Macau junket investor Amax Holdings Ltd has swung back to profitability in the financial year ended March 31. The company posted a net profit of HK$65.4 million (US$8.4 million), which it said was primarily attributable to the HK$102 million sale of Ace High Group Ltd. Amax had posted a net loss of approximately HK$39.40 million in the previous 12 months. The company’s selling and distribution expenses were down 40 percent year-on-year to HK$1.10 million in the year ended March 31. General and administrative expenses went up 9 percent to HK$37.5 million.
Monthly Archives: June 2014
The chairman of Galaxy Entertainment Group Ltd, Lui Che Woo, has forecast that his company’s annual profit will grow by between 40 percent and 50 percent next year. Galaxy Entertainment made a profit of $1.3 billion last year… he expects the second phase of the Galaxy Macau casino-resort to increase Galaxy Entertainment’s revenue when it opens next year.
Macau VIP gaming promoter Iao Kun Group Holding Co Ltd says it has applied to list its shares on the main board of the Hong Kong Stock Exchange… Iao Kun has VIP gaming rooms in the Star World, Galaxy Macau, Sands Cotai Central, City of Dreams Macau and Le Royal Arc casinos.
At least 40 hotels, including five international chains, are scheduled to open in Laos over the next five years as the country becomes a more popular tourist destination… Ramada, InterContinental, Crown Plaza, Sofitel and Marriott were set to open hotels in the capital by 2019. Three global brands Mercure, Ibis and Best Western have already opened their doors in Vientiane, and one regional brand has entered the World Heritage Site of Luang Prabang… “Laos is opening up for tourism right now,” he said, adding that foreign tourists would be arriving in greater numbers… The number of arrivals should reach 10 million within five years. The top five source markets are South Korea, China, Vietnam, Japan and Thailand. The number of American and European tourists has significantly increased in recent years. “In the next five years, the China market should become the largest portion for Laotian tourism due to a new high-speed train being constructed. The train will link Vientiane to Kunming in southern China, so a lot of tourists from China [will be] able to reach Laos easier and faster,” Yang said… The $10-billion project on 1,700 rai (272 hectares) will comprise an offshore financial centre, entertainment facilities, a casino, and accommodation for foreigners. Its first phase is scheduled to open in 2019.
The chairman of state-run casino operator-cum-regulator the Philippine Amusement and Gaming Corp (Pagcor), Cristino Naguiat Jr., has reiterated that the US$2 billion Manila Bay Resorts will only be authorized to open once it gets a local partner. The property is a development of Tiger Resort, Leisure and Entertainment Inc, led by Japanese entrepreneur Kazuo Okada. Mr. Okada plans to open the casino resort within the Pagcor-supported Entertainment City in Manila Bay by March 2015. “Their commitment is for them to set up by March next year. But they could not open without a local partner, definitely,” Mr. Naguiat told the Manila Standard Today.
Philippines-based Leisure and Resorts World Corp said its consolidated net income hit 100.6 million pesos (US$2.3 million) in the first quarter of 2014. That’s up 84.8 percent from 54.5 million pesos in the first quarter of 2013, the company said in a regulatory filing this week. The company is an investor in Manila’s under-construction City of Dreams Manila via its unit AB Leisure Global Inc. It said its total operating expenses amounted to 28.4 million pesos during the first quarter of 2014, up 121.9 percent from a year earlier. Subsidiary AB Leisure, an operator of bingo gaming in the Philippines, posted profits of 32.2 million pesos in the first quarter of 2014, an increase of 13.6 percent year-on-year. AB Leisure and its subsidiaries generated total revenues of 1.04 billion pesos in the three months to March 31.
Antigua & Barbados government announced an agreement with Chinese investment company Yida Investments to build a USD 740 million integrated casino resort on Antigua’s Guianna Island, which is scheduled to open in December of this year. The deal would develop Antigua’s Guiana Island and surrounding areas with 5 five-star hotels, 1,300 residential units, a casino and conference centre, a 27-hole golf course, a marina and a commercial/retail/sports facility. The land which is being used was that of Allen Stanford who setup the Ponzi scheme scam and was sentenced in 2012 to 110 years in prison.
The Australian state of Victoria will appeal the $451m judgment awarded to betting operator Tatts Group this week as compensation for the cancellation of its video poker (pokies) contract. Tatts and Tabcorp Holdings had held a pokies duopoly in the state since 1994, but in 2009 the Labor government decided to allow clubs to host pokies of their own. The two companies sued, complaining that their contracts called for refunding of significant upfront fees they’d paid to obtain the pokies duopoly. On Friday, the Victoria Supreme Court dismissed Tabcorp’s complaint but upheld Tatts’ claim, leaving Victoria facing a bill that could rise to $541m with interest.
Popular website searches included fantasy football leagues, quiz site sporcle.com and dungeons and dragons role-playing platform wizards.com. The details, obtained under a Freedom of Information request, also revealed trivia website i-am-bored.com was accessed 19,345 times from Palace of Westminster computers. Politicians and staff also wasted time growing virtual fruit and veg on freefarmgame.co.uk which had 25,779 hits. Between January 2013 and January 2014 there were a total of 3,844,636 attempts to access gaming websites from Parliamentary IT servers, the figures showed. Sporcle had 457,368 hits and fantasy.premierleague.com 86,157.
Luis Suarez is the scourge of football these days. But don’t tell that to the bettors who cashed in huge because of his latest chomping of an opponent’s body part. For these guys, Suarez is their conquering hero, a beacon of generosity who took one for their cause, allowing them to win huge sums of money on 175/1 odds that he would bite someone during the World Cup. All hail Cannibal Suarez! Swedish betting site Betsson told ESPN that 167 gamblers put money down on their site that Suarez would, in fact, bite an opponent at the World Cup. One bettor, Norwegian Thomas Syversen, placed a 32-krone bet ($5.25) on that specific proand he walked away with 5,600 NOK or about $916 based on current exchange rates.