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Daily Asia Gaming eBrief: Crown CEO “always confident” in retaining casino licenses

By
AGBrief Editorial
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Crown Melbourne, Crown Resorts

Good Morning. Crown Resorts has been through the battle but has emerged, largely, unscathed. CEO Ciarán Carruthers tells AGB that he was “extremely confident” the group would retain its Sydney and Melbourne casino licenses, as hundreds of millions were spent on remediation efforts, and the entire corporate culture was revamped. Meanwhile, in Macau Wynn’s revenue has soared in the first quarter, with both its Cotai and peninsular properties seeing gains. And in sports betting, illegal platforms are threatening the sport’s integrity, says the AFR.

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Crown Resorts

Crown Resorts CEO: “always confident” in retaining licenses

The CEO of Crown Resorts, speaking exclusively to AGB, says that he was always “extremely confident” that the company would be able to retain its casino licenses in both Melbourne and Sydney. Ciarán Carruthers notes the hundreds of millions put into its total revamp of its corporate culture, but that those challenges have now been “dealt with”, now looking ahead to a result on Crown Perth in about a year.

Corporate Spotlight

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A complete guide to the 1xBet, affiliate program

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Philippines Telco Globe blocks over 1K illegal gambling sites in 1Q24

By
Frank Schuengel
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The Philippines is stepping up efforts to block illegal gambling sites, with Telecoms firm Globe alone blocking 1,345 domains in its network in 1Q24.

The number represents a 967 percent year-on-year increase and is indicative of increased efforts to keep out unlicensed operators who do not hold a PAGCOR license to offer online gambling in the South-East Asian country.

The company announced that it had blocked 260 domains in January, 855 in February and 230 in March. Globe is one of the big players in the Philippines telco space and also noted the increase of blocked sites over a longer period of time. Back in 2021, a mere 52 websites were being actively blocked. That number rose to 396 in 2022 and 4,237 in 2023.

Anton Bonifacio, Globe’s chief information security officer, mentioned that illegal online gambling can have “devastating financial and social consequences” and potentially exposes users to fraud, malware, and cybercrime.

“We have an ethical obligation to make the internet safer and are continuing our relentless push to identify and prevent access to these unlawful sites on our network,” Bonifacio said.

The company is utilizing network-level blocking measures and content filtering systems to combat illegal content. It also invested $2.7 million to date in technology that is capable of detecting and blocking illegal gambling content.

Despite the impressive figure, it is just a drop in the ocean, as the Philippines remains an attractive target market for unlicensed operators. This challenge has already been recognized by the local regulator, with PAGCOR Chairman Alejandro H Tengco hinting in a recent AGBrief interview that the way to prevent illegal gambling may not be by blocking domains, but by working with the content providers.

Wynn Macau revenues hit nearly $1 billion in 1Q24

By
AGBrief Editorial
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Wynn Palace, Wynn Resorts, Macau

Wynn Macau saw a 66.4 percent surge in its operating revenues during the first quarter of the year, on a yearly basis, hitting nearly $1 billion, far overshadowing its other segments.

According to the company’s most recent financial results, operating revenues hit $998,645, with a 56 percent increase in its Cotai Strip property and a 78.5 percent yearly rise on the peninsula (at $586.9 million and $411.74 million, respectively).

Meanwhile adjusted property EBITDA rose to $339.55 million, from $155.8 million just a year prior, strongly leading the group’s Las Vegas results of $246.26 million (as compared to $231.59 million in 1Q23).

The group’s Cotai operation, Wynn Palace, saw some $586.9 million in operating revenues during the three-month period, up by $217.5 million yearly, while adjusted property EBITDAR was some $202.4 million – almost double from a year prior.

The group’s peninsular property brought in some $411.7 million in operating revenues, up $181 million yearly, with EBITDAR at $137.2 million (a strong rise from $44.7 million in 1Q23).

Wynn Macau
Wynn Macau peninsula

The group notes that its increase in operating revenues overall were largely driven by increases in its Macau properties, ‘resulting from an increase in gaming volumes, hotel occupancy, and covers at our restaurants’.

Total casino revenue for the group, including its non-Asian operations, improved by 46.2 percent yearly, hitting $1.12 billion, while non-casino revenue was up 12.9 percent, to $741.44 million – making company-wide revenue hit $1.86 billion, up 30.9 percent yearly.

Casino revenues at Wynn Palace were up 75 percent yearly, to $473.78 million, while those at Wynn Macau rose 96.4 percent, to $346.35 million.

The group maintained some 98.8 percent occupancy at its Cotai property and 99.4 percent at its peninsula property, up 10.7 and 8.5 percentage points, respectively.

Wynn Resorts, Las Vegas
Wynn Resorts Las Vegas
Wynn Resorts, Encore Boston Harbor
Encore Boston Harbor

Overall, the group – including its non-Asian operations, saw net income of $144.2 million, a strong increase from the $12.3 million recorded in 1Q23, while property EBITDAR rose to $654.5 million – up $216.8 million yearly – with gains seen across Wynn Macau, Cotai and Las Vegas, but with a decrease in Encore Boston Harbor.

Crown Resorts’ CEO “always extremely confident” in retaining casino licenses

By
AGBrief Editorial
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Crown Resorts Melbourne

Crown Resorts’ CEO told AGB that he had little doubt that the group would be found suitable to maintain its casino licenses in both Sydney and Melbourne, but that the process was much more intense than anticipated, and oversight is unlikely to let up.

Ciaran Carruthers, Crown Resorts CEO
Ciarán Carruthers, CEO, Crown Resorts

Sitting down with AGB, Ciarán Carruthers noted that “I was always extremely confident that we’d get it done because I knew the commitment was there, I knew the level of experience was there, I knew the funding was going to be made available from Blackstone and we spent over AU$200 million since that acquisition in making sure that the work was there and the resources were there.”

The positive result for Crown Sydney came out towards the end of April, about one month after the group notified that it was found suitable to keep its Melbourne license.

Crown Sydney, Crown Resorts

Blackstone assumed its majority control of the company in 2022, Carruthers joined as CEO the same year.

“Those problems were not new owners, new management, they were historic legacy issues,” notes Carruthers.

The two remediation processes not only involved hundreds of millions of dollars and over 10,000 pages of documents, but also comprised a complete rework of the company’s culture.

“When you’re doing the cultural transformation, you have to look at everything: all your ways of doing work, the way that you make decisions, the way that you engage with each other, with the guests, with the community, with stakeholders”.

The executive notes the pressure on the company in “breaking all of that down and then rebuilding it from the ground up, under a very tight time frame, under an incredible amount of scrutiny – both from regulators, monitors, media and the community – as we were rebuilding that trust.”

Looking ahead, Carruthers furthers that “the challenges of the past in Melbourne and in Sydney have been dealt with. The regulator is now comfortable. They know that we are a different organization, different owners, different Chief Executive, different Boards.”

However, Crown Resorts still has one hurdle to overcome: Crown Perth.

Crown Perth, Crown Resorts

“We’re still going through the remediation process in Perth. That’s a process that has probably another 12 months,” notes the executive of Australia’s largest casino operator.

But the same level of confidence displayed prior to the vindication in Melbourne in Sydney is also present for Perth.

Crown now has strategic advantage over competitors after surpassing regulatory hurdle: consultant

“I know we’re going to commit the resources that are necessary to ensure we get across the line and prove to that regulator, that jurisdiction, that community, that again we are suitable to hold one of these privileged licenses,” notes the CEO.Time will tell, but Crown is confident that “you can successfully run an integrated resort by taking an approach that’s driven by integrity as a core value”.

Global expansion of illegal horse racing betting platform Citibet a threat to the sport’s integrity: ARF Council

By
Nelson Moura
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Horse Racing

Illegal horse racing betting exchange Citibet has significantly expanded its potential market through technological advancements, enabling its presence on thousands of third-party illegal betting websites worldwide and exacerbating corruption and money laundering risks, a report by the Asian Racing Federation Council (ARF) shows.

James Porteous, ARF Council
James Porteous, Research Head, ARF Council on Anti-Illegal Betting and Related Financial Crime

Published by James Porteous, the Research Head for the ARF Council on Anti-Illegal Betting & Related Financial Crime, the report indicates that this growth is facilitated by a software “plug-in” that seamlessly integrates Citibet’s betting markets and pirated live streams into any illegal bookmaker’s platform.

The ARF Council stated it has ‘warned for almost a decade’ of the threat of Citibet (aka 长城, LK988 and other names in different jurisdictions), a ‘completely unregulated horse racing betting exchange’.

‘[The platform] has liquidity comparable to the biggest legal racing tote operators in the world – all completely untaxed, with zero know-your-customer or money-laundering controls,’ Porteous indicates in the research.

The report cited as an example of a cross-border police action between Hong Kong and mainland China in December 2017, when police confiscated the equivalent of $13.8 million in illegal betting records and $1.4 million in cash, and arrested 71 people, with most of this turnover believed to come from football and horse racing, via illegal betting networks Huangguan (皇冠) and Citibet respectively.

This plug-in model applied by Citibet, likened to the “McDonaldisation” of online illegal betting, was described as allowing “franchisees” to easily incorporate Citibet’s offerings into their websites with minimal technical know-how.

Global expansion of illegal horse racing betting platform Citibet a threat to the sport's integrity: ARF Council

Citibet does not directly own or operate all of these thousands of websites, but makes its betting markets and pirated live streams on global horse racing available to them via its plug-in.

These “franchisees” can install this software by copy-and-pasting a few lines of code in the back-end of their website, or rely on one of the many gambling software providers which service unregulated betting operators to do it for them.

The ARF warned that Citibet’s exponential growth poses a significant threat to the integrity of horse racing and legal wagering operators globally and that despite efforts to combat illegal betting its turnover remains substantial, with markets like Hong Kong and Australia experiencing significant increases.

‘Citibet turnover is comparable in some markets to the legal market, such as in Hong Kong where it was estimated to have grown 9 percent in 2022 compared to the previous year while the local legal betting market on horse racing has shrunk. Citibet betting turnover on racing in Australia was also reported as having doubled in the period from 2019 to 2022,’ the report said.

The ARF Council warned that illegal betting turnover may surpass legal turnover, providing an avenue for corruption within the sport, with the emergence of Citibet’s plug-in model signifying a ‘new era in illegal betting’, with major operators adopting similar approaches to expand their reach.

This trend exacerbated the risk of corruption and money laundering associated with illegal betting activities.

Asian Racing Federation, ARF Council

‘With its operational footprint spanning across Taiwan, Cambodia, Malaysia, and Singapore, Citibet’s transnational nature necessitates a coordinated response from law enforcement agencies, sports authorities, legal betting operators, and internet service providers,’ ARF noted.

While blocking Citibet’s websites is one approach, the ease of setting up mirror sites complicates enforcement efforts. Additionally, the franchising of Citibet’s operations to numerous websites further amplifies its reach and impact.

‘An effective strategy to combat illegal betting involves not only enforcement measures but also the development of a competitive legal betting market. Consumers are inclined to wager in legal markets for the safety of their transactions and to avoid criminal involvement,’ the report added.

‘Therefore, enhancing legal betting options and disrupting illegal operators through international collaboration, website monitoring, and improving legal betting offerings are crucial steps to protect consumers and combat organized crime in the industry.’

Evoplay shoots a slam dunk in latest instant game B-Ball Blitz

By
AGBrief Editorial
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Evoplay shoots a slam dunk in latest instant game B-Ball Blitz

Award-winning game development studio Evoplay has launched its latest sports-themed instant game, B-Ball Blitz, introducing a dynamic multiplier-boosting Golden Ball feature.

Following in the footsteps of its acclaimed Penalty Shoot-Out title, the game sees players select the bet amount and a country to represent in a basketball game before attempting a jump shot while avoiding defense from the opposition.

Building upon past iterations, B-Ball Blitz brings a new twist with the introduction of the Golden Ball, which is activated at random and moves the multiplier value up two places on the game’s progress bar.

Evoplay’s latest release showcases its expanding sports-themed game capabilities, building on the success of Hockey Shootout and demonstrating a commitment to developing experiences across a variety of verticals.

Ivan Kravchuk, CEO at Evoplay, said: “B-Ball Blitz evokes the exhilaration of courtside action and the thrill of rooting for your team. As our newest sports-themed instant game, we wanted to enhance the excitement by introducing the Golden Ball feature, which boosts the multiplier value of win

Games Global and AreaVegas Games unleash the mythical beast in Area Link Dragon

By
AGBrief Editorial
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Games Global and AreaVegas Games unleash the mythical beast in Area Link Dragon

Set against a volcanic backdrop, the 5×3 reelset is adorned with vibrant gemstones, treasure chests, and fireballs, all spinning by under the watchful eye of the dragon.

The Area Link feature takes center stage, with each varying color of fireball responsible for cracking one of the four dragon eggs, in turn triggering a unique lock and re-spin bonus round. These are activated at random when one or more fireballs land on the reels, elevating the suspense of each spin and truly enhancing the player experience.

From the founders of SpinPlay Games and inspired by the glitz, the glam, and the games of Las Vegas, AreaVegas is an up-and-coming studio that is dedicated to giving players a premium gaming experience.

Christos Fydanakis, Commercial Director at SpinPlay Games, said: “We are delighted to release the newest addition in our Area Link collection, which not only offers players a spectacular visual experience, but also features stimulating gameplay to match.

Andy Booth, Chief Product Officer at Games Global, said: “AreaVegas Games is renowned for its development of innovative new titles, and Area Link™ Dragon is yet another example of this. The Area Link™ series has already proven a success for our operators, and this addition will no doubt supplement our games portfolio further as Games Global continues to enhance its offering.”

Macau hotel occupancy hit 89% during Labor Day holiday

By
Viviana Chan
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Macau tourism, Labor Day, Hotel Occupancy

Macau’s hotel occupancy rates reached 89.2 percent during the five-day Labor Day holiday, up by 4.5 percentage points year-on-year, according to information from the Macao Government Tourism Office (MGTO).

The hotel occupancy rate peaked on May 2nd at 95.1 percent.

Preliminary data show that Macau received a total of about 605,000 visitors, with an average of 121,000 visitors per day. Among them, 154,000 visitors came to Macau on May 3rd, which was the highest number recorded during this Labor Day holiday. This represents a 23.2 percent increase compared to the daily average on Labor Day last year (2023).

Among the passenger source structure, there were 487,000 tourists from the mainland, 78,000 tourists from Hong Kong, 8,000 tourists from Taiwan, and 32,000 international tourists.

May could be Macau’s strongest month year-to-date: Jefferies 

By
Viviana Chan
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Brokerage Jefferies has noted that the latest update for the Macau gaming industry is ‘positive’, as expectations for the May holiday were low due to bad weather. However, gross gaming revenue (GGR) indications are ‘strong’ and ‘only slightly below October’s Golden Week holiday’.

According to an investment memo released on Monday, right after the Labor Day holiday, Jefferies indicates that industry sources have noted that some canceled trips have been rebooked. This could lead to a more gradual post-holiday deceleration, and May could potentially be the strongest month year-to-date.

Macau, April GGR reaches $2.29B, down 4.9% m-o-m

Based on industry sources and checks, Macau’s gaming revenue for the first five days of May was MOP910 million ($113 million) per day. Month-to-date, Mass and VIP GGR were 45-50 percent and 60 percent higher, respectively, compared to the previous month. Additionally, the VIP win rate rose to 3.3–3.5 percent.

‘This is a strong start to the month driven by the Labor holiday, which was only slightly below the first six days of October 2023’s Golden Week of MOP930-940 million per day.’

Macau hotel occupancy hit 89% during Labor Day holiday

Analysts recall that the last two days of October 2023’s Golden Week had slowed to MOP520 million ($64.7 million) per day due to last-minute cancellations and early departures ahead of the typhoon on October 8th. If the last two days are included, the average daily rate (ADR) during the eight-day Golden Week holiday was MOP831 million ($103 million) per day. ‘In this instance, if the checks are correct and players rebooked later, ADR could sustain higher levels post the holiday,’ it added.

Jefferies mentions that industry sources estimate daily gaming revenue to slow down to MOP580 million ($72 million) to MOP650 million ($80.8 million) for the rest of the month. This implies a range of MOP19.6 billion ($2.44 billion) to MOP21.5 billion ($2.67 billion) for the full month of May.

At the lower end of the range, analysts indicate that this would be the second-highest monthly ADR this year, following February’s MOP637 million ($79.2 million) per day.

Premium Leisure Corp. moves closer to delisting, public float reduced to 0.45%

By
Viviana Chan
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City of Dreams, Premium Leisure Corp., Manila, Philippines

Premium Leisure Corp. (PLC), an investor in City of Dreams Manila, is one step closer to delisting from the Philippine Stock Exchange (PSE).

According to the filing on Tuesday, PLC notes that a total of 6,172,192,242 common shares, comprising 19.77 percent of the company’s outstanding capital stock, were tendered by shareholders during the Tender Offer Period.

Premium Leisure Corp on track to voluntarily delist in PSE 

Upon the successful cross and settlement of the tendered shares, its parent company Belle Corp. will own 31,077,096,566 common shares, comprising 99.55 percent of PLC’s total outstanding capital stock. As a result, PLC’s public float will decrease to 0.45 percent.

PLC announced its intention for a mandatory tender offer, aiming to facilitate the voluntary delisting, in March. The proposal for the mandatory tender offer was officially approved by the Board of Directors on March 11th, 2024, encompassing all outstanding common shares of PLC.

PLC holds an interest in the City of Dreams Manila integrated entertainment and gaming complex located in Parañaque City. Additionally, it maintains a 50.1 percent stake in the publicly listed Pacific Online Systems Corp., which provides online betting software and equipment to the Philippine Charity Sweepstakes Office for lottery operations in Visayas and Mindanao.

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