Good Morning. With maturity comes wisdom. Such is the growth story of Newport World Resorts, with its COO, Hakan Dagtas, noting the growing pains the property has been through in its bid to become the IR of choice in Metro Manila, even as competition heats up. But the group’s renewed focus on the high-end market, as well as its non-gaming, should lead to success, notes the executive. Meanwhile, in Macau, SJM and MGM China are pegged to be outperformers in 1Q24, despite overall market EBITDA only improving marginally sequentially.
What you need to know
- Newport World Resorts focuses on being the go-to IR, leveraging local and international high-rollers with non-gaming: COO.
- Brokerage firm Citi forecasts SJM Holdings and MGM China are likely to emerge as operational outperformers for the first quarter of 2024.
On the radar
- Queensland’s March gaming tally up 7.9% yearly.
- Imperial Pacific agrees with $24M settlement in 2024.
- Philippines receives 1.6M international tourists in 1Q24, Chinese up 150%.Â
- India court suspends money laundering case against lottery businessman.
AGB Intelligence
FACE TO FACE
VIP/premium and non-gaming bolster Newport World Resorts IR
The first integrated resort in Manila, Newport World Resorts has reached a certain level of maturity, underlined by now being under a single umbrella group. Hakan Dagtas, COO of the IR, says that 2023 was the best results year for the property since its opening, and the group is planning to heavily invest in being a non-gaming attraction. On the gaming side, competition is tough, but the group continues to focus on its international VIP, while also targeting local VIP and premium mass, with the executive lauding the open business environment embraced by PAGCOR’s current leadership.
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