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New Zealand's SkyCity Entertainment said it will cease all activities with junkets following a strategic review of its business and will instead deal with international customers directly.
VIP play had been projected to be a major segment of the potential overall Japanese gaming market, but a lot has changed since the law permitting integrated resorts was passed in 2018.
The potential introduction of a digital yuan into Macau would be the final straw for the junket industry, which is already shrinking and diversifying its business model, Bloomberg reports.
Suncity Group was founded in 2007 and since its establishment, it has been striving to provide an extraordinary VIP entertainment service for our guests. We opened a number of VIP Clubs in various 6-star hotels and resorts throughout Macau with the rapid growth of our business.
Suncity Group Holdings said it plans to set up a direct VIP business line at its Tigre de Cristal property in Russia to help drive business volumes and keep high junket rebates in house. The company said Summit Ascent may increase its stake in Oriental Regent, operator of the resort, to 67.5 percent from 60 percent previously and may end up holding as much as 89 percent if it is the only subscriber to an upcoming share issue.
New Zealand hotel and casino operator SkyCity Entertainment Group has reported flat normalised earnings and profit in full year financial results released on Wednesday.
Genting Malaysia has been forced into cost cutting mode to offset the negative impact of recent tax rulings, though analysts still expect 2019 to be another tough year for the country’s only operator.
The imposition of 25 percent U.S. tariffs on the remaining $300 billion of imports from China will reduce global gross domestic product growth to 2.7 percent this year and 2.4 percent next, compared with earlier forecasts for growth of 2.8 percent and 2.7 percent respectively, Fitch Ratings said.
Star Entertainment posted a 15.9 percent increase in H1 revenue as its international business rebounded, though statutory profit was hit by an abnormally low...
The UK’s gambling regulator has turned up the heat on casinos where money laundering is concerned, requiring rigorous background checks on wealthy international clients, including those from Mainland China, which is having an a detrimental effect on VIP business. Some upmarket operators are warning some high rollers are choosing to go elsewhere.
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