Good Morning. Macau is gaining yet another large-scale hotel property, this time on its peninsula, with the long-awaited Treasure Island 600-room hotel expected to hold a soft opening this summer, while its shopping center will only ramp up by the fourth quarter. And in Cambodia, Moody’s has again downgraded NagaCorp, over concerns about refinancing for the group’s $472 million bond, as EBITDA results fail to rise to expectations.
What you need to know
- Treasure Island hotel expects to hold soft-opening in Macau this summer, with aims to ramp up its shopping center by the beginning of 4Q23.
- Moody’s has downgraded NagaCorp again, over concerns on refinancing for its $472 million bond and slow earnings results.
On the radar
- PAGCOR: stricter sanctions on erring POGOs/accredited service providers.
- Macau gaming tax climbs 44.5% y-o-y to almost $2.6 billion from Jan-May.
- Digitain appoints Martin Martirosyan as Deputy CEO.
- Galaxy partners with Tencent’s music arm to leverage entertainment.
- Esports Entertainment appoints Mohegan veteran Robert Soper to its board.
AGB Intelligence
MACAU
Treasure Island Hotel in Macau soft-opening this summer
Macau’s peninsula is finally gaining another large-scale hotel, the Treasure Island 600-room property expected to hold a soft-opening this summer, now that all construction work has been completed. Formerly being developed by Genting, the property will also feature a shopping center, expected to open in October. The property is one of the last completely new developments (not expansions), expected in the SAR.
Industry Updates
- Intralot signs a 10-year lottery contract in Taiwan.
- ONE Esports named official media partner by Krafton.
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