Good morning. Earlier this month, the Macau government published its long-awaited draft legislation for the gaming industry. In it were proposals that included a tightening of government supervision over the companies at the operating level. The announcement caused a massive sell-off of Macau casino stocks. Ben Lee of iGamiX Management and Consulting, believes this direct supervision will pertain to the marketing and promotion efforts of casino operators into China. This, if stopped, could see as much as 80 percent of premium mass wiped out.
What you need to know
- Authorities have allowed the reopening of casinos in Phu Quoc, though their proposed pilot program to allow international tourists without quarantine may not go ahead as planned.
- Cambodian PM is expected to announce the reopening of the country’s borders to fully vaccinated tourists.
- Resorts World Genting and two other tourism hotspots will be allowed to reopen as the country hits its 80% vaccination target.
- Guangzhou R&F Properties says shareholders have agreed to support the company by providing about $1 billion in interest-free loans.
- SJM Holdings management told Goldman Sachs that they expect the duration of concessions terms to be around ten years.
- NBA legend Michael Jordan has increased his investment in newly listed Sportradar and will become a special advisor to the board of directors.
On the radar
- DraftKing’s recent $20B offer for Entain Plc would require MGM’s consent.
- Esports betting is on pace to reach up to $8 billion in wagers in 2021.
- The number of visitors entering Macau fell by almost half in August.
- Fitch has maintained its negative watch rating on Crown Resorts.
- KN Paradise Cam Ranh has upped its investment to around $2.1 billion.
What the papers say
- Karnataka’s online gambling ban will harm start ups.
- Saipan e-gaming firms talk with House of Representatives’ Gaming Committee
The proposed “direct supervision” of Macau casinos from Beijing could see as much as 80 percent of premium mass business vaporized, says Ben Lee, managing partner of iGamiX Management & Consulting. Adding that Macau’s casinos have “an army” of casino hosts and marketing executives at their disposal.
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