Good morning. Too big to fail? NSW gaming authorities have chosen to continue the suspension of The Star’s Sydney casino license, rather than cancel it outright. Authorities praise better communication while also highlighting the group’s difficult financial situation, giving it until March of 2025 before another evaluation. Meanwhile, in Macau VIP play in 3Q24 appeared to improve, making up nearly one-quarter of GGR. Also, the SAR passed new legislation aimed at preventing gambling crimes – including undercover agents.
What you need to know
- The Star has had its casino license suspension extended, instead of canceled, being issued a fine and conditions to operate until March 2025.
- Macau legislature approves new legal framework set to enhance administrative powers to tackle gambling crimes.
- Macau’s VIP baccarat revenue hit $6.95 billion in 3Q24, 23.5% of GGR, with an 11.1% yearly increase, reports the regulator.
On the radar
- SkyCity loses appeal on taxation on loyalty points converted to machine play.
- City of Dreams Sri Lanka opens hotel, casino to open mid-2025.
- Macau GDP to grow up to 11% this year: Economic Association.
- China illegal gambling cases reached 27K in Jan-Sept, up 10% YoY: Court.
- Philippine authorities are closing in on four POGO financiers.
AGB Intelligence
AUSTRALIA
Australian gaming operator The Star is likely to be celebrating after the NSW Independent Casino Commission (NICC) chose not to cancel its Sydney casino license and instead issue a fine and extend the license suspension period until March of next year. This means that the NICC-appointed Manager will remain in place until then, after which it will be reevaluated for suitability. New leadership likely had a strong hand to play, as the NICC praised CEO Steve McCann on “communication and cooperation”.
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