Today, MGM China revealed its Q3 results – with the fiscal impact of several lockdowns in Macau playing havoc in the Chinese gambling hub during the first nine months of 2022.
Total revenue for Q3 was HK$687m (US$87.5m), almost 45% down on Q2 – which saw HK$1.1bn in generated revenue.
Meanwhile, it also posted negative adjusted EBITDA of HK$536m – much like revenue, which was down further on Q2’s HK$382m.
However, despite the challenges caused by the lockdowns of Macau, MGM China noted it remained in a healthy fiscal position, with HK$9.9bn of liquidity still behind the business.
Furthermore, the casino operator also confirmed it had submitted its application for a new Macau concession licence and said it remained committed to ‘Macau’s continual development.’
Australia’s financial watchdog orders investigation into leading sportsbooks
AUSTRAC, the financial crimes watchdog in Australia, has ordered an audit into Sportsbet and bet365, citing a need to check the two sportsbook brands are in compliance with anti-money-laundering and counter-terrorism regulations.
The investigation comes after the watchdog conducted an extensive look into the market, and the audit will assess whether Sportsbet and bet365 are in compliance with four specific regulatory sections.
The move comes amid a gambling scandal in Australia, with the Star Entertainment and Crown Resorts currently in the midst of a sea of legal troubles; after Adam Bell’s investigation into the Sydney casino uncovered links to organised crime, money laundering and a wave of other regulatory and legal breaches.
Sky Racing World to show New Zealand Harness racing in North America
Sky Racing World has added New Zealand Harness racing to its worldwide content portfolio for the first time.
The live racing launched on 12 October and is simulcast across North America – which allows for the commingling of the betting pools ahead of the New Zealand Trotting Cup at Addington raceway in Christchurch on Monday 7 November.
David Haslett, CEO of Sky Racing World, said of the new agreement: “We are excited to add the simulcast of New Zealand Harness racing to the Sky Racing World portfolio of content. This gives fans the ability to enjoy a consistent offering of quality Harness racing from both Australia and New Zealand.”
Fears of fresh Covid outbreak calm in Macau
A senior Macau health official has stated that the risk status placed upon the province after a casino dealer recently tested positive for Covid-19 has been lifted following extensive testing.
The news comes days after China announced that its visa centre on the mainland would re-open for the first time since March 2020, allowing Chinese nationals to travel to Macau and gamble.
That plan had been thrown into doubt following the positive Covid test, but now those fears appear to have been put to rest.