In other words, it was no ordinary week. And, as we recap, we bring you some less-than-favourable forecasts for Macau and some positive news for Crown Resorts. There was a time when the reverse would have been the norm.
Okada takeover "totally illegal"
In the first of our exclusive interviews with Jason Ader, the serial investor spoke of his universal (pun intended) disapproval at Okada's forced takeover of the property.
Gambling Insider: What do you make of what’s happened at Okada Manila, with Kazuo Okada reassuming control of the casino from Universal Entertainment?
Ader: We’re watching things unfold at the casino very closely. Universal has just hosted a very worthwhile press conference on what has happened.
What I think Kazuo Okada has done is totally illegal. It’s my very strong view that Universal should get the property back and everything will be back to normal soon.
Read the full article here.
Kazuo Okada fights back
Naturally, however, Ader is on the side of Universal Entertainment given his prior links with the firm and aims to take Okada Manila public.
We are always objective at Gambling Insider and, despite the widespread criticism of Okada's position, on the same day we brought you Okada's response.
Indeed, the executive reportedly told workers at the casino his new Board will work to “better serve” staff needs.
In a critique of the casino's previous management, Okada claimed his newly appointed Board will begin “elevating Okada Manila to greater heights of success.”
Macau to reduce GGR forecasts for 2022
Elsewhere, there was more woe for the Macau casino industry, which is still suffering from Covid-19 pandemic restrictions.
As the July/August edition of Gambling Insider magazine will detail, Macau's unfortunate fall is such that it is by no means the world's biggest gambling hub anymore. For now, Las Vegas remains well ahead.
Speaking to the press this week, Macau’s Chief Executive Ho lat Seng announced the region will reduce gross gaming revenue (GGR) forecasts as part of a fiscal budget amendment in the second half of 2022.
Macau’s current GGR forecast for the full year, MOP130bn ($16bn), is already less than half the MOP292.5bn accumulated in 2019 prior to the emergence of Covid-19.
Read the full story here.
Some good news for Crown Resorts
Finally, the Blackstone Group was this week granted approval by two of three Australian state regulators for its proposed acquisition of Crown Resorts.
The Victorian Gambling and Casino Control Commission (VGCCC) and the New South Wales Independent Gaming and Liquor Authority (ILGA) both approved the scheme, which remains subject to the receipt of gaming regulatory approval in Western Australia.
We are so used to reporting bad news to do with Crown's regulatory issues that this comes as a welcome surprise.
It still may be the case, though, that Blackstone has purchased Crown at a much lower price than it would have been forced to pay, had Crown's reputation not suffered such damaging blows.
For the full story, click here.
And missed a big gambling industry story in Asia? Here's yesterday's Asia round-up for good measure.
