Good morning. As Australia’s gambling authorities ponder how to shake up the country’s regulatory framework, Carly Richardson, general counsel of U.K.-listed Entain, outlines some of the biggest challenges facing companies in meeting their commitments in this area.
What you need to know
- Melco Resorts posted a decline in 3Q21 adjusted EBITDA from the prior quarter due to Covid restrictions in Macau, although its results improved from a year earlier.
- Matt Maddox, chief executive of Wynn Resorts said in an 3Q21 earnings call that the company feels “very good” about the future of Macau and its position in regards to the concession retender process.
- Genting Singapore reported a drop in 3Q21 EBITDA both sequentially and from the prior year as the island tightened restrictions.
- Philippines’ GGR was up 52% year-on-year in 3Q21, and improved sequentially, with nearly all segments of the industry showing growth.
- Aristocrat would make a better strategic fit for Playtech over that of Hong Kong-based Gopher Investments, though a bidding war would pressure the company to raise its offer.
- South Korea’s foreigner-only casinos have been “treading water” in the absence of an inbound market, though the analysts say business should begin to normalize by the end of FY23.
On the radar
- Wynn Resorts CEO Matt Maddox to step down in 2022.
- Crown appoints senior hotelier, Simon McGrath, as CEO of Crown Sydney.
- Genting, Pointsbet among winners of New York mobile sports betting license.
What the papers say
- Macau introduces new residency scheme to attract highly qualified workers
AGB Intelligence
DEEP DIVE
Entain says technology to lead to better regulation
As Australia’s gambling authorities ponder how to shake up the country’s regulatory framework, Carly Richardson, general counsel of U.K.-listed Entain, outlines some of the biggest challenges facing companies in meeting their commitments in this area. Following numerous public inquiries into Australia’s casino giants, including two Royal Commissions in Victoria and Western Australia and an inquiry in Perth, the industry is bracing itself for what may come down the pipeline in terms of new regulation. She says new technologies will help improve compliance and responsible gambling, though more information sharing is needed.
Industry Updates
- MGM China becomes title sponsor of Greater Bay Area GT Cup
Supplier Special Report
BetConstruct: Hands-do live casino innovation
BetConstruct, with the help of its holding company SoftConstruct, has introduced an intriguing novelty for the sphere of live casino hardware and software. There are quite a number of tasks in this world that automation can accomplish. One press of a button sometimes performs teamwork for a whole squad. With that in mind, Betconstruct’s team of engineers has constructed a very unique piece of machinery.
Sportradar: Extending ties with the ITF
Sportradar announced a three-year extension to its accord to be the official data partner of the International Tennis Federation (ITF). Sportradar CEO Carsten Koerl said: “Sportradar is the world leader in helping leagues and federations across the globe maximize the value of their data whilst ensuring the integrity of sport.“
MEMBERSHIP | MAGAZINE | ASEAN | CAREERS
