Good morning.
It has been revealed that the Galaxy International Convention Center, one of the centerpieces of its Phase 3 development in Cotai, may open its doors as early as the third quarter of this year. The firm is also filling out some of the details about what this will entail. Note that Galaxy is releasing its Q4 & Annual 2020 Results Announcement via webcast at 3pm HKT today. Meanwhile, Genting Singapore is reportedly rethinking some aspects of its design for Phase 2 of Resorts World Sentosa. One place where IR development is not proceeding smoothly is in Incheon, South Korea, where delays and uncertainty have become the trend of the times. Finally, again sticking with today’s theme of IR development, our Nippon Weekly article looks at the three possible candidate locations that may or may not join the race at the last minute.
First, the news
- Galaxy’s convention center looking at Q3 opening
- Genting Singapore looking at design changes for Phase 2
- Incheon gaming zone development faces delays
- Local group accuses Lotte Tour of manipulating Jeju opinion poll
- Japan government confirms no taxes for foreign visitors’ casino winnings
- Japan motorboat racing bets spiraling upwards
- Osaka anti-casino group claims Yumeshima development dangerous
- Germany may provide financial support to Genting Hong Kong
- Reef Casino Trust posts small 2020 loss, cautious on outlook
- Pointsbet revenues up 174% in July-December 2020 period
- International Entertainment interim revenue down 77.8%, posts loss
- International Entertainment in talks over IR license details with PAGCOR
- Questions raised about Vietnamese casino stock prices
- IPI pays its employees in Saipan
What you need to know
Genting Singapore looking at design changes for Phase 2
Genting Singapore says it’s considering major design changes to the expansion plans for Resorts World Sentosa to take account of new health and safety requirements and the changing dynamics of the VIP market. According to Union Gaming analyst John DeCree the company’s management has indicated in a conference call that construction for the second phase of the resort has been delayed until early 2022 due to supply chain and labour force disruptions as a result of Covid-19. But he said executives reaffirmed their commitment to the expansion and the capex budget of SG$4.5 billion.
Galaxy’s convention center looking at H2 opening
Galaxy Entertainment Group’s senior vice president of MICE events says the company has already been receiving “a lot of inquiries” for its Galaxy International Convention Center, which is likely to launch in the second half of 2021. Speaking at a breakfast meeting on Wednesday, Galaxy’s senior vice president of MICE Operations & Sales Joey Pather said that the convention center is likely to open in phases and would be dependent on market response and visitor recovery amid the pandemic.
Incheon gaming zone development faces delays
The planned gaming and entertainment zone in Incheon, South Korea, is facing delays on almost all fronts, mainly, but not entirely, due to the coronavirus pandemic. The original prospect was that the area around Incheon International Airport would become one of the premier playgrounds in East Asia, with more than 100 million passengers annually expected to pass through its gates by 2024.
Insights
AGB NIPPON
Hokkaido white IR dies another death
A fool dies a thousand deaths; a wise man only one.” This common expression—a garbled version of something written by Shakespeare—might very well be applied to the prospect of IR development in Hokkaido. And indeed, the project has recently died yet another death. This time the prefectural government has submitted its annual budget to the Hokkaido Prefectural Government including no funds earmarked for an IR.
Industry Updates
- Richard Smyth becomes SkyCity Acting CFO
- First gambling addiction recovery center in South Korea
- New Zealand Problem Gambling Foundation looks to pokie funding alternative
- BetGames .TV eyes expansion from new Malta hub
- Primorye’s first professional poker school opens
- Scientific Games launches Rainbow Riches Race Day
- Pronet commits to new scholarship fund
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