Good morning. Three Japanese cities have chosen their operating partners and are busily dotting the i’s and crossing the t’s of their respective offers ahead of their submission to the central government. However, Joji Kokuryo, managing director of Bay City Ventures, tells us in this week’s Face-to-Face that it’s by no means a given they will all get the coveted prize.
What you need to know
- The U.S. has warned companies considering investing in Cambodia that there is a high risk of money laundering, corruption and human trafficking in sectors such as casinos and banking.
- Galaxy Entertainment’s 3Q21 EBITDA beat that of its peers and consensus forecasts, though were largely a “non-event” due to limited operations due to border closures, J.P. Morgan wrote.
- Lui Che Woo has welcomed the government’s proposed changes to the Macau gaming law, stating that it will help secure the long-term viability of the sector.
- Property EBITDA of Macau’s six operators was down 97 percent from its pre-Covid levels, according to an aggregate of results from Deutsche Bank.
- Universal Entertainment recorded a widened net loss in 3Q21, driven by sluggish pachinko machine sales and capacity restrictions placed on Okada Manila.
On the radar
- Aristocrat raises $317m in retail portion of share entitlement offer
- Philippines in talks for travel bubble with South Korea to boost tourism
- U.S. gaming rebound drives TransAct to record quarter since pandemic
- BMM chairman expects U.S. gaming to get back on track in mid-2022.
What the papers say
- Macau govt designates special isolation hotel for foreign arrival quarantine
- Lawyer to former IPI chair requests to withdraw from labor violations/human trafficking case
FACE TO FACE
Japan’s three IR license candidates are preparing their plans to submit to the central government for consideration next year, with the coast now looking clear from any potential political hiccups, such as the one that derailed Yokohama’s aspirations in August. In this week’s Face-to-Face, Bay City Ventures Managing Director Joji Kokuryo explains that although three bids will be put forward there is no guarantee that Tokyo will award all three concepts.
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