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Jurisdiction Updates
March 2018 Edition
In focus pg.30
Shaking the
status quo
Macau
MGM unveils Cotai gem pg.6
KOREA
Fourth IR bets
on Incheon pg.12
SINGAPORE
No wind in top line sales pg.14
VIETNAM
Hoiana woos
Macau VIPs pg.34
ASEAN 2018 SUPPLIER SPECIALS pg.42
MESSAGE
3
Engaging the industry at ASEAN
A
GB is proud to be hosting the second edition of casino industry. Leaked proposals have so far suggested a
the ASEAN Gaming Summit in Manila, where high-tax environment, with restrictions on space, which
300 guests from both the land-based and some warn will lead to lower investment levels.
online gaming fields will gather to engage with While Japan delays, South Korea steams ahead, with Incheon
more than 80 leading speakers lined up to discuss the attracting its fourth IR. A Chinese property developer has
state of the industry. announced plans for $4.5 billion resort on Yeongjong Island,
Rosalind
While the 2017 show focused on the convergence of online which authorities are touting as a major step towards creating Wade
and land-based gaming, the 2018 event takes a look at an entertainment hub in the Incheon Free Economic Zone.
disruptive technologies, as well as innovative operational In Singapore, operators continue to squeeze out profits
and management strategies. from flat revenue. LVS argues that while a success story,
The Focus section of this edition is dedicated to lifting the the city state is a very large EBITDA producer without top-
veil on some of the discussions you can expect in Manila. line growth prospects in the near future.
While the summit was designed to throw the spotlight on Back to South East Asia, we look at how tax reforms the
some of the issues and products that are likely to shake up Philippines may have a sting in the tail. The recently
Luis
the future of the gaming industry in Asia, we take a deeper approved first steps in a long-awaited tax-reform program
Pereira
look at some of the emerging trends, both for the online are designed to raise funds to improve infrastructure.
and the land-based industries. Analysts say they will dampen consumer spending, but are
In the land-based sector, we discuss how new technologies unlikely to hurt the booming gambling industry. However,
can be used to help operators maximize their table yields. a second round of measures may contain more sting and
While in the online sphere we look at how First Cagayan operators are watching closely.
plans a comeback. The master licensor is promising not Keeping with the Philippines, and the ASEAN Gaming
only to significantly upgrade its infrastructure, but also to Summit, the 2018 event also features an upgraded
focus on fintech and bitcoins, aiming to become an Asian meeting space at the conference, allowing companies to
hub for these high-growth industries. showcase their latest products and technologies in a casual
In these pages you’ll find our regular Jurisdiction Updates environment. This edition’s Special Supplier report brings
from across the region. Starting with Macau we bring you you the voices of event exhibitors and supporters. They talk
the story behind the new property on the market. MGM about the trends they are seeing in Asia and comment on
Cotai’s delayed opening happened without some of the what products and services they’re prepared to deploy to
fanfare seen for other debuts, but management has said take advantage of developments.
casino floor traffic has been above expectations and close See you in Manila!
to matching its sister resort on the Peninsula in terms of
mass win per unit per day. Connect with us:
Heading into IndoChina, analysts say central Vietnam’s
Hoiana IR-in-development, to be operated by Suncity, has @agbrief Asia Gaming Brief
the potential to generate about $15 billion a quarter in VIP
Asia Gaming Brief
rolling volumes and syphon off a chunk of Macau’s high-
roller market. On behalf of Asia Gaming Brief
Further afield, operators and the community are still waiting Rosalind Wade & Luis Pereira
for the details of how Japan plans to regulate and tax its Publishers
www.agbrief.com
MARCH 2018 EDITION
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CONTENTS
4
GREATER CHINA NORTH ASIA SOUTH EAST ASIA
MACAU 06 JAPAN 10 SINGAPORE 14
SOUTH KOREA 12 MALAYSIA 16
PHILIPPINES 18
INDOCHINA AUSTRALASIA
VIETNAM 34 AUSTRALIA 38
CAMBODIA 36 NEW ZEALAND 40
special focus 22 SUPPLIER SPECIAL REPORT 42 LAST WORD 66
Asia Gaming Briefings | March 2018
6
6
MACAU
GREATER CHINA
MGM opens
its Cotai jewel
MGM Resorts opened its Cotai
property on Feb. 13, with analysts
cautiously optimistic about the
prospects for the multi-coloured
resort, whose design is meant to
evoke a jewellry-box.
Asia Gaming Briefings | March 2018
GREATER CHINA
T
7
he delayed opening happened without
some of the fanfare seen for other
debuts over the past few years, though
talking to non-MGM industry insiders
management has said casino floor
traffic has been above expectations. On a recent
conference call with analysts, executives said
“
on the ground in Macau the feedback we
the property was already close to matching
received was quite positive as it relates to
its sister resort on the Peninsula in terms of the property, its positioning, the gaming
mass win per unit per day. floor, the non-gaming elements, etc. All
MGM Cotai will have just under 1,400
hotel rooms, meeting space, high-end spa expect it to be very competitive, especially
and retail outlets, as well as the usual array of at the higher end of the market.
bars and restaurants. It sees its unique selling
point as being its high-tech auditorium. Its
”
MGM Theater houses a 900-square-metre
4K LED screen, which is the world’s largest MGM Cotai expands the number of the property, its positioning, the gaming floor,
permanent indoor LED screen. It is the first group’s gaming tables in Macau by 29 percent the non-gaming elements, etc. All expect
dynamic theater in Asia with over 10 different and will eventually take up its room count by it to be very competitive, especially at the
configurations and 2,000 seats. 238 percent. However, the table allocation higher end of the market.”
“We did see non-gaming offerings at was lower than had been expected and it Govertsen said he expects MGM China’s
MGM Cotai that are differentiated from its launched with no junkets. It is expected to market share to rise to 9.5 percent from 7.1
peers,” Morningstar analyst Chelsea Tam add about five junkets by June. percent in 2017 as the resort gets up to speed,
said in a note. MGM China received an initial table a gain of 34 percent. By way of comparison,
A giant glass atrium, known as The grant of 125 gaming tables, with 100 of Wynn Macau’s market share as Wynn Palace
Spectacle connects the main lobby through those available at the open and a further 25 ramped went from 10.1 percent to 16.5 percent.
to restaurants and shops, with 25 LED walls to be deployed in 2019. It was lower than the Bernstein Research was less upbeat,
displaying a variety of pictures. 150-table allocation that analysts had expected predicting that any strong ramp up on Cotai
“The collection of royal carpets from and below the 150 granted to Wynn Resorts’ may be at the expense of the company’s
the Qing dynasty hanging on the wall in the Wynn Palace and Las Vegas Sands Parisian. Peninsula property.
high-end area does give a prestigious look The company is expected to transfer some “We remain concerned about the
and feel,” Tam said. tables over from MGM Macau later this year. company’s ability to fully defend its position
The property is opening at a time gross In terms of ramp up, Tam said that MGM on the Peninsula after the Cotai opening and
gambling revenue in Macau is firmly back on Cotai’s ramp up speed should be “decent” as we are skeptical of a strong Cotai ramp up.
an upward track, recording growth of 19.1 the adjacent opening of Wynn Palace in 2016 The addition of 1,400 rooms and increased
percent in 2017. According to projections ramped up strongly. gaming capacity will inevitably give the
from Fitch Ratings that growth will continue Grant Govertsen, managing director company potentially outsized growth in
this year, notching up a gain of about 13 and head of Asia gaming research at Union the near term, but at the cost of US$3.4bn
percent. The mass and premium mass market Gaming, said the ramp trajectory was currently in bringing Cotai online,” analyst Vitaly
is expected to takeover from the VIP sector under appreciated by the market. Umansky said in a note.
as the main market driver, with a key catalyst “Talking to non-MGM industry insiders “MGM’s lack of experience in Cotai
for growth being the expected opening of the on the ground in Macau the feedback we operation that will lead to similar slow ramp
bridge linking Hong Kong Macau and Zhuhai. received was quite positive as it relates to the encountered by peers,” he said.
GREATER CHINA
8
was up 23 percent, as the hold fell to 3.1
Sands China percent from 3.7 percent the year before.
The HK$27 billion MGM Cotai opened
Sands China (1928:HK) has five properties in
its doors on Feb. 13. The company said the
Macau. The new $3 billion The Parisian opened
initial demand and customer feedback to
in September 2016 and is now a key driver of
the resort has been positive. Like its main
group results. It features a scale replica of the
competitors MGM is also actively seeking a
Eiffel Tower, nearly 13,000 hotel rooms, two
license to operate in Japan.
million square feet of retail-mall offerings and
two million square feet of MICE capacity. Sands
China’s Q4 results beat analysts’ expectations, SJM Holdings
driven by strong premium mass revenue in
SJM Holdings (880:HK) has 20 casinos
Macau, which gained 52 percent year-on-
on the Macau Peninsula. The company has
year, compared with a 7 percent gain in base
been losing market share while it completes
mass, according to Union Gaming analysis.
construction of its Cotai IR, which most
Total net revenues increased 12.9 percent to
analysts now expect to open in 2019.
US$2.10 billion compared to US$1.86 billion
Recently, the company’s Grand Lisboa
in the fourth quarter of 2016 and above The
Hotel was the title sponsor of a Dota 2
Street estimate for $1.94 billion. Net income
eSports tournament in December. It was the
increased 49.1 percent to US$519 million,
first international eSports competition held
while hold-normalized EBITDA came in
in Macau, with nine teams of contestants
at $758 million, representing growth of 30
coming from around the world. For Q4, SJM
percent over the prior year. Bernstein Research
reported a 4 percent gain in GGR to HK10.9
noted the company is optimistic about further
billion, in line with estimates. VIP GGR fell 1
growth in the premium sector, which is being
percent year-on-year, while mass revenue rose
driven by more younger players coming from
9 percent. SJM lost market share in mass, but
provinces outside Guangdong and higher performed strongly, gaining 36 percent and
gained in VIP, according to Bernstein analysis.
average spend per customer. 20 percent respectively. Despite the positive
results, the group’s share price has been hit
MGM china Wynn macau hard after founder and CEO Steve Wynn was
forced to step down following allegations of
MGM China (2282:HK) is operating a Wynn Macau (1128:HK) operates two sexual misconduct. Representatives from
single casino on the peninsula. MGM China’s resorts, with its $4 billion Wynn Palace the Gaming Inspection and Coordination
Q4 revenue gained 10 percent, pulled up by opening in 2016. The company’s original Bureau reportedly met with top executives
the mass market, which benefited from a gain property is on the Macau Peninsula. The to discuss the situation.
in both volume and hold percentage. Net Wynn Palace has 1,700 hotel rooms and 90
revenues were $549 million. Revenue from percent of the resort will be non-gaming. The
main floor table games was up 21 percent, company’s Q4 2017 results beat expectations, Galaxy Entertainment Group
helped by a 10 percent increase in volume with adjusted property EBITDA gaining
and a gain in the hold to 21 percent from 19 64 percent to $376 million year on year. Galaxy Entertainment Group (27.HK) has
percent in the same period a year earlier. VIP Net revenue came in at $1.31 billion, up three main properties and runs three City Club
revenue fell 5 percent, even though turnover 43 percent. Both mass revenue and VIP casinos inside hotels. The company’s Galaxy
GROSS GAMING REVENUE Gaming-related crime falls
Gaming-related crime cases dropped slightly
GGR 2018E in 2017, despite the gaming sector recording
significant growth in the year. A total of 1,847
Fitch criminal proceedings related to gaming
+13%
were initiated in 2017, a slight (0.2 percent)
Morgan decrease from 1,851 in 2016. Gaming-related
Stanley +16% crimes include loan-sharking and debt-related
kidnappings. “Most of the cases related to
Bernstein +10% the mentioned two types of criminal activities
happened inside casino premises, with no
Deutsche indications that the criminal activities have
+11.3% extended outside the properties and impacted
Bank
on the security of Macau,” Secretary for
Security Wong Sio Chak was cited as saying.
Asia Gaming Briefings | March 2018
GREATER CHINA
9
Macau Phase 2 and Broadway at Galaxy Macau Kevin Benning, who was formerly VP of gaming
opened on May 27, 2015, almost doubling the Melco resorts operations in Manila, has been promoted to
capacity of the resort. The property is viewed & entertainment senior VP and chief operating officer of the
by analysts as one of the best placed in Macau, Philippine property.
having made considerable efforts in recent Melco Resorts & Entertainment (6883.HK) The company is now exploring possible
years to boost its mass market appeal. Galaxy has three casinos and the Mocha Clubs. The Phase 2 expansion for Studio City and has been
was recently chosen for inclusion in the Nikkei company operates the City of Dreams and Studio granted an extension of the development period
Asia300 Investable Index – a newly created City in Macau and the City of Dreams Manila. under the Studio City land concession contract.
index of Asia’s biggest and fastest-growing In January, the company announced a It is expected that the additional development
companies, which is designed to be used as major management reshuffle, with David will include a hotel and related amenities. For
an underlying index for financial products Sisk named as property president for City of Q4, MLCO reported net revenue of $1.33 billion,
such as investment funds. Dreams Macau, replacing Gabe Hunterton, a gain of 12 percent, which was in line with
For Q4, Galaxy once again topped analysts’ who will leave the company. expectations. Adjusted property-level EBITDA
expectations posting a 25 percent gain in revenue Geoff Andres, who is currently president was $340 million, also up 12 percent. Analysts
to $18 billion. VIP GGR was up 31 percent of City of Dreams Manila, will replace Sisk as say City of Dreams is underperforming the
and mass market revenue gained 19 percent. property president at Studio City in Macau. company’s other Macau properties.
Sands gives dads a break
Sands China Ltd. is implementing a paid paternity leave
policy for eligible team members as of Feb. 16, 2018.
Dr. Wilfred Wong, president of Sands China Ltd., said:
“The family is the cornerstone of our society. Sands
China values team members’ well-being and work-life
balance, and is committed to the implementation of
‘people-oriented’ policies and guidelines. We strive
to address the needs of our team members, so we’re
very pleased to announce this new paid paternity leave
policy, acknowledging the important role of fathers in
the family. With this new policy, fathers of newborns
will have time to be with their families to enjoy this
important milestone of life and to support them, helping
maintain a harmonious family life.”
10
JAPAN
NORTH ASIA
Taxes, restrictions to
dampen investment levels
Operators are still waiting for the details of how Japan plans to regulate
and tax its casino industry, however leaked proposals have so far
suggested a high tax environment, with restrictions on floor space,
which some warn will lead to lower investment levels.NORTH ASIA
A
11
GB reached out to a number of
international IR operators to
IR LOCATION CANDIDATES Limited openings
hit Konami revenue
seek their reactions to the leaked
government proposals. Since these Slot machine supplier Konami
operators are competing for what is likely to Holdings Corp. reported a 4.9
percent decline in revenue
be only a handful of licenses, anonymity was
from its Gaming & Systems
offered to encourage them to give their frank division for the first nine months
assessments of the proposed regulations. of FY18. Revenue for the
One international operator responded as first nine-months of the fiscal
follows: “The government is considering a rate year fell to JPY20.7 billion
of 30 percent applied to gross gaming revenues, ($193.7 million), while segment
which may be reasonable in jurisdictions where profit fell 8.6 percent to JPY
investment levels are low. However, a tax rate this 2.7 billion. Konami said the
high, combined with a possible restriction on decrease in revenue was due
casino size, will not permit the levels of investment to a reduction in the number of
new slot machine installations
that the government itself has suggested. Under
- caused by limited new casino
this scenario, an investment of up to [US$9 openings and postponement
billion] would simply not be possible.” of casino management system
A second IR operator also provided a installations in the quarter.
negative assessment, highlighting the proposal
for an escalating tax rate: “Casino tax is not
personal income tax. To realistically generate
higher revenue, more investment needs to
be injected. Instituting an escalating tax rate
disincentivizes an operator from investing
further because of the declining margins from
the higher tax rates.”
A third operator did not highlight specific
issues, but provided an overall statement of
concern: “We can only hope that the legislative
framework allows developers like ourselves the
pathway to achieve a sufficient return on the
capital we want to invest in Japan.” Public can be swayed on IRs, survey finds
While such negative and worried views A survey conducted by the Nippon Research Center and presented by Las Vegas Sands
of the proposals appear to be predominant found the Japanese public could potentially be persuaded to back IRs. It found 55.8 percent
among the international IR operators, they of the public are in favor of “the development of an Integrated Resort similar to Singapore’s
are not universal. One operator observed that, Marina Bay Sands in Japan,” and only 44.2 percent opposed, if the question was framed in a
“the tax rates, though higher than expected, certain way. Before answering whether they would support an IR in Japan, the respondents
were made to read three information cards highlighting Marina Bay Sands’ economic
are a reasonable way to keep some of the
contributions to Singapore and its measures to combat problem gambling. Then a video
economic benefits of IRs in the country and was shown highlighting Sands’ rich entertainment offerings. Only then were the respondents
are not excessive.” asked if they would like to see something like that in Japan as well.
If the tax rate proposals came in significantly
higher than most observers expected, the
proposed individual casino entry fees for Japan Meanwhile, casino opponents such as the Japan James Murren, chairman and CEO of MGM
residents (but not foreign tourists) to casinos Communist Party denounced the lower-than- Resorts International said his company already
were considerably lower. expected fee as a mere pittance. envisions building a relatively small casino that
Reports last year suggested that entry fees Significantly, the US$19 casino entry fee would be less than 2 percent of his proposed
would be set quite high, perhaps in the range plan faced considerable criticism from within IR’s total floor area.
of US$40 to US$70. However, it appears that the Komeito party IR project team, which Music, sports, and other entertainment
government bureaucrats absorbed the point felt it was too low. One member was quoted facilities would dominate an MGM IR in
that there is no scientific evidence suggesting as remarking, “Should it really be less than Yumeshima.
that high casino entry fees are useful in fighting the fee collected in Singapore?” Komeito is “Osaka has two airports,” Murren added,
problem gambling. Hence, the new proposal is a ruling coalition party. “and it has a wonderful railway network as well.
for a US$19 or perhaps a US$27 casino entry fee. The government proposals for casino Visitors can travel to Kyoto, Nara, and the Seto
This proposal seems to have satisfied floor size restrictions were in line with what Inland Sea. Considering Osaka’s economic scale,
nobody in the Japanese political world. Strong had been suggested last year: a maximum of we could build a very large IR here.”
advocates of IRs are demanding lower entry 3 percent of the total IR area and a ceiling of The rules were scheduled to be submitted
fees or, better yet, to scrap them altogether. 15,000 square meters. in the current Diet session.NORTH ASIA
12
SOUTH KOREA
Incheon attracts fourth IR
A Chinese property developer has announced plans for $4.5 billion IR on
Yeongjong Island, which authorities are touting as a major step towards
creating an entertainment hub in the Incheon Free Economic Zone.
L
ongRunn International, a Chinese opened last April.
real estate and resorts developer, has The resort opened with 158 tables, 291
agreed to buy a parcel of land for $80 slot machines and four electronic table games
million for the resort, which will be with a total of 62 seats. The hotel has 711
called Diamond City, Global Construction rooms, with restaurant facilities, pools and a
Review reports. convention center. In the first half of this year,
According to the company’s website, the venture expects to introduce a spa, family
Diamond City is a new mixed development play area, retail space and a boutique hotel.
to be built on a 165,769 sq. m site comprising According to Sega Sammy, the resort
740,925 sq.m of residences, a 7-star hotel, attracted 117,000 visitors in fiscal Q3, generating
casino, office tower, retail mall, schools, sales attributable to Sega of KRW129 billion.
medical and aesthetics centre, interactive world Paradise swung to a loss of KRW11.3
cultural avenue, K Pop hub and theme parks. billion (US$10.4 million) for the 12 months
LongRunn said it will develop Diamond to December 31, compared to the KRW55.1-
City in partnership with China state-owned billion profit recorded in the prior year. Its
enterprises and a prominent listed HK real- revenue for the year fell 3.9 percent to KRW668
estate developer. billion. It didn’t give a detailed breakdown of
The head of the Incheon Free Economic the performance of the Incheon IR.
Zone, Kim Jin-yong, said the contract would For January alone however, casino revenue
help Yeongjong Island create an entertainment improved, gaining 23.4 percent.
hub to compete with Las Vegas and Macau. In January 2014, Caesars Entertainment got
However, the plans are ambitious. Work on preliminary approval to build a resort in the
other major projects in the area is proceeding Midan area of Incheon in collaboration with
at a snail’s pace, while South Korea’s casino the Lippo Group. However, Lippo pulled out
sector has been hit hard by geopolitical in 2016 leaving Caesars looking for a partner.
tensions with China. A tour ban imposed A unit of Hong Kong-listed Guangzhou R&F
by Beijing last year in retaliation for Seoul’s Properties stepped into the breach taking on
decision to deploy a U.S. anti-missile system 50 percent of the venture.
hurt sales and overall tourist numbers to the The plans called for over 170,000 sq.m. of
country are down. development, with a 720-room hotel, as well
South Koreans are only allowed to gamble as the casino and other facilities, however, it’s
in one remote resort, run by Kangwon Land. unclear how much progress the resort has made.
The other casinos are entirely reliant on foreign U.S. tribal operator, Mohegan Sun, was
visitors. Operators in Incheon are counting also targeting a 2020 open for its $5 billion
on attracting tourists arriving through the IR, named project Inspire. It was expected to
country’s main airport, one of the biggest in include a three-tower luxury hotel complex
the world. They are also hoping to generate with more than 1,300 five-star and six-star
strong non-gaming revenues, by drawing on guest rooms; more than 20,000 square meters
the huge population of the greater Seoul area. of luxury retail; a 4,500 square-meter Korean
The airport had a total of 62.08 users last cosmetics and beauty hub: a cultural area; an
year and Terminal 2, which can accommodate 18 amusement part and an ECOAdventure Park.
million passengers opened in January this year. However, the project has faced delays. In
The only IR currently operating in Incheon November, CEO Mario Kontomerkos told a
is Paradise City, a joint venture between conference call that the company planned to
Paradise Co. and Japan’s Sega Sammy, which finally break ground by the end of last year.
Asia Gaming Briefings | March 2018NORTH ASIA
13
GROSS GAMING REVENUE
Casino Casino Only
Kangwon Land for Foreigners
Bullfighting 7.41% 5.80%
0.14% KRW 16,277m KRW 12,757m
KRW 299m
Sports Toto
20.21%
KRW 44,414m
Horse Racing
35.24%
KRW 77,459m
Lottery
17.68%
KRW 38,855m
Motorboat Racing Bicycle Racing
3.14% 10.38%
KRW 6,898m KRW 22,818m
(Source: National Gambling Control Commission)
GKL Q4 profit Kangwon Land
more than halves sees Olympic boost
Grand Korea Leisure, which operates Kangwon Land said it expected to be a major
three foreigner-only casinos, saw beneficiary of the PyeongChang Winter
Q4 profit drop by 58.4 percent to Olympics, with its Kangwon Land Casino and
KRW14.2 billion. Its total sales fell High1 Ski Resort expected to draw both foreign
14.1 percent to KRW127.6 billion. and Korean visitors. Kangwon Land Casino is
For the year, the company saw the only one in South Korea where locals are
net income fall 29.6 percent, while allowed to gamble. It has 200 game tables and
sales fell 8.6 percent. GKL’s casinos 1,360 slot machines and video games, making
operate under the Seven Luck brand. it the largest casino in Korea.14
SINGAPORE
SOUTH EAST ASIA
Squeezing out profit
from flat revenue
In the words of Las Vegas Sands Chief Operating Officer Rob Goldstein,
“Singapore is a wonderful success story, but at this point it’s just a very
large producer of EBITDA without growth prospects in the near future.”SOUTH EAST ASIA
G
15
oldstein was speaking to analysts there was no news to report as to whether it increasingly choosing Singapore over Hong
after a record year for the company’s would spin off its Singapore mall. Kong as a destination to park their money.
Marina Bay Sands property that Analysts at Maybank are expecting the These individuals control an estimated
saw adjusted property EBITDA higher visitor numbers in Singapore to $5.8 trillion the report said, citing consulting
up 24.6 percent to $456 million in Q4. The translate into more spending at least in the firm Capgemini SE. Part of the preference for
margin was a robust 52.5 percent, compared VIP sector this year, as does ratings agency Singapore is because it’s at a safer distance
with just 34.6 percent for the company’s Fitch. While, according to a recent Bloomberg from scrutiny from authorities in Beijing
Macau properties. report, China’s high-net-worth individuals are than in Hong Kong.
Although management did a sterling
job in controlling costs and squeezing the
maximum profit out of the iconic resort, it
showed little, to no, top line growth. 2017 TOURISM TRENDS
Non rolling win was flat, edging up just International Visitors Arrivals (mil) % year-on-year change
1.1 percent. Slots revenue showed strong
gains, up 9 percent, but rolling chip volume 2.00
was down 4 percent to $9.93 billion. VIP
accounted for 17 percent of profit, compared
1.50
with 8 percent the prior year.
The lack of growth on the revenue side
comes despite a strong recovery across Asia’s
1.00
major markets last year, led by the VIP sector.
Singapore itself saw record arrivals in 2017,
with visitor numbers up 6.2 percent to 17.4
0.50
million, fuelled by an increasing number of Dec. Jan. Feb. Mar. Abr. Mai. Jun. Jul. Aug. Sep. Oct. Nov. Dec.
tourists from the key China market.
Tourism receipts rose 3.9 percent to 2016 2017
(Source: Singapore Tourism Board)
S$26.8 billion ($20.20 billion) in 2017, also
a record high.
However, that spending is not finding No immediate plans
its way onto the casino floors, leaving for bitcoin ban
executives struggling to answer perplexed Singapore says it sees no reason
analysts’ questions. why it should ban trading in bitcoin.
Goldstein told analysts that in part, the “The number and different forms
lacklustre performance was due to the relatively of cryptocurrencies is growing
small size of the VIP sector in Singapore internationally”, Deputy Prime
compared with Macau. He also conceded the Minister of Singapore Tharman
Shanmugaratnam told deputies.
mass market had been relatively disappointing.
“Cryptocurrencies are an experiment.
“I don’t know why, I would say otherwise
It is too early to say if they will
until the future, I don’t see why there would be succeed”, he said answering
any catalyst in the near future to drive that.” questions from lawmakers about the
Chief Financial Officer Patrick Dumont possibility to ban the trading of bitcoin
agreed that the relatively small size of the and its alternatives. The Monetary
VIP sector had been a factor, but also spoke Authority of Singapore has been
about increasing competition from other closely studying developments and
Asian markets, such as the Philippines and potential risks. “As of now, there is
the continuing draw of Macau for visitors no strong case to ban cryptocurrency
trading here”, he said.
from Korea and Japan. Although much of the
focus has been on the VIP market, he said
he was concerned about the flat trajectory
of the mass market. Chief Justice sets sentence guidelines for casino fraud
“We’re going to keep at it, we’ve got a
Judges in Singapore will now have sentencing guidelines for dealing with casino fraud
very good team on the ground there, we’ll
after a new framework was set out by Chief Justice Sundaresh Menon. Menon noted
keep looking at cost but obviously we’ll love
an absence of guidelines during a case involving a member of a Russian syndicate that
to see some top flying growth and that’s the used sophisticated technology to predict the outcomes of slot machines. In his sentencing
best indications, or best thoughts I can give guidelines, the CJ set out a matrix of nine sentencing ranges, based on the level of harm
you on the growth prospects for Singapore.” caused by the offense (slight, moderate and severe) and whether the offender’s culpability
The company’s retail operations continue was low, medium or high. This led to a range from a fine for slight harm and low culpability,
to perform strongly, although executives said up to seven years for severe harm and high culpability.SOUTH EAST ASIA
16
MALAYSIA
Genting’s New York IR debuts,
eyes Asian tourists
The $1.2 billion Resorts World Catskills opened its doors in February, expanding the Genting brand in the U.S.,
even though the Malaysian company missed out on a license for its own property in New York State.
T
he IR, which is the biggest of four new was ultimately unsuccessful. In May last year, machines, a poker room and private gaming
properties in the upstate area, will Empire entered into a license agreement with salons. Guest amenities will include 332 all-suite
be the first large-scale development Genting, to rebrand the Catskills property luxury rooms, which include 12 penthouse suites,
in the U.S. to carry the Genting under the Resorts World name. 8 garden suites and 7 two-story villas, two indoor
name. The company has been pushing hard “The ability to tap into Resorts World pools, a spa and fitness center.
to penetrate the North American market, New York database is a big deal,” said Alex There is a 2,000-seat event center and late
though with mixed results. Bumazhny, senior director of Fitch Ratings. this year, an entertainment village will open to
In 2015, Nasdaq-listed Empire Resorts “Being able to cross-promote will benefit both provide additional non-gaming amenities. In
was awarded the license to operate the properties. Queens customers will be drawn spring 2019, a Rees Jones-redesigned 18-hole
Montreign Resort Casino, one of four given to Catskills to redeem their loyalty points in golf course is scheduled to open.
out by regulators in a bid to boost tourism and a more amenity rich environment and will be However, to make the project pay, the
employment in the economically depressed more incentivized to consolidate their play in company is relying on the pull of the Genting
upstate region. The company’s majority Queens to accumulate points. In a competitive brand to bring in new tourists, in particular
shareholder is Kien Huat Realty, which is environment building a database from scratch Asia’s high rollers.
owned by Genting Chairman Lim Kok Thay. is a very difficult and expensive proposition and “This recognized worldwide gaming and
The Genting Group, which operates a having a relationship with the Queens property hospitality brand will provide us greater power
“racino” in Queens, New York, had put in its gives Resorts World Catskills a head start.” to market our resort casino, which is designed
own proposal for a $1.5 billion property in The integrated resort will be by far the biggest to meet 5-star and 5-diamond standards, and
Sterling Forest, Orange County. However, it of the new casino complexes in New York state, provide regional, national and international
faced stiff opposition from local residents and with 130 table games, 2,150 state-of-the-art slot exposure for the Catskills region,” Empire
Asia Gaming Briefings | March 2018SOUTH EAST ASIA
17
GENTING MALAYSIA 2017 RGB sees “belt and road”
opportunities
2017 revenue +4% Electronic gaming machine supplier RGB
MYR9.32b
International Bhd says it is expecting its
Adjusted EBITDA -9% turnover to increase by RM50 million this
MYR2.20b year as a result of a number of concessions
Q4 visitation and leasing deals secured over the last
+34% two years. Group managing director Datuk
6.7m
Chuah Kim Seah told local media the
Illegal gambling concessions included Donaco’s Star Vegas
crackdown continues in Cambodia, Pagcor in the Philippines,
Golden Sands Dili in Timor Leste, SKKS
Malaysian authorities are continuing their Slot Club in Laos, and Casino Royale in
campaign to stamp out illegal gambling, arres- Kathmandu. Looking ahead, RGB says it
ting 160 people after a week-long operation intends to expand its presence to countries
in Sarawak state in February. Police made benefiting from the One Belt, One Road
97 separate raids, local media reports. The initiative. “We expect these countries, most
charges involved selling of illegal 4D games; of which are locations where we already
cyber gambling; gambling dens and gambling have a presence, to boom with investments
in a public place. The 160 individuals arrested that they will attract in the near future. This
were aged between 16 and 61 and included is why we are now recruiting new staff to
eight foreigners. Police also seized RM30,000 handle the expansion of our business in the
($7,600), as well as gambling paraphernalia. One Belt, One Road region,” he said.
Executive Chairman Emanuel Pearlman said “In the US the success of an integrated resort million in revenue in the first year, but says
last year when announcing the rebrand. “By depends on the amenities that surround the it is only on track to hit about $150 million.
branding the company’s resort casino, the only casino,” says Warwick Bartlett, CEO of Global Lago owns and operates del Lago Resort
integrated resort casino in New York State, a Betting and Gaming Consultancy. “You cannot Casino, a $440 million resort and casino
Resorts World property, the company aims expect people to drive 80 or so miles to a resort development located in Tyre, NY, between the
to reach a market of existing Resorts World and find the restaurants are not as good as the cities of Rochester and Syracuse.
customers worldwide.” place where they just left!” Elsewhere in the U.S., Genting’s ambitious
The resort is located about 90 miles away “Genting in the Catskills has a lot of amenities expansion plans are enjoying mixed fortunes.
from New York City and has created more apart from gambling, but the opening and trade Construction has now begun on the long-delayed
than 1,300 local jobs. According to the state’s this winter for the other casinos has probably $4 billion Resorts World Las Vegas, which is
Lieutenant Governor Kathy Hochul it is expected been poor due to the weather. They have had scheduled to open in 2020, four years later
to bring in 4 million visitors to the Catskills a lot of snow and sub zero temperatures, not than originally planned. The company decided
each year, “providing millions in revenue.” very enticing to leave NYC at this time of year! to overhaul the design to incorporate a more
Other local officials were equally as optimistic However most Americans will be the recipient modern Chinese feel.
about the prospects for the property and the of the Trump tax rebate this month so I expect In Massachusetts, plans to operate a property
impact on the regional economy. revenue to ramp up.” on behalf of the Mashpee Wampanoag tribe
“Today marks a major milestone, not only In January this year, Moody’s downgraded have been held up due to court action over
for Resorts World Catskills, but for all of Sullivan the Lago Resort Casino’s debt rating due to a the land rights. The company also operates a
County,” Luis Alvarez, Chairman of the Sullivan slow ramp up. The credit rating agency had “racino” in New York and has been pushing to
County Legislature said in a release marking the expected the resort to generate about $250 build an IR in South Florida.
opening. “We are confident that this casino resort
will serve as a beacon of hope, opportunity and
excitement for the region by generating new jobs,
We are confident that this casino
driving tourism, and contributing millions of
dollars to our state and local economies.”
However, some industry experts have warned
“
resort will serve as a beacon of hope,
that the market is overcrowded and the other opportunity and excitement for the region
new properties that have already opened have by generating new jobs, driving tourism,
been underperforming their revenue targets.
New York City is a major draw for Asian and contributing millions of dollars to our
tourists, but there are few other attractions state and local economies.
around the Catskills once they have made the
trip out into the country.
”SOUTH EAST ASIA
18
PHILIPPINES
Tax reforms may have sting in the tail
Philippine President Rodrigo Duterte late last year signed into law the first steps in a long-awaited tax
reform program to raise funds to improve infrastructure, which analysts say will dampen consumer
spending, but are unlikely to hurt the booming gambling industry.
H
owever, a second round of from the lower 99 percent of the community are Filipinos making an annual taxable income
measures may contain more of a to the wealthiest 1 percent. of P250,000 (around $5000) and below as they
sting and operators are watching This is being rolled out in a series of will no longer need to pay income tax from
the bill closely. packages across the year. The first package 2018 onwards. Meanwhile, those earning
Any policies that could affect spending sees a reduction in personal income tax rates above P8 million ($156,000) annually will be
power in the Philippines are significant, benefiting taxpayers earning above minimum slapped with 35 percent personal income tax,
as the country has a strong mass market, wage and an increase in excise levies on items higher than the current 30 percent.
dominated by local visitors. such as petroleum and automobiles, tobacco Small businesses are likewise expected to
Known as the Tax Reform for Acceleration and sugar-sweetened beverages among others. benefit from the TRAIN law, which offers an
and Inclusion (TRAIN) law, the program re- These will be staggered and adjusted gradually optional flat 8 percent tax based on gross sales
invents the country’s 20-year tax regime. The in a bid to generate P130 billion ($2.53 billion) or receipts in lieu of business and income taxes.
government claims it will be a simpler and in additional revenues. But not everyone is happy. According
fairer system, designed to shift the tax burden With the new income tax rates, the winners to Rosario Bella Guzman, research head
Asia Gaming Briefings | March 2018SOUTH EAST ASIA
19
and executive editor of IBON a non-profit I think it’s still better as consumers will have
development organization, the richest 10 the choice on where to spend the higher take- Tiger Resort Leisure
percent will benefit from TRAIN, while there is home pay. They can choose not to purchase and Entertainment
a computed negative outcome for the lower 60 items whose excise tax has been increased
percent of income earners. Most of the country’s thus resulting in a net positive impact on their Okada Manila, owned by Japan’s Universal
22.7 million families do not pay income tax disposable income. People who have suddenly Entertainment, is the newcomer to Entertainment
because they are engaged in informal work with a higher take-home will not spend more on City, holding a soft opening for the resort in
low and erratic incomes so do not receive the food or necessities but will likely spend on late 2016. At 44 hectares, the property is by far
benefit of lower income tax, but are hit with discretionary items or even leisure activities the biggest in the complex and the rollout of
the burden of excise tax. like gaming and entertainment,” says Laneda. hotels and other facilities is continuing. At its
With the significant rise in prices of “In that regard, we do not think there completion of Phase One, Okada will have 994
commodities, consumers can also expect a will be a slowdown in the mass market hotel rooms and operate 500 tables and about
rise in the inflation rate, but according to the segment of casinos.” 3,000 slots. Its centrepiece is the world’s largest
Department of Finance this will only be a short Operators are also not concerned. Steve coloured fountain, as well as a giant inner city
term hiccup. Inflation is estimated to go up by Wolstenholme, managing director of Okada beach complex, known as “Cove Manila”.
1 percent next year and 0.5 percent in 2019. Manila says “The TRAIN law will effectively The casino floor will have about 500 table
But while this could dampen overall reduce the income tax payments of most salary- games and 3,000 electronic gaming machines,
consumer spending, it won’t affect spending earners. That will free up some disposable a 90,000 square-feet nightclub and beach
habits among the middle class for luxury income, which can be spent for leisure activities club entertainment complex. It will also have
items such as shopping, or leisure activities including gaming. The new law can therefore have an 8,409 square-meter retail promenade, a
such as gambling. a positive impact on our mass gaming market.” world-class spa and 40 restaurants ranging
In fact a higher disposable income means But what will affect the casino industry from casual, buffet, and international dining.
higher demand for gaming and entertainment, directly is the second tax package, which is “With these kinds of amenities and this
benefiting the gaming industry says Richard currently under review. The proposal will be type of spend, it’s not just going to put Okada
Laneda of COL Financial. submitted to congress to be discussed before Manila on the map, but also Entertainment City
“While some goods will be more expensive, the end of February and is expected to come and Manila in general as a global entertainment
out mid to late 2018. destination as well as a business destination,”
This package will cover corporate taxation Managing Director Steve Wolstenholme says.
and the modernization of fiscal incentives
and look at taxes on tobacco, alcohol, mining, Bloomberry Resorts
coal and casinos.
In a statement, Finance Undersecretary Bloomberry Resorts Solaire is a 16-hectare
Karl Kendrick Chua said package two will gaming and integrated resort complex along
include the removal of the value-added tax Asean Avenue in Parañaque City. The Bay
exemptions for coal and casino operations. Tower of Solaire consists of a casino with an
The Department of Finance wants to lower aggregate gaming floor area of approximately
the corporate-income tax to 25 percent, from 18,500 square meters (including approximately
the current 30 percent, and rationalize the 6,000 square meters of exclusive VIP gaming
fiscal incentives for businesses. areas), with approximately 1,400 slot machines,
While the exact details of the second 295 gaming tables and 88 electronic table
package are not yet known, there is concern. games. Bay Tower has 488 hotel rooms and
“If the Department Of Finance means to 15 specialty restaurants. Contiguous to the
remove the tax exemption of casinos in TRAIN existing Solaire Resort and Casino, the Sky tower
Phase Two, it is a proposal that needs serious consists of a 312 all-suite hotel, additional ten
consideration. It will have a significant impact VIP gaming salons with 66 gaming tables and
not only on the existing operations but more 223 slot machines. It also includes a certified
importantly on the competitiveness of the 1,760-seat lyric theatre.
Philippines as an investment destination for The company recently put in a bid to
gaming and related leisure,” said Atty Arnold buy the land the casino is built on and an
Salvosa, assistant vice president for corporate adjacent plot through its Sureste Properties
and legal services of the Philippine Amusement unit. The two plots of land total 160,359 sqm,
and Gaming. Corporation (PAGCOR). with minimum floor price for the land set at
“If the existing tax exemption of gaming P37.2 billion (US$738 million). Bloomberry
income from Value Added Tax (12 percent) and is also planning a second property in Quezon
Corporate Income Tax (30 percent of taxable City, which is due to break ground towards
income) will be removed, the Philippines will the end of this year.
likely become the most expensive jurisdiction “The locals market will continue growing
to do gaming business,” Atty Salvosa added. in line with the growth presently characterizingSOUTH EAST ASIA
20
the Philippines economy, but international international nightclubs and a multi-level car Resorts World Manila. The hotel room count
visitation will continue to outpace domestic park. It includes an approximately 260 room for the group’s three hotels (Maxims Hotel,
growth as the Philippines and Solaire become Crown Towers hotel, Hyatt City of Dreams Remington Hotel, and Marriott Hotel Manila)
better known and “mainstream” to Integrated Manila, a 365 room hotel managed by Hyatt remains at 1,226. The property is currently
Resort guests and players globally,” President International Corporation and Asia’s first in the third phase of its expansion, which will
and Chief Operating Officer Thomas Arasi says. Nobu Hotel with 321 rooms. consist of a further three hotels, more gaming
The group recently reshuffled its and other amenities and is scheduled to be
City of Dreams management team in Asia, with City of completed by 2018. Further down the road,
Dreams Manila President Geoff Andres it will open the fourth and final IR planned
The $1.3 billion City of Dreams Manila moving to manage sister property Studio for Entertainment City, which is scheduled to
is owned by Belle Corp and Melco Crown City in Macau. Kevin Benning, who was open in 2020. As the first IR in Manila, the
Entertainment’s local unit. City of Dreams formerly VP of gaming operations in Manila, company has built up a loyal base of customers,
Manila has six hotel towers with approximately has been promoted to senior VP and chief especially in the local mass market.
950 rooms in aggregate, including VIP operating officer of the Philippine property. “The Philippine market is getting used to
and five-star luxury rooms and high-end luxury goods, but sometimes things are too
boutique hotel rooms, a wide selection of Resorts World Manila big and too quick. For some of the domestic
restaurants and food & beverage outlets, a market, they feel intimidated. You have to
4,612.44 square meters family entertainment Travellers International Hotel Group, a tap into that market and understand what
center in collaboration with Dreamworks joint venture between Genting Hong Kong and they want,” says Chief Operating Officer
Animation, a live performance stage, two Alliance Global, is the owner and operator of Stephen Reilly.
GROSS GAMING REVENUE
Installed capacity (As of June 30. 2017)
Tables Electronic Gaming Machines
PAGCOR - Casino Filipino 526 10,461
City of Dreams Manila 267 1,754
Resorts World Manila 316 2,015
Solaire Resort and Casino 394 1,883
Okada Manila 87 911
Thunderbird Binangonan 25 243
Thunderbird - Poro Point 28 321 GGR
Royce Casino 28 168 2016 P149b
Widus Hotel and Casino 39 168 2017 P170b
Midori Casino 52 306 (Source: Pagcor)
Freeze placed on new casinos Pagcor eyes doubling
The Philippines’ gaming regulator said there will be
in POGO revenue
no more new licenses granted in the Philippines Philippine Amusement and Gaming Corpo-
after January 11 this year, due to President Rodrigo ration (PAGCOR) chair Andrea Domingo
Duterte’s concern about the proliferation of casinos said she expects income earned from online
across the country. “The President told me last casinos under the POGO scheme to reach P6
January 11 to freeze the entry of new casinos because billion in 2018 ($115 million), double the P3.1
there are already many of them, and there are more billion earned last year. “Not all the licensees
wanting to apply,” Philippine Amusement and Gaming were fully operational last year,” said Domingo,
Corp Chair Andrea Domingo said. There are three new referring to the 45 firms granted licenses last
casino licensees in Cebu, including Emerald casino year. “But this year, everyone will be operatio-
from Dennis Uy, Millenium casino by the Hong Kong- nal, so we expect revenue to increase.” Under
based Asian Gaming Group and the Universal casino the POGO scheme, each licensee is required
by the Gokongwei Group. There are another eight to pay $10,000 in licensing fees per month for
operations in Clark, Pampanga, and another Pagcor a minimum of 15 gaming tables, or a total of
approved licensee on Boracay Island. $150,000 per month per POGO licensee.
Asia Gaming Briefings | March 201821
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©2018 Walker Digital Table Systems, LLC. All rights reservedFOCUS
22
Focusing on the future
The second ASEAN Gaming Summit was designed to throw the spotlight on some of the
issues and products that are likely to shake up the future of the gaming industry in Asia.
T
he focus section of this March edition In our first article of the series, we talk to
of Asia Gaming Briefings mirrors that executives from First Cagayan, which was shaken
theme, taking a deeper look at some of the from its pedestal as Asia’s premier online gambling
emerging trends, both for the online and jurisdiction last year after legislative changes from
the land-based industries. Philippine President Rodrigo Duterte, which included
Asia Gaming Briefings | March 2018FOCUS
23
granting licensing power for online companies operators chart their way, it won’t be enough are also keenly aware of the fact that their
to land-based regulator Pagcor. to succeed in the fast-paced Asian market. patrons don’t always freely embrace the ideas
After losing almost half of its licensees, In the land-based sector, we discuss how dreamt up by whizzkids in suppliers’ R&D
First Cagayan is fighting back, promising not new technologies can be used to help operators departments. We discuss how to achieve
only to significantly upgrade its infrastructure, maximise their table yields, providing vital the right balance between staying at the
but also to focus on fintech and bitcoins, information that previously could only be forefront of technology, without turning off
aiming to become an Asian hub for these supplied by experienced pit managers. The the existing audience base. We also argue
high-growth industries. addition of high-tech equipment can help there needs to be space to take a level of risk.
Staying in the online sector, we look at trim costs and provide an invaluable aid Our last article in the focus series explores
how European models can provide a guide to floor managers when it comes to table the issue of security, which has become a
as the industry grows in Asia. As the market allocation and pricing. major topic for discussion globally after two
matures, the focus is starting to switch from We also look at some of the new major attacks on casinos last year. Properties
player acquisition to player retention forcing technologies being incorporated into products. around Asia have been stepping up measures
a strategic shift. This is leading to greater While operators are aware of the need to to protect clients. We speak to experts about
competition on product and although stay relevant with the younger generation the most effective ways to keep casino floors
what has gone before in Europe may help and to expand their audience base, they safe without reducing enjoyment levels.FOCUS
24
CEZA seeks to regain online
dominance, eyes Fintech
After an annus horribilis in 2017, First Cagayan Leisure and Resort World Corporation is fighting back,
pledging major upgrades in infrastructure and technology to help the Cagayan Special Economic Zone
and Freeport (CEZA) regain its status as the hub for online gambling in the Philippines.
O
nce the premier licensor for online firms gambling operator could directly, or indirectly,
in the country, First Cagayan lost more allow persons who are physically located outside the
than half of its licensees last year after territorial jurisdiction of the licensing authority to
Philippine President Rodrigo Duterte place bets, online or otherwise.
cracked down on online gambling. The order left First Cagayan, which had been the
Although most of First Cagayan’s licensed primary licensor for the Asian-facing Philippine online
operators held a license in the CEZA, an isolated, gambling industry, in a precarious position. To make
largely undeveloped region on the country’s northern matters worse, the state-owned Philippine Amusement
shore, in practice they were operating out of more and Gaming Corporation (PAGCOR) stepped into the
developed areas, such as Makati in the capital. mix, saying it would issue its own online gambling
Duterte put a stop to that arrangement, issuing licenses. The Philippine Offshore Gaming Operator
an Executive Order specifying that no licensed online license, known as POGOs, are more expensive, but
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