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Genting Malaysia doubles profit in 2Q24, with revenue increases across all segments

AGBrief Editorial
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Genting Malaysia doubles profit in 2Q24, with revenue increases across all segments

Genting Malaysia managed to more than double its profit in the second quarter of the year, topping RM62.7 million ($14.5 million), as revenue across its various properties increased during the period.

Despite the strong increase in profit, revenue rose by just 7.8 percent yearly, reaching nearly RM2.67 billion ($618.8 million).

Revenue from the group’s Malaysia operations, where it operates the country’s only licensed integrated resort, increased by 5 percent yearly, reaching RM1.61 billion ($373.1 million), ‘mainly due to higher business volume from Resorts World Genting’s gaming and non-gaming segments’. The figure, however, was an 8 percent drop sequentially.

Adjusted EBITDA fell by some 1 percent, to RM524.8 million ($121.6 million) for the Malaysia segment, which failed to impact the overall 72 percent rise in adjusted EBITDA for the company overall – reaching RM770.4 million ($178.55 million).

Looking further abroad, the group’s operations in the UK and Egypt generated a 20 percent increase in revenue, to RM468.8 million ($108.65 million), while its operations in the United States and the Bahamas saw an 11 percent uptick yearly, to RM527.8 million ($122.3 million).

The group attributes the uptick in the segment to ‘higher contributions from Resorts World New York City and Resorts World Bimini due to its improved operating performance’.

Genting Malaysia
Resorts World Genting UK
Resorts-World-Catskills, Genting Group
Resorts World Genting US
Resorts World Binimi, Genting Malaysia
Resorts World Genting Bahamas
Genting Group

Looking ahead, the group notes that ‘the outlook for international tourism is expected to remain positive, underpinned by improved demand and enhanced air connectivity. Consequently, the regional gaming market is expected to maintain its recovery momentum’.

It maintains a ‘positive’ outlook for the longer-term.

Looking specifically at Malaysia, the group notes that it ‘remains focused on leveraging its integrated resort offerings to capitalize on the ongoing recovery in regional travel’.

This includes investments in its non-gaming aspects, refreshing of its digital platforms and ‘expanding strategic partnerships to better meet evolving customer needs and preferences’.

In the UK, the group aims to ‘focus on enhancing business resilience by reorganizing operations for greater efficiency and productivity, whilst expanding its overall market share’.

Looking to the US, Genting plans to ‘place emphasis on enhancing its marketing initiatives to drive visitations and expand its customer database’.

The group further notes that it is ‘committed to strengthening its competitive position and will closely monitor developments’ regarding New York’s plans to allow up to three commercial casinos in the state.

Macau shuts down 85 illegal accommodations in 1H24

Viviana Chan
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Macau shuts down 85 illegal accommodations in 1H24

Macau’s government shut down a total of 85 illegal accommodation units in the first six months of this year. This was the result of 119 joint operations conducted by authorities.

According to a local media outlet, the Macao Government Tourism Office (MGTO) inspected 244 units suspected of providing illegal accommodations and sealed off 85 of them. Legal actions have been initiated against the offenders.

MGTO Macau, Macau Government Tourism Office

MGTO received 276 complaints related to illegal accommodation and unlicensed tour guides during this period. In response, MGTO, in collaboration with other government departments, carried out 912 inspections, including 793 inspections at border checkpoints and tourist attractions.

MGTO recorded statements from 10 individuals suspected of being unlicensed tour guides and reported these cases to the mainland’s tourism authorities.

The city’s Legislative Assembly passed a government-initiated amendment bill in December last year to ban the illegal provision of accommodation. This law requires visitors staying in Macau for up to 90 days to stay in a hotel rather than in a residential unit, aiming to combat and curb the illegal provision of accommodation in residential units.

The law also makes it an offense for owners or tenants to rent out residential units to visitors for less than 90 days. However, short-term visitors are allowed to stay in residential units if they have a familial relationship with the accommodation provider or are in Macau for work, study, academic events, or religious, charitable, sporting, or cultural activities.

Macau boasts 143 hotels with 47,000 guest rooms available as of May. The average occupancy rate of guest rooms remains above 80 percent this year, with five-star hotels in high demand.

HK Jockey Club looking to create horse racing version of ChatGPT

Nelson Moura
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HK Jockey Club looking to create horse racing version of ChatGPT

The Hong Kong Jockey Club (HKJC) is enhancing its digital fan experience, aiming to create a “ChatGPT version of horse racing”, the racing track management commented.

According to the South China Morning Post, at the Asian Racing Conference, HKJC executive director Andrew Harding emphasized that fan engagement is crucial for the club’s future amid growing competition from other sports and digital entertainment.

The 40th ARC, currently underway in Sapporo and running until September 1st, features an extensive program centered on racing breeding, business leaders and key stakeholders.

40th Asian Racing Conference – Sapporo 2024

Dennis Hau, the club’s executive director of customer strategy, noted in the conference that current offerings are insufficient and highlighted plans to introduce innovative features such as AI-generated race cards and augmented reality horse performance.

The club will also open a new restaurant at the Happy Valley Racecourse, designed to provide a more immersive experience for younger fans. Additionally, discussions highlighted the need for gamification to attract younger audiences, similar to successful strategies in Japan.

Hong Kong Jockey Club, HKJC, Hong Kong

The HKJC reported a total turnover of HK$134.7 billion ($17.3 billion) for the 2023/24 season, slightly down 4.5 percent from HK$141.1 billion ($18.1 billion) in the previous year.

This week, the Asian Racing Federation (ARF) re-elected Winfried Engelbrecht-Bresges, the current CEO of the Hong Kong Jockey Club (HKJC), as its Chair. Masayuki Goto and Mohammad Saeed Al Shehhi continue as Vice-Chairs.

2,000 POGO employees’ visas downgraded from work to tourist visas

Viviana Chan
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2,000 POGO employees’ visas downgraded from work to tourist visas

The Bureau of Immigration announced that about 2,000 foreign staff members of Philippine offshore gaming operators (POGOs) had their working visas downgraded to tourist visas. This action follows President Ferdinand Marcos Jr.’s directive to ban POGOs in the country.

Marcos’ directive affects the 43 remaining legal POGOs, which are now referred to as internet gaming licensees (IGLs) by the Philippine Amusement and Gaming Corp. (PAGCOR). These licensees continue to hold valid operating licenses.

According to The Manila Times, the workforce of POGOs is predominantly foreign, totaling around 100,000 employees.

Immigration Commissioner Norman Tansingco stated that the acceptance and renewal of working visa applications for POGO employees were halted on July 23rd, the day following the President’s announcement of the ban.

The Bureau of Immigration will accept voluntary downgrades of POGO staff’s working visas until October 15th. With the POGO ban in place, there is no longer a reason for these workers to remain employed in the country. 

The downgrade from working visas to tourist visas will allow them to settle their accountabilities, obtain clearances, and leave the country within 59 days from the downgrade order.

According to the previous report, the employment permits for both foreign and local employees at POGOs are set to remain valid until December 31st of this year. 

The adjustment to the validity period was approved by the head of the nation’s gaming regulator, PAGCOR, on August 15th.

Queen’s Wharf Brisbane opens amid Star Entertainment licensing concerns

Viviana Chan
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Queen’s Wharf Brisbane opens amid Star Entertainment licensing concerns

Brisbane’s AU$3.6 billion ($2.5 billion) Queen’s Wharf opened on Thursday, August 29th, though concerns persist regarding the suitability of its chief partner, Star Entertainment Group, as a casino licensee.

Daniel Finch, CEO, The Star Brisbane
Daniel Finch

Local news outlet ABC News reports that Star Brisbane Chief Executive Daniel Finch stated the company is making significant progress in meeting the state government’s standards for anti-money laundering and responsible gambling practices.

At the Queen’s Wharf launch, Finch announced that the new casino opened at 2pm local time on Thursday and stated that significant progress had been made in completing their remediation plan.

“We have a heightened focus on all of our anti-money laundering policies, procedures, internal control manuals, and measures, as well as counter-terrorism financing,” he said. “We are also concentrating on safer gambling and harm minimization. We now have an extensive team and protocols in place, and we are well on our way to demonstrating suitability.”

The Star, Queen's Wharf Brisbane

The future of Star Entertainment Group as a casino operator remains uncertain in both Queensland and New South Wales. In 2022, the state government imposed AU$100 million (US$68.1 million) in fines on Star due to “major failings” at its Queensland casinos in Brisbane and the Gold Coast.

A show-cause notice regarding Star’s casino license was initially postponed to December 2023 and has since been delayed again until December this year to give the company time to develop an internal remediation plan.

Queen’s Wharf Brisbane development is being delivered by Destination Brisbane Consortium – a joint venture led by The Star Entertainment Group, alongside its Hong Kong-based partners, Chow Tai Fook Enterprises and Far East Consortium.

Its casino is entitled to 2,500 gaming machines, though not all had been installed at launch.

Thursday’s opening follows the closure of the gaming venue at the Treasury Casino and Hotel Brisbane on Sunday; however, the Treasury Brisbane hotel remains open.

The first phase of Queen’s Wharf has added 340 hotel rooms to Brisbane’s accommodation options, with guests checking into The Star Grand hotel on Thursday morning. Meanwhile, the Dorsett and Rosewood hotels are expected to open by the end of 2026.

The Sky Deck, offering expansive views of the river, CBD, and South Brisbane, opened to the public at 5 pm on the same day, along with the first of three restaurants located on the deck level.

Macau hotels see guests decline in July despite rising visitor numbers

Viviana Chan
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Macau hotels see guests decline in July despite rising visitor numbers

The latest data from the Statistics and Census Service (DSEC) reveal a mixed performance for Macau’s tourism sector in July. While visitor arrivals continued to increase, the number of hotel guests declined, indicating challenges in the sector’s recovery.

In July 2024, the number of guests at Macau’s hotel establishments decreased by 5.9 percent year-on-year, totaling 1,227,000 guests. This figure corresponds to 98.0 percent of the guest numbers recorded in July 2019, suggesting that the hotel industry is still struggling to return to its pre-pandemic levels.

According to data released two weeks ago, Macau’s visitor arrivals increased by 9.5 percent year-on-year to 3,021,189 in July 2024.

Macau Visitor Arrivals July 2024

By the end of July, there were 144 hotel establishments in Macau, an increase of 12 year-on-year. The total number of available guest rooms rose by 1.8 percent to 45,000.

However, the average occupancy rate of guest rooms dropped slightly by 1 percentage point year-on-year, standing at 88.4 percent in July. This decrease was more pronounced in four-star hotels, where the occupancy rate fell by 6.1 percentage points. Conversely, three-star hotels experienced a 5.6 percentage point increase in their occupancy rate.

The average length of stay for hotel guests in July 2024 remained stable at 1.6 nights, showing a minor increase of 0.2 nights compared to July 2019.

New multi-entry visa would boost Macau hotel rivalry: insiders

Tour group numbers surge in July

July 2024 saw a notable surge in the number of inbound package tour visitors to Macau. According to the DSEC, the total number of these visitors increased by 66.1 percent year-on-year, reaching 188,000. This growth was primarily driven by visitors from mainland China, whose numbers rose by 68.9 percent to 171,000.

International tour visitors also contributed to this growth, increasing by 30.5 percent to 13,000. South Korea and India were particularly strong source markets, with visitor numbers from these countries rising by 152.8 percent and 712.5 percent, respectively.

Shun Tak’s gaming investment generates profit of $6.5M in 1H24

Viviana Chan
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Shun Tak’s gaming investment generates profit of $6.5M in 1H24

Hong Kong-listed Shun Tak Holding’s gaming investment generated a profit of HK$51 million ($6.5 million) in the first six months of 2024.

This compares to a loss of HK$221 million ($28.3 million) recorded in the same period last year.

According to the latest financial update, Shun Tak has been a long-term investor in Sociedade de Turismo e Diversões de Macau, S.A. (STDM). The Group held an approximately 15.8 percent effective interest in the company as of 30th June 2024.

STDM held a shareholding of around 54.81 percent in SJM Holdings Limited, which, in turn, has a 100 percent economic interest in SJM Resorts, Limited—one of the six gaming concessionaires awarded a new gaming license by the Macau SAR Government in 2022.

Shun Tak is also known as the parent company of the Macau-Hong Kong ferry operator Turbojet.

Ferry-Transportation, Macau, TurboJet, Shun tak
ferry, macau, hong kong

In 1H24, Shun Tak reported an unaudited consolidated interim loss of HK$428 million ($54.9 million).

This compares to a loss of HK$425 million ($54.5 million) for the same period in 2023. However, revenue increased by more than 44 percent to HK$2.16 billion ($277 million).

The company also posted HK$199.7 million ($25.6 million) in operating profit for the year’s first six months.

Daily Asia Gaming eBrief: Macau CE candidate: gaming sector is “unbalanced”

AGBrief Editorial
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Daily Asia Gaming eBrief: Macau CE candidate: gaming sector is “unbalanced”
Good morning. Diversify or…Macau’s likely next Chief Executive has already made his opinions clear in regards to the gaming sector. In a speech announcing his candidacy, the former judge Sam Hou Fai highlighted that China’s central government has already mandated that Macau diversify away from gaming, while claiming that over the years the sector has become “unbalanced”. Meanwhile, analysts indicate that Sands China is shining, grabbing a 24.5 percent gross gaming revenue share in the second quarter, strongly ahead of its competitors.

What you need to know

On the radar

AGB Intelligence

MACAU

Sam Hou Fai, Macau

New CE candidate Sam Hou Fai says gaming industry is “unbalanced”

The new, and likely sole, candidate for Macau’s next Chief Executive role, Sam Hou Fai has already taken a hard line in regards to casinos. In his discourse announcing his run for the spot, former top judge Sam Hou Fai indicated that the Chinese central government has given clear indications to Macau to diversify away from gaming, himself indicating that the sector had become “unbalanced”.

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

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NuxGame integrates live casino experiences with LuckyStreak partnership

AGBrief Editorial
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NuxGame integrates live casino experiences with LuckyStreak partnership

NuxGame, an experienced betting and casino software provider, has added live dealer content from LuckyStreak to its ever-expanding aggregation platform.

Under the agreement, NuxGame’s platform is now enriched with a selection of LuckyStreak’s acclaimed live dealer table games including blackjack, baccarat, and various roulette options.

LuckyStreak, live dealer, Nuxgame

LuckyStreak boasts over a decade of experience in live dealer games and its high-quality titles are now available to NuxGame’s customers through a seamless integration.

With this new deal, NuxGame has expanded its services to include live streaming, sophisticated promotional tools, branded live tables with green screens, and customized table coverage.

In addition to regular updates to its content provision, NuxGame’s platform has been recently bolstered by the addition of third-party gamification features from market leaders such as Mancala Gaming and Gamzix.

This new deal is the latest in an array of partnerships for NuxGame which has seen the platform provider become a one-stop shop for operators with services including Turnkey, Crypto Casino, Affiliate, and Agent systems.

Denis Kosinsky, VP of Operations at NuxGame, said: “LuckyStreak’s extensive collection of live dealer content is something we are excited to offer our customers as we continue to expand our offering of casino aggregation, live streaming, various types of promotions and branded live tables.

Aristocrat Interactive become latest business to support responsible gambling tool BetBlocker

AGBrief Editorial
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Aristocrat Interactive become latest business to support responsible gambling tool BetBlocker

Leading gaming content creation company Aristocrat Interactive has joined the growing number of prominent businesses in the sector to donate to support BetBlocker, the only blocking software offered entirely free of charge to players looking for help managing their access to online gambling services.

Aristocrat Interactive

The charity has recently been recognised with the Jim Wuelfing Annual Award for Prevention from the National Council on Problem Gambling (NCPG) and has been supporting record levels of new users, with an average increase of over 50 devices connecting to the service every day.

Founder and Trustee for BetBlocker, Duncan Garvie, had this to say about the donation: “The BetBlocker project has gained significant momentum over the course of 2024, with recognition from some of the most prestigious and knowledgeable organizations in the sector, and the support of industry event organizers to help raise awareness of the service we provide.

“But the simple truth is that none of what we do would be possible without the donations we receive from socially conscious businesses across the sector. I’m and the BetBlocker team are very grateful to Aristocrat for the support they’ve offered. That support ensures that we can continue to support the tens of thousands of people who use BetBlocker every day to help them manage their access to gambling responsibly and minimize gambling harms.”

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