Good Morning
Australia’s gaming crackdown continues, with The Star facing a new inquiry which is “unimaginable” considering its recently renegotiated terms for employment and cashless gaming at its Sydney casino, notes an expert. In addition, Macau’s Chinese New Year revenues continue to impress, but market share gets further divied up. Meanwhile, Genting continues to thrive in Singapore, with a significant profit rise last year, as revenues attempt to reach pre-Covid levels. In Macau, Forbes’ rich list highlights fortune again, with Galaxy’s Chairman in the Top 10.
What you need to know
- The Star situation “unimaginable”, after recent tax negotiations, Macau CNY influx unsustainable and Feb. GGR not certain to top Jan.
- Genting Singapore’s net profit reaches $456 mln in 2023, marking an 80 percent increase year-on-year.
- Macau casino tycoons feature on Forbes’ rich list, with Galaxy Entertainment Group’s chairman, Lui Che Woo, in the top 10.
On the radar
- Fitch: Macau gaming to continue growth in 2024, debt reduction to take time.
- SkyCity ruled to pay $8.6M in unpaid casino duty.
- Imperial Pacific International challenges delisting decision.
- The Star Sydney starts cashless gaming trial.
AGB Intelligence
FACE TO FACE
The Star faces ‘Bell Two’ inquiry, Macau shines in CNY: Ben Lee
The Bell has tolled for the second time for Australia’s second-largest gaming operator The Star, with a second inquiry into its remediation efforts, a situation that expert Ben Les describes as “unimaginable” given their recent negotiations with New South Wales authorities over tax levies. Meanwhile, Macau continues to reap the benefits of restricted travel for Chinese punters, with CNY shining bright, even though February GGR isn’t expected to top January levels.
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Industry Updates
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Registration open for the ASEAN Gaming Summit 2024
Registrations for the 2024 ASEAN Gaming Summit, the calendar conference of excellence of the gaming industry in the region, are officially open. Scheduled from 19th to 21st March 2024, the Summit is the gateway to the Next-Gen of gaming in Asia.
Asia Gaming Awards 2024 recognizing excellence on March 20th in Manila
The Asia Gaming Awards, hosted by Asia Gaming Brief, is set to once again recognize and celebrate the outstanding achievements in the Asian gaming industry. The Awards ceremony will take place on the evening of Wednesday, 20th March 2024, at the Grand Ballroom of the Shangri-La The Fort, Manila.
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