Visitor numbers to the live action role-playing theme park Planet J in Cotai have only reached 10 percent of the venue’s capacity, its director Damon Chan Kwok Wah said. Chan said that the since the opening last July, the average number of visitors to the theme park had only reached 10 percent of its annual capacity of 7 million visits.
Monthly Archives: February 2018
Macau’s total value of retail sales rose 12.6 percent year on year to 66.26 billion patacas last year…retail sales of timepieces and jewelry accounted for 22.3 percent of the total value.
Galaxy Entertainment Group Deputy Chairman, Francis Yiu Tung Lui, said he believes the group’s investment in non-gaming elements and in Macau’s development will be viewed favorably when the times comes to renew its gaming license in 2022. “The Macau Government has given us this good opportunity [and] Galaxy has performed really well. In 2017, our market share is already number one in the market. We have a HK$1.3 billion fund to help the development of young people in Macau with the local government always encouraging the long term development of Macau in terms of non-gaming facilities,” Mr. Lui said.
Local casino operator Galaxy Entertainment Group Limited has posted net profit attributable to its shareholders of HK$10.5 billion for the whole year of 2017, an increase of 67 per cent. Gross gaming revenue for 2017 amounted to HK$258 billion, up 19 per cent year-on-year, with gross gaming revenue during the fourth quarter of 2017 reaching some HK$70.3 billion, up 20 per cent year-on-year and up 8 per cent quarter-to-quarter.
Despite a slight year-on-year increase of 0.1 per cent in its gaming revenue to HK$41.29 billion, local operator Sociedade de Jogos de Macau (SJM) saw a 15.6 per cent fall in its profits to HK$1.96 billion in 2017…gaming revenue was recorded for its flagship Casino Grand Lisboa, up 5.8 per cent, EBITDA and attributable profit of the property dropped 5.1 per cent and 1.4 per cent, respectively. Total adjusted EBITDA also decreased by 10 per cent to HK$3.10 billion… hotel, catering, retail and other operations dropped by 4.5 per cent, totaling HK$731 million.
The ruling Communist Party’s move to let leader Xi Jinping remain China’s president indefinitely is fueling anxiety that Beijing might be undermining reforms needed to keep its economy healthy. Private sector analysts expect little short-term impact from the party’s decision to eliminate the constitution’s term limits for the presidency. But they say concentrating more power in Xi’s hands could hamper business and chill investment by making China’s economy more unpredictable and less able to respond to challenges.
As Caesars Entertainment president and CEO Mark Frissora tours Japan this week, company executives are meeting with local officials and the media, as well as announcing a whole host of new developments that clearly puts Caesars among the front rank of international IR operators seeking a license in Japan… Caesars is, in fact, the fourth international IR operator to become Osaka’s Official Partner on the expo bid, following Melco, MGM, and Hard Rock.
Australia-listed Crown Resorts has agreed to sell its majority ownership in its homegrown sports betting arm, Crownbet, for an aggregate $117.7 million. CrownBet, launched in 2014 in Australia, is one of Australia’s fastest growing online sportsbooks with unaudited annual revenues growing from approximately A$76.5 million (US$59.6 million) in 2015 to approximately A$204.0 million in 2017. Unaudited EBITDA turned positive for the first time in 2017 at approximately A$7.9 million for the year.
Lower revenue from its US business weighed on Genting Malaysia’s 17Q4…an 11 percent increase in total revenue to RM2.5 billion, however, adjusted EBITDA fell 10 percent to RM669.6 million, and net profit fell to RM430.3 million. Genting saw higher revenue and adjusted EBITDA from its Malaysian operations…UK and Egypt also recorded higher revenue in the quarter…US and Bahamas saw lower revenue and adjusted EBITDA in 17Q4, due to lower revenue from the operations at Resorts World Casino New York City.
A William Hill TV spot has fallen foul of a Advertising Standards Authority (ASA) ban this week, after a promotion for a bonus payout feature was banned for misleading punters. Almost five months after the commercial aired in the UK, the ASA has told William Hill that the spot must not appear again in its current form, after it objected to the way that the bookmaker described the qualifying conditions for its ‘2 Clear’ free bet bonus.