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Fitch Ratings increases Genting Berhad’s outlook for 2024 and 2025

Nelson Moura
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Fitch Ratings increases Genting Berhad’s outlook for 2024 and 2025

Fitch Ratings has raised revenue forecasts for Genting Berhad, anticipating a return to 2019 levels by 2024 and 2025.

Overall, Fitch’s upgraded ratings were said to reflect Genting Berhad’s ‘robust market positioning and diversified revenue streams’, despite regulatory challenges and competitive pressures.

This optimism is driven by a 14 percent year-on-year revenue growth for the group in Malaysia in 1H24, bolstered by increased domestic traffic and a resurgence of international tourism. The completion of infrastructure improvements is expected to further enhance access to Genting Highlands.

In Singapore, Genting Singapore Limited’s revenues are projected to recover to pre-COVID levels, spurred by a rise in international visitors, particularly from greater China, facilitated by visa-free travel arrangements.

Overall, the rating agency reaffirmed the Long-Term Issuer Default Rating (IDR) for Genting Berhad at ‘BBB’. The ratings for its wholly-owned subsidiaries, Genting Berhad Overseas Holdings Limited (GOHL) and Resorts World Las Vegas LLC (RWLV), have also been affirmed at ‘BBB’ and ‘BBB-’, respectively, with all ratings carrying a Stable Outlook.

In addition, Fitch confirmed the rating of GOHL’s $1.5 billion senior unsecured notes, due in 2027, at ‘BBB’. RWLV’s $1.75 billion senior unsecured notes, maturing in 2029, 2030, and 2031, along with its senior secured credit facilities, are rated ‘BBB-’.

‘Genting Berhad’s IDR reflects its unique position as the sole casino license holder in Malaysia, benefiting from a significant domestic visitor base that ensures a steady revenue stream’, the rating agency noted.

‘Furthermore, Genting Berhad holds a strong position in Singapore’s competitive gaming market. The company’s diverse gaming assets in the US and the UK, along with cash flow from non-gaming sectors such as palm oil and energy, enhance its financial stability.’

Fitch expects Genting Berhad’s proportionately consolidated EBITDA net leverage ratio to remain below 3.5x from 2024, supporting its current rating.

Still, Fitch warned that RWLV is currently facing an ongoing complaint from the Nevada Gaming Control Board regarding multiple regulatory violations. 

While this situation poses a reputational risk for Genting Berhad, Fitch anticipates an external review and potential overhaul of compliance programs.

The ramp-up of RWLV’s integrated casino in Las Vegas is expected to be delayed, with EBITDA projected to reach $350 million by 2027. Despite competition from established resorts, RWLV’s modern design and diverse entertainment offerings may help it maintain a competitive edge.

Genting Berhad is also evaluating the potential for its step-down subsidiary, Genting New York LLC, to bid for a full-scale casino license in New York, although this was said to have remained uncertain.

Fitch emphasized that even if the New York bid is successful, it is unlikely to materially impact Genting Berhad’s or Genting Malaysia Berhad’s (GENM) credit profiles.

Crown Resorts considers sale of Capital Golf Club amid financial challenges: report

Nelson Moura
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Crown Resorts considers sale of Capital Golf Club amid financial challenges: report

Crown Resorts is contemplating the sale of the prestigious Capital Golf Club as part of efforts to stabilize its finances, which have been impacted by a decline in high-roller attendance at Australian casinos. 

According to the Australian Financial Review, the golf course, designed by champion golfer Peter Thomson and opened in 1997, was previously reserved for elite patrons, including celebrities like Tiger Woods and Celine Dion. However, it has seen dwindling use since the COVID-19 pandemic and increased scrutiny on junkets from China.

Crown acquired the 18-hole course in Heatherton for AU$67.6 million ($45.9 million) in 2013 during James Packer’s leadership. Now under private equity firm Blackstone, which purchased Crown for AU$8.9 billion ($6 billion) in 2022, the golf course is deemed non-essential to the company’s core operations.

Discussions regarding a potential sale have taken place with several interested parties, including the billionaire Fox family and Melbourne Storm chairman Matthew Tripp, although no formal auction has been initiated. The sale could lead to the development of a luxury golf resort akin to Augusta National Golf Club in the U.S.

Crown Resorts is also exploring other asset sales, including its 20 percent stake in the renowned Nobu restaurant and hotel chain, and has received interest for its upscale London private members casino, Aspinall’s Club.

The company’s financial woes stem from the pandemic and findings from two royal commissions in 2021, which revealed serious regulatory breaches.

While Crown has been found suitable in both Sydney and Melbourne, it’s still awaiting the outcome of the investigation in Perth.

Business owners call for changes over Wynn Macau’s old district revitalization plan

Viviana Chan
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Business owners call for changes over Wynn Macau’s old district revitalization plan

Business owners surrounding Rua da Felicidade are calling for changes to Wynn Macau’s old district revitalization plan, which supports the city government’s initiative to pedestrianize the area—one of the most iconic streets in Macau’s World Heritage-designated old town.

First announced in August last year, the plan, which is part of the gaming operator’s non-gaming commitment, aims to boost tourism by introducing non-gaming attractions cultural activities and upgrading street infrastructure.

However, despite these efforts, local businesses have raised concerns, claiming that the pedestrianization has caused a decline in sales and created inconvenience for their regular customers.

Rua da Felicidade and surrounding businesses have seen mixed results after a year of pedestrian-only access—which reserves the area for pedestrians from 11am to 1am every day. While government officials and Wynn Macau highlight increased foot traffic and tourism benefits, local shop owners argue that most visitors are not spending money in their establishments. Instead, they are simply visiting to take photos or enjoy the attractions without making purchases.

The petition, signed by many of the area’s business owners, calls for the immediate restoration of vehicle traffic to Rua da Felicidade, noting that the pedestrianization has driven away loyal local customers.

Some merchants claim that before the initiative, customers could easily drive to the storefront, place orders by phone, and pick up their goods with ease. Since the street closures, this convenience has disappeared, affecting sales and reducing the number of repeat customers.

Rua de Felicidade Macau non-gaming Wynn Macau
A fashion show during Rua da Felicidade Fashion Week organized by Wynn Macau

Lawmaker Lam U Tou has taken up the cause, sending a formal request to Chief Executive Ho Iat Seng, urging the government to review the current pedestrian zone. According to Lam, business owners have reported a decrease in sales, particularly for those on surrounding streets like Travessa do Mastro and Travessa do Aterro Novo, which have also been affected by the trial pedestrianization. The petitioners suggest that while pedestrian zones may attract temporary visitors, they harm the steady flow of businesses that relied on vehicle access.

Challenges with the revitalization plan

While the government and Wynn Macau have pledged to revitalize the district with art installations, cultural shows, and street decorations, some business owners argue that these changes have backfired. Large art displays frequently obscure shop entrances or signage, discouraging customers from entering. 

Additionally, merchants have expressed frustration with the increased rent prices in the area. They believe that the government’s promotion of the pedestrianization plan has contributed to landlords raising rents, forcing some smaller businesses to close.

Another point of contention is the delivery and logistics challenges caused by the street closures. With limited access for delivery trucks, some businesses have struggled to receive supplies, further complicating their operations. 

Delivery drivers, as well as customers picking up larger orders, now face significant inconvenience due to the lack of parking and vehicle access, forcing them to walk longer distances from adjacent roads.

GM of Philippine Charity Sweepstakes Office elected to Executive Committee of Asia Pacific Lottery Association

Kelsey Wilhelm
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GM of Philippine Charity Sweepstakes Office elected to Executive Committee of Asia Pacific Lottery Association

The General Manager of the Philippine Charity Sweepstakes Office (PCSO), Melquiades Robles, has been elected as a member of the Executive Committee of the Asia Pacific Lottery Association (APLA).

The election of the PCSO official as the latest member of the Committee took place at the APLA’s Annual General Meeting in Hanoi, Vietnam.

The members are set to serve for two years, until the conclusion of the AGM in 2026.

Speaking of his appointment, Robles noted that “being named to this position meant that my fellow gaming leaders recognize and appreciate the initiatives that we have been implementing at PCSO. These reforms have resulted in more revenues for the agency, which we translated into more charity programs for the people especially the poor.”

Melquiades Robles, Philippine Charity Sweepstakes Office
Melquiades Robles, General Manager of the Philippine Charity Sweepstakes Office

Robles is the first Filipino to serve on the Executive Committee.

During the AGM, Michael Fitzsimons, Executive Director, Wagering Products for the Hong Kong Jockey Club (HKJC) was elected Chairman, while the CEO of Singapore Pools, Lam Chee Weng was elected Vice Chairman.

Joining Robles on the Executive Committee are the President of the Japan Lottery Association, Kazuhisa Yamaguchi; Chief Executive of Lotto New Zealand Jason Delamore; Kapil Khanna, Chief Mentor, Future Gaming & Hotel Services; and Thierry Gabarret, CEO of La Pacifique Des Jeux.

The Philippine Charity Sweepstakes Office and the Philippine Amusement and Gaming Corp (PAGCOR) have been embroiled recently over remittances to the Philippine Sports Commission (PSC). The nation’s Supreme Court ruled earlier this year that PAGCOR should remit 5 percent of gross income to the PSC from 1993 to the present, while the PCSO should remit 30 percent of the charity fund of sweepstakes and lottery draw from 2006 to the present.

3 Oaks Gaming sets free Zeus’ power in Storm of Olympus

AGBrief Editorial
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3 Oaks Gaming sets free Zeus’ power in Storm of Olympus

3 Oaks Gaming, a renowned distributor of iGaming content, has launched its latest addition to the Hit the Bonus series, Storm of Olympus, continuing the rollout of its bonus-driven slot titles.

Storm of Olympus transports players to the peak of Mount Olympus, where powerful features await. Like its predecessors in the Hit the Bonus family, this game is set on a 3×3 grid, with gameplay centered around triggering the Bonus Game by landing three symbols of any kind on the middle row.

The Sticky Bonus symbol, represented by Zeus’ Lightning Balls, locks in place until the Bonus Game is activated. Once triggered, players are granted three respins, with each new symbol resetting the respin counter.

During the Bonus round, Lightning Balls reveal values that may include Mini, Minor, and Major Jackpots. Filling the entire grid with symbols during the Bonus Game rewards players with the coveted Grand Jackpot.

A standout feature of Storm of Olympus is the Boost symbol, which increases win potential by stacking the values of all visible symbols. Meanwhile, Mystery symbols and Mystery Jackpot symbols add an element of suspense, transforming into other symbols once the Bonus round concludes.

Zeus himself can strike at any moment in the bonus rounds, sending powerful lightning bolts to electrify the reels with up to nine multipliers. These bolts may hit the same cell multiple times, further multiplying its value with each strike.

Players also have the opportunity to fill the meter and unlock the Ultra Bonus round, where guaranteed multipliers take center stage. Additionally, players have the option to purchase direct entry into either bonus round.

Krasimir Pankovski, Head of Sales at 3 Oaks Gaming, said: “Storm of Olympus delivers an electrifying new experience to our growing Hit the Bonus series. With visually stunning animations and immersive gameplay, this release offers players a thrill with every spin. We are confident that Storm of Olympus will become a player favorite, thanks to its jackpot-packed features and exciting bonus rounds.”

Daily Asia Gaming eBrief: The Star stays afloat with lifeline from lenders

AGBrief Editorial
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Daily Asia Gaming eBrief: The Star stays afloat with lifeline from lenders
Good morning. A friend in need is a friend indeed. The Star is using all of its connections to urgently restructure its finances, with lenders now offering the company a lifeline, however with conditions. Current hopes are to raise up to $236 million in time for upcoming deadlines. Meanwhile, in Macau gross gaming revenue was tracking down in September, causing forecast revisions. However, Golden Week next month is still looking strong – both for hotels and gaming spend, even though consumer sentiment in mainland China is low.

What you need to know

On the radar

AGB Intelligence

AUSTRALIA

The Star Brisbane, Queen's Wharf Brisbane

Star Entertainment receives potential lifeline from lenders

Australian casino operator The Star continues its efforts to stay afloat, with a new lifeline being offered by lenders. The group is hoping to raise up to $236 million via different financing packages, part of which is conditional on raising more capital. But the group is in a race against time, as it needs to prove its soundness before upcoming deadlines and promises to both authorities and shareholders.

Corporate Spotlight

Altenar brings premium sportsbook solution to Asia

Altenar brings premium sportsbook solution to Asia

Altenar, a leading sportsbook provider is bringing its global expertise to Asia, looking to expand its operations. Since 2011, Altenar has powered hundreds of online sports betting sites worldwide and is a major B2B provider in Europe and Latin America licensed markets.

1xBet, The most popular gambling games and slots in Asia

For global betting company 1xBet, Asia is a key market for several reasons. This is why 1xBet pays special attention to the Asian market and actively promotes its sports betting platform and the most popular gambling games on the continent.

Industry Updates

MEMBERSHIP | INTELLIGENCE | ASEAN | CAREERS

Philippines to hold job fair for displaced POGO workers in October

Frank Schuengel
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Philippines to hold job fair for displaced POGO workers in October

The Department of Labor and Employment (DOLE) in the Philippines has announced a job fair scheduled for next month aimed at assisting workers displaced by the closure of internet gaming licensees (IGLs), previously known as Philippine offshore gaming operators (POGOs).

This special job fair, set for October 10th in Parañaque City, seeks to provide new employment opportunities for those affected by the shutdown of these companies.

During the “Kapihan sa Bagong Pilipinas” forum, DOLE-National Capital Region Assistant Director Jude Thomas Trayvilla revealed that more than 19,000 workers are expected to lose their jobs due to the cessation of operations of various IGLs this year.

“As of September 16th, 48 IGLs have already provided a list of Filipino employees who will be affected by their closure. A total of 19,341 employees, most of whom are earning between PHP16,000 ($290) to PHP22,000 ($400), are at risk of displacement,” Trayvilla stated. He noted that the majority of these workers are employed in roles such as administration, encoding, human resources, liaison, finance, and information technology.

Trayvilla added that the DOLE-NCR is currently following up with the remaining establishments to obtain their employee lists as soon as possible. “For now, we are continuously coordinating with the remaining establishments to acquire the necessary lists at the earliest opportunity,” he explained.

In addition to the job fair details, DOLE-NCR Assistant Director Olivia Obrero-Samson announced that around 70 employers are expected to participate in the event, which will take place at the Ayala Malls Manila Bay along Diosdado Macapagal Boulevard. The job fair is being organized in collaboration with the Public Employment Services Office (PESO) of the local government unit, aiming to match displaced workers with new employment prospects.

The job fair follows the directive of President Ferdinand R. Marcos Jr., who has given POGO companies until the end of 2024 to cease operations. The government is working to mitigate the impact on Filipino workers as these companies wind down, providing opportunities to transition into new roles within different industries.

Thai Boxing star busted for gambling promotion on Facebook

Frank Schuengel
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Thai Boxing star busted for gambling promotion on Facebook

Authorities in Thailand have arrested a well-known Thai boxer simply known as “Sutthiwat” for promoting gambling websites.

The Central Investigation Bureau (CIB) and the Technology Crime Suppression Division (TCSD) took down Sutthiwat, who has around 440,000 followers on Facebook, after he was found advertising gambling website links at THB1,500 ($45) per post.

The operation, led by Police Lieutenant General Jiraphob Bhuridej and Police Major General Athip Pongsiwapai, followed an in-depth investigation into the 30-year-old’s online activities. Sutthiwat confessed, “I am the owner of the Facebook page and was paid by the gambling website owner to post advertisements in my stories.”

This act directly violates Section 12 of the Gambling Act of 1935, which strictly prohibits unauthorized gambling advertisements. The TCSD is currently gathering all necessary evidence to formally press charges against the boxer.

The investigation kicked off as part of a nationwide crackdown on illegal gambling promotions online. Using meticulous forensic methods, TCSD officers traced Sutthiwat’s involvement and brought him in for questioning, where he admitted to the violation.

“We’ve been actively monitoring online activities, and our efforts paid off in identifying this case,” said a TCSD officer, emphasizing the department’s determination to combat digital crime.

Authorities are making it clear: promoting gambling is a serious offense. This action is part of a broader mission to rid Thailand of illegal gambling, urging the public to stay alert and report suspicious activities to help maintain law and order.

The investigation remains ongoing, with police assuring the public of their commitment to upholding the law and curbing these illicit activities.

Cambodia and Laos strengthen cooperation for border security and stability

Frank Schuengel
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Cambodia and Laos strengthen cooperation for border security and stability

Cambodia and Laos are intensifying their efforts to enhance cooperation between border authorities, aiming to bolster security, public order, and social stability for both countries.

Officials from the two nations have called for regular annual meetings among their border authorities to address shared challenges and strengthen their bilateral relations.

The discussions on border cooperation took place at the Ministry of Interior, where Sar Sokha, Cambodia’s Deputy Prime Minister and Minister of Interior, met with Buakeo Phumvongsay, the Lao Ambassador to Cambodia. Sokha began the meeting by expressing his best wishes to Laos as it prepares to chair ASEAN in 2024, also congratulating the Laotian government on the successful conclusion of the 18th ASEAN Ministerial Meeting on Transnational Crime (AMMTC).

Ambassador Buakeo praised the strong cooperation between Cambodia and Laos, voicing confidence in Sokha’s leadership. He emphasized that Laos would continue to support regular meetings between their border authorities to maintain public order and social security for citizens of both nations.

Ren Ratana, the spokesperson for Cambodia’s Ministry of Interior, further explained that the Laotian ambassador expressed confidence in Sokha’s ongoing support for bilateral trade cooperation and collaborative efforts to combat cross-border crimes, including human and drug trafficking. These measures aim to ensure the safety and well-being of those living in the border provinces of both countries.

Vietnam Cambodia Laos border

Kin Phea, Director General of the Institute of International Relations at the Royal Academy of Cambodia, noted that the two countries are actively working to strengthen their initiatives against transnational crime, human trafficking, drug trafficking, and corruption. He highlighted that this ongoing cooperation reflects the deepening friendship between Cambodia and Laos. “Turning the border into a peaceful zone is a sign of the comprehensive partnership between these neighboring countries,” Phea said.

He added that Cambodia has always maintained good relations with its neighbors across various sectors, including anti-corruption, politics, culture, defense, health, and shared historical ties. Phea believes that fostering honest and cooperative relations allows people from both countries to coexist in peace and happiness.

The commitment to strengthening border cooperation was further underscored during a meeting in July between General Vong Pisen, Commander-in-Chief of the Royal Cambodian Armed Forces (RCAF), and Lieutenant General Khamlieng Outhakaysone, Deputy Minister of Defence and Chief of Staff of the Lao People’s Army. During their discussions, Gen. Pisen urged the Laotian side to adhere to the agreements made in their previous meeting to transform the border into an area of peace, friendship, and development.

Gen. Pisen proposed continued cooperation, focusing on exchanging information to combat transnational crimes such as terrorism, human trafficking, drug trafficking, and disaster relief. Additionally, he suggested the introduction of sporting events and entertainment activities to foster camaraderie between the two nations.

Lt. Gen. Outhakaysone agreed with Cambodia’s vision, supporting the idea of turning the border into a zone of peace, friendship, and cooperation. He acknowledged the positive results achieved through their cooperation over the past year, particularly in improving border security and maintaining social order.

Laos also requested Cambodia’s continued support for the Joint Boundary Commission to finalize the placement of joint border markers, further solidifying the two countries’ efforts to promote harmony and cooperation.

SOFTSWISS expands Sportsbook with new Horse Racing Module

AGBrief Editorial
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SOFTSWISS expands Sportsbook with new Horse Racing Module

SOFTSWISS, a top tech expert with over 15 years of experience providing innovative iGaming solutions, has announced the integration of a Horse Racing Module into its Sportsbook software. The module will enhance the SOFTSWISS offering, initially available in South Africa.

Horse racing has long been a traditional and significant sector of the betting industry, particularly in regions with strong ties to the UK, such as South Africa, Canada, Japan, and New Zealand.

According to the research, the global horse betting market is projected to reach 82.6 billion euro by 2032, registering a CAGR of 7.6% from 2023 to 2032. With its rich history and expected growth, the Horse Racing Module provides operators with additional business opportunities, monthly covering, on average, 320 local races and 2,150 international races from 14 different countries.

Originally developed by Turfsport, a prominent South African software provider with 35 years of experience in the iGaming industry acquired by SOFTSWISS, the Horse Racing Module allows players to place fixed-odds bets on multiple markets. Key features of the Horse Racing module include race cards, silks, and multiple bet types. The solution is designed with flexibility, offering unique skins and configurations to align with various brand identities.

Alexander Kamenetskyi, Head of SOFTSWISS Sportsbook, comments: “The acquisition of a majority stake in a key South African software provider has enabled us to integrate the SOFTSWISS Sportsbook with the Horse Racing Module by Turfsport, widening our offering. Launching this module in South Africa aligns with our recent expansion into the region, where we have obtained local certifications for our Casino Platform and Sportsbook. Horse racing remains highly popular, particularly in South Africa, but we are confident this product has strong global potential. This integration marks just the first step in the ongoing development of the Horse Racing offering within our Sportsbook.”

Earlier in 2024, SOFTSWISS introduced two new South Africa-related products: the Lotto Software and the Retail Betting Solution. The Lotto Software allows operators to offer a wide range of customisable lottery number betting options independently of traditional lottery organisers. Optimisation for both desktop and mobile ensures players custom and quick-pick betting options. The comprehensive Retail Betting Solution supports a wide range of betting activities like sports betting, lotteries, horse racing, and casino games. It empowers operators to set up offline gambling businesses quickly and legally.

SOFTSWISS will showcase its latest portfolio updates at the SBC Summit Lisbon from 24 to 26 September. Visitors to Stand B160 will have the opportunity to learn more about the recent upgrades of the SOFTSWISS ecosystem. 

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