Good Morning. Scientific Games recently announced that it was rebranding as Light & Wonder to better reflect the strategic direction of the group, with its focus on omni channel offerings. In this week’s Face-to-Face interview, Ken Jolly, the group’s vice president and managing director for Asia tells us about the name change, as well as the latest developments in the land-based markets in Macau and the rest of Asia. While Macau is struggling to recover from the pandemic, elsewhere there are encouraging signs of life, particularly in the Philippines, where the domestic online market has also provided an interesting opportunity.
What you need to know
- Crown Resorts urged shareholders to vote in favor of a US$6.3 billion bid from Blackstone, saying it will help them to avoid the uncertainties involved in an ongoing investment in its business.
- Genting and MGM Resorts are seen as the top candidates for two of the three casino licenses that are expected to become available in downstate New York: CBRE
- The Macau government has published its legislation over the city’s junket industry, which is designed to tighten regulation and clarify responsibilities on oversight and management.
- Imperial Pacific International posted a narrower loss of HK$690.8 million for 2021 and set out a series of steps it plans to take to turn around the business and complete the Saipan resort.
- Melco International Development has flagged concerns over the recent military conflict between Russia and Ukraine, which it says may impact the company’s business in Cyprus and the wider group.
On the radar
- Prospects looking good for Genting Singapore as borders open: Bernstein.
- Moody’s downgrades MGM Resorts on slow Macau recovery.
- Macau restaurants collect Black Pearl diamond awards.
- Macau Legend appoints audit firm for business review after CEO’s arrest.
What the papers say
- IPI moves to dismiss discrimination lawsuit from Turkish workers.
- Police probing disappearance of $34.7m in deposits from Cotai VIP room.
- Inquiry hears Chinese billionaire bought $1.7 billion in chips at The Star.
Suppliers to Macau are introducing changes to their products to comply with the new 2.0 regulations, which need to be completed by 2024. Any machines that can’t comply will need to be switched out, although the current low visitation and social distancing requirements mean it’s difficult to predict how much of an opportunity this will present for new sales going forward, says Ken Jolly, vice president and managing director, Asia, for Light & Wonder. In this week’s Face-to-Face interview, we discuss the 2.0 changes, the growing popularity of ETGs, and the potential for recovery in Macau and Asia. We also discuss the potential in the Philippines domestic online market.
- ICRG receives $250,000 grant from MGM Resorts.