Good morning. Happy Halloween! We hope you’ve enjoyed the long weekend. Macau had its own scare. Unable to identify the origin of a new covid cluster, the government has mandated mass testing of the whole population, currently underway. Meanwhile, 1,600 MGM staff and clients remain in ‘observation.’ A new episode of the Suncity trial is out, as the head of compliance at DICJ tells the courts the agency didn’t find any discrepancies in the junket’s account, and if proxy, phone betting, was ever being conducted, it should not have resulted in operations in Manila.
What you need to know
- DICJ told the Macau court on Monday that ‘no discrepancies’ were found in the accounts provided by former primary junket operator Suncity to the government agency.
- Mass testing of Macau’s entire population is underway as health authorities scramble to identify the origin of a new cluster while 1,600 MGM staff remain under observation.
- E-visas, once again available to Mainland visitors as of Tuesday, are expected to boost Macau visitation, but ‘meaningful recovery’ is not on the horizon.
- Tilman Fertitta disclosed a 6.1 percent stake in Wynn Resorts, making the hotel and casino mogul the company’s second-largest individual shareholder, after Elaine Wynn.
On the radar
- PAGCOR gaming revenue grows 76 percent up to 3Q22.
- SJM reports $241m loss for 3Q22, increased debt.
- Okada Manila operator delays 3Q22 results release.
- Donaco returns to positive EBIDTA on Star Vegas ramp-up.
- Landing to change name to focus on Jeju Shinhwa World.
AGB Intelligence
MACAU
Philippines gaming industry gathers at dazzling heights
DICJ head of compliance told the Macau court on Monday that the government agency found ‘no discrepancies‘ in the accounts provided by former primary junket operator Suncity. The division head did note that the accounts provided by the junket were simple and that the DICJ did not have the human resources to conduct specific audits of the over 200 junkets that existed at the time. The DICJ representative added that the accounts provided by Suncity did not show large discrepancies from those provided by the concessionaires. In turn, authorities are alleging that the phone betting conducted by Suncity resulted in gambling activity in Manila, and not within the SAR, with the DICJ representative noting that “if these (bets) were made in Macau by a Macau junket they [the bets] should be placed inside the casinos of the local concessionaires.”
Industry Updates
- Genius Sports set to announce Q3 results on November 10th.
- Sands China ranked in CUHK’s Business Sustainability Indices.
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