Asia round-up: Aristocrat’s new business segment, Tabcorp’s non-exclusive licence in Victoria

Aristocrat launches new business segment

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Aristocrat has announced the launch of a new business segment that focuses on Real Money Gaming (RMG), which will be led by the former CEO of the company’s land-based gaming unit, Mitchell Bowen.

The group said it has been investing in building its own in-house online RMG capabilities over the past year and will now be accelerating a “build and buy” approach to scaling in online RMG.

Group CEO and Managing Director Trevor Croker explained: “This will see us invest strongly in building out our own online RMG platform infrastructure while also undertaking select M&A, partnerships and talent acquisitions to accelerate progress wherever appropriate. To bring the right level of focus and momentum to the task, we are establishing a third global operating business within Aristocrat. Achieving a scaled position in online RMG will be a medium-term effort. It will take sustained investment over a number of years. However, our record shows that Aristocrat knows how to successfully scale businesses. We will apply a similar mix of effective organic and inorganic investment, and financial and operational rigour to this task, under Mitchell’s leadership and aligned to shareholders’ interests.”

Tabcorp awarded 20-year non-exclusive keno licence in Victoria

Tabcorp Holdings has been awarded a 20-year non-exclusive retail and digital keno licence in Victoria for an up-front payment of $25m.

As per the agreement, the new licence will run to 2042 and it will take effect starting from 15 April 2022 upon expiry of Tabcorp’s current exclusive 10-year retail-only licence, which was awarded in 2012 for a payment of $60m.

The longer licence availability and specific inclusion of digital enablement are both welcoming components of the new licence for the group.

However, the new licensing regime follows the Victorian government’s keno licence reviews and invitation to apply for a keno licence process and the structure seems to have returned to the pre-2012 structure of having two authorised keno operators in the region.

As one of the licence holders, Tabcorp will have the support of its retail partners and will continue offering Victorian players a keno game.

The group also holds sole licences and approvals to conduct keno in New South Wales (which expires in 2050), the ACT (which expires in 2064), South Australia (until 2052) and Queensland (available until 2047).

Las Vegas Sands completes the sale of The Venetian Resort

“Our commitment to long-term investment in Asia is highlighted by the recently announced $1bn reinvestment at Marina Bay Sands in Singapore and the completion of the $2.2bn renovations of The Londoner”Patrick Dumont, Las Vegas Sands President and COO

Las Vegas Sands has completed the $6.25bn sale of The Venetian Resort to affiliates of Apollo Global Management and VICI Properties.

Las Vegas Sands Chairman and CEO Robert Goldstein, commented: “The opening of The Venetian more than 20 years ago represents the beginning of the company’s success. The property, and most importantly, the people who represent it every day will always remain indelible parts of our history. Looking forward from the sale, we believe our strong balance sheet and an industry-leading portfolio of Integrated Resorts in Macao and Singapore, position the company to experience a new era of opportunity and growth.”

He said that the company’s current priorities include reinvesting in the Asian portfolio while also pursuing new land-based development opportunities and implementing the groups’ long-term strategy for participating in the digital marketplace.

Patrick Dumont, the company’s President and COO, added: “Our commitment to long-term investment in Asia is highlighted by the recently announced $1bn reinvestment at Marina Bay Sands in Singapore and the completion of the $2.2bn renovations of The Londoner, and we will continue to place a premium on growing our industry-leading resorts in Asia.”

Galaxy Macau Phase three complete and ready to open

In other news, Galaxy Macau casino resort phase three is complete and ready to open once market conditions improve; and, according to GEG Chairman Dr Lui Che Woo, it could open by the end of this year.

However, he suggested it’s impossible to give an actual timetable under current market and travel conditions.

Woo added that Galaxy Entertainment is currently focused on the development of phase four, which is already “well underway.”

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