Macau’s casino stocks saw an uptick on Wednesday after word broke out of a limited border reopening between Hong Kong and Macau as early as mid-July. Analysts at J.P. Morgan said the reopening is likely to only apply to fully vaccinated travellers and may include Mainland Chinese entering through Hong Kong.
In Incheon, Korea, the owner of the Midan City Resort Complex, formerly known as Caesars Korea says it is still looking for a casino partner and doesn’t expect to complete construction of the resort until 2025 at the earliest.
In this week’s AGB Nippon, we look at how Game of Thrones-style side switching witnessed by the Yokohama mayoral candidates will play out. Though all signs point to the unlikelihood of a Yokohama IR bid going forward.
First, the news
- Macau operator stocks gain as Hong Kong/Macau reopening talk resumes
- Former Caesars Korea IR will open in 2025 at the earliest
- Yokohama mayoral race getting crowded and unpredictable
- Melco’s Lawrence Ho to launch $150mln SPAC on NYSE
- Genting applies for Malaysia digital banking license
- Resorts World Las Vegas buys luxury aircraft from Genting HK
- MGM Resorts joint venture plans two more China hotels: report
- Suncity says it has completed sale of Access Achievement for $121.7mln
- Five hotels ranked Gold in Macau Green Hotel Awards
- SJM majority stakeholder sees $107m loss for 2020
- Kingston confirms 89% profit decline due to pandemic impact
- James Packer pursued for more than $300,000 in compensation
- Real estate firm CBRE Group acquires Union Gaming
What you need to know
Shares in Macau’s operators were mostly higher on Wednesday on renewed hopes for a resumption of travel between the gaming hub and Hong Kong. There may be a limited reopening as early as mid-July, according to reports. Analysts at J.P. Morgan said the reopening is likely to only apply to fully vaccinated travellers and may include Mainland Chinese entering through Hong Kong. The analysts note that more than 40 percent of the Chinese population has been fully vaccinated, while only 21 percent of Hong Kong residents are in the same situation.
There is still no clear path forward for the South Korean IR development, formerly known as the Caesars Korea Resort Complex, to resume construction, with the new owners not expecting an opening any earlier than 2025. Caesars Korea, now known as Midan City Resort Complex, was originally a joint venture project formed through the partnership of Caesars Entertainment Corporation and a leading Asian real estate developer and owner of luxury hotels and resorts.
Sociedade de Turismo e Diversões de Macau (STDM), the majority shareholder in SJM Holdings, says that it has recorded a net loss of some $107.4 million for 2020. STDM’s director, Pansy Ho, daughter of the late gaming Stanley Ho and co-Chairperson of MGM China, says the loss was due to management and maintenance of facilities stipulated in its concession contracts.
Anyone who thought that the Yokohama mayoral race would be between the pro-IR incumbent and a major anti-IR opposition challenger has watched that scenario go out the window over the past couple weeks. Six candidates are now in the race, and incumbent Mayor Fumiko Hayashi is still weighing her decision about becoming the seventh. The most unexpected development, of course, was the decision by Hachiro Okonogi to leave his post in the Suga Cabinet and to run on an anti-IR platform. As the expected ruling party candidate, and having ditched the IR initiative, Okonogi should probably be considered the favorite to win at this juncture, but there are also reasons to wonder if his candidacy might not implode.
- Melco extends partnership with Yokohama F. Marinos football club
- Suncity/Summit Ascent executive teams get top ranking in Asia lodging
- Pragmatic Play expands Betsson agreement with live casino rollout
- Habanero releases action-packed new racing slot