Moody’s: Macau GGR to reach 45 percent of 2019 levels in 2023, 60 percent in 2024
Analysts at ratings agency Moody’s are expecting Macau’s gross gaming revenue this year to rise to just 45 percent of 2019 levels ‘because of the extent of deterioration during the pandemic, and strict regulations on junket operations that will constrain the VIP segment’.
Aquis to distribute Casino Canberra sale proceeds to shareholders, delist and wind-up company
The former operator of Casino Canberra, in Australia, Aquis Entertainment, has decided to close up shop after selling the casino property in January. The group notes that it plans to distribute the proceeds of the sale to shareholders and, if approved, delist from the Australian Stock Exchange and wind-up the company.
Ponte 16 contributes to $36.5 million FY22 loss for Success Universe
The operator of Macau’s Ponte 16 casino, Success Universe, saw a HK$287.07 million ($36.57 million) loss for 2022, dragged down by a HK$42.1 million ($5.36 million) loss from the group’s share in Ponte 16’s operations.
LET Group plans to focus its resources on the Philippines, after lowering 2022 loss
The LET Group has announced that it was successful in significantly lowering its loss for the year, totaling just HK$138.4 million ($17.63 million) compared to HK$258.3 million ($32.9 million) in 2021. It says it now plans to focus its efforts on the Philippines.
Fitch affirms stable outlook for Hong Kong, estimates 4 percent economic rebound this year
Ratings agency Fitch has affirmed its Hong Kong outlook at ‘AA-‘, with a stable outlook, estimating that the SAR’s economy will rebound by 4 percent this year.
Pachinko operator Okura Holdings raising $2.5 million to buy more machines/renovate parlors
Pachinko parlor operator Okura Holdings has announced that it will be placing an additional HK$20 million ($2.55 million) in shares on the market in order to purchase more pachinko and pachislot machines and renovate its current pachinko halls.
Shin Hwa World drops 2022 loss to $27.6 million, even as gaming revenue fails to rise significantly
South Korean gaming operator Shin Hwa World has announced that it was successful in narrowing its loss for last year, registering a HK$216.91 million ($27.63 million) loss, as compared to a HK$1.05 billion ($134.4 million) loss in 2021.
Wynn Macau’s mass GGR to expand 10% from 2019 levels in FY24: Deutsche Bank
Wynn Macau’s mass gross gaming revenue (GGR) is likely to grow up to 10 percent from 2019 levels in 2024, says Deutsche Bank, equating to growth from $2.72 billion to $2.99 billion.
Sands China president: hotel room supply limiting MICE development
Sands China’s President and Executive Director has noted that Macau will need to increase its hotel room supply in order to fully leverage its MICE capabilities and work towards a non-gaming mix similar to that of Las Vegas.
PAGCOR stands by POGOs, promising to engage third-party auditor
Philippine gaming regulator PAGCOR has reiterated his position to keep the country’s POGO (Philippine Offshore Gaming Operators) industry, while also pledging to clean up the sector, even as the chair of the Senate Committee of Ways and Means aims to take it down.
Daesik Han, Chairman and CEO of Hann Resorts, aims to dominate the Clark market
With some $600 million already invested in Hann Casino Resort, Chairman and CEO of Hann Resorts, Daesik Han, is focusing on building the synergy with its new $4 billion Hann Reserve property.