Good morning. We start your morning eBrief today with a deep dive into Caesar’s return trip to Japan’s IR market, which came as a surprise to many. This time, it’s through a partnership with Clairvest consortium in Wakayama. Daniel Cheng, who is no stranger to the Japan IR process, talks about the journey so far for Caesars and gives a glimpse into what’s ahead.
What you need to know
- Macau is embarking on a third round of mass testing after discovering the 72nd case of Covid in a construction worker, who stayed in various city hotels, including the Grand Emperor.
- Macau’s gross gambling revenue for September rose 32 percent from the prior month, but was worse than expectations, triggering more downgrades.
- MGM Resorts chief executive has dismissed concerns that China’s ramping up of control over Macau’s casino market would fundamentally alter growth opportunities.
- Genting Group’s credit outlook may be upgraded in the next six-to-nine months as vaccination rollouts reduce the likelihood of operating disruptions, Fitch says.
- Genting’s U.S. operations are performing well and are likely to be a “key pillar” to support earnings, Nomura analysts write.
On the radar
- Nepal casinos back in operation, with one-year waiver of royalty fee.
- RWGenting reopens doors with limited offerings from September 30th.
- SkyCity Entertainment closes Hamilton casino after local Covid cases.
- Nagacorp premium business outperformed in the 9 months to end-Sept.
- Asia-Invest Group to invest $34 million in Primorye hotel-casino project.
- Manila’s expected to reach 92% full vaccination by December.
- Casinos Austria released further details of its Nagasaki Integrated Resort.
What the papers say
- E-gaming firm MP Holdings encouraged by talks on tax hike proposal.
- Offshore casinos in Goa get another year’s extension in Mandovi.
- South Shore’s subsidiaries are insolvent, and shares suspended since July 2.
- Singapore is easing the quarantine period for travelers from 14 days to 10.
AGB Intelligence
DEEP DIVE
Caesars sails back into headwinds in Japan
Twenty centuries after Julius Caesar prevailed in his second attempt to conquer the disparate tribes in Britain in 55 BC, Caesars Entertainment is emulating its famous eponym in trying again to plant the company’s flag in Japan. Casino executive Daniel Cheng argues that once again the U.S. entertainment giant is likely to face headwinds in its bid for an IR license in Wakayama. It has not helped by the election of Fumio Kishida as Japan’s new prime minister, who beat favourite Taro Kono.
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