A new US president is expected to assume office in January, but in our podcast with Martin Williams of VIXIO GamblingCompliance, it is suggested that while President-Elect Joe Biden is likely to rein in the wild and bombastic style of the Trump administration, that the fundamentally harder line vis-a-vis Beijing is likely to remain in place. Meanwhile, the Crown Resorts saga continues in Australia, with the company management making some belated but likely insufficient moves aimed at damage control. Much better news is coming from the north, brokerage house Credit Suisse has initiated coverage of Summit Ascent Holdings, seeing bright prospects for Tigre de Cristal in the Russian Far East.
First, the news
- Crown Resorts says goodbye to junkets, for now
- Aristocrat annual profit down 46.7 percent in FY2020
- Suncity backing to fuel Summit Ascent GGR growth
- Finance already Macau’s third-largest industry: CE
- HSBC prefers Melco Resorts over LVS
- Century Entertainment issues profit warning on six-month results
- Shambala casino launches poker club
- Philippine online cockfighting revenues estimated at US$32 million daily
- First meeting of the Yokohama Innovation IR Council held
- Sarawak police claim success in busting online gambling
- India police arrest more than 100 for Diwali gambling
- US commercial gaming at 81% of pre-crisis levels
What you need to know
Summit Ascent Holdings got a strong vote of confidence from Credit Suisse, due to the backing of major shareholder Suncity Group, with gross gambling revenue projected to surge 349 percent next year. To be sure, Credit Suisse acknowledges that Summit Ascent is starting from a relatively small scale. But it puts its heady forecasts into perspective, saying the figure would only be about 2 percent to 4 percent of Suncity’s pre-Covid 19 level GGR.
Crown Resorts issued a release on Tuesday morning clarifying its position on utilizing junkets going forward. In late September, Crown announced that it would pause all of its junket relationships until the end of June 2021 while the company conducted an internal review. This week, they took it a step or two further, declaring that “the board has determined that Crown will permanently cease dealing with all junket operators, subject to consultation with gaming regulators in Victoria, Western Australia, and New South Wales. Crown will only recommence dealing with a junket operator if that junket operator is licensed or otherwise approved or sanctioned by all gaming regulators in the States in which Crown operates.”
Martin Williams, Vixio Gambling Compliance journalist and Asia editor, talks with AGB managing editor, Sharon Singleton, about the U.S. elections. The focus was whether incoming President Joe Biden will reset rock-bottom Sino-U.S. relations. He says we can probably expect a different tone, but in substance China may even have a tougher time.
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