The city’s gaming sector is expected to tumble this month as analysts forecast a 13% drop in gross gaming revenue (GGR) compared to March, which ... -
The Star under fire for ongoing relationship with Alvin Chau
The Star Entertainment Group general counsel Andrew Power was quizzed on Monday about why the gaming operator has continued dealing with junket operator Suncity after it ... -
Inquiry questions The Star on relationship with Chau despite ‘unsavory business associations’
Australian casino The Star is continuing its partnership with the troubled Suncity despite a 2019 Hong Kong report that Alvin Chau had “very unsavory business associations” ... -
March casinos revenue down 56% to lowest level in 18 months
Macau’s gaming revenue plunged 55.8% in March to the lowest level in 18 months, as a worsening Covid-19 outbreak in China battered tourism in the city. ... -
Contracts between junkets and concessionaires to require gov’t approval in new law
Once the new gaming law is approved, junkets can only be officially established if they satisfy all the requirements and conditions the government has set ... -
VIP junket business over: Suncity
Reliance on VIP business is over, despite the fact that Macau used to be the gaming mecca in Asia, with VIP gaming as a major source ... -
AUD76 million deposited through Macau banks for The Star
Wealthy Chinese gamblers have allegedly been encouraged to deposit millions of dollars into a junket operator’s Macau bank account, a red flag in respect of money ... -
Insiders forsee gloomy outlook following premium payments, closure of satellite casinos
The anticipated revival of the gaming sector is again receding into the distance: with no recovery expected for at least six months. Gaming insiders have admitted ... -
Method to their madness as fans bet on college hoops tourney
John Raymond made a plan and was sticking to it after arriving at Atlantic City’s Borgata casino to bet on the March Madness college basketball tournament ... -
Macau residency required for future casino collaborators
As proposed in a current draft law and promoted by the government, it is very likely in the future that all casino intermediaries or junkets will ... -
Gov’t refuses to link gaming taxes to social welfare
The local government has refused to specify in the new gaming law how much tax revenue from the gaming industry will be used for social welfare, ... -
Major investments from concessionaires will require CE approval
Under the new gaming law, future gaming concessionaires must notify the Chief Executive (CE), Ho Iat Seng, of any major investments and seek the CE’s approval ... -
Gov’t to clarify gaming promoters’ role by legislation, to be passed by Aug. 15
The government has told a parliamentary committee that a law will be made to codify the role of gaming intermediaries, Chan Chak Mo, president of the ... -
March revenues to fall 32%: Bernstein
The city will see a downturn of up to 32% in gross gaming revenues (GGR) this month when compared year-on-year, according to brokerage firm Sanford C. ... -
Gov’t to assume full-time control over gaming tables number, firm on regulating ‘satellite casinos’
The government has firmly reaffirmed its intention to be able to reduce the number of gaming tables and slot machines available at local casinos at any ... -
Melco sees VIP junket players converted to premium direct
Melco Resorts and Entertainment is seeing players who were formerly VIP players from junkets entering its premium direct program. Speaking during an earnings call with analysts, ... -
Melinda Chan reappointed as CEO of Macau Legend
Melinda Chan has been reappointed as the chief executive officer of Macau Legend Development Ltd., the company announced in a filing. This announcement came a month ... -
Galaxy reports strong 2021 rebound
With a significant increase in revenue last year, Galaxy Entertainment Group’s (GEG) profit stood at HKD1.3 billion for 2021, compared to a HKD4 billion loss in ... -
Fitch downgrades SJM rating to ‘BB’ due to loan, concession uncertainty
Fitch Ratings has downgraded SJM Holdings Limited’s rating from “BB+” to “BB,” the agency announced in a statement, adding that the rating remains on Rating Watch ... -
Committee awaits gov’t reply on gaming bill questions
The parliament’s Second Standing Committee has finished its preliminary discussion of the gaming law amendments and awaits government’s answers to its questions on Tuesday. The committee ... -
S&P downgrades credit rating on LVS, Sands China amid slow recovery
S &P Global Ratings has downgraded the issuer credit rating for Las Vegas Sands (LVS) and Sands China, due to a slower recovery unfolding for Macau’s ... -
Gaming | Committee on track to complete law analysis before ‘deadline’
The Second Standing Committee of the Legislative Assembly (AL) has been meeting daily, aiming to finish its discussion of the new gaming law. According to sources ... -
Gaming | Wynn seeing pent-up demand ‘at all levels of business’
The only measure by which to judge the impact of the disappearance of junket operators is activity over the Chinese New Year holiday, during which Wynn ... -
Gaming | Committee: Stipulation on concessionaires ownership of casinos ‘not new’
The requirement that gambling concessionaires need to operate in venues they own “is not a new introduction,” lawmaker Chan Chak Mo, president of the parliament’s Second ... -
Post CNY gaming revenue surge driven by strong visitation
Macau’s gross gambling revenue (GGR) post Lunar New Year has hit the highest daily revenue figure since the Golden Week holiday in May 2021, according to ... -
Gaming | Union calls for US investigation into Suncity’s relationship with gaming operators
Local 501, a U.S.-based union, is calling for a coordinated U.S. federal investigation into the gambling junket operator Suncity Group and its historical relationships with U.S. ... -
LVS terminates agreement with three primary gaming promoters
Las Vegas Sands has confirmed that it has terminated its contracts with three gaming promoters as of December 2021. In its annual report, the parent company ... -
Gaming | Long-awaited amendment rolls out ‘over promised, under delivered’
A long-awaited decision by casino executives arrived “over promised and under delivered” on Friday, four months after it was announced that a gaming law amendment would be ... -
Gaming Law: Number of concessions limited to six, lasting 10 years
The Macau authorities today (Friday) revealed the amendments to the gaming law stipulating a maximum of six concessions, and the duration of the concession capped at ... -
Gaming | JP Morgan: Covid-19 no longer affecting casino stocks
Brokerage JP Morgan has upgraded gaming operators Sands China, Wynn Macau and MGM’s risk/reward potential overweight, noting that the ongoing Covid-19 crisis is for the most ...
