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Macau to begin third round of testing as cases rise to 261

Macau to begin third round of testing as cases rise to 261 Macau will kick off a third round of mass testing of its population on Monday as the number of confirmed Covid cases rises to 261. The government will also hand out rapid antigen tests and KN-95 masks. The city is currently undergoing the worst Covid outbreak since the beginning of the pandemic and almost all leisure facilities are closed, with the government urging residents to stay at home. The casinos, however, remain open, even though there is almost no visitation. Analysts are expecting near-zero revenue this month for the six operators and say the outlook into next month is also highly uncertain.

Blackstone to rebuild Crown into an “iconic” destination

U.S. investment group, Blackstone, has completed its A$8.9 billion ($6.1 billion) acquisition of Crown Resorts, saying it aims to rebuild the Australian operator into an “iconic destination for travel.” 

Malaysia still mulling online gambling regulation to stop tax bleed

Malaysia is still considering regulating online gambling and estimates that it’s losing about MYR2 billion ($454 million) a year in lost tax revenue.

Ainsworth CEO Harald Neumann granted 2.8m performance rights

Ainsworth Game Technology said its CEO Harald Neumann has been granted 2.8 million performance rights as a long-term incentive.

Pronet Gaming accelerates expansion plans into Asia

Pronet Gaming is to turn its attention to emerging markets in Asia following the unprecedented success that has allowed it to expedite its ambitious plans ahead of schedule.

IPI aiming for financial lifeline from JV Chinese partner, Sino Travel Samoa

Saipan based casino Imperial Pacific Holdings (IPI) recently announced that it has entered into an exclusive cooperation agreement with two third party operators to underwrite the leading of 250 hotel rooms and set up a shopping mall at the Imperial Palace resort. 

Macau operators “truly grateful” for extension, gaming law revisions

In response to the approval of the Macau operators “truly grateful” for the extension of the contracts, gaming law revisions, as they set the pathway towards a smooth transition ahead of the tender for the new concessions. All reiterate their readiness to participate in the tender process.

SJM announces successful refinancing of HK$19b in loan facilities

SJM Holdings said its creditors have agreed to refinance syndicated loan facilities worth up to HK$19 billion ($2.4 billion). The loans consist of a $9 billion term loan and a $10 billion revolving credit facility, the company said in a statement.

Failure to renew all Macau concessions a risk to govt. finance: Moody’s

Failure to renew all of Macau’s six concessions would result in substantial risk to government finances due to the significant amount of tax they generate and how many people they employ, Moody’s said.

Philippines audit body urges action to collect $42.4m in overdue POGO taxes

The Philippines leading audit body has urged the Philippines Amusement and Gaming Corp. (PAGCOR) to take urgent action to collect some PHP2.32 billion ($42.4 million) overdue taxes from offshore gaming companies.
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Is cashless more hype than reality for casinos?

The pandemic has accelerated a move to cashless in just about every sphere, although casinos are still lagging behind the curve. There’s certainly a lot of talk about the subject, but Tracey Chernay, senior vice president of Transact Technologies, tells us in this week’s Face-to-Face that she’s not convinced about the level of player demand.

UPCOMING EVENTS

UPCOMING EVENTS