Take a look at the top games for NFL Week 9 in New Jersey sports betting. This time, we focus on DraftKings Sportsbook, the top NJ online sportsbook.
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Konami Corp’s gaming and systems division reported revenue of approximately JPY12.80 billion (US$113.1 million) for the six months ended September 30, up 1.2 percent in comparison with the same period in the previous year. Profit for the segment rose by 28.4 percent year-on-year to JPY1.59 billion, the Japanese conglomerate said in a press release on Wednesday.
“The gaming market is continuing to see growth with the worldwide development and opening of new casino facilities and integrated resorts which include casinos,” said Konami. “Furthermore, measures to revitalise the industry were implemented mainly targeting young people, including the introduction of slot machines designed to reflect players’ skill levels,” it added.
In the gaming segment, Konami operates outside Japan via Konami Australia Pty Ltd and U.S.-based Konami Gaming Inc.
The Japanese conglomerate said that during its fiscal first half it expanded the number of installations of its Concerto video slot product line in the North America, Asia and Oceania markets, including its curved-screen cabinet Concerto Crescent and the single tall screen cabinet Concerto Stack.
Konami said additionally that it continued to promote into the market its horserace betting station with a model track, dubbed Fortune Cup, which leverages the firm’s “expertise and technology accumulated through Konami group’s amusement machines”.
The firm added: “We continue to make efforts to enhance our sales focusing on the Concerto series, a key product in our video slot machine series, as well as to enhance product range, including introduction of the latest cabinet, Concerto Opus, which features a large, 65-inch display, and a new upright cabinet, KX 43.”
Besides casino slot gaming, the Japanese conglomerate is also involved in the Japan-focused pachinko game segment, digital entertainment – including video games and mobile games – and sports.
Group wide, Konami reported revenue of approximately JPY122.17 billion for the six months to September 30, up 5.9 percent from the prior-year period. Profit for the period was flat year-on-year at JPY17.20 billion, according to Wednesday’s release.
An interim dividend of JPY60.5 per share was also declared on Wednesday by the Japanese conglomerate. It included a grant of JPY25.0 per share, to celebrate the 50th anniversary of the firm’s foundation. Payment is expected to happen around November 20, said the firm.
Macau-based casino operator MGM China Holdings Ltd recorded net revenue of US$606.0 million for the third quarter of 2018, an increase of 37.1 percent compared to the same period last year.
Operating income stood at US$52.3 million for the three months to September 30, up 38.7 percent compared to the prior-year period, according to data included in the third quarter results announcement on Tuesday by parent firm MGM Resorts International.
MGM China’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) went up 7.4 percent to approximately US$130.0 million compared to US$121.1 million in the prior-year quarter. Adjusted property EBITDA margin was 21.5 percent in the July to September period compared to 27.4 percent in the prior-year quarter, “due primarily to the ramp-up of operations at MGM Cotai,” stated MGM China in a separate filing to the Hong Kong Stock Exchange on Wednesday.
The July to September period was the firm’s second full quarter of operations following the opening of its second Macau property – MGM Cotai (pictured) in the city’s Cotai district – on February 13. The new property contributed approximately US$172 million of net revenues for MGM China in the third quarter, with all gaming segments recording sequential growth in volume albeit at lower hold rates.
Net revenue at MGM Macau however fell by a modest 1.8 percent year-on-year, to approximately US$434.3 million.
“We are excited to see a substantial growth of customer database since we opened the second integrated resort in Macau,” MGM China’s chief executive Grant Bowie said in a prepared statement included in a separate press release.
MGM Cotai generated third quarter adjusted property EBITDA of US$11.8 million. MGM Macau, on the peninsula, recorded adjusted EBITDA of US$118.2 million, down 2.4 percent from the prior-year period.
“We look forward to maximise the opportunities to drive profitability and efficiency,” Mr Bowie added.
Group-wide, MGM China reported VIP table games turnover of US$9.4 billion, up 14.3 percent from a year earlier. Main floor table games drop rose by 45.8 percent, to nearly US$1.9 billion.
The Hong Kong-listed firm confirmed junket operations at MGM Cotai had officially commenced in September, with the opening of two VIP rooms, as reported by GGRAsia. “The rooms were well received and we look forward to further expanding our presence in this segment,” MGM China stated.
VIP gross table games win at MGM Cotai stood at HKD65.2 million, MGM China stated in its filing to the Hong Kong stock exchange.
Mr Bowie mentioned to media in August that the casino operator expected to see a total of five junket operators establish VIP rooms at MGM Cotai between September and early 2019.
Tak Chun Group, another major Macau junket investor, said in September it expected to open a club at MGM Cotai – its 17th in the Macau market – in the final quarter of this year.
MGM China plans to launch MGM Cotai’s President’s Club – an exclusive premium mass gaming area – in December. The launch of the Mansion villas – a high-end accommodation product also at MGM Cotai – is scheduled for “early 2019”, added the firm. Mr Bowie confirmed on Tuesday that MGM China aimed to have some of the Mansion villas ready in time for the upcoming Chinese New Year period. He was speaking on a conference call with analysts after the announcement of MGM Resorts’ third quarter results.
Chinese New Year is traditionally a peak period for Macau’s casino industry. In 2019, it falls on February 5.
No VIP slowdown concerns
In the same conference call, Mr Bowie also dismissed concerns about a potential slowdown in the VIP gaming segment in Macau. He admitted market conditions in mainland China were currently a “little more volatile” than earlier this year but said there was still a lot of liquidity available among junket operators.
“What this seems to be is much more of a controlled pause rather than the effect of running out of liquidity,” said Mr Bowie. “What we’re all expecting is a little softness for a little while until … we stabilise”.
MGM China had plans to introduce a resident theatre show – called “Destiny” – later this year to MGM Cotai. The firm recently decided the entertainment offering would not be going ahead, at least according to the original schedule.
During the conference call with analysts, Mr Bowie said the MGM group was “in dialogue” with the Macau government on the eventual refreshment of its existing gaming concession. “We are obviously specifically working through it, and we are quietly confident – probably more than that – that we will be in position to do that,” he added.
Mr Bowie admitted there “may be some expectation that we need to work through, but those discussions are still ongoing with the government, and it’s really going to be up to the government to make that final decision.”
The concessions of the six current Macau operators expire on various dates in either 2020 or 2022, with the licence of MGM China set to expire in 2020.
The looming concession expiry date however was not a worry for MGM Resorts chairman Jim Murren. “The discussions [on the matter with the Macau government] are ongoing and prompt and timely,” he stated during the same conference call.
MGM Resorts said on Tuesday that its net revenues declined by about 1.6 percent over the prior-year quarter at the company’s U.S resorts to US$2.23 billion. Net income for the period shrank by 3.7 percent year-on-year, to US$142.9 million.
Before the NY Jets could even formally announce their new deal with 888 Casino, critics are complaining the ads come too close to promoting sports betting.
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Macau-based gaming operator SJM Holdings Ltd on Tuesday reported a 65.1 percent year-on-year increase in net profit for the third quarter of 2018, to HKD707 million (US$90.1 million).
SJM Holdings reported gross gaming revenue of approximately HKD10.95 billion for the three months to September 30, up by 8.8 percent from the prior-year period. The tally included approximately HKD5.17-billion gaming revenue generated from 16 satellite casinos – venues using SJM Holdings’ gaming licence but managed by third parties.
Group adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 26.7 percent year-on-year to HKD919 million in the third quarter, the firm said in a press release. Adjusted EBITDA margin for the period increased to 10.8 percent from 9.4 percent a year earlier.
Ambrose So Shu Fai, SJM Holdings’ chief executive, said in a prepared statement: “SJM Holdings continued to turn in solid results in the third quarter of 2018, with good growth in the group’s revenue, adjusted EBITDA and net profit, compared with the previous year.”
In the third quarter, SJM Holdings recorded VIP gross gaming revenue of nearly HKD5.04 billion, up by 6.6 percent from the prior-year period. VIP chip sales totalled HKD166 billion in the period, and the VIP gaming hold percentage – before commissions and discounts – was 3.04 percent, down from 3.20 percent in the third quarter 2017, said the firm.
Gross revenue from the mass-market gaming segment stood at approximately HKD5.62 million, an increase of 10.6 percent year-on-year.
SJM Holdings operated an average of 291 VIP gaming tables and 1,408 mass-market gaming tables during the third quarter this year. The company operated a total of 2,637 slot machines in the period, it said.
Grand Lisboa performance
Gaming revenue at flagship property Casino Grand Lisboa (pictured) was up 11.8 percent year-on-year to HKD4.17 billion in the third quarter, whilst the property’s adjusted EBITDA increased by 18.6 percent to HKD496 million.
For the nine months ended September 30, Casino Grand Lisboa’s gaming revenue was HKD12.12 billion, up 9.3 percent from the prior-year period. Adjusted EBITDA for the nine-month period was HKD1.59 billion, a year-on-year rise of 25.6 percent.
For the first nine months of 2018, SJM Holdings’ gross gaming revenue stood at nearly HKD33.0 billion, a 8.0-percent expansion judged in year-on-year terms. Adjusted EBITDA for the period was up 28.9 percent year-on-year to HKD2.88 billion.
The firm’s net profit for the nine months to September 30 was HKD2.21 billion, an increase of 59.4 percent from the first nine months of 2017.
SJM Holdings management said capital expenditure during the third quarter 2018 amounted to HKD1.86 billion, “which was primarily for construction in progress and furniture, fixtures and equipment”, understood to be mostly related to the development of the firm’s first property in Cotai. The latter, named Grand Lisboa Palace, is scheduled to open in 2019, the firm said in its filing.
The whole resort is to cost approximately HKD36 billion and is due to open in the second half of 2019, shortly before the expiry of SJM Holdings’ current Macau gaming rights in 2020.
Outgoing Ainsworth Game Technology Ltd chief executive Danny Gladstone says the Australian maker of slot machines will exploit the advantages it gained from being taken over by Austria’s Novomatic AG to deliver value to shareholders. In the Ainsworth annual report for the financial year ended June 30, Mr Gladstone said the outlook for the firm in this financial year is “positive”.
“The opportunities with Novomatic will continue to be reviewed,” he said. “We have completed the development and integration of 20 Ainsworth slot titles for their Greentube Pro social casino platform, which will be used in North American land-based casinos.”
Mr Gladstone added: “We are investigating other licensing opportunities with land-based casino machine sales, taking a bundled approach.”
Novomatic completed the acquisition of 52 percent of Ainsworth in January.
Ainsworth called it a “strategic partnership” in the annual report and Mr Gladstone said the firm would continue to deliver shareholder returns on the strength of the relationship.
Ainsworth reported in August that its annual profit fell to AUD31.9 million (US$23.3 million) in its last financial year, 15.8 percent less than the year before. Annual revenue fell by 5.8 percent to about AUD265.6 million. Earnings before interest, tax, depreciation and amortisation fell by 3.3 percent to AUD68 million.
Mr Gladstone announced he would step down as chief executive next year but intends on staying with the organisation.
MGM Resorts picked up a second major sports league as a sports betting partner. Its non-exclusive deal with the NHL allows for databse sharing, advertising.
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Australia-listed casino operator Silver Heritage Group Ltd announced on Monday that it had nominated Ben Watiwat as the group’s new chief financial officer, effective November 5.
Mr Watiwat will be replacing Basil Jong, who is stepping down from his role as CFO “by mutual agreement with the board,” the company said in a filing to the Australian Securities Exchange. Mr Jong will stay with the group for a minimum of three months “to ensure an effective handover,” it added.
Silver Heritage operates the casino resort Tiger Palace Resort Bhairahawa (pictured in a file photo), in Nepal. The firm also manages a gaming operation at a hotel in the Nepal capital Kathmandu, and another in Vietnam.
According to Monday’s filing, Mr Watiwat joins Silver Heritage from SafetyCulture Pty Ltd, an Australian venture-backed software company where he held the position of head of finance and company secretary. The executive is described in the filing as a certified accountant, with extensive experience across corporate finance, accounting, and technology.
“Having worked with Ben for a number of years … I’m delighted he has accepted this role. Ben has significant experience and skills in capital management, compliance, risk, tax and reporting. Ben will be a significant asset for the business going forward,” said James Spenceley, Silver Heritage’s non-executive chairman, in a prepared statement included in the filing.
Commenting on his appointment, Mr Watiwat said: “The business has enormous potential and I am looking forward to working with the team to capitalise on the platform they have created.”
Mike Bolsover, managing director and chief executive of the firm, told GGRAsia in September that the early repayment of some bonds without financial penalty, and the pledging of AUD13.1 million (US$9.3 million) in fresh capital from investors announced also in September gave the company the chance to ramp up operations at casino resort Tiger Palace.
The appointment of the new CFO was announced shortly after Silver Heritage said non-executive director Robert Benussi had resigned in order to “focus upon his other business interests”. Michael Bassett replaced him with immediate effect, Silver Heritage stated in a separate filing on Friday.
Silver Heritage’s Friday filing stated: “Mr Bassett has over 25 years direct experience in investment markets having held a variety of senior management roles in Australia and the United Kingdom.”
Donaco International Ltd chairman Stuart McGregor says initiatives taken by the Australian operator of casinos to build up its Star Vegas casino business in Cambodia should pay off in due course.
The chairman, writing in the Donaco annual report for the financial year ended June 30, mentions the difficulties caused by the dispute between his company and the former owners of the Star Vegas Resort and Club (pictured) business in Poipet.
But Mr McGregor said: “Progress has also occurred during the year, with new junkets introduced at Star Vegas, new facilities being built and introduced at the property to attract new main floor and VIP patrons, the refurbishment of hotel rooms, the introduction of new gaming machines and gaming systems, and the recently announced launch of the online gaming operations. These initiatives will all hold the business in good stead over the next few years.”
The dispute centres around a no-compete clause that Donaco says the former owners of the Star Vegas willingly entered into. The trio have since gone into a new business, which was trading under the “Star” name. Mr McGregor said the competing casino had changed its name from Star Paradise to Winsor.
Donaco is claiming damages against the three men at arbitration in Singapore for US$190 million. “The board would like a rapid resolution to this issue, but unfortunately the hearing date is currently set for 29 July 2019, due to unavailability of lawyers and the arbitrator,” Mr McGregor wrote.
The executive paints a hopeful picture after a difficult year for his company. Donaco announced in August that it made an underlying net profit after tax of AUD18.3 million (US$13.34 million) on revenue of AUD96.2 million in its last financial year, having made an underlying net profit after tax of AUD54.6 million on revenue of AUD136.4 million the year before.
The company made a statutory net loss after tax – which includes non-recurring items – of AUD124.5 million in its last financial year, having made a statutory net profit after tax of AUD31 million the year before. Donaco said the statutory net loss after tax took into account a non-cash impairment charge of AUD143.9 million in the value of the Star Vegas casino licence due to its dispute with the former owners.
Annual revenue at the Star Vegas casino fell to AUD66.6 million from AUD 110.2 million.
The company’s biggest business is the Star Vegas, with more than 100 gaming tables, more than 1,000 slot machines and 385 hotel rooms. The Aristo International Hotel is a boutique casino in northern Vietnam, located on the border with China’s Yunnan province, that has some 400 rooms.
Net profit at Philippine conglomerate Belle Corp declined by 16.8 percent in the third quarter, to PHP595.0 million (US$11.1 million) from nearly PHP715.6 million in the prior-year period, the firm said in a filing to the Philippine Stock Exchange on Friday.
Belle Corp is entitled – via its 78.7 percent-owned subsidiary Premium Leisure Corp – to “a share of gaming revenues or earnings” at City of Dreams Manila (pictured), a Manila casino resort operated by a unit of Melco Resorts and Entertainment Ltd.
Belle Corp’s gaming revenue declined by 6.8 percent year-on-year in the three months to September 30, to approximately PHP648.2 million, compared to just below PHP695.4 million in the prior-year quarter, said the company.
Group wide third-quarter revenue was PHP1.94 billion, down by 7.5 percent compared to nearly PHP2.10 billion a year earlier.
Belle Corp’s net profit for the first nine months of the year increased by 1.2 percent, to PHP2.20 billion, compared to PHP2.17 billion a year earlier. The firm’s earnings before interest, taxation, depreciation and amortisation (EBITDA) from its income share in the gaming operations of City of Dreams Manila increased by 29.6 percent to PHP1.84 billion for the first nine months of 2018, it stated in a press release also issued on Friday.
For the January to September period, Belle Corp realised PHP1.79 billion in EBITDA from its real estate businesses, an 7.8 percent year-on-year increase. “A significant portion of this real estate-related EBITDA (PHP1.54 billion) was derived from Belle Corp’s lease of the land and buildings comprising City of Dreams Manila” to Melco Resorts, Belle Corp stated.
Philippine media reported in April that Belle Corp had made a proposal for expansion of City of Dreams Manila to Melco Resorts. A similar plan had been mentioned a year earlier.
Belle Corp owns approximately one hectare (100,000 squre metres) of undeveloped land across from the City of Dreams Manila site.
In May this year, Melco Resorts said it was in “preliminary discussions” that could lead to Belle Corp – via Premium Leisure Corp – taking an equity stake in locally-listed Melco Resorts and Entertainment (Philippines) Corp, the local Melco Resorts operating unit. No further information on those discussions has been released.
Melco Resorts is currently scheduled to launch this week a tender offer to acquire the shares that it does not already own in Melco Resorts Philippines, even though it has dropped plans to delist the entity from the Manila bourse.
The New Jersey Devils are the first NJ pro team and the second NHL to team up with a sportsbook. The organization recently signed a deal with William Hill.
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The local government in Primorsky Krai in the Russian Far East is to keep the tax burden on local casino resorts unchanged, says the director general of the Primorsky Krai Development Corp (PDC), Igor Trofimov (pictured). “What the operators need in this initial phase is stability,” noted the official in an interview with GGRAsia, referring to investors’ business planning.
The PDC is a government-owned company under the Department of Tourism of the Primorsky provincial government. It is in charge of developing the Primorye Integrated Entertainment Zone (IEZ), a casino development area located 50 kilometres (31 miles) from Russia’s Pacific port city of Vladivostok.
In Russia, taxes on gaming are regulated by the federal and local governments respectively. Under that system, the federal government suggests a range for such taxes, but it is up to the local government to set the actual level within that range.
“Recently, the federal government increased that range, but the local government decided not to change the taxes as it understands the importance of this project [the Primorye IEZ] and does not want to jeopardise the success of this development for a short gain in revenue,” explained Mr Trofimov.
The Primorsky provincial government charges RUB125,000 (US$1,902) per month for each gaming table, and RUB7,500 per month for each slot machine. “The local government, for now, has no plans to change the tax [burden],” stated the official.
The IEZ occupies 619 hectares (1,530 acres). About a dozen properties are envisaged for the first stage of the zone’s development, covering 263 hectares.
Tigre de Cristal, developed by Hong Kong-listed Summit Ascent Holdings Ltd, is currently the only casino resort in operation in the Primorye IEZ. The first stage of the scheme opened in 2015 and the company is now working on the property’s expansion.
All of the venues planned for the first phase of the Primorye IEZ should be in operation by 2025, with the companies expected to invest an aggregate amount of at least US$2.70 billion, according to information provided by the PDC.
The PDC director said he believed that a body to oversee the casino industry would eventually be created, but that “for now it was better for the casino industry to be self-regulated”.
“It’s better to wait for the further development of the IEZ, with the cooperation and oversight of the local government before introducing too many restrictions,” he added. “But it is expected that in the future there will be some regulation specifically for the gaming industry.”
Target markets
Mr Trofimov said the PDC aimed to promote a balance between the gaming and non-gaming offering at the Primorye IEZ.
“The total area for the Primorye IEZ is quite big and we’ve decided to make it more accessible to all types of tourist – families, young people, casino patrons,” he told GGRAsia.
Private companies have committed to invest in a series of non-gaming elements, including water parks, theme parks, ski slopes and entertainment arenas. “A new investor from South Korea plans to promote K-pop concerts,” the official added.
“The basis of our concept is something that continues to grow overtime, and there might be some changes as we develop further,” explained Mr Trofimov. “We are now garnering the interest from the operators and working in partnership with them. Once all the land plots are leased … we will introduce some specific details for the integrated development of the entire [IEZ] area,” he added.
Mr Trofimov said the PDC was “confident” feeder markets that neighbour Primorsky “will be enough to sustain the several [casino] projects at the Primorye IEZ”. That was despite new casino schemes being developed in South Korea and the recent legalisation of casino gaming in Japan.
“We are not concerned about the regional competition, as this project caters for a diversified market,” noted the official. “Our advantage is that this is a Russian territory, it’s quite different from the neighbouring Asian countries, and I think we will be able to attract our target audience, as they look for something different.”
Asian countries were the PDC’s main target as source markets for customers, namely China, South Korea and Japan. “In the future we plan to attract people from further away – especially from countries that are covered by the simplified visa system – to come to Primorsky,” said Mr Trofimov, referring to some immigration rules for inbound visitors to Primorsky.
The official said the Primorsky provincial government had been striving “to increase the attractiveness of the region for tourists”.
He added: “There are three key pillars to develop the market: increasing the influx of tourists, developing infrastructure, and introducing the right legislation. We’ve seen some encouraging policies, like the simplified visa system for 18 countries and improved accessibility via air and land.”
Apple finally approved the New Jersey sports betting apps of BetStars, 888 Sport NJ, and playMGM for inclusion in the Apple App Store.
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Borgata Hotel Casino & Spa won the Property of the Year award at the 2018 Global Gambing Awards, beating out nine other casino-hotels.
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Macau casino operator Galaxy Entertainment Group Ltd reported adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HKD3.9 billion (US$497.5 million), up 10 percent year-on-year but down 10 percent sequentially.
Galaxy Entertainment reported third-quarter net revenue of HKD13 billion, up 6 percent year-on-year and down 7 percent quarter-on-quarter, according to unaudited highlights of its performance for the period, filed with the Hong Kong Stock Exchange on Thursday.
“During third quarter 2018, Galaxy Entertainment “played unlucky which decreased adjusted EBITDA by approximately HKD332 million,” said the firm in commentary on the numbers.
Galaxy Entertainment’s founder and chairman Lui Che Woo said in a statement included in Thursday’s release: “Despite increased competition, with new property openings both in Macau and regionally, Galaxy Entertainment delivered solid [third-quarter] results.”
The group’s total gross gaming revenue (GGR) in the three months to September 30 was HKD15.8 billion, up 6 percent year-on-year. Total mass table GGR rose by 8 percent year-on-year to HKD6.6 billion, while aggregate VIP GGR stood at HKD8.6 billion, up 5 percent from a year earlier, said the company.
The Macau operator said that during the third quarter, Galaxy Macau casino resort (pictured) generated net revenue of HKD9.3 billion, up 7 percent year-on-year, but down 6 percent quarter-on-quarter. The property’s adjusted EBITDA was HKD3 billion, up 9 percent from the prior-year period.
The firm said VIP rolling chip volume at the property for the third quarter was HKD189.6 billion, up 15 percent year-on-year. That translated into revenue of HKD6.4 billion, up 8.5 percent from the prior-year period.
Mass gaming revenue for the venue was HKD4.4 billion, compared with HKD4.2 billion in the third quarter 2017.
At the group’s StarWorld Macau property on Macau peninsula, net revenue was HKD2.9 billion, up 7 percent year-on-year, but down 5 percent quarter-on-quarter. Adjusted EBITDA was HKD927 million, up 16 percent year-on-year despite the property “playing unlucky” in its gaming operations, said the firm.
StarWorld’s VIP rolling chip volume for the third quarter was HKD73.8 billion, up 10.3 percent year-on-year. This translated into revenue of HKD2.2 billion, down 4.4 percent from a year earlier.
Mass gaming revenue at StarWorld was nearly HKD1.7 billion, compared with HKD1.4 billion in the third quarter 2017.
At the group’s Broadway Macau property on Cotai – which operates without VIP play – net revenue for the third quarter 2018 stood at HKD145 million, an increase of 38 percent from the prior-year period. Adjusted EBITDA was HKD9 million in the reporting period, versus a negative HKD4 million a year earlier.
Galaxy Entertainment said on Thursday it would pay a previously-announced special dividend of HKD0.50 per share on October 26.
The latest filing gave little information on the progress for construction of Phases 3 and 4 of its flagship Cotai resort Galaxy Macau. In previous results it had mentioned ground exploration work.
In the third quarter highlights it stated: “We continue to move forward with our plans for Phases 3 and 4, and we look forward to formally announcing our development plans in the future.”
“Our healthy balance sheet allows us to return capital to shareholders through special dividends and fund both our local development pipeline and explore international expansion opportunities. These include Phases 3 and 4, Hengqin and Japan,” it added.
Las Vegas Sands Corp chairman Sheldon Adelson says the group is to double the amount it previously announced it would invest in some of its Cotai infrastructure in the next few years.
The news came in prepared comments issued with the group’s third-quarter earnings on Wednesday.
Group-wide quarterly profit was almost flat, at US$571 million, compared to US$569 million in the prior-year quarter. Nonetheless, the firm confirmed it would pay a quarterly dividend of US$0.75 per common share on December 27, to shareholders of record on December 18.
The group also confirmed on Wednesday that the board had authorised a US$0.08 increase in the company’s recurring common stock dividend for the 2019 calendar year, which it said was its seventh consecutive annual increase, raising the annual dividend to US$3.08, or US$0.77 per share per quarter.
Net revenues at the group’s Marina Bay Sands resort in Singapore, and at the Las Vegas operating properties fell year-on-year in the three months to September. In Singapore, such revenues were US$766 million, compared to US$789 million in the prior-year period, while in Las Vegas, they were US$379 million, compared to US$387 million a year earlier.
But in Macau, such quarterly net revenues rose 13.1 percent year-on-year, to just over US$2.15 billion, compared to just over US$1.90 billion a year earlier.
Mr Adelson stated in the prepared remarks regarding the Macau market: “We remain supremely confident in the future opportunity in Macau, and have therefore elected to meaningfully increase the scale of our investments in the Four Seasons Tower Suites Macao, St. Regis Tower Suites Macao and The Londoner Macao, which will now total US$2.2 billion in investment through 2021.”
The current Macau gaming rights of the group’s local unit Sands China Ltd are due to expire in 2022.
In October last year, Las Vegas Sands had said it would spend US$1.1 billion over the following three years on its Macau infrastructure, with the bulk of that figure – approximately US$700 million – to be used for rebranding the Sands Cotai Central property (pictured) into The Londoner Macao.
Bullish on Macau
Mr Adelson said in Wednesday’s filing that the newly-announced capital allocation – to be spent on the Four Seasons Tower Suites Macao, St. Regis Tower Suites Macao and The Londoner Macao – would provide “an ideal platform for growth in Macau in the years ahead”.
An investor presentation released at the same time as the third-quarter results, gave a breakdown of how the US$2.2 billion would be spent.
A total US$1.35 billion would be for the Londoner Macao conversion – the work to start in “2019” rather than the “late 2018” previously mentioned by the group – with “phased completion throughout 2020 and 2021”.
An aggregate of US$400 million would be spent on the St Regis Tower Suites Macao, with approximately 370 new luxury suites ranging in size from 1,400 square feet (130 sq metres) to 3,100 square feet, to come online.
At the Four Seasons Tower Suites Macao, there would be an expansion of the suite inventory “with approximately 290 new luxury suites, ranging in size from 2,000 sq feet to 4,700 sq feet.
With both of the latter projects, the firm said “work is progressing,” with “anticipated completion in first quarter 2020”.
Robert Goldstein, president and chief operating officer of Las Vegas Sands, gave some background on why the firm was investing more in Macau than previously announced, during a conference call with investment analysts following the firm’s third quarter results announcement.
He stated: “… we see growth in Macau in all segments. We see our hotel rooms are knocking out numbers we never anticipated. We think there’s a demand in that market for all kinds of different things including quality hotel rooms.”
He added: “The Four Seasons will benefit dramatically by having a 300-suite facility that plays right to the PMS [premium mass segment] and to junkets. We’re going to give that property that additional space. We’ve upgraded our game there.”
The “capital expenditure increase for expansion signals a bullish view on Macau prospects,” said a Thursday note from brokerage Sanford C. Bernstein Ltd.
Group wide in 3Q
In the third quarter results, on a group-wide basis, Las Vegas Sands said consolidated net revenue increased 6.7 percent to US$3.37 billion, while group net income increased 2.2 percent to US$699 million.
On a generally-accepted accounting principles (GAAP) basis, earnings per diluted share increased 1.4 percent to US$0.73. Adjusted earnings per diluted share were US$0.77.
Consolidated adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) grew 6.0 percent to US$1.28 billion.
In Macao, adjusted property EBITDA expanded 15.8 percent to US$754 million. At Marina Bay Sands in Singapore, adjusted property EBITDA was US$419 million. Within the group’s Las Vegas operating properties, adjusted property EBITDA was US$76 million.
The group’s depreciation and amortisation expense for the three months to September 30 was US$284 million in the third quarter of 2018, compared to US$265 million in the third quarter of 2017.
Interest expense, net of amounts capitalised, was US$126 million for the third quarter of 2018, compared to US$83 million in the prior-year quarter.
The group’s weighted average borrowing cost in the third quarter of 2018 was approximately 4.2 percent, compared to 3.2 percent during the third quarter of 2017.
Las Vegas Sands said it incurred a loss on early retirement of debt of US$52 million during the latest reporting period.
“This loss and the increases in interest expense and net weighted average borrowing cost relate to the issuance of unsecured notes by Sands China Ltd,” said the results filing. The latter firm is Las Vegas Sands’ Macau subsidiary.
Venetian, Cotai Central
At the Venetian Macao, third-quarter VIP rolling chip volume increased 7.6 percent year-on-year, to nearly US$7.43 billion, compared to just under US$6.90 billion in the prior-year period.
But at Sands Cotai Central, rolling chip volume was down 9.9 percent, to US$2.56 billion, compared to nearly US$2.85 billion in the prior-year quarter.
The Venetian Macao’s mass-market chip drop went up 15 percent annually for the quarter, to nearly US$2.18 billion, compared to US$1.89 billion in the prior-year quarter.
At Sands Cotai Central, mass-market chip drop expanded 14.4 percent year-on-year, to US$1.65 billion, from US$1.44 billion.
Slot machine handle at Venetian Macao was up 12.4 percent year-on-year, to US$807 million, from US$718 million. At Sands Cotai Central, slot machine handle remained greater in volume than at its sister property, but was nonetheless down 4.1 percent on an annual basis, to US$1.13 billion, from US$1.18 billion in third-quarter 2017.
A Thursday note from JP Morgan Securities Asia Pacific Ltd said Sands China’s third-quarter numbers were “nothing to write home about, but (way) much better than its share performance”.
“The company continued to gain VIP share (albeit from a low base) and maintained its dominant position in mass, which were within expectations but still quite impressive. All-in-all, we can’t help but think that the recent ‘collapse’ in the [Sands China] stock is extremely overdone, and we stay overweight,” wrote analysts DS Kim and Sean Zhuang.
At Marina Bay Sands, Las Vegas Sands said VIP chip volume was down a hefty 24.9 percent year-on-year, to US$7.09 billion, from US$9.44 billion a year earlier.
Mass-market chip drop in the Singapore venue was down 1.2 percent, at just under US$1.36 billion, from US$1.37 billion.
Slot handle there was US$3.62 billion, from US$3.66 billion in third-quarter 2017, a slight dip of 0.9 percent.
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Macau’s junket sector is supportive of a recent proposal by local legislators which would see junket staff added to a list of local gaming workers to be barred from visiting the city’s casino floors when off duty.
So said on Wednesday Ho Ion Sang, in comments to GGRAsia. Mr Ho is chairman of a Legislative Assembly sub-committee examining the draft bill covering the matter.
Some concern had been expressed to GGRAsia that it would be hard to enforce regarding the VIP sector for a number of reasons. They included the fact that many such workers are effectively on round-the-clock standby to cater for the needs of well-heeled gamblers that sometimes roll the equivalent of millions of Hong Kong dollars per trip to the city. Another issue of concern was whether so-called sub-agents or junket associates – people not on a junket investor’s payroll but nonetheless actively associated with the sector – would be covered by the ban.
“The government said that the [junket] representatives are basically supportive of the ban covering their workers, in order to protect employees from being too exposed to the gambling environment and in order to promote responsible gambling,” Mr Ho told us.
On Tuesday the sub-committee had talks with Paulo Martins Chan, the director of the local casino regulator, the Gaming Inspection and Coordination Bureau, and some other bureau officials, on how such a junket worker out-of-hours ban could be enforced.
Mr Ho noted to us that the government had already consulted some junket sector representatives, including some associations of this sector.The proposal was an amendment to the legislation announced in June by the government.
“So far our discussion was only about extending the ban to the workers that are under an employment contract with the junket firms,” Mr Ho noted to us.
“But whether those that work with the junket firms under a collaboration term or a service purchase agreement will also be covered by the bill, it is yet to be clarified in our next discussions [with the government],” he added.
Junket workforce size
The legislators on the sub-committee would also be briefed by the government at the next meeting of the body, regarding the number of contracted junket employees that would possibly affected by the draft bill, Mr Ho added.
According to the draft legislation, some staff that are hired by the casino operators and not directly involved with gaming operations – including cage staff, food and beverage outlet workers, cleaners and those connected to surveillance operations – are also included in the ban, alongside gaming workers.
The total number of casino concessionaire workers – including gaming staff but excluding the junket sector – to be covered by the out-of-hours exclusion measure totalled “about 46,000,” Mr Ho noted to us, citing the latest statistics mentioned to his sub-committee by the government.
The local government’s bill envisages Macau casino workers being allowed to gamble in local casinos only on the first three days of the annual Chinese New Year holiday period. Casino workers would also be permitted to step onto gaming floors outside work hours if it were related to “learning” – understood to be a reference to professional training or education – or if “participating in an association’s event”. The meaning of the latter phrase is yet to be clarified.
According to the bill, the city’s gaming regulator can only inform the data relating to individuals that are barred by a court decision or a definitive administrative decision from entering casinos to the gaming concessionaires or other public entities.
“Other than that, I don’t think the concessionaires are allowed to share data of their workers among themselves,” Mr Ho told.
Zheng Anting, a directly-elected Macau legislator who has ties to the local junket sector, remarked to GGRAsia that he was supportive of the general direction of the bill and the latest proposal to extend the ban to junket firms’ workers. “But what we are concerned of is how those new rules will get implemented,” Mr Zheng said.
“Some of the VIP rooms’ workers, such as the [gaming] hosts, do not have fixed working hours – unlike the hosts that work on the mass gaming floors or the cashiers… VIP service is one that have to be available to patrons 24-hour, and there should be a clearer definition [in the bill] to the working hours,” Mr Zheng added.
In a press briefing that followed the Tuesday subcommittee meeting, Mr Ho was asked about the enforcement issue a applicable to junket workers.
“If there is any problems, the superiors [of the junket employees] must issue a statement saying that the workers are on duty [on the gaming floor]. With this statement, there are no longer any problems regarding illegal entry of junket workers on casino floors,” Mr Ho had told reporters.
The promoter of the Primorye Integrated Entertainment Zone (IEZ) in the Russian Far East says it plans to lease by year-end all of the land plots earmarked for phase one. In an interview with GGRAsia, the director general of the Primorsky Krai Development Corp (PDC), Igor Trofimov, said the corporation expected two new investment agreements to be announced shortly.
“We hope to lease all of the land plots [in phase one] by the end of this year,” stated Mr Trofimov, speaking last week at the PDC’s headquarters. Currently, there are six land plots available for private investors, he added.
The Primorye IEZ (pictured), a casino development area located 50 kilometres (31 miles) from Russia’s Pacific port city of Vladivostok, is being promoted by the PDC, a government-owned company under the Department of Tourism of the Primorsky provincial government.
The IEZ occupies 619 hectares (1,530 acres). About a dozen properties are envisaged for the first stage of the zone’s development, covering 263 hectares.
Mr Trofimov said he had recently signed a preliminary agreement with a Russia-based bookmaker for one of the available plots, spanning 7.89 hectares. The agreement is for a casino hotel with no fewer than 50 rooms, via a total investment of at least RUB7.2 billion (US$109.9 million).
“We are just waiting for some documents, so that we move forward with the payment and finalise the investment agreement and lease contract,” the official told us. “The announcement should be made shortly,” he added.
The director general confirmed that the PDC is currently in negotiation with South Korean investors under the coordination of K International Inc, a holding company that includes several South Korean firms. That would be for an aggregate investment of at least RUB18 billion, according to official documents. The investor would pay an additional RUB1.2 billion to lease a 19.7-hectare land plot.
Mr Trofimov said the South Korean holding company would soon register a local entity in Primorsky, a required condition in order to invest in the Primorye IEZ. “We hope to sign the investment agreement with the Korean investor by the end of November,” he stated.
New investors
Once those two deals are completed there will still be four plots available for the first phase of the IEZ. Those are to be sold as a single batch. The PDC’s director general said the corporation is currently in negotiation with a number of potential investors “that showed interest in acquiring plots 16 to 19”.
“We are in negotiations with Korean companies and NagaCorp, and we are actually finalising the negotiations with NagaCorp,” Mr Trofimov told GGRAsia, referring to Hong Kong-listed casino operator and developer NagaCorp Ltd, already an investor in Primorye.
“However, depending on the number of companies interested in these plots, we might launch one more auction,” he added.
NagaCorp has begun pile cap work for a casino resort in Primorye, with completion of construction works planned for 2019, with the first phase of the facility opening in 2020.
According to the PDC, the first phase of NagaCorp’s project will include a 279-room hotel, casino and a conference hall. It added that the second phase of the casino resort was to be completed by 2022.
Plots 16 to 19 are located adjacent to where NagaCorp is already building its casino project. GGRAsia approached NagaCorp regarding the reported plan to acquire more land in the Primorye IEZ, but a representative said the company would not comment on the matter.
All of the properties planned for the first phase of Primorye IEZ should be in operation by 2025, with the companies expected to invest an aggregate amount of at least US$2.70 billion, according to information provided by the PDC. Investors have committed so far US$2.10 billion for the development of seven casino resorts.
Tigre de Cristal, developed by Hong Kong-listed Summit Ascent Holdings Ltd, is currently the only casino property in operation in the Primorye IEZ. The first stage of the scheme opened in 2015 and the company is now working on the property’s expansion.
The PDC is also investing in the development of the Primorye IEZ, creating the conditions for private companies to invest. The corporation has already injected a total of US$12 million, and in the next six months plans to invest an additional US$5 million to develop further the IEZ’s electric power network.
“Starting from next year, we plan to make use of a federal programme, allowing us to get US$55 million from the federal and local governments for the future development of the IEZ,” said Mr Trofimov.
The official said additionally that the development of the second phase of the Primorye IEZ – comprising 356 hectares – would only start after 2025, “once all of the properties and other infrastructure planned for phase one are in operation”.
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Several estimates by brokerages regarding Macau’s monthly casino gross gaming revenue (GGR) for October see a similar level or slight improvement over 2017′s year-high October data. In two pieces of research released since the weekend, the best estimate for October 2018 GGR was between 1 and 5 percentage points of growth.
In a note issued on Monday, Nomura Group’s Instinet LLC forecast that Macau’s October GGR would be somewhere around MOP27 billion (US$3.34 billion). That would be at least as high as October 2017, and at most, 5 percent more than a year ago.
Last week, the same research team forecast GGR this month would be between 5 percent and 10 percent greater in year-on-year terms. Analysts Harry Curtis, Daniel Adam and Brian Dobson had said that accelerating GGR growth over the September return had been driven by “stronger-than- expected demand during Golden Week”.
The New York City-based research team said fresh concerns about the Chinese economy was weighing on gambling junket collections, play volume and the liquidity of the cash-based mass-market gambling segment..
Instinet forecast that GGR averaged about MOP743 million last week. It now expects the daily GGR to average about MOP750 million for the rest of the month, having previously forecast an average daily GGR of MOP929 million.
A Sanford C. Bernstein Ltd note issued on Monday estimated this month’s GGR would be between MOP26.5 billion and MOP27 billion: at least the same as last October and at most 1 percent up on a year ago.
As with Nomura, Bernstein estimated that daily GGR averaged MOP743 million last week, and it and now expected daily GGR to average between MOP710 million and MOP740 million for the rest of this month.
“We continue to voice caution about the strength (and volatility) surrounding VIP,” the report said. “Significantly-shifting hold rates in VIP creates volatility and lack of ability to more accurately forecast the monthly trend.
“The devil remains largely in the details regarding the breakdown between VIP and mass and overall market share data (which is not clearly available) and, as such, the weight of the overall GGR number needs to be taken with a bit of scepticism, as weekly channel checks have proven to be less than accurate and volatile,” added the memo.
The Bernstein note was written by Hong Kong-based analysts Vitaly Umansky and Eunice Lee, and New York-based Kelsey Zhu.
Last October’s GGR was the highest monthly tally of 2017, at MOP26.63 billion, according to previously issued data from the local regulator, the Gaming Inspection and Coordination Bureau. On an annual growth basis, that was a 22.1-percent improvement.
A so-called “basic plan” to tackle the public policy issue of gambling addiction in Japan is to be formulated and made subject to a resolution in cabinet by April next year, according to information gathered by GGRAsia.
The news emerged after a first meeting on Friday of the body coordinating the public policy effort on gambling addiction, a major topic of community and political concern in relation to Japan’s casino liberalisation process. Having clear harm prevention and mitigation measures in relation to casino gambling is considered in Japan a key precondition of having a casino industry.
Up to three casino resorts are to be permitted in the first phase of market opening up, but the timetable for when that will happen is not yet clear.
A body known as the “headquarters for gambling addiction countermeasure promotion” is the responsibility of the Cabinet Secretariat, under the Chief Cabinet Secretary. The incumbent is Yoshihide Suga, a key figure in the government of Prime Minister Shinzo Abe. The official will be assisted in his work on the gambling addiction countermeasures by ministers of state in government departments that also have an interest in the topic.
The headquarters was set up under the terms of the Basic Act on Gambling Addiction Countermeasures, which came into force on October 5.
For its future deliberations, the headquarters for gambling addiction countermeasure promotion will put in place an executive committee, including people at director general-level in relevant ministries. The entity will be assisted by a panel of people referred to as experts in the field, according to GGRAsia’s correspondent in Japan.
Another licensed cross-border bus service – this one branded as “Hong Kong-Macau Express” – announced over the weekend a passenger service between Kowloon, Hong Kong and several Macau casino resorts via the Hong Kong-Zhuhai-Macau (HKZM) Bridge.
According to Macau Chinese-language media reports, Hong Kong-Macau Express said it would start services on Wednesday, the first day of full operation for the bridge. The HKZM Bridge opens to traffic at 9am that day according to a Macau government announcement last week.
Hong Kong-Macau Express’s inaugural HKZM Bridge run will start from Hotel Grand Lisboa, a property of SJM Holdings Ltd, on Macau peninsula, and travel to Hong Kong according to Macau television channel MASTV.
When travelling from Hong Kong to Macau, the bus operator’s services will stop not only at Grand Lisboa, but also several other peninsular casino properties: MGM Macau, operated by MGM China Holdings Ltd; StarWorld Hotel, run by Galaxy Entertainment Group Ltd; and Sands Macao belonging to Sands China Ltd. The Macau-bound service will then go on to call at several Cotai resorts: Sand’s China’s Venetian Macao; MGM China’s MGM Cotai; and Galaxy Entertainment’s Galaxy Macau.
When departing from, and arriving in, Hong Kong, the Hong Kong-Macau Express service will call at Shanghai Street in Prince Edward, Kowloon; and the Elements shopping mall in West Kowloon.
Hong Kong-Macau Express will provide – per 24-hour period – a total of 62 trips between Hong Kong and Macau. From the Hong Kong side, the service will run between 7.30am and 1.30am the following morning, inclusive. From Macau, the service will run between 7.00am and 4.30am the next day, according to the firm’s provisional timetable.
Boundary crossing services for passengers and vehicles travelling between Macau and Hong Kong will be open 24 hours a day, once the bridge is operational, said a Macau government statement issued last week. At least two other licensed passenger bus services – one branded as “One Bus” – have already been announced for travel between Kowloon and several casino resorts in Macau peninsula and Cotai via the HKZM Bridge.
In May Macau’s Transport Bureau confirmed that the city’s existing casino shuttle bus services would not be allowed to cross the Hong Kong-Zhuhai-Macau Bridge. But the bureau said at the time that it was discussing with the Macau casino concessionaires the possibility of the companies running a joint shuttle bus service with two routes: from the Macau boundary crossing of the HKZM Bridge (pictured) to, respectively, the Outer Harbour Ferry Terminal and the Taipa Ferry Terminal.
The majority owner of Melco Resorts and Entertainment (Philippines) Corp, the operator of the City of Dreams casino resort in Manila (pictured), withdrew on Friday its petition for voluntary delisting of the company.
But MCO Investments (Philippines) Ltd still wants to proceed with a voluntary tender offer to purchase up to nearly 1.57 billion outstanding common shares in Melco Resorts Philippines held by the public.
The purpose now would be to increase the majority owner’s stake: MCO Investments already owns nearly 73 percent, according to previous filings.
Last week Melco Resorts Philippines told the Philippine Stock Exchange that MCO Investments would defer its tender offer, which had been due to begin today, Monday.
A Friday filing stated the tender offer would now be deferred to an unspecified date.
The Hong Kong-Zhuhai-Macau (HKZM) Bridge opens to traffic at 9am on October 24 (Wednesday), the Macau government confirmed in a Friday evening press release.
The operational launch will follow an opening ceremony to be held in Zhuhai next door to Macau in mainland China’s Guangdong province on Tuesday, October 23, confirmed the Macau authorities. Macau’s Chief Executive, Fernando Chui Sai On, will be among the guests at the Tuesday ceremony.
The Macau announcement did not mention whether China’s President Xi Jinping would attend the launch. That had been reported in the South China Morning Post earlier this week.
The HKZM Bridge provides for the first time a direct-line road link between Macau and the major international transport hub of Hong Kong International Airport, across the Pearl River Delta. The infrastructure spans 55 kilometres (34 miles) and is the longest sea-crossing bridge in the world.
Boundary crossing services for passengers and vehicles travelling between Macau and Hong Kong will be open 24 hours a day, once the bridge is launched, said a follow-up statement.
Friday’s initial announcement from the Macau government mentioned the “fundamentals” of the boundary crossing facility had been in place since December 2017, with the local government having been given jursidictional authority over the boundary area since March 15. The Macau announcement added that Mr Chui had made “multiple” visits to the boundary zone since March 15, to assure himself of its readiness.
During a Friday press briefing in Hong Kong by local officials there, it was stated that the bridge would enable the road travel time between Hong Kong International Airport and Zhuhai to be shortened from four hours to approximately 45 minutes.
During the past week, at least two licensed bus service announced that they would take passengers between Kowloon and several casino resorts in Macau peninsula and Cotai via the HKZM Bridge.
Hong Kong-based Kwoon Chung Bus Holdings Ltd announced on Thursday that it would run each day 62 bus trips between Hong Kong and Macau on a round-the-clock basis, with a route that connects Kowloon in Hong Kong to several stops in Macau, including the Galaxy Macau casino resort operated by Galaxy Entertainment Group Ltd on Cotai, and also the Venetian Macao run by Sands China Ltd on Cotai. The bus company is to charge HKD160 (US$20.40) one-way per daytime trip, and HKD180 one-way per night-time trip and on public holidays.
Another bus operator called One Bus Hong Kong Macau Ltd has also announced that it will shuttle passengers between Kowloon, Hong Kong and several casino resorts of Sands China – including stops at Sands Macao on Macau peninsula, as well as the Venetian Macao and the Parisian Macao in Cotai. The operator, which says it will provide a daily total of 38 trips between Hong Kong and Macau, is to charge HKD170 one-way per daytime trip, and HKD190 one-way per night-time trip and on public holidays.
Current casino operators’ efforts to make Macau a ‘world centre of tourism and leisure’ and “internationally competitive” were important to the city’s government, said Lionel Leong Vai Tac (pictured), Macau’s Secretary for Economy and Finance.
He said such efforts are the factors in considering the possible refreshment of Macau gaming rights when the six current concessions expire on various dates between 2020 and 2022.
“Macau-based [casino] operators have to continuously improve their services in order to be more competitive,” stated Mr Leong in remarks to local reporters on Thursday on the sidelines of a public event.
The term ‘world centre of tourism and leisure’ refers to a Macau government aspiration to diversify the city’s economy away from dependence on high-stakes casino gambling. The authorities also want to widen the city’s international appeal so that it is not only a playground for rich Chinese from southern coastal mainland provinces and Hong Kong.
Referring to casino proliferation in other parts of the Asia-Pacific region, Secretary Leong noted: “We are monitoring the situation. We have seen that some regions are trying to develop their own gaming sector, but I do not think these would be in [direct] competition with the Macau market.”
A number of investment analysts have nonetheless said in commentaries that one effect of a perceived increase in scrutiny of the Macau casino market by the Chinese central government and the Macau government, has been to encourage some high-stakes gambling by Chinese players to migrate offshore to neighbouring jurisdictions.
In late July Mr Leong said there had been a preliminary proposal from the local government’s legal advisors regarding possible amendment of the existing framework gaming law, the basis for the current concession system. It was reported the proposal might relate to a fresh bidding process for gaming rights in the city. At the time Mr Leong said the government was studying the proposal but did not disclose further details on its content.
Macau gaming law currently states that the licences of the existing holders can be extended for a maximum of up to five years from their original expiry dates. But once a gaming concession contract expires, any new concession would have to be granted via a public tender. In that sense, say gaming lawyers familiar with the matter, there is no such thing in the Macau context as a “concession renewal”.
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A under–construction project for a new HKD5-billion (US$637.8 million) Cotai resort fronted by a son of Macau gaming entrepreneur Stanley Ho Hung Sun was only revealed publicly on Thursday at a press conference in the city.
But Arnaldo Ho Yau Heng said it would be “up to the government” whether the scheme would be able to have a casino.
“Lisboeta Macau” (pictured) was started in August of 2017, and the project was topped out this August, the media learned on Thursday, the first public announcement about it.
The project, with four-star accommodation, is on land near to the under-construction Grand Lisboa Palace casino resort. The latter is promoted by Hong Kong-listed SJM Holdings Ltd, which holds a Macau gaming licence via its local unit Sociedade de Jogos de Macau SA. Over the summer, Arnaldo Ho was confirmed as assistant chief operating officer of the latter firm.
It was not clear from Thursday’s press event what formal links – if any – Lisboeta Macau, flagged as having a possible “2020″ opening date, has to the SJM group of businesses.
Arnaldo Ho was referred to at that day’s presentation as a director of Macau Theme Park and Resort Ltd, described as the entity that was developing and would manage the project. The venture is being referred to as an “integrated resort”. In the gaming industry, that is usually a euphemism for a large-scale leisure facility with a casino as well as hotel and shops.
Arnaldo Ho told media: “At this moment, this project does not contain any gaming elements… we are not a casino operator and now this project is meant as a hotel complex site; and we are a hotel operator.”
But he added, referring to a possible gaming partner: “I cannot comment now who we will be partnering with.”
In the Macau market, third-party investors – typically Macau or Hong Kong business people – have since the days of Stanley Ho’s monopoly been allowed to get access to table quota and gaming rights by tying with an existing licensee under a so-called service agreement. SJM Holdings has been the most active in this segment in the post-monopoly era.
Casino sought
“If you ask me whether I want it [gaming elements] to be featured, of course I would want them. Because having gaming elements is a good thing in the sense that it enriches the project. But it really depends on the interest of casino operators and the government,” Mr Ho added.
Arnaldo Ho declined to say how Macau Theme Park and Resort might collaborate with SJM Holdings. But he suggested that Lisboneta Macau and Grand Lisboa Palace might be able to achieve what he termed “synergy” in terms of boosting visitor flow. Grand Lisboa Palace is relatively isolated at present, being further from the Cotai Strip – a cluster of casino resorts – than any of its rivals.
The opening of Grand Lisboa Palace is due by the second half of 2019, according to SJM Holdings’ interim results.
“…if we can build a bridge to connect the two projects, they will enjoy an improved visitor flow,” Arnaldo Ho said at Thursday’s press event.
He noted: “Grand Lisboa Palace is a five-star, [and] six-star, large-scale and luxurious property with 2,000 guest rooms; and we go for a more family-oriented resort. So when we are integrated that will bring the two projects an advantage.”
Y-shape floor plan
The Lisboneta Macau project is due to have 820 rooms and suites, housed in a 12-storey tower with a Y-shaped floor plan, according to Arnaldo Ho’s presentation. The hotel complex – all to be operated by Macau Theme Park and Resort – would have three hotel brands: “Lisboeta Hotel”, with 574 rooms; “Maison L’Occitane”, with 164 rooms, and “Casa de Amigo”, which will house 82 rooms. The latter two themed hotels would be a collaboration with, respectively, French cosmetic brand L’Occitane and Line Friends, characters associated with the Line social media software app. It is said to be the first such themed hotel collaboration for each brand.
The overall concept for Lisboneta Macau was a “Macau-themed” resort, with elements that “pay homage to old Macau”, said Arnaldo Ho. An exterior wall of the hotel tower would have a reproduction of the mosaic facade of the shuttered and soon to be demolished Hotel Estoril located opposite Tap Seac Square in downtown Macau. The latter was Stanley Ho’s first foray into the Macau hotel business after winning his original monopoly in 1962.
There would also be at the proposed new site a replica of the former floating casino Macau Palace that was run by his father’s legacy organisation. The facsimile would house an exhibition area and a Chinese seafood restaurant.
In modern Macau there was a “lack of a project that truly represents Macau,” said Arnaldo Ho.
He added: “When I looked at my father’s developments in the [19]60s of Macau, I felt that those are not very well-recognised and as his son, I should inherit those elements and introduce them.”
Angela Leong On Kei, the mother of Arnaldo Ho and who is also Stanley Ho’s fourth consort, is an executive director at SJM Holdings and a Macau legislator.
The Lisboeta Macau project would have two themed zones: “Retrospective Macau”, and “Future Macau”. The entertainment portfolio of the project includes: a zip-line ride that would allow more intrepid visitors to view the property from height; an area described as an “indoor skydiving spot”; and a cinema. The latter is said to be of a “Gatsby themed” design – understood to be a reference to the style and architecture featured in the 1925 novel “The Great Gatsby”, by F. Scott Fitzgerald. It would be run by the Hong Kong-based Emperor Cinemas.
Arnaldo Ho declined to reveal how Lisboeta Macau would be financed and what its earnings potential might be, citing confidentiality, but he said the HKD5-billion price tag included construction and land costs.
Scheme viability
When asked if he was concerned about the viability of the scheme if it could not have a casino, Arnaldo Ho said visitor numbers to Macau had been increasing in a stable manner.
“I don’t see this project will just go for the existing market clientele. The clientele I’m going for is… family [travellers]. This is a four-star resort and the pricing will be benchmarked against other four-star hotels in Cotai.”
He added: “This project is next to Grand Lisboa Palace… Hotels survive in Macau even they don’t have a casino.”
Macau Theme Park and Resort first applied to the Macau government in 2004 for a 200,000-square-metre (2.15 million-sq-foot) site in Cotai. Owing to the size of the project, it was asked to divide the development into two, with one area for the hotel facilities and another for the theme park. It was granted 106,000 square metres of land for hotel development in 2006, according to official records from the Macau government. The other 94,000 square metres for the development of a theme park – of so far undisclosed content – have still not been granted to the firm.
“The Macau government has never granted us this other half of the plot,” said Mr Ho, referring to the 94,000-square metres that is yet to be developed. “…we would hope very much the government can give us a chance to try to develop a true theme park for Macau [on the site].”
“The Land Law [of Macau] that was amended in 2014 has posed several issues to us, so the plan [for building a theme park] was not granted,” Mr Ho added. He noted Macau Theme Park and Resort had decided nonetheless move ahead with the Lisboeta Macau portion.
According to Thursday’s press event, other directors of Macau Theme Park and Resort Ltd are Angela Leong, Lee Wai Man and Li Chi Keung. Mr Lee is known as the founder and leader of the city’s veteran junket firm Macau Golden Group.