Good Morning. As jaw-dropping lapses in corporate governance continue to be revealed at an inquiry into Star Entertainment’s business in Sydney, Ben Lee, managing director of IGamiX Management & Consulting, asks whether it’s time to break up Australia’s state casino monopolies. He argues that the regulators may be more inclined to take draconian action against wrongdoers if another casino was there to take up the slack and provide revenue continuity.
What you need to know
- A shift from live-table games to electronic table games continues to take place in Asia and will be bolstered by product innovations, says Light and Wonder executive Jim Preston.
- Suncity Group Holdings said 2021 was a “dark year” in the country’s history, but it continues to see opportunities in Asia and views its investment in the Philippines as a bright spot.
- A former Star Entertainment employee allegedly provided false documents to the Bank of China about the source of millions of dollars in gambling funds, an inquiry has heard.
- Bally’s Corporation has reportedly announced its intention to develop an integrated resort in Japan’s Fukuoka, despite the city not having made any statement about entering the IR race.
On the radar
- Non-gaming at Jeju Shinhwa the brightest part of Landing’s 2021 results.
- Success Universe Group swings to profit as Ponte 16 begins stabilizing.
- Crane to split company into two to unlock shareholder value.
- APE creates Metaverse-focused unit to diversify income.
What the papers say
- Kings Roman-dominated zone deemed the world’s worst Special Economic Zone.
- Wakayama IR bid gets go-ahead from City Council.
ON THE GROUND
Revelations from an inquiry into Star Entertainment are an “unmitigated disaster” for good corporate governance in Australia and it may be time to consider breaking up casino monopolies, says Ben Lee, managing partner of IGamiX Management & Consulting. The two biggest casino operators in Australia, which account for 95 percent of the country’s gross gambling revenue, have shown “complete disregard for corporate governance and good management practices,” Lee said.
- Comtrade to supply gCore technology to industry newcomer Spinza.
- Wynn Macau’s Wing Lei Palace named on Asia’s 50 best restaurant list.
- BetConstruct launches new RNG game Red Green.
- Pinnacle Solution granted Malta sports betting license.