Thursday, October 29, 2020

Australia turns up the heat on gambling companies

Australia is again turning up the heat on gambling companies, this time with a bill that will make them responsible to compensate victims of players who used funds obtained illegally.

Is LVS on an Asia acquisition trail?

Las Vegas Sands lobbed an “October surprise” into the world of the gaming industry, confirming it’s seeking buyers for its Nevada casinos, effectively leaving it as an Asia-only operator, with properties in Macau and Singapore.

OTHER NEWS

Information from the Statistics and Census Service shows that inward direct investment flows into Macao jumped by 167.8 percent year-on-year to MOP 53.99 billion ($6.7 billion) in 2019. Analysed by industry, inflows of direct investment in the Gaming sector and Financial Activities totalled MOP 43.31 billion and MOP 8.52 billion respectively.
Delta Corp shares surged after it said its casino in Sikkim would reopen from Nov. 1, whilst casinos in Goa are also expected to reopen from the same date.
China has announced further curbs on the sale of high-frequency lottery products and virtual sports and plans to ban them completely from next year. 
Caesars Entertainment, Inc. said it agreed to sell Tropicana Evansville to Gaming and Leisure Properties and Twin River Worldwide Holdings for US$480 million in cash, subject to a customary working capital adjustment.
Aquis Entertainment said its operating cash flow in the recent quarter was positive and although visitation is down, business is strong. It has now also recalled most of the staff laid off during the Covid-19-mandated closures.
Bank of America has expressed doubts about Las Vegas Sands' ability to offload its casino assets given a dearth of potential buyers due to the pandemic. The bank says there is a very small pool of buyers able to make a $6 billion acquisition and at the moment access to capital market finance is also less favourable.
Macau, which last year was given a strong bill of health when it comes to efforts to combat money laundering and financial crimes, has taken further action by signing an AML risk assessment accord with a unit of the World Bank.
PAGCOR has reported January-September revenues from gaming operations at PHP22.3 billion (US$460 million), down 60 percent year-on-year.
International tourists arrivals plunged by an annualised 70 percent during the first eight months of 2020 because of the coronavirus pandemic, the World Tourism Organization (WTO) has reported.
EveryMatrix’s remote gaming server RGS Matrix has signed an agreement, which will allow new game studio FunFair Games to distribute its new multiplayer game content through RGS Matrix’s ‘out of the box’ server.
A travel bubble between Hong Kong and Singapore is expected to come into force in November, renewing travel links between the two cities, Hong Kong CEO Carrie Lam says.
Las Vegas Sands Corp is considering the sale of its Las Vegas casinos and is seeking a price tag of about $6 billion and marking an exit from the US gambling industry. 
Saipan representative Tina Sablan is pushing for further clarity as to why Imperial Pacific International has been allowed to proceed with its construction project without approved documents. Her call came after the Department of Public Works admitted it had been trying to get the papers for at least a year. 
South Korea's economy returned to growth in the third quarter, expanding by 1.9 percent, in the fastest expansion since the first quarter of 2010, according to figures released by the Bank of Korea.
Macau's Health Bureau’s (SSM) Control of Communicable Diseases and Surveillance of Diseases Department Coordinator Leong Iek Hou says that those who have recently entered after having been in Xinjiang’s prefecture of Kashgar within the past 14 days pose a low COVID-19 risk to Macau.
Macau's gross gambling revenue for October is expected to be down 73 percent with channel checks showing GGR up until October 26 at MOP5.95 billion (US$747 million), according to Bernstein research. 

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