Good morning. Genting appears to be getting more excited about the North American market than Asia, as it aims to offload Miami real estate for $1 billion, to invest in a New York casino and other operations there. This, as the group’s Hong Kong subsidiary reportedly sold off its Global Dream cruise ship to Disney for just $41 million. In Macau, Sands China is restructuring its local subsidiary, injecting nearly $600 million to comply with the gaming law ahead of signing its new concession agreement.
What you need to know
- Genting is getting excited about the US market, as it aims to offload Miami real estate for $1 billion to invest in a New York casino.
- Sands China’s Macau subsidiary is undergoing a capital restructuring to fulfill its needs under the gaming law, shifting nearly $600mln.
On the radar
- Macau October hotel occupancy rate up sequentially, at 41.8%.
- Sri Lanka to create an action plan to set up casino regulatory authority.
- Macau cluster prompts mass rapid antigen testing of the whole population.
- Macau Legend back in HKEX compliance after appointing a company rep.
AGB Intelligence
GENTING
Genting to auction Miami land for $1bln, invest in NY casino
Genting appears to be offsetting losses in Asia by capitalizing on opportunities in North America, reportedly auctioning a Miami land plot for $1 billion. The funds are expected to go into a bid for a New York casino license, as it continues to ramp up its Resorts World Las Vegas property. And Disney is profiting strongly from the group’s cruise woes, picking up the Genting Dream for less than 3 percent of the ship’s expected construction value.
Industry Updates
- QTech Games recruits Martin Trang for the role of Global CMO.
- Kalamba Games travels to Sin City with Phat Cats Megaways.
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