G2E Asia, organised by the American Gaming Association and RX, convenes in person for the first time after a three-year hiatus. The event is happening from today (24 August) until Friday this week (26 August) at the Marina Bay Sands in Singapore, hosting more than 70 exhibitors.
Best of G2E Asia so far:
MGM Resorts confident on Osaka IR despite gaming floor only covering 3% of property
“Having a higher slot business and lower VIP business could be positive for Macau” Managing Director of Morgan Stanley Asia Praveen Choudhary
During his keynote speech at G2E Asia 2022, MGM Resorts’ Global Development President Ed Bowers said: “Japan has been very ambitious. It wanted to take the best of Singapore and take it to another level.
“The Government required bidders to develop integrated resorts that would attract foreign tourists, just like Singapore. But also require operators to actively promote and send foreign tourists to attractions in other areas of Japan.
“Because of these goals, facilities that are required by the Japanese Government are much more detailed than in other countries. The casino floor itself is required not to take up more than 3% of the overall gross floor area, in a single continuous space.”
Morgan Stanley Director expects Macau to bounce back by 2024
During Morgan Stanley's Financial Outlook of Asian Gaming Destinations presentation at G2E Asia, Praveen Choudhary, Managing Director of Morgan Stanley Asia, said the financial services company expects Macau’s mass market revenue numbers to expand above the heights of 2019 – marking a full recovery from the Covid-19 pandemic by 2024.
During the event, Choudhary pointed to the effects of the pandemic on Macau and Asia as a whole, while confidently stating the Chinese gambling hub will thrive in the coming years: “The mass revenue and EBITDA will be bigger than in 2019, at least, that’s what we expect. We’re pegging that in 2024, but it could come in during the second half of 2023.”
“Japan has been very ambitious. It wanted to take the best of Singapore and take it to another level”MGM Resorts’ Global Development President Ed Bowers
“Having a higher slot business and lower VIP business could be positive for Macau.”
Chen Si, COO of Inspire Entertainment Resort, was not so sure. Speaking on a different panel at G2E Asia, he said: “I think Macau’s structural change, moving away from a VIP heavy industry to a mass market with the near annihilation of junkets, is a huge shift.
“Whether or not the VIP business of Macau comes back really depends on Beijing’s appetite for it. None of us can guess the political calculations that are happening in China’s capital.”
Elsewhere, outside of G2E Asia today...
PA Betting signs new deal with Hong Kong Jockey Club
The deal will see PABS use its own platform to supply horseracing data from the Hong Kong Jockey Club (HJKC) to Tote UK, which has shared its tote pools with At the Races (ATR), the UK broadcaster of Hong Kong races.
Tabcorp FY22 revenue down 4%
Group EBITDA was AU$382m, with Tabcorp explaining that the results are reflective of external impacts including Covid-19, delivered under a pre-demerger operating structure.
FY22 Group Statutory Net Profit after Tax (NPAT) was AU$6.77bn, compared to AU$269m in FY21, with net debt of AU$20m.
Alvin Chau trial set for 2 September 2022
The trial of Alvin Chau, Founder of Suncity Group, has been scheduled for the afternoon of 2 September 2022.
“Whether or not the VIP business of Macau comes back really depends on Beijing’s appetite for it” Inspired Entertainment Resort COO Chen Si
However, the case may be postponed due to an absence of related defendants being available for the case.
Chau has several lawyers representing him, including attorney Kuong Kuok On and Leung Wing Ben.
H1: Summit Ascent roars back to profit through the Tigre de Cristal resort
Summit Ascent Holdings, the operator of Tigre de Cristal, has reported a profit of HK$85.2m ($10.8m) for H1 2022, a 37% year-on-year increase.
Gross gaming revenue (GGR) rose 43% yearly to HK$198.2m. This consisted of a revenue increase to mass table games of 56% and revenue of HK$87.2m from electronic gaming machines.
Hotel operations also saw a 53% increase year-on-year.
