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Macau Legend accuses Cape Verde of “aggressive act” after IR project termination

Nelson Moura
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Macau Legend accuses Cape Verde of “aggressive act” after IR project termination

Gaming company Macau Legend Development (MLD) has accused the Cape Verdean government of committing an “aggressive act” by terminating, without prior notice, contracts, and land concessions for its uncompleted gaming and tourism project planned for the country’s capital.

The project, announced ten years ago, has left parts of the city’s waterfront blocked off, and an empty eight-story hotel-casino in Cape Verde’s capital of Praia.

Cape Verde Project, Macau Legend

Last month the Cape Verde government announced it had terminated its contracts with MLD, claiming repeated violations of obligations related to what was initially a supposed €250 million ($264.7 million) tourism and gaming investment in the city.

Macau Legend Development, Cape Verde

“These administrative acts of contract termination and the reversion of assets to the state were decreed without MLD being previously notified of any decision regarding the ongoing administrative procedure,” the company stated in a press release published in the weekly newspaper Expresso das Ilhas.

“MLD will immediately resort to all available legal means to defend its rights and trusts that, as long as the issues related to these contracts remain unresolved, the State of Cape Verde will not take any further offensive actions against its rights as an investor”.

Regarding the administrative process, the company claims to have kept the government informed of “negotiations with interested investors” for the project, requesting “the definition of essential elements” to protect “the public interest of Cape Verde.”

The company also complained that the government ignored its requests and only notified it of the decision to terminate everything and revert the assets via email, one day after the announcement in the Official Bulletin.

Tak Chun CEO may make mandatory bid for Macau Legend

MLD asserts that it has always paid the necessary licenses to the municipal and governmental authorities, noting that the last payment for the renewal of gaming licenses was made on November 18th, the same day the contracts were terminated and the reversion was announced.

The Cape Verdean Council of Ministers justified the termination of the contracts and the reversion of the hotel-casino and other unfinished works, stating that “MLD has repeatedly and flagrantly violated its obligations,” failing to meet deadlines that have been revised since the initial investment announcement.

The government also stated that it provided “all opportunities” for the company to resume work, dismissing the justification that the current situation is a result of the COVID-19 pandemic.

Victorian gaming regulator appoints former police commissioner as new chairperson

Nelson Moura
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Victorian gaming regulator appoints former police commissioner as new chairperson

The Victorian Government has announced the appointment of Christopher O’Neill as the new Chairperson of the Victorian Gambling and Casino Control Commission (VGCCC).

Christopher O’Neill, VGCCC
Christopher O’Neill, new Chair at the VGCCC

O’Neill has served as a Commissioner of the VGCCC since 2022 having worked for 45 years with the Victoria Police, where he held various positions, including Acting Deputy Commissioner in 2016, overseeing Regional Operations, Capability, and Specialist Operations.

He will succeed Fran Thorn, the inaugural Chair, who held the position in the independent statutory authority that regulates Victoria’s gambling industries since January 1st, 2022.

The VGCCC commented that under Thorn it was “re-established as a standalone regulator” and strengthened its oversight of the Melbourne Casino, particularly following the findings of the 2021 Royal Commission into the Casino Operator and Licence.

Fran Thorn, VGCCC
Fran Thorn, the outgoing chair of VGCCC

“Mr. O’Neill […] will bring vital expertise to the position”, Minister for Casino, Gaming and Liquor Regulation Melissa Horne said in the position announcement.

Horne also acknowledged the significant improvements made to the gambling regulator since its re-establishment in 2022, asserting that O’Neill’s leadership will ensure continuity and the successful implementation of these changes.

“I thank Fran Thorn for her outstanding service to the Commission and her dedication to reducing gambling harm and improving the integrity of the Victorian gambling sector,” she added.

The CEO of the VGCCC, Annette Kimmitt, has also recently announced she is going to be retiring despite having two years left in her term.

Newport World Resorts appoints Englebert Teh as Chief Strategy Officer

Nelson Moura
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Newport World Resorts appoints Englebert Teh as Chief Strategy Officer

Newport World Resorts has announced the appointment of Englebert Teh as its new Chief Strategy Officer.

The company noted that with 10 years of experience in real estate and finance, Teh will bring a “wealth of expertise to the executive team” having previously served as Head of Investment & Asset Management at Arch Capital Philippines.

Englebert Teh, Newport World Resorts

He also worked as Chief Financial Officer of MREIT, Inc., and held key positions at Megaworld Corporation, Primiero Partners, and San Miguel Infrastructure.

The operator of Newport World Resorts, Travellers – under the Alliance Global Group, has reported a fall in gaming revenues of 6.3 percent for the first nine months of the year, totaling PHP24.31 billion ($412.67 million).

Macau outdoor performance venue opens December 28th with first concert

Viviana Chan
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Macau outdoor performance venue opens December 28th with first concert

Macau’s new outdoor concert venue, located in the Cotai area, will begin its trial operation on December 28th, with its first concert organized by the Macau SAR government.

While details about the performance remain scarce, the head of the Cultural Affairs Bureau, Leong Wai Man, confirmed that the concert’s budget exceeds MOP20 million ($2.5 million), excluding ticket sales. Macau residents will be eligible for discounted ticket prices.

Leong revealed that the concert will be organized in collaboration with a Hong Kong television station and will feature performers from Macau, Hong Kong, mainland China, and other parts of Asia. The event is expected to be large-scale, with additional details to be released closer to the date.

Earlier announcements indicated that the construction of the outdoor venue cost more than MOP80 million ($10 million), and the venue can accommodate up to 80,000 spectators. 

The government-organized concert will coincide with two events hosted by gaming operators. One will be a fan meeting with Korean singer and actor Lee Joon Gi at Studio City, while the other will be the first concert of Hong Kong pop star MC Cheung Tinfu, who will perform at least four shows over two weekends at The Londoner Arena.

2024 LEE JOON GI ASIA TOUR, Macau
MC Cheung Tin Fu, Macau

Leong emphasized that the first concert on the outdoor venue will primarily focus on testing operations and ensuring safety. While the number of attendees and ticket prices are yet to be finalized, Macau residents can look forward to discounted tickets, as the government aims to celebrate the venue’s opening with the local community.

In addition, recruitment for catering services at the outdoor venue will close on December 6th. Leong noted that this recruitment is specifically for the December 28th concert, and no applications have been received so far. A long-term catering services recruitment plan will be launched during the trial operation period.

Philippines deports 187 POGO employees to China

Viviana Chan
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Philippines deports 187 POGO employees to China

On Thursday, 187 Philippine Offshore Gaming (POGO) employees were deported to China.

The workers, who were detained during raids across several POGO hubs, include 122 from 3D Analyzer in Pasay, 57 from the Tourist Garden Hotel in Lapu-Lapu City, Cebu, and 11 from Zun Yuan Technology in Bamban, Tarlac, as well as SmartWeb Technology in Pasay and Clark, Pampanga.

Chinese POGO employees deported
Chinese POGO employees deported

With less than a month remaining before a complete ban on POGO operations takes effect at the end of the year, the deported individuals—who are all Chinese nationals—were removed for violating Philippine immigration laws.

Gilbert Cruz, PAOCC
Gilbert Cruz, Executive Director of the Philippine Anti-Organized Crime Council (PAOCC)

Gilbert Cruz, Executive Director of the Philippine Anti-Organized Crime Council (PAOCC), explained that some of the apprehended individuals did not have any documents, which violated their conditions of stay.

Upon arrival in China, the deported workers will face investigation for possible involvement in online scams.

Following the deportation, the Chinese Embassy in the Philippines issued a statement in Chinese praising the move as another significant step in law enforcement cooperation between the two countries. The embassy noted that it underscores both nations’ strong commitment to combating offshore gambling and ensuring a safe environment for their citizens.

As reported by AGB, nearly 11,000 foreign workers employed by Philippine Offshore Gaming Operators (POGOs) have left the country, according to the Philippines Bureau of Immigration (BI). 

These workers are part of a larger group of over 21,757 foreigners employed by POGOs who had downgraded their visas as of November 7th. As required by the Philippine authorities, all foreign POGO workers must leave the country before the end of the year.

Daily Asia Gaming eBrief: Updates on Macau satellite casino operations expected in 2025

AGBrief Editorial
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Daily Asia Gaming eBrief: Updates on Macau satellite casino operations expected in 2025
Good morning. Maintaining orbit. That’s what Macau’s satellite casino operators have been doing in recent years, as they face upcoming changes which could make their operations unviable. But there are expectations for clarity next year, as the clock ticks down, even as Macau’s gaming industry booms. Meanwhile, in the stock world, the head of Las Vegas Sands has decided to sell off over $3 million in shares, despite the company not showing financial weakness.

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AGEM Index increased by 8.3% in November from Oct, up 51% YoY

Kelsey Wilhelm
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AGEM Index increased by 8.3% in November from Oct, up 51% YoY

The AGEM Index was strong in November, rising by 8.3 percent from the prior month. Compared to one year ago, the index was up by 51 percent.

During the month, nine of the 12 AGEM Index companies reported stock price increases, which resulted in nine positive contributions and three negative contributions to the AGEM Index.

The largest positive contribution to the monthly index was Aristocrat Leisure, whose 10.1 percent increase in stock price led to a 60.87-point gain for the index.

Aristocrat Leisure, AGEM Index
Agilysys Hospitality, AGEM Index

Meanwhile, Agilysys saw its stock price increase by 34.3 percent, leading to a 31.06-point gain for the index.

IGT-International Game Technology, AGEM Index

The largest negative contribution to the index was sourced to International Gaming Technology (IGT), whose 5.4 percent decrease in stock price resulted in a 5.03-point loss to the AGEM Index.

The figure’s monthly growth in the index is amongst the highest recorded, ranking third since the AGEM Index’s debut in 2005.

All three major US stock indices increased in November. The NASDAQ rose by 5.1 percent over the month, while the S&P 500 grew by 4.8 percent. Meanwhile, the Dow Jones Industrial Average increased by 6.7 percent from the prior month.

Macau 2024 final visitor tally could reach 34 million

Nelson Moura
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Macau 2024 final visitor tally could reach 34 million

The Macau Government Tourist Office’s (MGTO) Deputy Director, Cheng Wai Tong, announced that the region’s target of 33 million visitors for 2024 is likely to be surpassed, potentially reaching 34 million by the end of December.

This projection represents a significant recovery for Macau’s tourism industry, which welcomed 39.4 million tourists in 2019.

Macau Visitor Arrivals October 2024 (2)
Visitor Arrivals 2024 vs 2019

According to TDM Radio, Cheng noted that there is currently no available data on hotel bookings for the upcoming Christmas holidays, he expressed optimism about the overall visitor numbers, stating that the outlook remains positive.

Macau Visitor Arrivals October 2024 YoY
Visitor Arrivals 2024 YoY

He also emphasized that the peak tourist months for Macau are typically August and December, suggesting that the government’s expectations could be exceeded by over one million visitors this year.

Las Vegas Sands CEO reduces personal share in the group

Nelson Moura
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Las Vegas Sands CEO reduces personal share in the group

A recent regulatory filing revealed that Las Vegas Sands (LVS) CEO and chairman Robert Goldstein sold 60,200 common shares on November 29th at $53.02 per share, totaling approximately $3.19 million, and further reducing its stock in the gaming group.

On November 7th, Goldstein had already sold an additional 24,324 shares at an average price of $52.00, amounting to $1.2 million.

The shares were held indirectly via the Robert and Sheryl Goldstein Trust. The details of these transactions were disclosed in filings with the Securities and Exchange Commission (SEC).

Goldstein also holds options to purchase 5,582,000 shares that are vested, options to purchase 1,168,000 shares that are unvested and 335,332 restricted stock units that are unvested.

Sands China,Macau
The Venetian Macao, Sands China
Marina Bay Sands, Las Vegas Sands(1)
Marina Bay Sands

The group – linked to Sands China in Macau and the Marina Bay Sands IR in Singapore – reported a total revenue of $2.68 billion in the third quarter of this year, a decline of 4 percent year-on-year.

11K foreign POGO workers have already left the Philippines: Govt

Viviana Chan
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11K foreign POGO workers have already left the Philippines: Govt

Nearly 11,000 foreign workers employed by Philippine Offshore Gaming Operators (POGOs) have left the country, according to the Philippines Bureau of Immigration (BI).

BI spokesperson Dana Sandoval explained, as reported by the Philippine News Agency, that these workers are part of a larger group of over 21,757 foreigners employed by POGOs who downgraded their visas as of November 7th.

The remaining foreign workers in POGOs are expected to depart by the end of this month.

The Philippine government has ordered foreign employees of POGOs to downgrade their work visas following the cessation of operations for these establishments under the Marcos administration. These companies have been given until the end of the year to wind down their operations.

Regarding illegal departures, Sandoval highlighted the need for legislation to penalize individuals who leave the country unlawfully. “One thing noted by our legal team is that there is no specific law addressing illegal departures in the Philippines, unlike in other countries,” Sandoval said.

This statement follows the controversial departure of former presidential spokesperson Harry Roque, who allegedly left the Philippines for the United Arab Emirates through illegal means.

Sandoval indicated that the BI is considering charges, including falsification of public documents, against Roque, noting that his most recent recorded travel was in July when he returned to the Philippines from the United States.

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