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Despite warnings from auditors, the directors of Century Entertainment ‘have maintained and insisted their optimistic view towards the commercial viable concern of the Group’.
This comes largely as the group’s Chairman and CEO says he will not call for repayment of convertible bonds totaling HK$82 million (due for repayment in September 2025 and December 2026).
The executive, Ng Man Sun, will also ‘further provide sufficient financial supports for the group’s working capital for a period of at least 12 months until June 2025’. And Ng will also ‘personally guarantee’ borrowings from independent third parties totaling nearly HK$39.04 million.
This is also based upon the group’s focus ‘to develop its core gaming table business and capture opportunities from the latest round of positive development’, alongside control of costs and capital expenditure.
The group’s table games business hinges around a casino agreement with LongBay Entertainment to open a VIP room at Dara Sakor, Cambodia – expected to open in September of this year.
In the Monday filing, the group noted that this casino agreement circular ‘will be ready and dispatched to the shareholders ‘, while a general meeting of shareholders to approve the transaction ‘will be held in September 2024’.
‘Upon completion of the proposed major transaction, the directors believe that the group will start having cash inflows from business operations, and the profitability of the group will have a significant improvement reasonably,’ notes the company.
The Dara Sakor project focuses on seven baccarat tables to be operated in a 650-square-meter space, with monthly rent set at $35,000 and Century Entertainment entitled to all house winnings, but being responsible for house losses, staff costs and taxes’.
LongBay Entertainment will handle licensing, operational expenses, and dealer services.
For its fiscal year ending March 31st, Century reduced its net losses to HK$24.2 million ($2 million), despite recording zero revenue for the two fiscal years ending March 31st, 2024 – attributed to the prolonged closure of Cambodian casinos due to the pandemic.
The LET Group has issued a profit warning for the first half of the year, noting that it expects to record a loss for the period, reversing a profit of HK$450.6 million ($57.8 million) seen in 1H23.
In a stock exchange filing on Monday, the group did not indicate exactly how much the loss is expected to total, however it specified net exchange losses of ‘approximately HK$179.2 million ($22.98 million)’ during the six-month period.
It also indicated that it had not seen a reversal on impairment losses on ‘equity loans, loans to and amounts due from a joint venture’. The largest of the group’s current joint ventures is the Westside City project in Entertainment City, a $1.1 billion five-star hotel and casino being operated under a lease agreement with a subsidiary of Newport World Resorts operator Travellers International Hotel Group (under the Alliance Global Group – AGI).
Westside City prject
The developer of the project, an LET subsidiary, Suntrust Resort Holdings earlier this month announced a net loss of PHP555.51 million ($9.68 million) for the second quarter of the year.
The LET Group’s 1H24 results were however boosted by a share of profit from a joint venture ‘of approximately HK$234.3 million’, a strong increase from HK$124.1 million ($15.79 million) recorded in 1H23 ‘due to reversal of share of loss of a joint venture recognized in prior years’.
A separate filing by LET subsidiary Summit Ascent, operator of the Tigre de Cristal casino in Russia, indicated that the group was expecting to record a profit of approximately HK$5.8 million ($744,000) for 1H24, reversing a loss of HK$16.1 million ($2.06 million) in 1H23.
This was bolstered by an increase from gaming and hotel revenue of 4 percent, to HK$189.9 million ($24.36 million), ‘due to the outstanding performance in mass tables’.
The group also reduced its exchange losses by 37 percent yearly, to HK$22 million ($2.82 million), as the Russian Ruble stabilized. It also saw a decrease in depreciation and amortization of 26 percent, to HK$29.5 million ($3.78 million) for 1H23.
The LET Group recently approved the disposal of its Russian assets, including the Tigre de Cristal casino in an extraordinary general meeting of its board. This follows a failed sale of the assets to a Russian firm which saw the majority of directors of LET Group and Summit Ascent resign in opposition to the sale.
The deal is expected to be worth not less than $92.8 million.
A study conducted by Thailand’s Finance Ministry finds that if a casino were to open in the country, the majority of its patrons would be locals. The study also suggests that up to 37 million Thai residents could potentially visit a casino.
According to a report from the Bangkok Post, the study has been submitted to the cabinet for consideration, leading to the ministry later drafting the respective legislation.
The report notes that among all patrons, including both local residents and foreign tourists, 90 percent are expected to be locals, while only 10 percent would be foreign tourists.
These findings reference statistics from Macau, where it is estimated that at least 10 percent of the population, including both locals and foreigners, engage in casino gambling. Of this group, 90 percent are local residents from mainland China, and 10 percent are foreign tourists.
Using this data, the House committee applied 2022 population statistics for those aged 18 to 75 who are not national welfare cardholders. The study estimated that 37 million Thai residents could potentially visit a casino.
In 2022, Thailand welcomed 11 million foreign tourists. Using the Macau data, the committee estimated that 10 percent of the target population (both locals and foreigners) engaging in casino gambling would translate to 4.8 million people in 2022.
Of this group, 1.1 million would be foreigners, while 3.7 million would be Thai residents.
The same report, citing a Finance Ministry source, suggests that the estimate of 3.7 million Thai gamblers seems plausible, as data from 2021 revealed that 4.48 million Thais engaged in card gambling.
The source added that, based on these statistics, it is expected that once casinos open in Thailand, some Thai gamblers who previously traveled to neighboring countries to gamble would instead choose to play at local casinos.
The 10 percent estimate for casino gambling is considered a minimum, as global casino-related websites indicate that up to 26 percent of the world’s population engages in gambling.
Currently, the draft law for the entertainment complex is undergoing public hearings, as required by the constitution.
The report also notes that the draft law designates the prime minister as the enforcer of the law. The Entertainment Complex Policy Committee, chaired by the prime minister, is authorized to set policies related to the management of the complex.
Companies seeking a concession for an entertainment complex must be limited or public limited companies with registered capital of at least THB10 billion ($294 million). These companies must obtain a license from the Entertainment Complex Policy Committee.
A license lasts for 30 years and may be renewed for up to 10 years at a time. The license fee is THB5 billion ($148 million) per license, with an annual fee of THB1 billion ($29 million). The casino entrance fee for Thai citizens will not exceed THB5,000 ($148) per person, according to the source.
Despite recent political turbulence, with former PM Srettha Thavisin stepping down and new PM Paetongtarn Shinawatra taking power, the casino legislation process is unlikely to be affected, note experts.
The influential former Thai Prime Minister Thaksin Shinawatra, Paetongtarn Shinawatra‘s father, has publicly backed the integrated resorts (IR) initiative. Promoting investment in casinos was listed in a 14-point strategy he presented to boost Thailand’s economy last week.
The Indian gaming industry is waiting anxiously for the Supreme Court decision on the Goods and Services Tax (GST), which has hung over the sector like “an axe”, a Goan finance consultant told AGB.
In August of last year, the GST Council implemented a 28 percent tax on the entire wager amount for online real-money gaming. This move was met with criticism from stakeholders, including gaming startups, industry bodies, and investors, who argued for a reconsideration of the tax rate.
Following these concerns, the GST Council approved amendments in August, which came into effect from October 1st. Under the new guidelines, a flat 28 percent tax is levied on the total value of bets placed in online games, regardless of whether they are considered games of skill or chance.
Prior to these changes, a lower 18 percent GST was applied only on the platform fee charged for skill-based games.
The implementation of the new tax structure has had significant consequences, with several online gaming startups receiving notices demanding the payment of over Rs1.12 lakh crore ($15.38 billion) in due taxes, pertaining to the 2023-24 financial year.
The country’s online gaming sector, which has seen exponential growth in recent years, has demanded clarity on the GST framework, with the country’s Supreme Court set to examine a series of appeals challenging tax notices.
David Pinto
“The GST change has become a significant issue here, especially for the casino industry,” Pinto, a former PwC senior associate told AGB said.
Goa is home to India’s largest concentration of casinos, with Pinto warning that the new GST regulations have stifled its growth, with local casinos now dealing with an enormous challenge as they face demands for back taxes totaling billions of dollars
“It’s like an axe hanging over their heads,” he says, explaining that the industry is facing demands for back taxes totaling billions of dollars. Delta Corp, one of the largest casino operators in Goa, has been hit particularly hard, with tax notices far exceeding its market capitalization. “These notices are larger than their market cap,” he added.
Delta Corp has seen a steep decline in revenue and net profits during the second quarter of this year, when compared to the same period of last year, primarily driven by a slowdown in gaming operations.
The company and three of its subsidiaries received a notice for alleged short payment of the Goods and Service Tax (GST) amounting to Rs23.2 billion ($277 million) for the period from July 1st, 2017 to November 30th, 2022.
Pinto points out that Delta Corp showed in its first quarter report that the company’s business has contracted but not collapsed and “if a favorable judgment were to come on the back taxes issue” the company would go ahead and start developing more casinos. Until now, the operator has “looked to move its focus to the real estate sector”.
As the issue has now reached India’s Supreme Court, casino operators are waiting for a ruling that could determine their future. “It’s not been decided yet, but this legal uncertainty is delaying key projects,” Pinto noted.
One such project, he says, is a planned 90-acre casino in the village of Dhargalim, which has been put on hold due to the regulatory environment.
The recent GST regulations were initially introduced to address the booming online gaming industry in India, which has emerged as one of the country’s most successful startup sectors.
However, as Pinto pointed out, the changes have had an unintended effect on the traditional casino industry. “These laws were brought in to tackle online gaming, but unfortunately, they’ve also hit the casinos,” he said.
Despite the challenges, Pinto remains cautiously optimistic that the government might reconsider its stance. “I don’t expect them to bring anything more, if anything, they might reduce it,” he suggested, pointing out that India’s current gaming tax rates are comparable to Macau’s, which are among the highest in the world.
“The back taxes are the one thing that investors are really concerned about… It’s a huge ask for them.”
David Pinto
Modi’s focus on the 3rd term
Narendra Modi, Prime Minister of India
Although Prime Minister Narendra Modi has secured a third term, his Bharatiya Janata Party (BJP) failed to achieve an outright parliamentary majority, falling well-short of its 370 target (400 with coalition partners) in the 543-seat lower house of parliament.
When asked whether Prime Minister Modi will push for further expansion of gaming or increase restrictions in his new term in office, Pinto believes the answer will depend on the courts GST decision.
Still, Pinto noted that the government is likely to view organized gaming as beneficial in the long run. “From the government’s perspective, organized gaming is better than having a large sector of unorganized gaming,” he said. “Gaming is one of those sectors, like tobacco, where you can charge very high taxes, and people will still participate.”
Culturally, gaming remains a sensitive topic in India. “The Indian populace is not very friendly towards gaming from a cultural point of view,” Pinto explained. While unorganized gaming is common in parts of India, such as the north, organized casinos still face cultural resistance. “Casinos are seen as part of a sin culture, which many in India find difficult to accept,” he said.
Pinto also addressed a recent partnership between a Goa offshore casino and a Sri Lankan hotel group, noting this has raised eyebrows locally.
Goa’s Golden Island Hospitality Private Limited has officially teamed up with India’s Majestic Group Hotels & Casinos to establish a Majestic Pride Casino in Colombo, Sri Lanka.
This new casino will be located in the city’s Lotus Tower landmark in Colombo 10, with the company promising a ‘premium gaming experience’.
“There was a discussion in the legislative assembly about why we’re promoting another state,” Pinto revealed, referring to the controversy over Sri Lanka’s presence in Goa’s tourism market. “Goa’s main revenue comes from tourism, so people were questioning this.”
Despite the issues facing Goa’s casino industry, Pinto remains hopeful for the future, contingent on the outcome of the ongoing legal and regulatory battles. “The industry is still very nascent, and with the right support, it has the potential to grow,” he concluded.
Macau’s Social Welfare Bureau (IAS) has warned of a surge in gambling disorder cases during the first six months of the year.
The Macau government has raised concerns, after 108 cases were registered in the central system for gambling-related issues in the first half of the year, compared to 169 cases for the entirety of 2023.
According to official data, among the 108 reported cases, about 1 percent involved individuals working as dealers, while 4.3 percent were employed in gambling-related jobs, such as junket collaborators or waiters in gaming areas.
In the first half of 2024, 24.1 percent of problematic players cited financial problems as their motivation for gambling, 21 percent gambled for entertainment, and 17 percent used casino games to dispel boredom and depression.
Among the various types of gambling, baccarat emerged as the preferred game among those seeking help, with 47 percent of problematic players reporting addiction to this game. This percentage is significantly higher than that for football/basketball betting, which ranked second.
Speaking to a local media outlet, Wu I Mui, head of the Problem Gambling Prevention and Treatment division at the bureau, noted that most individuals seeking help are between the ages of 30 and 39, with 40 percent being tourists.
In response, the bureau plans to intensify the promotion of responsible gambling messages, especially in tourist areas, and collaborate with local merchants to increase awareness of gambling support services.
Crown Resorts’ CEO Ciarán Carruthers is reportedly going to be stepping down from the role at Australia’s biggest casino operator after nearly two years in the role.
According to reports by Australia Financial Review and other outlets, Carruthers will be replaced by Crown’s President and Chief Operating Officer, David Tsai, on September 1st until the company finds a permanent replacement.
John Borgetti, Chairman, Crown Resorts
The CEO departs after handling a challenging period of restructuring for Crown, with the group’s Chairman John Borghetti quoted as saying “Under Ciaran’s leadership, Crown has achieved critical milestones including a whole-of-business transformation and remediation program”.
Carruthers was one of several top casino executives to be brought on by investment giant Blackstone after it acquired Crown for AU$8.9 billion ($6.1 billion) in 2022.
Speaking to AGB earlier this year, Carruthers indicated that he “was always extremely confident” regarding the group being found suitable to maintain its casino licenses in both Sydney and Melbourne.
He indicated that even after the acquisition, Blackstone provided funding and Crown spent “over AU200 million […] in making sure that the work was there and the resources were there”.
He noted at the time that the company’s “problems were not new owners, new management, they were historic legacy issues”.
While Crown has been found suitable in bothSydney and Melbourne, it’s still awaiting the outcome of the investigation in Perth.
Carruthers is quoted as saying “I am very pleased to hand over a stronger, compliant and transformed business to its next leader. There is more work to do, but I am very proud of what we have achieved as a team”.
Indian casino operator Delta Corp has seen a steep decline in revenue and net profits during the second quarter of this year, when compared to the same period of last year, primarily driven by a slowdown in gaming operations.
Total revenue reached Rs1.81 billion ($21.55 million) in the second quarter of 2024, down by 30.3 percent from Rs2.59 billion ($30.92 million) in the same period of last year, primarily driven by a slowdown in gaming operations.
In line with the revenue decline, Delta Corp’s consolidated net profit saw a steep 55.3 percent fall. For the quarter ended June 2024, the company reported a net profit of Rs0.22 billion ($3.62 million), significantly lower than the Rs0.72 billion ($8.10 million) recorded in the same quarter of the previous year.
Despite efforts to control costs, including reductions in finance expenses and other operational costs, the decline in core gaming revenues has heavily impacted the company’s overall profitability.
Amongst the revenue shortfall, Delta Corp implemented some cost controls, managing to reduce its total expenses by 8.9 percent, to Rs1.65 billion ($19.72 million) in 2Q24.
Employee benefits, finance costs, and other expenses were part of this reduction effort, but it was not enough to offset the sharp drop in income from operations.
This reduction in revenue was primarily attributed to reduced revenues across its gaming and hospitality segments, with the group’s 2023/2024 report also pointing to the sale of the company’s Nepal unit, and the temporary docking of the Deltin JAQK casino vessel for five weeks.
The company’s auditor has drawn attention to a note in the financial statements regarding uncertainties related to show cause notices received by the company and three of its subsidiaries for alleged short payment of the Goods and Service Tax (GST) amounting to Rs23.2 billion ($277 million) for the period from July 1st, 2017 to November 30th, 2022.
Jaydev Mody, CEO, Delta Corp
“FY 2023-24 was a challenging year and will be fixed in our memories as a year of situations beyond our control. In these unprecedented times, we managed to resist, we fought with fortitude and grit and embarked on a consolidation and expansion mode within the organization”, CEO Jaydev Mody says in the group’s 2023/2024 financial year report.
“Although the financial year was extremely trying for our company and the industry, our operational projects provided us with ongoing momentum to move ahead with determination and to be resourceful and inventive.”
Delta Corp Limited operates some of the largest offshore casinos in India, including Deltin Royale, Deltin JAQK, and Kings Casino. The company also owns and operates Deltin Suites, a 106-room all-suite hotel with a casino in Goa, as well as Casino Deltin Denzong at the Denzong Regency Hotel in Gangtok, Sikkim.
In addition, Delta Corp owns and operates The Deltin, a 176-room five-star hotel in Daman that is an integrated resort with a proposed casino. The company also owns and operates the online poker site Adda52.com and the online rummy site Adda52rummy.com.
The Deltin Hotel
Looking forward, Delta Corp underlined as a major highlight the upcoming launch of a new offshore casino vessel, scheduled for the final quarter of the 2024-25 fiscal year.
This vessel, set to double Delta’s gaming capacity from 2,000 to 4,000 gaming positions, is expected to significantly enhance revenue streams as tourism in Goa continues to rise.
Delta Corp aims to further solidify its leadership in the casino gaming space, with an estimated capital expenditure of Rs3.5 billion dedicated to expanding its casino portfolio In addition to its casino operations, Delta Corp is making strategic moves in the hospitality sector.
A 450-room hotel is under construction in Goa, with an investment of Rs4.5 billion ($53.6 million). This hotel, expected to be the largest in Goa upon its completion in FY 2025-26, will complement the newly expanded gaming facilities.
Another strategic initiative by Delta Corp is its diversification into real estate, with the company having established a real estate development platform in collaboration with Alpha Alternatives Fund Advisors LLP and Peninsula Land.
This fund, with a total value of Rs7.6 billion ($90.6 million), will focus on residential redevelopment projects and land parcels around the Mumbai Metropolitan Region, Pune, and nearby areas. Delta’s investment in the platform amounts to Rs900 million ($10.7 million), representing an 11.76 percent stake.
The President of Macau’s Court of Final Appeal, Sam Hou Fai, is resigning from his position, effective on August 28th, in what is widely regarded as his first official step to run for Chief Executive.
According to a dispatch in the SAR’s Official Gazette, Sam Hou Fai is relinquishing his roles as president of the top court and as a judge, as well as a member of the Independent Commission responsible for nomination of Macau’s judges.
In a statement published by the Government Information Bureau, Ho Iat Seng was quoted as saying he wouldn’t run “due to the fact that my health has not been fully restored”.
He also stated he wouldn’t be running “for the sake of Macau’s long-term development and from the perspective of the overall situation”.
Despite his lengthy experience as a top judge in Macau, Sam Hou Fai – unlike previous Chief Executives – doesn’t have strong links to the Commercial sector, and his stance on gaming hasn’t been made publicly apparent.
However, if recent election frameworks repeat themselves, the top judge is likely to run unopposed.
In note last week, Seaport Research Partners’ Vitaly Umansky noted that the group does “not expect any material changes to the gaming industry resulting from a new chief executive” and that “status quo will likely be the main driver of the new Chief Executive”.
The elections for the top role are expected to take place in mid-October and all 400 members of the Electoral Commission have confirmed their declarations.
The trial period allowing Vietnamese citizens to gamble at select casinos has been extended until December 31st, 2024, with the Phu Quoc casino project reporting mixed financial outcomes during the pilot phase.
According to a report by Vietnamnet, the trial allowing Vietnamese citizens to gamble at casinos has so far only been implemented at the Phu Quoc casino, which has been in operation since January 2019. Between 2019 and 2023, the Phu Quoc casino generated VND6.4 trillion ($258 million) in revenue, contributing nearly VND3.69 trillion ($148 million) to the state budget.
Despite improved business results in 2023 compared to 2022, the Phu Quoc casino project still reported a cumulative loss of VND3.72 trillion ($150 million) due to high initial depreciation and interest costs.
From 2019 to the end of 2023, the casino attracted 295,943 Vietnamese citizens (62 percent of total players) and 179,507 foreign nationals (38 percent of total players). The age of Vietnamese players ranged from 21 to 97, with the majority being 39 years old.
Currently, a draft decree amending the regulations for the casino business has been submitted by the Ministry of Finance to the Government. The decree proposes extending the trial period for the first casino, allowing Vietnamese citizens to gamble until the end of 2024. Other casinos will have a three-year trial period starting from the date they receive their Certificate of Eligibility.
The Ministry of Finance, working with the Ministry of Public Security, the Ministry of Planning and Investment, the Ministry of Culture, Sports and Tourism, the State Bank of Vietnam, and local People’s Committees where casinos operate, will conduct a thorough review and assessment. Based on these evaluations, authorities will decide whether to end or extend the trial period. If the Government does not issue a resolution by the end of the trial, casinos will temporarily suspend allowing Vietnamese citizens to gamble.
The Ministry of Finance stresses that clearly defining the trial period and evaluation process is essential for assessing the impact of allowing Vietnamese citizens to play at casinos. This clarity also helps the involved enterprises manage their operations more effectively and plan their strategies.
In May 2024, the Politburo agreed to extend the trial period for the Phu Quoc casino project until the end of the year. The Van Don casino project will have a three-year trial period starting from when it begins operations.
However, as reported previously by AGB, Vietnam’s plans to develop a thriving integrated resort (IR) sector have encountered hurdles, with the Phu Quoc pilot project and the Van Don plans facing notable challenges.
