Cambodia casino operator NagaCorp Ltd says it has concluded a 10-year deal with what it describes as “four independent third parties” for them to run a revamped, 300-unit, electronic gaming machine (EGM) business at its flagship NagaWorld resort in Phnom Penh… The casino operator will be entitled to 70 percent of the revenue generated from it, and the outside investors the remaining 30 percent.
Monthly Archives: May 2015
Another group of Chinese migrant workers from the Parisian Hotel’s construction site marched their way to the Chinese Liaison Office yesterday afternoon, seeking official intervention after failing to reach an agreement with their contractor over staff welfare and compensation.
Macau enterprises have registered investments worth over RMB200 billion (about MOP264.3 billion or US$33 billion)in the portion of the Guangdong Free Trade Zone just over the border on Hengqin Island, the Macao Daily News reports.
The first of the new casino-resorts to open in Cotai will prove or disprove the build-it-and-they-will-come theory, Deutsche Bank says. “The market believes in ‘supply creates demand’ and consensus still forecasts a Macau recovery in 2016 with gaming revenues up 10 per cent year-on-year,” a note issued by the investment bank says.
The chickens are coming home to roost. In Q1, Macau’s economy shrunk by a quarter from a year ago. The deepest recession ever recorded in the territory. The city’s Gross Domestic Product (GDP) plunged 24.5 per cent year-on-year during the first quarter of the year – which is the third consecutive quarterly decline that the Special Administrative Region has registered, as well as the worst downturn in the local economy since 2001.
Iao Kun Group Holding Company Limited… announced unaudited financial results for the first quarter ended March 31, 2015… Rolling Chip Turnover was $2.2 billion, a decrease of 54%…Net income was $17.1 million compared to net income of $3.2 million… revenue of $41.7 million, a 48% decrease… a win rate of 4.19% compared to a win rate of 3.60%.
Japan only has a 60 percent chance of seeing a casino bill pass in the legislature in August, leading Japanese pachinko hall operator Dynam Japan (06889.HK) said. The long-running debate on whether to legalize gambling casinos in the country is now entering a critical phase, as the bill that allows casino-based integrated resorts will be voted upon by the Diet in August…”We think that there is a 60 percent chance the bill will be passed,” said Yoji Sato.
Dynam Japan Holdings announced a 6.8 percent in revenue to 154.5 billion yen ($24.9 billion) for the year ended 31 March 2014, while profit for the period fell 46.8 percent to 11.3 billion yen. The pachinko hall operator’s gross pay-ins were 826 billion yen, recording a decrease of 10.4 percent compared with the year ended 31 March 2014. Profit before tax was 19.5 billion yen, a YoY decrease of 43.6 percent. The company said it operated 393 halls as of 31 March 2015, nearly 20 more than the previous year’s period of 375 halls in operation.
Genting Malaysia posted higher Q1 revenue and profit… Revenue rose 3 percent to RM2.1 billion ($575 million), with a RM57.2 million contribution from its casino business in New York and its Resorts World Bimini property in the Bahamas. Revenue also gained in Malaysia but its U.K. operations saw a drop of RM25.8 million. Pre-tax profit was up 3 percent to RM475.2 million.
International football governing body, FIFA has been shell-shocked this week following the charges made against 9 senior ranking officials with regards to bribery and corruption by the FBI and IRS Criminal Investigation Unit. The charged officials are accused of taking in excess of $150 million in bribes stretching back 24 years… UK betting exchange Betfair has published that Blatter remains a 1/2 favorite to keep his presidency.