Five Australian investment banks are reportedly in line to set up what could become the largest IPO on the Australia Securities Exchange, as Scientific Games (SG) seeks to list its global lotteries arm.
These include current SG advisor Macquarie Capital, and Jarden Australia, which has already worked closely with the company. Goldman Sachs, Morgan Stanley and UBS are said to be the other members of the listing syndicate.
With upside estimates for EBITDA of $450-475 million for the company in the 2022 financial year, Australian gaming analysts believe SG could aim for a 16-to-18 times multiple, similar to that expected for Tabcorp’s lotteries business when it’s spun off.
The Vietnam Ministry of Finance is looking to extend its three-year casino pilot program to 2024, which will continue to allow locals to gamble in the Corona Resort on Phu Quoc island in the south and in a yet to be opened resort in Van Don in the north.
For this edition of our magazine, we focus on Southeast Asia, with a particular look at the Philippines. The country’s casino industry has been among the hardest hit in Asia, with the integrated resorts in Manila’s Entertainment City having remained mostly closed to the general public since the beginning of the crisis last year.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.