Good Morning. Time to plan a vacation to Cyprus. Melco’s new City of Dreams Mediterranean property is calling, with sun-soaked beaches and a vibrant casino. And while the Asian market isn’t its focus this time, it still aims for synergy with Macau and the Philippines, even as it targets Europe, the Middle East and North Africa for fresh punters. And in Macau, MGM China sees a stellar 2Q23, with strong revenue and EBITDA increases. Meanwhile, PAGCOR has officially released its new POGO requirements, with all offshore operators forced to reapply, face new capital requirements and increased taxes.
What you need to know
- City of Dreams Mediterranean focusing on the Middle East, North Africa and Europe for clientele, while leveraging the Asian market.
- MGM China sees strong second quarter, with adjusted EBITDAR hitting $209 million as Macau operations revamp.
- PAGCOR’s new regulatory framework for POGOs sets deadline for re-applying for license.
On the radar
- IGT announced a strong 2Q23, with adjusted EBITDA at $443 million.
- Daniel Li appointed to Cambodian gambling commission.
- Paradise Co. reports 32 percent decline in July revenue.
- The Star fined $91k by Queensland authorities for 11 offenses.
- Hong Kong-Macau ferry services rise to 100 sailings per day.
- PAGCOR pledges $2.2 million to socio-civic programs.
AGB Intelligence
MELCO
CoD Mediterranean expands Melco portfolio
Grant Johnson, General Manager for Melco’s venture into the European market – City of Dreams Mediterranean, says that the property aims to provide the Melco IR experience to those who haven’t yet been to its properties in Asia. The group is focusing on the Middle East, North Africa and European markets, but aims to also direct some clientele back to its bases in Macau and the Philippines.
Industry Updates
- ADVA Group launches Red Bull Gaming Hub at UTS.
- Spintec partners up with Konami to expand sales in AU/NZ.
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