Thursday, April 25, 2024

Desmond Lam

Desmond Lam


HK regulator disciplines Chinese lottery firm and executives 

The Hong Kong Securities regulator has initiated disciplinary action against lottery operator China Ecotourism Group and seven of its executives.

Malaysian Prime Minister denies plans for second casino license in Johor

Malaysian Prime Minister Anwar Ibrahim has refuted claims suggesting plans for a casino to be established in Forest City, Johor.

Galaxy Entertainment announces new Capella Hotel to open in mid-2025

Macau gaming operator Galaxy Entertainment Group has announced a new partnership with operator Capella Hotels and Resorts to launch its first property in Macau.

King Gaming’s license suspended amongst criminal investigation

Isle of Man licensed King Gaming has had its license suspended by the local Gambling Supervision Commission.

IPI ending its Saipan chapter as CNMI deems the firm is no longer viable

The Governor of the Northern Mariana Islands, Arnold Palacios, has noted that there is no more settlement procedure for its casino license with Imperial Pacific International, given its bankruptcy filing.

Malaysia in talks with Berjaya and Genting over potential casino in Forest City

Malaysia is currently in talks with Berjaya and Genting Group to potentially open a casino in Forest City, in Johor, known as the nation’s ‘ghost city’.

MGM Osaka secures $3.4 billion loan from banks

The group behind the multi-billion-dollar integrated resort in Japan, led by MGM Resorts, has closed a deal for a $3.4 billion loan from a group of banks.

Gaming spending in Macau to be much lower during Labor Day period – Morgan Stanley

Analysis conducted on 28 hotels across Macau suggests that both Average Daily Rates (ADR) and occupancy rates are anticipated to be notably lower during the upcoming Labor Day holidays when compared to the 2024 Chinese New Year (CNY) holiday and the May Golden Week in 2019.

Emperor Entertainment expecting 150% jump in revenue for FY24

Emperor Entertainment Hotel Ltd is expecting a reversal to profit in the fiscal year ending in March, mainly thanks to a 150 percent year-on-year jump in revenue.

Donaco’s earnings steadily increasing, 1Q24 close to pre-COVID levels

Cambodian and Vietnamese casino operator Donaco International has reported steadily increasing earnings in 1Q24, almost fully reaching pre-COVID operational levels, as stated in the company’s quarterly report.

SkyCity Adelaide casino operator could face fines of up to $48M

Australian Consumer and Business Services Minister Andrea Michaels plans to introduce new legislation to Parliament next week, aiming to significantly raise maximum fines for Adelaide's casino operator from $100,000 to $75 million.

RGB to acquire EGMs in the Philippines for $2.2M

Malaysian group RGB International will acquire a 20 percent stake in an East Timor electronic gaming machines company with a presence in the Philippines for some $2.2 million.

Citigroup trims Macau April GGR to $2.23B due to flat daily run-rate

Citigroup has trimmed its forecast for Macau's gross gaming revenue (GGR) from $2.3 billion to $2.23 billion for April due to the anticipated flattish daily run-rate.

Macau hotels fully booked for Labor Day, with prices 20% below CNY rates

UBS reports that Macau hotel prices for mainland China’s five-day Labor Day holiday season are 20 percent below this year's Chinese New Year (CNY) rates but bookings are high.

Macau plans to build outdoor concert venue near Cotai IRs

The Macau government has plans to construct an outdoor concert venue with a capacity to accommodate 50,000 attendees, located at the Cotai Strip.

Saipan casino watchdog delays Imperial Pacific license revocation decision

The Saipan Commonwealth Casino Commission (CCC) board has deferred its decision on whether to revoke Imperial Pacific International's exclusive gaming license in light of the company's Chapter 11 bankruptcy filing.

Senator urges Philippines gov’t to boost crackdown on foreigners involved in illegal POGOs

Philippine Senator Sherwin T. Gatchalian is urging the country's Bureau of Immigration (BI) to intensify efforts to prevent foreigners involved in illegal Philippine Offshore Gaming Operators (POGOs) from entering the country and establishing more illicit operations.

Macau gov’t gaming tax revenue tops $882M in March

Macau’s government brought in some $882.71 million in gaming tax revenue during the month of March, a 77.26 percent yearly increase but down slightly month-on-month.

FEC casino subsidiary Palasino raising $2M in new share allotment

The Hong Kong Stock Exchange has given the green light for a new share issuance by Palasino Holdings Ltd, a newly-listed subsidiary of developer Far East Consortium (FEC), with the issuance aiming to raise some $2 million.

President Marcos: Filipino hospitality a pillar of Philippine tourism

Philippine President Ferdinand R. Marcos Jr. has emphasized the pivotal role of Filipino hospitality in driving the growth of Philippine tourism and fostering overall economic development.