Shares in MGM China (2282:HK) jumped almost 6% last week after the announcement that the Macau government granted it approval for a new mega casino on the Cotai strip. The project has a budget of around $2.5 billion, and the 17.8 acre site will include 1,600 hotel rooms, 500 gaming tables and 2,500 slots. MGM Resorts International chief executive Jim Murren expects profits of the subsidiary to more than double once the new property is online. Nonetheless the company will have to get in line – behind Wynn Macau (1928:HK) to break ground in Cotai and before that GEG, which preempted the competition’s plans by announcing and starting phase II of their Galaxy Macau complex.
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Singapore police have busted at least two illegal gambling operations in the past week, while across Asia authorities have moved to stamp out illicit activities, from raids on premier league matches in India, to illegal number forecasting in Malaysia.
The Puducherry union territory government has urged the union government to ban online gaming platforms and mobile apps, describing it as a necessity to protect the mental health of vulnerable people.
The next edition of the AGB Webinar Series will look at the future of iGaming customer acquisition and retention, which has been going through a transition period over the last year.