Asia round-up: Lift off at G2E Asia, Tabcorp, PA Betting, Alvin Chau & more

Home » Asia round-up: Lift off at G2E Asia, Tabcorp, PA Betting, Alvin Chau & more

G2E Asia returns to Singapore with a special edition at the Marina Bay Sands.
The Global Gaming Expo (G2E) Asia 2022, the must-attend event for the Asian gaming and entertainment industries, has begun.
G2E Asia, organized by the American Gaming Association and RX, returns in person after a three-year hiatus. The event, which will feature more than 70 exhibitors, will take place at the Marina Bay Sands in Singapore from today (August 24) until Friday (August 26).

So far, the best of G2E Asia:

MGM Resorts is confident in Osaka IR despite the fact that the gaming floor accounts for only 3% of the property.

“Having a higher slot business and a lower VIP business may be beneficial to Macau.” Praveen Choudhary, Managing Director of Morgan Stanley Asia

MGM Resorts’ Global Development President Ed Bowers said during his keynote speech at G2E Asia 2022, “Japan has been very ambitious.” It wished to elevate the best of Singapore to a higher level.

“Like Singapore, the government required bidders to develop integrated resorts that would attract foreign tourists.” However, operators must also actively promote and send foreign tourists to attractions in other parts of Japan.

“Because of these objectives, the Japanese government’s requirements for facilities are much more detailed than in other countries.” The casino floor must not take up more than 3% of the total gross floor area in a single continuous space.”

Morgan Stanley Director believes Macau will recover by 2024.

Praveen Choudhary, Managing Director of Morgan Stanley Asia, stated during Morgan Stanley’s Financial Outlook of Asian Gaming Destinations presentation at G2E Asia that the financial services firm expects Macau’s mass market revenue numbers to exceed the highs of 2019 – indicating a full recovery from the Covid-19 pandemic by 2024.

During the event, Choudhary discussed the pandemic’s impact on Macau and Asia as a whole, while predicting that the Chinese gambling mecca will thrive in the coming years: “The mass revenue and EBITDA will be higher than in 2019, at least, that’s what we expect.” We’re expecting it in 2024, but it could arrive in the second half of 2023.”

“Japan has been extremely ambitious.” It wished to take the best of Singapore to the next level.” Ed Bowers, President of Global Development at MGM Resorts,

“A higher slot business and a lower VIP business could be beneficial to Macau.”

Chen Si, the COO of Inspire Entertainment Resort, was skeptical. “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,” he said on a different panel at G2E Asia.

“Whether or not Macau’s VIP business returns is entirely dependent on Beijing’s appetite for it.” None of us can predict the political calculations taking place in China’s capital.”

In other news, outside of G2E Asia today…

PA Betting signs new agreement with the Hong Kong Jockey Club.

PA Betting Services (PABS) has announced a new agreement to distribute horseracing statistics with the Hong Kong Jockey Club.

PABS will use its own platform to supply Hong Kong Jockey Club (HJKC) horseracing data to Tote UK, which has shared its tote pools with At the Races (ATR), the UK broadcaster of Hong Kong races.

Revenue for Tabcorp in FY22 is down 4%.

Tabcorp Holdings reported revenue of AU$2.37 billion (US$1.64 billion) for the fiscal year ended 30 June 2022, a 4% decrease from the previous year.

Tabcorp explained that the results are reflective of external impacts such as Covid-19, delivered under a pre-demerger operating structure.

The Group Statutory Net Profit after Tax (NPAT) for FY22 was AU$6.77 billion, up from AU$269 million in FY21, with a net debt of AU$20 million.

The trial of Alvin Chau has been scheduled for September 2, 2022.

Alvin Chau, the founder of Suncity Group, will stand trial on September 2, 2022, in the afternoon.

“Whether or not Macau’s VIP business returns really depends on Beijing’s appetite for it.” Chen Si, COO of Inspired Entertainment Resort

However, the case may be postponed due to a lack of availability of related defendants.

Chau is represented by several lawyers, including attorneys Kuong Kuok On and Leung Wing Ben.

H1: Summit Ascent returns to profitability via the Tigre de Cristal resort.

Summit Ascent Holdings, the owner of Tigre de Cristal, has reported a profit of HK$85.2m ($10.8m) for the first half of 2022, a 37% increase year on year.

Gross gaming revenue (GGR) increased 43% year on year to HK$198.2 million. This included a 56% increase in revenue from mass table games and a HK$87.2m increase in revenue from electronic gaming machines.

Hotel operations increased by 53% year on year.

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