Your Daily Asia Gaming eBrief: Concession tender not likely delayed, law clarity seen by year-end

Good morning. Macau’s public consultation process has ended with little clarification on the intended changes to gaming laws, although the industry is likely to hear before the end of the year to give time for the renewal process ahead of the June deadline, a leading industry consultant said.

What you need to know

Star Entertainment Group has reached a $248 million sale and partial leaseback accord for its Treasury Casino and Hotel in Brisbane.
Imperial Pacific’s gaming equipment is now on the block to raise funds to pay back a creditor, Clear Management, which has been appointed a limited receiver, said.
Resorts World Genting’s new outdoor theme park is expected to bring “higher than expected” visitor arrivals to the property as early as November.
The proposed increase in the local shareholding requirement of gaming concessionaires may not be as effective in achieving its intended policy objectives, and could serve to limit foreign investment.

On the radar

Genting H.K. agrees to sell Boeing 787-8 for $25m to boost liquidity
Ossolinski launches fund to take advantage of low Macau stock valuations
Suntrust investors approve name change, capital stock increase
Casino Canberra to open this Friday as ACT further sheds restrictions
Cambodia to lift quarantine requirement in Sihanoukville from Nov 30
Las Vegas strip September revenues up 9.7% from 2019

What the papers say

Macau taps into financial reserves again to meet budget shortfalls
USA Fanter files another breach of contract lawsuit against IPI

AGB Intelligence

DEEP DIVE

Concession tender not likely delayed, law clarity seen by year-end

Macau’s public consultation process has ended with little clarification on the intended changes to gaming laws, although the industry is likely to hear before the end of the year to give time for the renewal process ahead of the June deadline, a leading industry consultant said. Ben Lee, managing partner of iGamiX Management & Consulting, said he doesn’t believe the government will extend the current concessions beyond the June expiry to give more time for the tendering process. It’s more likely to begin in January, he said.