Black Spade Capital, Ho’s family investment vehicle that’s named after the playing card suit that is often linked to good luck, this week announced the initial public offering of Black Spade Acquisition II. The blank-check entity is offering 15 million shares priced at $11.50 each.

Black Spade is headquartered in Hong Kong and backed by Ho, whose net worth is around $1 billion. Ho’s fortune is less than half of what it was before the COVID-19 pandemic shuttered his casino resorts in Macau where Melco is most invested. ??

Diversifying Portfolio

Melco Resorts owns and operates three integrated resorts and six gaming cafés in Macau, the Chinese Special Administrative Region where gambling on slot machines and table games is allowed. Melco’s portfolio also includes City of Dreams Mediterranean in Cyprus.

Melco, also traded on the Nasdaq, has seen its share price plummet since the onset of the coronavirus pandemic. Melco shares have crashed 76% over the past five years from $21 to a close of just $5 today.

Ho, the largest individual shareholder in the organization, has naturally seen his wealth diminish. One of the late Stanley Ho’s 17 children, the so-called “King of Gambling” who held a monopoly on casinos in Macau until Portugal handed back the enclave to China around the turn of the century, Ho is looking to lessen his dependency on the global gaming industry in favor of new markets he’s bullish on.

Black Spade Acquisition, the company’s first SPAC offering that held its IPO in August 2021, raised $169 million. Earlier this year, the blank-check firm merged with VinFast Auto, an electronic vehicle manufacturer based in Vietnam.

Macau Win-Win

Melco Resorts in December 2022, along with the five other casino operators in Macau, agreed to collectively invest billions of dollars into their resorts in exchange for new 10-year gaming licenses. The Macau SAR Government required that 90% of the pledge go towards nongaming projects.

The Macau government is seeking to become better known for its leisure, entertainment, hospitality, and events offerings and capabilities.

Ho said in March that the company had already carried out its nongaming guarantee by investing in improvements and projects like amusement parks and other family-oriented amenities at Macau’s City of Dreams, Studio City, and Altira resorts. Should Ho’s Black Capital Acquisition II find an AI firm that can improve or streamline Melco’s nongaming segment, the SPAC play could be a win-win for the billionaire.

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Forbes Asia on Wednesday unveiled its “Philippines’ 50 Richest” list. The Sy siblings, who inherited their fortune from their late father, Henry Sy Sr., retained the top spot, as they have for more than two decades.

The six Sy children are the heirs to SM Investments Corporation, a conglomerate with holdings in banking, real estate, retail, and energy. The business portfolio includes City of Dreams Manila, an integrated resort casino in the Philippines’ capital city that’s operated by Hong Kong-based Melco Resorts.

SM Investments’ Belle Corporation is the City of Dreams landlord. The casino is located in Manila’s Entertainment City and leases its operations to Melco.

The Sy family is worth an estimated $13 billion per Forbes. While that’s down $1.4 billion from a year ago, the extravagant wealth was easily enough for the Sys to stay on top.

GGRAsia, an online media group focused on Asian gaming industries, reports that the Sy children are mulling additional investments in the Philippines gaming industry, specifically in the Clark Freeport Zone.

Bloomberry Billionaire Second?

After the Sy kids, Forbes reports that Enrique Razon Jr. is the second richest Filipino with a net worth of approximately $11.1 billion. Razon’s business empire centers around his International Container Terminal Services, the Philippines’ largest port operator.

Razon also controls Bloomberry Resorts, which owns and operates Solaire in Entertainment City and is a direct competitor to Sys’ City of Dreams. Bloomberry expanded its Manila footprint with Solaire North, a $1 billion development in Quezon City, in May.

Bloomberry’s holdings additionally include Jeju Sun Hotel & Casino in South Korea. In February, Casino.org reported that Bloomberry was “open to the possibility” of unloading the boutique casino resort on Jeju Island south of the Korean Peninsula.

Unlike the Sy fortune, Razon’s net worth has continually climbed since 2020. Forbes says his fortune has ballooned from $3.4 billion to $5 billion in 2021, to $6.7 billion in 2022, and to $7.3 billion last year. Razon added nearly $4 billion over the last year to his wealth.

In late 2022, Casino.org reported on rumblings that Villar will transform his Global South shopping complex in Metro Manila into an integrated resort casino. Villar said in July that those plans remain, with his intent being to open a casino at the mall as early as mid-2025.

Rest of the Richest

Two other members of the “Philippines’ 50 Richest” list are invested in casinos.

At No. 13 is Andrew Tan at $1.8 billion. Tan’s Alliance Global conglomerate is the landlord of Newport World Resorts (formerly Resorts World Manila). Alliance operates the Manila casino resort through its subsidiary, Travellers International Hotel Group, Inc.

Uy continues to shop his unfinished Emerald Bay casino resort in Cebu. ?

Forbes Asia says the combined wealth of the 50 Filipino tycoons year-over-year climbed $400 million from $80.4 billion to $80.8 billion.

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Owned and operated by the Société des Bains de Mer, a publicly traded gaming company headquartered in Monaco, the Monte-Carlo Casino announced Monday a new partnership with Crystal Cruises.

Today, Crystal and the Société des Bains de Mer revealed that a strategic partnership between the two entities was signed last month that will bring a Monte-Carlo-branded casino to the Crystal Symphony ship.

Casino Cruise

Société des Bains de Mer and Crystal Cruise reps tell Casino.org that a renovation of the Symphony will be completed to include a Monte-Carlo casino. The space will offer an assortment of table games, including blackjack, three-card poker, Texas Hold’em, and roulette, plus slot machines.

We are delighted to welcome Casino de Monte-Carlo into the Crystal family as our newest collaborator,” said Lefebvre. “This affiliation symbolizes our commitment to offering our guests the finest entertainment and gaming experiences available at sea. Together, we aim to create unforgettable moments and continue to set new standards of excellence in the cruise industry.”

Casino.org broke the news in September that Crystal was in the early planning stages of returning casinos to its ships. Crystal reps said guest surveys found a strong desire for gambling, and the company had “engaged a casino concession company to draw up plans for its configuration and costs.”

The first Crystal Symphony cruise with a Monte-Carlo Casino sets sail on Nov. 14, 2024, from Venice. It will mark the first international expansion of gaming for Société des Bains de Mer.

Monte-Carlo History

Opened in July 1865, the Casino de Monte-Carlo was envisioned by Princess Caroline as a way to generate new revenue for the House of Grimaldi, the house that continues to reign the Principality of Monaco to this day. The Government of Monaco maintains a majority ownership stake in Société des Bains de Mer with a 59.5% position.

Park MGM on the Las Vegas Strip was previously known as the Monte Carlo Resort and Casino. Monte Carlo opened in June 1996, with its design based on the Monaco property. MGM Resorts in 2016 announced it would renovate and rebrand the property to Park MGM, a smoke-free casino.

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MGM Shenzhen, a beachside hotel in the Yantian District overlooking Mirs Bay, recently opened on the northern side of the Hong Kong Peninsula.

MGM Shenzhen is a project from Diaoyutai MGM Hospitality, which is jointly owned by China’s Diaoyutai State Guesthouse and MGM Resorts International.

Marketing gambling activities on the mainland is prohibited, meaning MGM Shenzhen cannot advertise the two casinos at MGM’s resorts in Macau. Though the Yantian District where MGM Shenzhen is located is roughly only 50 air miles from Macau, traveling between the two areas is no easy process. Unless one obtains a pass to use the Hong Kong-Zhuhai-Macau Bridge, the drive takes three hours, as the commute travels around the Pearl River.

Mainland Expansion

MGM Resorts, through its subsidiary MGM China Holdings, is one of the six licensed casino operators in Macau, a Special Administrative Region of China. Macau is the only place under China’s control where casino gambling is allowed.

MGM has strong brand awareness not only in Macau but on the mainland. After opening MGM Shenzhen, the casino company, through Diaoyutai MGM Hospitality, has six MGM-branded hotels on the mainland.

The others are MGM Grand Saya, Mhub by MGM Nanjing Jiangning, MGM Qingdao, MGM Shanghai West Bund, and Bellagio Shanghai. The latter property takes the name of MGM’s iconic Las Vegas Strip property known for its dancing water fountains.

The conglomerate isn’t finished. The company in March announced Mirage by MGM Shanghai, a 205-room boutique that will be set inside one of the two commercial and leisure towers being built by real estate developer Tishman Speyer. Mirage Shanghai is expected to open in 2027.

Diaoyutai MGM Hospitality is also prepping MGM-branded hotel openings in Wuhan, Hainan, and Sanya’s Yalong Bay.

Diaoyutai MGM Hospitality was established in 2007 with a focus on developing and managing high-end luxury hotel resorts, residences, retail facilities, and entertainment complexes across China’s mainland.

Macau Makeovers

MGM China Holdings isn’t involved in Diaoyutai MGM Hospitality. The company fully owns two properties in Macau — MGM Macau and MGM Cotai.

MGM China announced last month that the focus of its $1.9 billion nongaming investment commitment it made in late 2022 in exchange for a 10-year gaming license extension would be on wellness offerings and expanding its hotels. MGM China’s two properties currently have approximately 2,000 rooms, the least amount of the six casino licensees in the city.

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Aviation government officials from the two Asian countries last week signed a memorandum of understanding that will increase weekly seat capacity to 30,000 from 20,000 seats each way from Manila Ninoy Aquino International and Seoul Incheon International. The agreement expands passenger traffic to and from the capital metros, which are among the world’s most populated.

The Manila metro is home to approximately 13 million people, while Seoul has about 25.5 million residents.

Manila and Incheon are both commercial casino markets, though the casinos at Incheon International are reserved for foreigners only. Manila’s Entertainment City casinos — Okada, City of Dreams, Solaire, and Newport Resorts World — welcome both domestic and foreign guests.

Philippines Capitalizing on Travel Boom

The Philippines’ gaming industry continues to grow post-COVID-19. The Southeast Asia nation has benefited from pent-up demand that grew during the pandemic and China’s crackdown on junket groups that had kept Macau’s VIP high roller rooms busy for decades.

Those junkets, which had catered to mainland China’s elite, have refocused their operations to more favorable operating climates like the Philippines. Many of the travel organizers have also looked to other rich countries in Asia where gambling is outlawed or heavily restricted such as South Korea.

Many of those Koreans, analysts say, stay and play in Entertainment City, as the resorts offer a superior experience to Kangwon Land, the lone remote casino resort in South Korea where Koreans can legally gamble.

The increase in capacity will be felt by the market once airlines take advantage of the opportunity to carry more passenger traffic between the capital cities of the two countries,” the Philippines Department of Transportation said in a release.

Incheon ranked the 20th busiest airport last year with more than 56.2 million passengers, just behind Las Vegas’ Harry Reid International. Incheon’s airport complex features numerous casino resorts, with the newest being Mohegan Inspire, a $1.6 billion integrated resort.?

Tourism Boosts Economy?

The Philippines and South Korean governments have imposed a weekly seat count of 20K passengers between their capital airports since 2017. Airlines have reported demand in excess of the cap since the world emerged from the COVID-19 pandemic. There are no airline seat limits between the countries’ other airports.

Philippines government officials say the influx of tourism from South Korea is positively impacting the nation’s government. Casinos are benefitting, too.

PAGCOR in the coming years will sell off its state-owned casinos and transition to a regulatory-only capacity.

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The Tipico buy is more about bolstering technological capabilities than it is gaining market share, but Gimme Credit analyst Kim Noland still described the deal as “a key element” of MGM’s digital strategy, adding that the operator’s efforts in that space are starting to pay incremental dividends.

MGM’s sports betting and digital offerings are beginning to provide a profitable addition to its luxury international casino resorts presence and could be a growth tailwind going forward,” wrote the analyst in new report to clients.

Tipico will eventually cease its US operations and some of its US-based management, technology, and trading staffers will join LeoVegas when the transaction is finalized in the third quarter.

MGM Could Leverage Tipico Buy for International Digital Expansion

When MGM acquired LeoVegas in 2022 for more than $600 million, it was a clear sign that gaming company was seeking to broaden its digital horizons beyond the U.S. The soon-to-be acquired Tipico technology could be additive in that endeavor.

“The Tipico technology will help to scale MGM/LeoVegas across multiple jurisdictions and can be deployed internationally where the BetMGM joint venture doesn’t have exclusivity,” added Noland. “In addition, MGM recently joined a partnership with Playtech to offer live casino content, streamed directly from the gaming floors of Bellagio and MGM Grand in Las Vegas, to international regulated markets, with an option for entrance into U.S. markets in the future.”

The analyst said it is possible the Playtech live gaming venture could encounter regulatory bumps, but overall, MGM’s iGaming unit is growing.

Opportunity with MGM Bonds

Shares of MGM rallied nearly 15% this month, but the stock doesn’t pay a noteworthy dividend, meaning income investors might want to evaluate the operator’s bonds maturing in 2027. Noland rates that issue “outperform” and notes it sports a yield-to-worst of around 6%.

She observed the gaming company’s free cash flow generation and other sturdy fundamentals support the bullish outlook for the bonds.

“Our free cash flow estimate (adjusted EBITDAR less cash rent, interest, taxes and capex) is based on management’s guidance of $850 million capex and totals near $1.5 billion. In addition, MGM’s stock repurchases are significant ($511 million in the first quarter) and its remaining authorization is a hefty $1.7 billion,” concluded the analyst.

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More than two years after Bill No. 2234 — legislation to authorize Las Vegas-style casinos in the world’s fifth-largest country by area — passed the Chamber of Deputies, the statute is finally finding favor in the Federal Senate. After many months of deliberations and alarms regarding the dangers of casino gambling rang by the Christian caucus, the measure narrowly passed the Senate Constitution and Justice Committee by a 14-12 vote on Wednesday.

Lula has been supportive of gaming expansion since assuming office in January 2023. Last December, Lula signed Bill No. 3626 to authorize the formation of Brazil’s sports betting and iGaming industries.

Casino Details

Casino gambling has been banned in Brazil since 1946, but Bill No. 2234 would repeal the gaming prohibition. Lula has maintained his predecessor’s belief that Brazil should legalize casinos to further develop its tourism industry and better compete for international expos and conventions that could be held at large-scale resorts.

Bill sponsor Sen. Iraja Abreu (Social Democratic Party-Tocantins) said it’s time Brazil gets off the casino sidelines.

We can no longer lose this great opportunity that other competing countries have already understood and is seen to generate jobs, income, and taxes, which will obviously be reversed into benefits for the Brazilian people in the most essential areas, such as health, education, social, and infrastructure,” Iraja said.

Bill No. 2234 would allow resorts with a minimum of 100 hotel rooms that also have restaurants and bars, as well as meeting facilities, to pursue casino licenses. Licenses would be capped at one casino in each state and the Federal District, though Sao Paulo would be permitted up to three casinos. Minas Gerais, Rio de Janeiro, Amazonas, and Para would be allowed two gaming destinations.

Licensed casinos would need to pay R$600,000 (US$110,800) every three months to the federal government for the gaming rights. Gross gaming revenue (GGR) generated by the casinos would be subject to a 17% federal tax.

Sands Plan

Las Vegas Sands, the world’s largest casino operator in terms of market capitalization at $33 billion, has for many years expressed interest in developing an integrated resort casino in Brazil.

Sands is famed for its Marina Bay Sands destination in Singapore and its many casinos in China’s Macau. Sands previously developed and operated The Venetian and Palazzo on the Las Vegas Strip and Sands Bethlehem in Pennsylvania.

Sands in recent years has been focused on Texas, specifically Dallas, for an integrated resort casino that could accompany an NBA arena. Dr. Miriam Adelson, Mr. Adelson’s widow who remains the casino company’s largest shareholder with a 46% stake, last year purchased a controlling interest in the NBA Dallas Mavericks from Mark Cuban.

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Under the terms of the pact with creditors, the gaming company’s debt will decline to $138 million from $1.72 billion, with investors who hold Codere’s super senior notes taking control of the company. That doesn’t mark a significant change in control of the firm because many of those investors make up a majority of Codere equity owners.

The transaction so far has support from more than 60% of all creditors and shareholders,” reports Bloomberg. “Creditors have until June 25 for subscribing to provide the bridge notes that will allow the company implement the deal, and until July 9 to accede the lockup agreement and deliver instructions in connection with the Spanish restructuring plan.”

Following the transaction, Codere’s debt/earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio will decline to a more tolerable 0.9x.

Despite Debt Woes, Codere Stock Surging

The operator, formerly known as Grupo Codere — Codere Online’s parent — is undergoing a dramatic alteration in Spain. Now known as Nueva Codere, the company sold some assets in Argentina and spun off the online business as part of its makeover

In fact, bumpiness in Argentina and Mexico — two of the operator’s crucial markets — is one reason why Codere has struggled to get a handle on its debt burden. Conversely, shares of the US-listed stock have performed exceptionally well. The stock is up nearly 140% since the start of the year.

In that region, Codere Online is operational in Argentina, Colombia, Mexico, and Panama. Likely owing to home country bias, many US investors aren’t aware of the wagering opportunity in Latin America, but online gaming there notched an eight-year compound annual growth rate of about 20% in Codere’s core markets.

Debt Stability Could Be Boon for Codere

The dramatic reduction in Codere’s debt could bring much-needed stability to the company with equity investors likely hoping the fifth time is the charm.

Codere has been rumored to be a takeover target in the past and it’s possible the debt restructuring could renew interest on that front, but that remains to be seen.

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That’s the take of Stifel analyst Jeffrey Stantial who recently spoke with Century co-CEO Peter Hoetzinger. Stantial observed that while there’s favorable risk/reward baked into the long-slumping gaming stock, the shares “trade at a hyper-cautious” 23% free cash flow yield relative to 2025 estimates.

That implies a relief rally could be in store and, if it arrives, it would be none too soon as the stock is down 18.6% over the past month and 46.1% year to date. The long-awaited sale of the Casinos Poland stake could be a catalyst for the stock.

In Poland, management sees segment adjusted earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) drifting back to $11 million-plus once the final temporarily closed property re-opens in August,” wrote Stantial. “Management remains committed to a strategic divestiture of Casinos Poland, with discussions re-accelerating as CNTY has concluded the recent license renewal cycle.”

The sale was delayed by Russia’s invasion of Ukraine, which sent scores of Ukrainian refugees to Poland. Many of those Ukrainian nationals have been devoted customers of Casinos Poland venues.

Century Casinos Could Be Prime Buyback Candidate

Stantial notes that Century has $137 million in cash on its balance sheet, or more than $55 million in excess of its current market capitalization of $81.62 million.

“At CNTY’s current valuation, management sees repurchases as the most attractive return on capital – though acknowledging the high cost of debt should CNTY re-rate higher before late-24,” observed Stantial.

Stantial has a “buy” rating and $4 price target on the stock. He added that Century is likely to keep some dry powder over the near term due to expansion costs and deployment of excess capital is unlikely prior to the company finalizing enhancements at its Caruthersville, Mo. casino hotel.

Speaking of Missouri …

In the US, Century’s pair of Missouri properties, one in Cape Girardeau and the other in Caruthersville, are integral to the broader investment thesis along with the Nugget in Sparks, Nev., and Rocky Gap in Maryland.

It appears the operator’s investments in Missouri are poised to pay long-term dividends, potentially providing an important catalyst for the stock.

“Management noted Cape Girardeau has proven surprisingly resilient to the 8/25 Walker’s Bluff opening, though potentially re-accelerating promo spend remains a key risk to monitor,” concluded Stantial. “The $52M Caruthersville boat-to-land project remains on schedule & budget, with management reiterating $3-4M incremental adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) targets (~15% cash-on-cash return). Comparable boat-to-land projects have averaged ~30% cash-on-cash returns.”

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Thailand’s House of Representatives almost unanimously passed a casino gaming bill in late March. The bill has the support of the country’s Cabinet and is currently undergoing a review by the Finance Ministry.

For Thailand to become a casino state, the legislation still needs the approval of the Senate and a final endorsement from the king.

The Bangkok Post reported this week that provincial leaders are excited about the prospects of bringing a casino to the area.?

Tourism Generator

Songchai Mungprasithichai, president of the Songkhla Tourism Promotion Association, says tourism in the southern region remains considerably subdued compared with before the global COVID-19 pandemic. Songchai believes casinos could lure in travelers from neighboring Malaysia and elsewhere throughout Southeast Asia.

Tourist flows are not consistent as in the past,” Songchai said. “Despite being an Islamic country, Malaysia allows legal casinos in Genting.”

Songchai said the province would be interested in obtaining one of Thailand’s casino licenses should the nation move forward in venturing into the gambling industry. He reasons that a resort could help drive tourism, but a coordinated campaign is first needed to educate the public on the benefits of allowing a casino in the province.

Though some Thailand lawmakers want to prioritize domestic resort companies and Genting for the casino opportunities, should they become available, one major global casino firm has also expressed interest. Wynn Resorts CEO Craig Billings said on the company’s earnings call this month that the firm is keeping close tabs on the casino considerations in Thailand.

Gaming Border Wars

Malaysia continues to deny reports that its prime minister recently met with Genting’s billionaire Chairman Lim Kok Thay and lottery magnate Vincent Tan about possibly authorizing another casino license. A Bloomberg report, which Malaysian Prime Minister Anwar Ibrahim, Lim, and Tan have each since dismissed as false, claimed Anwar was interested in allowing a casino in Johor’s Forest City near the Malaysia-Singapore border.

Resorts World is Genting’s casino and resort brand. Along with Singapore, Genting has integrated resorts in the US, UK, the Philippines, and the Bahamas. The conglomerate additionally owns and operates Malaysia’s lone casino, Resorts World Genting in the Pahang Highlands.

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In a note to investors, the board said Entain now has an “appropriate portfolio of diversified strategic assets, brands, capabilities, and geographic footprint” to ensure it can deliver growth and value for shareholders.

However, the review concluded that Crystalbet, the leading gaming brand in Georgia, was a noncore asset and, therefore, surplus to requirements. As such, “strategic alternatives” would be considered for the brand, including “interest already received from potential acquirers.”

Angry Activists

The Entain board appointed the committee in January as it sought to placate activist investors. Activists have lately taken an increasingly prominent position in the group and were making noises about the company’s direction.

Rumored internal unrest led to the resignation last December of then-CEO Jette Nygaard-Andersen.

In March, Entain announced it had hired advisory firm Moelis to oversee the potential sale of noncore brands. In addition to CrystalBet, these included Netherlands-based BetCity, Sweden-based Enlabs, and Ladbrokes Australia. PartyPoker is also understood to be up for sale. These assets weren’t mentioned in Tuesday’s note.

‘Winning in the US’

The review concluded there was “significant upside” by focusing on delivering Entain’s strategy of “returning to organic revenue growth, expanding margins, and winning in the US.” It noted the company’s balance sheet and leverage position was now robust.

“I am delighted that the Capital Allocation Committee has concluded its strategic review of our portfolio,” said Barry Gibson, Entain chairman, in a statement. “Whilst we still have more work to do to improve our operational performance, the Board is pleased with the progress Entain is making so far in 2024 in line with our strategy. The Group has the core strengths, brands, and products to be competitive across its markets and continues to be a global leader in betting and gaming.”

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Until 2018, Henry Birch was the head of the Rank Group, which owns the Grosvenor Casino chain, as well as the Mecca Bingo brand. After leaving Rank, he was CEO of online retail company The Very Group until stepping down in 2022.

Birch is among several top contenders for the job, according to sources who spoke to Sky News. Since Nygaard-Andersen’s departure, Entain has been led by interim CEO Rob Wood.

Private Equity Circling

The board is looking for someone to steady the ship after a few turbulent years for the company, which owns Ladbrokes, half of BetMGM, and numerous other international gambling brands. The new CEO may also be required to lead Entain through a partial or full acquisition.

Activist investors, including Eminence Capital?founder Ricky Sandler, have built an increasingly prominent position in the company and have expressed frustration with its recent performance.

Private equity giants Apollo Global Management and CVC Capital are rumored to be among those circling, and could be interested in acquiring some of its bigger brands should an extensive asset sale materialize, according to The Times of London.

Stock Slump

In 2021, Entain received takeover bids from DraftKings and MGM, its joint venture partner in BetMGM. Both proposals valued the group at a significantly higher price than its current market cap.

In addition to Birch, Dan Taylor, chief executive of Flutter Entertainment’s international operations, is also in the mix for the role. That’s according to Sky News sources, who added that a formal announcement on the appointment could be weeks or even months away.

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Shares of the FanDuel parent have been trading in New York since late January after the company halted it its Euronext listing, but over that time, Dublin-based Flutter maintained its primary listing in London. Last month, the Paddy Power owner told investors they would decide on the issue of moving the primary listing to New York at the company’s annual meeting, which took place Wednesday.

We now anticipate that we will shift our prime listing to the New York Stock Exchange by the end of the month,” said Flutter CEO Peter Jackson in a press briefing yesterday.

He added that he views the US as Flutter’s “natural home.”

Flutter Move to NYSE Makes Sense

When Flutter announced plans to list its shares in New York, the gaming company mentioned factors such as enhanced liquidity, improved access to capital, and broadening its investor base as reasons for bringing its stock to a major US exchange.

Additionally, FanDuel is the largest online sportsbook operator in this country. As a result, the US represents that fastest growing part of Flutter’s overall portfolio in profitability and revenue terms.

Ninety-eight percent of shareholders at the operator’s annual group meeting approved the primary listing shift to New York from London. The status shift could occur before the end of this month.

Another Blow to LSE

Flutter is the latest in a growing number of companies that once considered the LSE their primary listing venue that have shifted that status to New York. When it went public last year, UK-based chip giant Arm Holdings decided to list in New York, not London.

Since then, several marquee UK-based firms have decided to make similar moves. Building materials company CRH did the same thing last year with travel firm Tui following suit earlier this year. Several other corporations that currently name the LSE as their primary listing venue are mulling moves to New York.

In what would be the largest such example of the London-to-New York primary listing move and a major blow to the LSE, global integrated oil behemoth Shell is said to be examining that shift. Last month, Shell CEO Wael Sawan said the company is frustrated with trading at notable discounts to US-based rivals such as Chevron and Exxon and that it’s evaluating steps to close that gap, including moving its main share listing to New York.

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In a collaboration announced on Tuesday, Hong Kong-based Melco, one of the six casino operators in China’s Macau that also owns and operates integrated resorts in the Philippines and Cyprus, was confirmed as the casino operator of John Keells’ $1 billion integrated resort in central Colombo.

Melco is also lending its global resort brand — City of Dreams — to the Sri Lanka development that’s set to be completed and commence resort operations in the third quarter of 2024. Melco is paying John Keells $125 million for the 20-year casino rights and has secured a gaming license from the Sri Lankan government. Melco and John Keells will share in the net gaming revenue.

We are thrilled to be part of this landmark development in Sri Lanka and to be in partnership with John Keells. We believe Sri Lanka has immense potential and this opportunity complements our existing portfolio of properties,” said Melco Resorts Chairman and CEO Lawrence Ho.

Founded in 1870 by its namesake, John Keells Holdings is today one of the largest companies in Sri Lanka, the island nation off the southeastern tip of India. In addition to its hospitality portfolio, the conglomerate has holdings in information technology, food and beverage products, supermarkets, tea brokering, life insurance, and financial services.

Melco Casino, Hotel

Melco Resorts’ $125 million investment additionally affords the casino company an allotment of premier guestrooms at the resort that was named Cinnamon Life Integrated Resort amid construction.

Melco will run the top five floors of the hotel under its Nuwa hotel brand. Melco’s hotel allotment will total 113 guestrooms. The overall resort features 800 occupancies. The remaining 687 keys will operate as the Cinnamon Hotel managed by John Keells.

Melco did not specify the number of slots and table game positions it plans to incorporate. Sri Lanka is home to several small casinos, but none are competitive or comparable to the City of Dreams integrated resort.

Melco Rebound

Melco Resorts shares traded on the Nasdaq remain greatly below their pre-pandemic price. Melco shares, as of this afternoon, were at $6.60, or more than 70% below the $25 that they were trading at in early May 2019.

Melco on Tuesday revealed its first quarter 2024 earnings that showed total operating revenues increased 55% to $1.11 billion. The revenue comeback was primarily driven by the continued recovery in inbound tourism in Macau where Melco is most exposed with City of Dreams, Studio City, Altira, and Mocha Clubs.

John DeCree, a gaming analyst at CBRE Equity Research, issued a buy note on Melco today with a price target of $13. DeCree cited a strong first quarter, operational improvements in Macau, and Melco being in the early stages of trying to regain lost market share in the Chinese gaming enclave.

DeCree also thinks Sri Lanka will pay dividends on the relatively low cost of market entry.

Management is targeting $200 million to $250 million of annual gross gaming revenue from the project, which we expect could yield a 25-30% annual cash return on its $125 million investment, after lease payments,” DeCree wrote on CBRE’s behalf.

Sri Lanka taxes gross gaming revenue at 15%.

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Galaxy Macau, owned and operated by Hong Kong-headquartered Galaxy Entertainment Group (GEG), teased a forthcoming ultra-luxury boutique hotel in December. The revelation came Friday, with GEG disclosing that its newest partnership is with Capella Hotels and Resorts, a Singapore-based luxury hotelier.

Capella at Galaxy Macau will join nine other hotel brands at the casino complex. Capella will be Galaxy’s smallest hotel offering with just 57 suites and 36 Sky Villa accommodations.

Designed by Paris’ Moinard Bētaille, the interiors will draw inspiration from the jungle and Macau’s lush green hills.

“Galaxy Entertainment Group granted us the exceptional freedom to conceptualize Capella at Galaxy Macau,” said Bruno Moinard and Claire Bētaille. “Macau’s adventurous spirit and rich history inspired our tropical jungle theme, evoking feelings of generosity and modernity, punctuated by delightful surprises for guests. A central element of this project is our profound connection with water, inviting guests to imagine themselves suspended in their glistening pool.”

Capella at Galaxy Macau is slated to open in mid-2025.?

High-End Focus

While The 13 Hotel might have been a bust south of the Cotai Strip, and most casinos are pivoting their attention from the VIP to the mass and premium-mass demographic after China clamped down on junket groups, Galaxy brass believes continued investment in the ultra-premium segment remains a sound financial undertaking. Galaxy, according to Deutsche Bank, maintained a 21% market share in Macau last year, which ranked second behind only Sands at 34%.

The Cotai Strip’s luxury resorts, which cost many billions to construct, are in a fierce battle for the remaining VIP players. Galaxy is partnering with Capella, a hotelier designed with society’s upper echelon in mind.

Capella’s Singapore property was the site of the 2018 summit between President Donald Trump and North Korean leader Kim Jong Un. Dubbed the world’s “Best Hotel Brand” last year by Travel + Leisure, Capella, in addition to Singapore, has hotels in several prominent Asian cities, including Bangkok, Hainan, Hanoi, Shanghai, and Ubud. Capella Sydney is the company’s lone destination in Australia.

Capella is amid an expansion phase, which, in addition to Macau, has hotels planned in Taipei, South Korea, Kyoto, Nanjing, Riyadh, Maldives, and Shenzhen.

Galaxy Macau’s Final Phase

Galaxy Entertainment opened its third phase of Galaxy Macau last year. The company’s fourth and final planned expansion of the Cotai development will largely focus on nongaming and fulfilling its $3.4 billion commitment the company made in 2022 to the local government in exchange for a 10-year extension of its gaming concession.

Galaxy leaders say the overall focus is to continue positioning Macau as a “world center of tourism and leisure.”

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Bloomberg reported Wednesday that Malaysia Prime Minister Anwar Ibrahim met last week with two of his country’s richest people — Genting Group casino billionaire Lim Kok Thay and lottery billionaire magnate Vincent Tan of Berjaya Corporation. The trio reportedly discussed developing an integrated casino resort in Forest City, the unfinished $100 billion special economic zone that’s partially controlled by the Malaysian government and King Ibrahim Iskandar of Johor.

Not true. That’s a lie,” said Anwar on Thursday while speaking with reporters at an event in Putrajaya regarding the purported casino discussions. The prime minister made an “X” gesture with his arms while denying the Bloomberg story.

Forest City is a one-square-mile mixed-use development on reclaimed land on Malaysia’s southern tip bordering Singapore. The $100 billion scheme was initiated in 2016 by a Chinese consortium. King Ibrahim, a billionaire businessman in his own right, holds a more than 20% stake in the development. ??

Lim’s Genting possesses the only casino license in Malaysia at the company’s Genting Highlands resort in Pahang. Genting also owns and operates Resorts World Sentosa in Singapore.

Economic Challenges

The developers of Forest City built numerous high-end condominium and residential towers, plus hotels, retail space, and office buildings. The offerings were primarily tailored toward affluent Chinese people seeking to park their wealth overseas in a more favorable tax environment.

Several causes resulted in lackluster sales, which has rendered Forest City a ghost town.

China has also restricted VIP travel groups from operating in Macau, the casino hub where most mainland Chinese high rollers gambled before the coronavirus. China President Xi Jinping said the massive outflow of cash through the tax haven that is Macau posed national security risks.

Forest City Lifeline

A Genting-built casino in Forest City could reignite interest in the economic zone, as wealthy gamblers throughout Asia seek a new destination for their gambling trips as the Macau market continues to change.

Genting has since become one of the world’s largest gaming companies. Along with Malaysia and Singapore, Genting has integrated casino resorts in New York, Las Vegas, the Philippines, the Bahamas, and the United Kingdom.

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Ukrainian army serviceman Pavlo Petrychenko, who died in combat last week, previously called attention to concerning wagering patterns among troops deployed in the war against Russia. Prior to his death, Petrychenko asked Zelenskyy to crackdown on military members’ access to internet casinos.

Military personnel have been away from their families for the third year, in stressful conditions and without the possibility of full rest, so they are especially psychologically vulnerable,” wrote Petrychenko in a March 29 letter to the Ukranian president. “For many, gambling becomes the only way to cope with stress, and therefore quickly causes dopamine addiction and weakens their self-control.”

Though he did not identify specific operators, Petrychenko said some gaming companies are preying on Ukrainian service members by offering microloans that lead to financial strain on the troops and their families. He added that some Russian firms are advertising directly to Ukrainian civilians and military members in an effort to gain sensitive data.

Ukrainian Troops Selling Equipment to Feed Betting Habits

The betting problem among Ukrainian soldiers is all the more problematic when considering Petrychenko’s account of some troops selling equipment, including drones and thermal imaging gear, to raise cash for their wagering habits.

However, Americans’ enthusiasm for funding Ukraine is waning, particularly as inflation and interest rates in this country remain elevated relative to historical norms. Amplifying Americans’ concerns about Ukraine military funding is speculation that proper accounting of US military assistance to the country is limited. There’s also rumors that equipment given to Ukraine by NATO allies has been sold for profit on the black market, not used in the fight against Russia.

Zelenskyy Seeking Help from Big Tech

In a bid to limit troops’ exposure to mobile betting applications, Zelenskyy is asking for help from Apple and Google parent Alphabet — the companies behind the two largest app stores. The Ukrainian cabinet has reportedly asked those two US technology companies to pull unregulated betting apps from their app stores.

In his letter to Zelenskky, Petrychenko requested that the Verkhovna Rada — Ukraine’s equivalent of a congress — enact measures to force internet service providers to block access to unregulated internet casinos, forbid pawnshops from accepting military equipment, and ban gaming-related advertising targeting Ukrainian troops, among other requests.

“Huge debts of servicemen with game addiction can also become an element of pressure and manipulation from the special services of the aggressor country,” wrote Petrychenko. “According to Article 93 of the Constitution of Ukraine, the President has the right of legislative initiative, and the bills defined by the President of Ukraine as urgent are considered by the Verkhovna Rada of Ukraine in advance.”

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The glitch, introduced via a software update to the Star’s “ticket in, cash out” (TICO) machines, meant that when players inserted more than one ticket into a machine, it returned one of the tickets along with the total cash, and then allowed that ticket to be cashed out over and over.

The glitch caused the casino to give away a little more than $2 million to customers over 13 days last July.

Casino manager Nicholas Weeks blamed “a very significant failure across a large number of people and teams” for keeping the casino from detecting the glitch for six weeks after it occurred.

Local media outlets reported that 43 people used the TICO machines to withdraw free money. One was recovering gambling addict Thanh Lan Le, who reported that she relapsed after watching a friend do it over and over.

For the next 10 days, Lee told the Sydney Morning Herald, she withdrew $57,265, And by the time she left the casino, all but $5,000 of the money was gambled away.

Best Day Ever Turns to Worst

According to the?Morning Herald,?the casino then reported the 43 “lucky” cash recipients to police, who arrested Le and an unspecified number of others on charges of fraud, participating in a criminal group, and knowingly dealing with the proceeds of a crime.

Le pleaded guilty to a single charge of dishonestly obtaining property by deception and offered to repay the money.

“I understand it was my fault,” she told the?Morning Herald. “I had deceivingly taken it, but the machine was giving us money.”

The latest inquiry also heard from former Star CFO Christina Katsibouba, who testified that the casino’s head of investor relations, Giovanni Rizzo, asked her to cook the books to hide the loss when the company presented its half-year earnings report in February.

Katsibouba told the inquiry she didn’t comply.

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The South Korean government, which owns and operates the casino resort, revealed that the country will invest nearly $1.9 billion into the destination. Along with expanding the casino space from 167,000 square feet to nearly 533,000 square feet, the venture will bring a cultural complex and a new hotel to the destination.

A wellness center set in the surrounding forest and attractions connected to the region’s deep coal mining industry are also in the works. The project additionally includes added convention space to lure large international gatherings.

Kangwon Land is the only casino made available for residents of South Korea. The country’s other casinos are explicitly reserved for foreigners.

Kangwon Land is located in a remote area of the Kangwon Province best known for its many coal mining facilities. The sprawling casino resort is owned by the Korean government’s Ministry of Trade, Industry, and Energy and the Kangwon Province’s Development Corporation.

Fending Off Japan?

The Kangwon Land investment comes as MGM Resorts International embarks on building Japan’s first casino resort in Osaka. The more than $8 billion MGM Osaka is slated to open in 2029 or 2030.

Osaka is just a short flight from Seoul and other major Korean cities, with flight times less than two hours. Korean government officials say the $1.85 billion commitment to Kangwon Land is to diversify the resort and maintain its attractiveness as competition arises from Japan. The investment is the resort’s largest allocation since Kangwon Land opened in 1998.

Through this project, we plan to differentiate ourselves from domestic and foreign competitors located in large cities,” the government’s statement on the project read.

Kangwon Land’s current casino houses about 100 table games and 1,000 slot machines. The hotel has 700 guestrooms.

On weekends, it’s often difficult to find an open seat in front of a table game or slot. With junket groups in Macau no longer catering to VIP traffic in China and other Asian markets, including South Korea, Kangwon Land has become even busier in recent years.

China’s crackdown on VIP groups in Macau has resulted in gaming operators making considerable investments in other Asian markets, including in the Philippines. The South Korean government wants to make sure its Kangwon Land also remains a preeminent destination.

Crowding Competition

Japan isn’t the place presenting Kangwon Land with new competition. US-based Mohegan recently opened the first phase of Inspire at Incheon International, though the casino can only accommodate foreigners.

Kangwon Land’s expansion is being called the “K-HIT” project. The acronym stands for “Korea High Integrated Tourism.”

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Bloomberry announced in a regulatory filing Tuesday it would buy Global Gaming’s 921.2 million Bloomberry shares for US$300 million via a block sale on the Philippine Stock Exchange.

GGAM is a casino development and gaming management company headed by former LVS Corp COO Bill Weidner. It has experience running some of the world’s biggest casino resorts.

Victim of Success

The spat dates back to 2011, when GGAM signed a five-year contract to manage Solaire on its completion. At the same time, GGAM acquired an 8.7% interest in the project.

GGAM also claimed Razon “leveraged his personal relationships in the Philippine stock market to unlawfully prevent GGAM from selling its equity interest in the project.”

In 2019, an arbitration panel in Singapore ordered Bloomberry to pay $296 million to GGAM as compensation for wrongful termination, lost management fees, attorneys’ fees, and court costs. In 2021, Singapore’s highest court upheld the award.

But Bloomberry argued the award could only be enforced in the Philippines “through an order of a Philippine court of proper jurisdiction.”

Case Moves to New York

In 2021, GGAM sued Bloomberry in New York, asking the court to enforce the Singapore tribunal’s decision against Razon’s U.S. assets. The lawsuit claimed these were concealed through a vast network of shell companies. Those included energy and mineral holdings in the Appalachian Basin acquired from T. Boone Pickens for $150 million, Steve Wynn’s former residence at the Plaza purchased for $24.4 million, and various substantial real-estate assets in New York.

The agreement to settle came after the New York court declined a motion last year by Bloomberry to dismiss the case.? The settlement deal puts an end to all pending cases between the two parties, including those in Nevada, the Philippines, and Singapore, Bloomberry said Tuesday.

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The Resorts World Genting website quietly removed information regarding the Circus Palace and Hollywood casinos on Wednesday, February 28. A notice informed visitors to “proceed to SkyCasino” for gaming activities.

The resort issued a statement late Wednesday that seemingly suggested the closures aren’t permanent, but are instead related to upgrades. Whether gaming will return to the facilities remains unclear.

In our ongoing effort to improve our operational efficiency and enhance the gaming and entertainment experience for our guests, we continuously upgrade our facilities. This will involve temporarily closing certain sections of our casino to facilitate the improvements,” the Resorts World Genting notice read.

For now, resort guests can only gamble in the SkyCasino, a two-level, more modern casino than Hollywood and Circus Palace.

How Genting Got its Name

Resorts World Genting opened in 1965, eight years after Malaysia gained independence from the UK. Malaysian businessman Lim Goh Tong secured the Southeast Asia nation’s lone casino license.

The Malaysian government agreed to hand Lim a monopoly on casino gaming so long as only foreigners and non-Muslim Malaysians were given access, and that the resort not be centrally located in a major city.

Lim would go on to become the richest man in Malaysia, with an amassed fortune of more than $4 billion. He died in 2007 at the age of 89, and his son, Lim Kok Thay, assumed control of the Genting Group empire.

Today, Genting operates integrated resort casinos in several other markets, including Singapore, the United Kingdom, and the Philippines. Genting also owns three casinos in the U.S., with two in New York and its newest development, Resorts World Las Vegas, a $4.3 billion undertaking that opened in June 2021 on the famed Strip.

Genting Mishap

Genting grew from a single casino resort in a remote mountainous part of Malaysia into one of the world’s largest casino operators. But one of the company’s biggest blunders was not securing market access in Macau when the city opened up its commercial gaming market around the turn of the century.

Genting hopes it’s not making a similar mistake in Japan. After considering a bid for an integrated resort in Yokohama, Genting was forced to abandon those plans after the city backed out of consideration. Genting opted to fold on Japan instead of looking elsewhere.

Genting certainly wasn’t alone in ditching Japan. While MGM Resorts is moving forward with its Osaka casino development, other leading casino companies, including Las Vegas Sands, Wynn Resorts, Caesars Entertainment, Hard Rock, and Melco Resorts also let the sun set on the Land of the Rising Sun.

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Forbes this week unveiled its Hong Kong 50 Richest list, and for the first time in a decade, Ho isn’t among the wealthiest people calling the Chinese Special Administrative Region (SAR) home. With an estimated fortune of around $1 billion, Ho’s financial position didn’t rank him in the top 50.

Ho’s wealth is considerably tied up in Melco, a Hong Kong-based company that operates casino resorts in Macau, the Philippines, and Cyprus. The firm is most exposed in Macau, where it owns and operates two integrated resort properties, City of Dreams and Studio City.

Melco Downfall

Publicly traded on the Nasdaq, Melco’s shares are down nearly 34% over the past year. The shares lost 2% during Thursday trading to close at $8.18.

Melco is trying to keep its Macau casinos bustling after junket groups — the travel organizers that had brought VIP high rollers to the enclave for over a decade — were forced out by Beijing. China President Xi Jinping told the Macau government to keep closer tabs on the junkets. That led to the prosecution and conviction of former Suncity Group boss Alvin Chau. Junkets subsequently departed the market.

Melco is trying to make its Macau properties more appealing to a wider demographic. The company last year added a sprawling indoor water park at Studio City to make the destination more family-friendly.

Last year, Macau’s six casino concessions won $22.7 billion on their gaming floors. Though that constituted a 334% surge over 2022 casino win, it represents just 63% of the amount the gaming operators won off gamblers in pre-pandemic 2019.

Stanley Ho had at least 17 children with multiple wives. Ho lived a polygamist lifestyle, as polygamy was legal in Hong Kong until the early 1970s.

One of his widows is Angela Leong. She ranked No. 33 on the 2024 Hong Kong Richest list with a net worth of $2.4 billion.

Leong inherited much of her late husband’s empire, including SJM Resorts, the Hong Kong-headquartered casino company that is one of the six Macau casino operators.

Lawrence Ho’s eldest half-sister, Pansy Ho, ranked No. 22 with a $3.7 billion fortune. Ms. Ho inherited her father’s Shun Tak Holdings real estate conglomerate. She’s also a major investor in MGM China, one of the six Macau casino giants.

Casino Tycoons

Along with Pansy Ho and Angela Leong, the Hong Kong Richest list includes Dr. Lui Che Woo, whose $12.1 billion fortune stems largely from Galaxy Entertainment. Galaxy is also headquartered in Hong Kong and is one of the six Macau casino licensees.

Lui’s net worth dropped from nearly $15 billion last year. Pansy Ho’s fortune was also trimmed from $3.8 billion. Leong’s wealth declined from $2.7 billion.

The losses follow the benchmark Hang Seng index, the stock market of Hong Kong. Over the past year, the index is down almost 18%.

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Yau Wai Chu is accused of securing bogus loans for purported Macau casino projects that bilked the bank out of the equivalent of around US$62 million, according to an indictment from the Macau Public Prosecutor’s Office.

News of the indictment was first reported by local broadcaster TDM TV and subsequently by Macau Business.

‘Criminal Organization’

Chu is accused of leading a criminal organization of 14 other individuals involved in the fraud. They have each been charged with criminal association, bank fraud, and document forgery.

Some of the fraudulent loans were related to nonexistent construction projects at major properties like the Londoner, Venetian, Grand Lisboa, Treasure Island, MGM, and Wynn casinos, according to prosecutors.

There were also loan requests related to the expansion of the light rapid transit line to Hengqin, which is currently under construction and expected to open in 2025. In other instances, the conspirators simply invented fake companies to apply for loans, prosecutors claim.

The indictment also names Bobo Ng, former director of Hou Kong Daily News, a Hong Kong-based Chinese-language newspaper. Ng, who is currently in preventative detention, was a representative of at least one of the companies that requested bank loans for bogus contracts, according to prosecutors.

Co-Ringleader at Large

Ng has longstanding links to Liu Haigui, who is accused of being the joint ringleader of the fraud, along with Chu. Liu is currently untraceable, according to prosecutors. Ng’s ex-husband, David Zou, and sister are also named in the indictment.

Kong was ultimately found guilty of a multitude of charges, including abuse of power, breach of judicial secrecy, and bribery. He was sentenced to 17 years in prison in January of this year.

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The project’s estimated cost, which is expected to be the first gaming venue in the region, is $4 billion, with a targeted opening date of early 2027. Wynn’s minority interest in the venture reduces its financial exposure, meaning it’s not on the hook for the entire $4 billion. The property on Al-Marjan Island is being developed with local partners Marjan LLC and RAK Hospitality Holding LLC.

Its project in the UAE continues its construction, with much of the hotel tower and podium foundation now complete, and will soon start going vertical on the hotel tower,” according to a recent report by JPMorgan analysts.

The property is expected to encompass 5.6 million square feet. But if permitted, a casino will only account for 4% of that space.

Wynn Bullish on UAE

Wynn delivered impressive fourth-quarter results earlier this week, and on a conference call with analysts, CEO Craig Billings waxed bullish on the UAE property.

“And importantly, we have a substantial growth opportunity in the UAE that will further diversify our portfolio and expand our brand into new markets,” he told analysts.

The property “is really going to be a stunner, and it’s great to see the buildings start to take shape,” added Billings.

Gaming Regs Pivotal to Wynn UAE Fortunes

It’s widely expected that Wynn Al Marjan will feature a casino, but that’s not a sure bet. Last September, the UAE announced formation of the General Commercial Gaming Regulatory Authority (GCGRA) — the Emirates’ first gaming regulator.

Led by former MGM Resorts International (NYSE: MGM) CEO Jim Murren, the GCGRA is tasked with developing gaming rules and regulations for the UAE and potentially setting the number of integrated resorts allowed there. However, the group has not yet released related guidelines.

That lack of clarity on the ability of Wynn to operate a casino in UAE is a potential headwind. While shares of the gaming operator are higher by almost 16% year-to-date, some analysts have argued that the UAE project isn’t priced into the stock. That is indicating market participants don’t fully appreciate Wynn’s UAE opportunity set, or are concerned about its casino approval prospects.

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The David Group was until recently a major junket firm doing business in Macau.? The group, led by businessman Sandeep Singh, is working with the Fiji government in pitching the South Pacific island country a FJ$2 billion (US$900 million) casino resort.

Fiji legalized certain forms of gambling in 2009. The law allows people to participate in community and charitable card games, and to participate in online casino gambling. The 2009 Gaming Act also authorized brick-and-mortar casinos, though no licensed gambling facility has opened.

A second phase of roughly a similar investment would bring an amusement park, entertainment venue, and luxury residential subdivision to the destination.

Prime Minister Open to Project

Fiji Prime Minister Sitiveni Rabuka is reportedly receptive to the country issuing its first commercial resort casino license. But he says the concession won’t be approved until many more details are solidified.

Those details primarily rest with the government and how it might regulate a casino. Currently, Fiji doesn’t have a designated regulatory agency to oversee casino gambling.

This has to be treated very cautiously, taking into account all stakeholders’ interest, particularly the social stakeholders in Fiji,” Rabuka said. “It was agreed that a decision was to be deferred and considered at a later date.”

Singh says his David Group is willing to wait until the government gets its house in order. He says regulatory conditions must first be disclosed before his firm might acquire property to build the resort.

Singh hinted that the casino could be built in Southern Denarau or in Nadi’s Wailoaloa Beach.

Economic Diversification

Singh said during his unveiling of the casino prospect that a resort destination inclusive of gambling would provide an added reason for leisure travelers to visit Fiji.

A casino would provide the opportunity to diversify the Fijian tourism sector and entice more tourists from China,” Singh said. “It also satisfies a need to increase the capacity and scope of the tourism industry in Fiji.”

Fiji’s economy is one of the most developed among the Pacific islands. But it’s still a developing country. Fiji is rich in natural resources, including forests, minerals, and fish. Sugar is also a major export. And yes, Fiji Water comes from Fiji.

Fiji’s visitation has already recovered from the pandemic and exceeded 2019 numbers last year. Australia and New Zealand account for about seven in 10 visitors. There are more than 420 licensed places of accommodation, with more than 12K guest rooms.? ?

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President Luiz Inácio Lula da Silva signed Bill of Law 3626/23 on December 30. The National Congress of Brazil lent its support to the expanded gaming earlier in the month.

The legislation sets an effective tax rate of 12% on gross proceeds won by sportsbooks and iGaming operators. The law also requires that bettors share 15% of their winnings with the federal government.

In signing the gaming bill, da Silva amended the statute to remove a provision that would have allowed players to fully retain winnings up to R$2,112 (US$435).

“Fixed odds sports bets are those in which the bettor knows exactly what the rate of return is at the time of the bet and are related to sporting events. With the new law, the following are regulated: virtual betting, physical betting, real sports-themed events, online gaming, and virtual online gaming events,” a statement from da Silva’s office explained.

Brazil expects the gaming liberalization to generate over $2 billion a year in new tax proceeds upon market maturation.

Regulations Forthcoming

With da Silva signing the iGaming and sports betting bill, the Ministry of Finance will be tasked with crafting regulations that will govern the forthcoming operations. The government agency has also been instructed to implement policies to prevent money laundering, the financing of terrorist activities, and “the proliferation of weapons of mass destruction.”

The regulations will take some time to complete. Brazil’s government expects the gaming to begin sometime in the “second half of 2024.”

Most other forms of gambling remain illegal in Brazil. There are no casinos with slot machines or house-banked table games, but poker is considered a game of skill and is therefore allowed. Brazil also runs a lottery called the Mega Sena. Some forms of bingo are also allowed in charitable settings.

Though Brazil’s per capita income was just $17,260 last year, according to The World Bank, that still classifies Brazil as an “upper middle income” market. Brazil is home to more than 203 million people.

Attractive Market

To understand just how enticing entering Brazil might be for gaming operators, it was only a few years ago that billionaire Sheldon Adelson was making trips to the South American country to woo leaders to permit casino gambling. Adelson died in 2021 at the age of 87.

Asked during a trip to Sao Paulo in 2018 about why he was in town, Adelson didn’t mince words.

To consider investing in one or more integrated resorts,” Adelson answered.

The billionaire’s visit came with lawmakers mulling efforts to legalize commercial casinos. The push never materialized, and Adelson never fulfilled his wishes of taking his Las Vegas Sands empire to South America. However, new legislative efforts to authorize brick-and-mortar casinos are underway.

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Corvex is a major investor in MGM Resorts International (NYSE: MGM), where Meister is a board of directors member. The casino giant is Entain’s 50/50 partner in BetMGM. Meister’s firm joins Dendur Capital and Sached Heam Capital, two New York-based hedge funds, in recently revealing activist stakes in the Coral owner. Those two money managers bought shares in Entain before Nygaard-Andersen’s resignation.

We believe Entain is at a critical juncture and can benefit from the constructive engagement of a well-informed shareholder with substantial industry and company-specific experience and expertise,” said Corvex in a statement.

The hedge fund added it intends to work with Entain Chairman Barry Gibson and interim CEO Stella David “to be a helpful force for change.”

Corvex Entain Investment Could Stoke MGM Rumors

In midday trading, Entain’s U.S.-listed shares were higher by nearly 9%, indicating investors are enthusiastic about the departure of Nygaard-Andersen and Corvex taking a stake in the gaming company.

Following Entain’s January 2021 rejection of a $11.06 billion takeover bid from MGM, speculation has been rampant that the casino company will eventually revisit an acquisition scenario. That’s though executives from that firm have said such a deal isn’t in the near offing. Entain investors are likely wishing their company had accepted that deal because the operator’s market value has since slumped to $6.83 billion.

Corvex and the other activists could push Entain to sell its BetMGM stake to MGM — something the latter would likely be agreeable to — but it’s not clear if that’s their plan of attack a the hedge fund is also a significant investor in Sweden’s Kindred Group. But given Entain’s recent missteps with acquisitions, it may be unlikely that he’d push for Entain to be a buyer of Kindred.

Entain Performance ‘Unacceptable’

Entain and Nygaard-Andersen became targets for activists following a debt-fueled $2 billion acquisition binge that saw the operator gobble up smaller sports betting outfits across Europe, seemingly to bulk up and fend off unsolicited takeover bids.

The former chief executive officer did herself no favors with her inability to control corporate costs and her knack for private air travel, which drew the ire of Entain investors, who dubbed her “Private Jette.” For its part, Corvex sees more change coming at the gaming company.

“While the Company’s recent management change was a necessary first step, further change is required. Simply put, Entain’s recent performance has been unacceptable, and all options must be considered to drive value,” concluded the money manager.

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The Danish executive’s resignation came amid disgruntled noises from activist investors, many of whom are dissatisfied with the company’s recent performance and who have questioned a series of misfiring acquisitions and missed opportunities.

It also comes just weeks after Entain agreed to pay a ￡585 million (US$729 million) penalty to HMRC, the UK tax authority. That was to settle historic bribery accusations related to the company’s former black-market Turkish operations.

The past three years have been rewarding and challenging in equal measure,” Nygaard-Andersen said in a statement Wednesday morning. “The resolution of the HMRC investigation into the legacy business, which was sold by a former management team in 2017, offers a clean inflection point for me and for Entain.

“The group is now safe, stable, and sustainable, and I believe that this is the right time to move on to other business and career opportunities,” she added.

Share Slump

Nygaard-Andersen landed the role in January 2021, shortly after Entain rejected a takeover bid by MGM Resorts International, with whom it jointly owns BetMGM in the U.S.

The $8.1 billion MGM proposal valued the company at ￡13.83 a share. On Wednesday afternoon, it was worth just ￡8.43, and that’s after climbing 5% on the news of Nygaard-Andersen’s resignation. In October 2021, a takeover bid by DraftKings also fell through.

The company has spent $2 billion on largely regional-market acquisitions under her tenure, many of which have performed badly. Meanwhile, its U.S. operations with MGM have failed to loosen DraftKings’ and FanDuel’s stranglehold on the market.

‘Private Jette’

Corporate costs have almost doubled, and there have been raised eyebrows about Nygaard-Andersen’s penchant for travel by private jet, according to the FT. This has led to some Entain staffers nicknaming her “Private Jette,” insiders report.

Entain has asked Stella David, a nonexecutive director, to stand in as CEO on an interim basis until a permanent replacement for Nygaard-Andersen is found.

Under Jette’s leadership, Entain has executed a fundamental strategic shift towards regulated or regulating markets, overhauled its governance, transformed its operations, and significantly improved its customer offering,” Entain chair Barry Gibson said in a statement.

Gibson praised Nygaard-Andersen’s “exceptional leadership” during a “hugely challenging period.”

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MGM Resorts International, through its joint venture with Japanese financial services conglomerate Orix Corporation, signed its formal IR development with the City of Osaka and Osaka Prefecture in late September. MGM and Orix are equal 42.5% partners in Osaka IR Corporation, with the remaining 15% stake controlled by minor investors, including Panasonic, Kansai Electric, and West Japan Railway.

Before the first piece of steel goes down, some 230 feet to reach bedrock, workers are solidifying the land above to support such a project. The site prep costs are forecasted at $173 million. Osaka IR Corp. is funding the land readiness work, but the Osaka city government has pledged to reimburse the company upon completion of the resort.

Years of Delay

When Japan passed its casino law in July 2018, the country had the attention of nearly every major casino operator around the world. The Land of the Rising Sun was, at the time, considered the biggest market opening since China’s Macau around the turn of the century.

The COVID-19 pandemic further slowed Japan’s National Diet in finalizing casino regulations and bidding processes. Sands and its founder and CEO Sheldon Adelson finally had enough, and in May 2020, shocked the global gaming industry by announcing its withdrawal from consideration in Japan.

Sands was, at the time, the world’s largest casino operator by gaming revenue and was strongly believed to be a front-runner for one of the three licenses in Japan. Adelson, who died in January 2021, said at the time that Japan’s framework “made our goals there unreachable.”

Many others followed Sands’ lead in folding on Japan, but MGM stood firm in its unwavering commitment to Osaka.

MGM Osaka

MGM’s Osaka IR will open with three hotels from three distinct brands offering about 2,500 guestrooms. The complex will feature 400,000 square feet of convention space and attractions that “showcase the best of Osaka and Japan.”

The MGM Osaka gaming floor will be limited to 3% of the IR’s total indoor square footage, as dictated by the 2018 gaming bill. Osaka IR Corp. is targeting an opening in 2030.

Japan has only one other outstanding IR bid. It comes from Casinos Austria in Nagasaki. The gaming firm wants to build an approximately $3 billion IR casino destination at Huis Ten Bosch theme park in Sasebo.

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In skipping over “hold,” Goldman slashed its price target on the Ladbrokes owner by 43.4% while admitting it’s been wrong on the struggling stock. The bank also mentioned softness in Entain’s online business, which the operator cited in September as the culprit behind a slack 2023 net gaming revenue (NGR) forecast, as one of the reasons for the downgrade.

We now expect Entain’s pro-forma Online growth to be negative in 4Q23 and 1H24, only returning to positive growth in 2H24,”?Goldman analyst Ben Andrews wrote.

Goldman added that increasing competition, good fortune by bettors in the third quarter, and regulatory issues are among the woes prompting bearish revisions to Entain’s earnings per share (EPS) estimates. The operator recently agreed to pay $729 million to the UK’s HM Revenue & Customs (HMRC) office to settle allegations of bribery stemming from previously held operations in Turkey. The company departed that country in 2017.

Andrews pared his 2024 and 2025 EPS forecasts on Entain by approximately 30%.

BetMGM Thorn in Entain’s Side

BetMGM, of which Entain owns 50%, is also becoming a drag on the operator’s results. The 50/50 joint venture between Entain and MGM Resorts International (NYSE: MGM) is losing market share to DraftKings (NASDAQ: DKNG) and FanDuel, the top two operators in the US online sports betting industry.

Previously, Goldman expected BetMGM to turn significantly profitable in 2024 with a potential return of capital to Entain and MGM. Now, Andrews expects Entain and MGM to reinvest any 2024 profits generated by BetMGM back into the business.

Those could be among the reasons why some analysts are pushing Entain to consider evaluating some form of compromise regarding BetMGM, including possibly simply divesting its stake in the unit to MGM. At the Global Gaming Expo (G2E) in Las Vegas last month, Entain CEO Jette Nygaard-Andersen told attendees that joint ventures don’t last forever, but it remains to be seen if the gaming company is looking to depart BetMGM over the near term.

Downgrade Could Be Fuel for Entain Activists

Goldman’s double downgrade of Entain shares arrived just days after it was revealed that Dendur Capital and Sached Heam Capital, two New York-based hedge funds, took large stakes in the stock.

Those money managers are making clear they are activists and they are pushing the Entain board to give a seat to Eminence Capital founder Ricky Sandler. Dendur Capital and Sached Heam also want the board to allow Sandler to have a role in filling other director vacancies.

Goldman’s Thomas also mentioned Entain’s weakening free cash flow position, which could further embolden the activist investors to push for a sale of the company, something Thomas acknowledges as the primary “upside risk” for the stock.

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The Marriott development carries an estimated price tag of $1.3 billion and will feature 300 guest rooms and 524 residences. Underscoring the attractive location of the Marriott and Wynn properties, the Marriott venue will be 30 minutes away from Ras Al Khaimah International Airport and an hour’s drive from Dubai International Airport.

We are thrilled to be a part of the new development in Al Marjan Island. It is truly a unique project that will provide an unparalleled experience for visitors and residents alike,” said Jaidev Menezes, regional vice president of mixed-use development in Europe, the Middle East and Africa for Marriott International, in a statement. “With its stunning beaches, luxurious outlets and world-class amenities, Al Marjan Island is quickly becoming one of the most sought-after destinations in the world.”

Las Vegas-based Wynn broke ground on Wynn Al Marjan Island earlier this year and targets an early 2027 opening date.

Marriott Project Could Push Wynn to Open Sooner

In theory, the JW Marriott Al Marjan Island Resort and JW Marriott Residences Al Marjan Island aren’t direct competitors to Wynn Al Marjan Island because the latter is angling to become the UAE’s first regulated casino hotel.

However, the Marriott announcement stirred speculation that Wynn could accelerate its UAE timeline because Marriott hopes?to have its venue open by late 2026.

Wynn is partnering with RAK Hospitality Holding LLC, a local hotel developer, on the project, and it’s estimated the US company’s stake will be around a third. The project is estimated to cost close to $4 billion.

Marriott UAE Venture Could Bode Well for Wynn

Ultimately, Marriott and Wynn will compete to fill guest rooms, but the former venue could benefit the latter by sending guests to the integrated for gaming and entertainment.

Some analysts expect that UAE may unveil a gaming framework before the end of this year, which could set the stage for approval of Wynn’s casino bid at some point in 2024. The General Commercial Gaming Regulatory Authority (GCGRA), the United Arab Emirates (UAE) first casino gaming regulator, was formed in September.

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The Canadian streamer, whose real name is Félix Lengyel, was removed from the casino while visiting with his family to celebrate his birthday. He later took to X to share his experience.

According to his tweet, security personnel approached and dragged him out of the casino. The streamer pressed the casino’s security for an explanation. He then discovered he had been blacklisted from gambling anywhere in Québec.

The ban includes all forms of provincial gambling, including iGaming and the lottery. The reason behind the prohibition traces back to an article that surfaced in Radio Canada last year where xQc admitted to having a gambling addiction.

Gambling Addiction

The article also detailed a case of a local man influenced by xQc to gamble after seeing his online streams.

The incident has ignited discussions among fans and the gaming community, raising questions about the intersection of online entertainment and real-world consequences. xQc, who has built a substantial following for his gaming antics on platforms like Twitch and Kick.

https://twitter.com/xQc/status/1723240409777033494

Million Dollar Contract

Kick, partially owned by Stake.com, has proudly announced that it will spend big money to attract streaming talent. Several months ago, it backed up the claim when it signed xQc to a lucrative content agreement worth as much as $100 million.

The nonexclusivity of the agreement means that xQc can continue to deliver content through Amazon-owned Twitch as well. He reportedly makes a minimum of $3.4 million a year as a base salary, not including his sponsorship deals.

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Cloudflare’s analysis indicates that the prevalence of Hypertext Transfer Protocol (HTTP) DDoS attacks has increased for gambling and betting companies in Q3. This resulted in the segment surpassing the number experienced by cryptocurrency companies. These attacks specifically target HTTP Internet infrastructure, including servers for mobile applications, eCommerce websites, and API gateways.

This, according to Cloudflare, amounts to 8.9 trillion HTTP DDoS requests that the online content delivery and cybersecurity firm successfully detected and countered. The substantial increase already recorded in Q4 suggests more attacks may be coming.

Gaming Operators Beware

Cloudflare asserts that gambling and gaming companies recorded the largest absolute volume (5%) of HTTP DDoS attacks, putting the segment ahead of the cryptocurrency ecosystem. It also points out that this figure is relative. Cloudflare explains that the gambling and gaming segment has so much constant traffic that its volume is, by default, higher than most.

As a result, the industry with the highest relative penetration of attacks, at 17.46%, was Mining and Metals. Nonprofits follow it with 17.41%.

That doesn’t mean that gambling operators can be complacent. Across the globe, attacks continue, and new technology makes them easier to launch.

Botnets are becoming more sophisticated, enabling a greater number of attacks. Cloudflare explains that they’re taking advantage of cloud computing platforms to become stronger, allowing them to create 5,000x more power per botnet node.

Cloudflare’s own network was the biggest botnet DDoS target during a two-month attack that began in August, accounting for 19% of the attacks. Gaming companies were right behind with 18%.

US Leads as Attack Source

The study also revealed that around 36% of Layer 3 and 4 (network layer and transport layer, respectively) DDoS attack traffic during the third quarter originated within the US. A substantial portion of L3/4 DDoS attack traffic, around 35% in terms of bytes, set its sights on the IT sector and the internet industry.

In terms of rankings, Germany trails right behind, securing the second spot with 8%. The UK comes in third place with nearly 5%.

Furthermore, the investigation revealed a prevalent trend of DNS-based DDoS attacks during the latter half of the annual cycle. It’s noteworthy that DNS (Domain Name Server) accounts for nearly half — specifically 47% — of all assaults, signifying a notable amplification of 44% in comparison to the previous 10 years.

No Region Safe from Attack

The data shows that no geographic region is safe from attacks. In Africa, media production companies were the primary target, followed by financial and insurance companies in second, and gaming and gambling in third.

In Asia, DDoS attackers still prefer targeting the cryptocurrency space. However, the gaming and gambling group is in second place.

Europe’s gaming and gambling segment was the leader in the region. Next were retail companies in second, and computer software companies in third.

In Latin America, the prevalent industry for attacks is farming, recording 53% of the total. Gaming and gambling once again came in second.

For the Middle East, retail was the main target, with computer software companies in second. Gaming and gambling made the list once again, coming in third.

Only in North America and Oceania did gaming and gambling not appear among the top three. Computer software companies ranked high in both, as did the telecom industry.

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In partnership with Wasl Hospitality and Leisure, MGM opened a branded hotel in Dubai in 2021 featuring the MGM Hotel, MGM Residences, and Bellagio Hotel. Earlier this year — amid budding optimism that the UAE could establish a gaming regulatory framework and eventually approve casinos — MGM CEO Bill Hornbuckle said the company was closely monitoring the situation, and that it has 150,000 square feet at its Dubai property set aside in the event casinos get the green light.

At the Global Gaming Expo (G2E) in Las Vegas last month, Hornbukcle noted the UAE could eventually be home to as many as four integrated resorts. For now, Dubai opting against casinos is a setback for operators eyeing the region, because Dubai is the most-visited and widely viewed as the glitziest of the seven emirates.

Abu Dhabi, Ras Al Khaimah Emerge as Leaders

While Dubai’s future as a home to a casino resort is now up in the air, Abu Dhabi and Ras Al Khaimah are strong contenders in their own rights.

Abu Dhabi is mapping out what it would look like to open a casino, with Yas Island — home to the Ferrari World and Warner Bros. theme parks, as well as the Yas Marina Formula One Circuit — and a plot near the city’s port among the sites being considered,” according to Bloomberg.

For its part, Ras Al Khaimah, the capital city of the emirate of the same name, is the sixth-largest city in the UAE. It’s also home to various tourist attractions, including an aquarium, Burj Khalifa — the world’s tallest building — and Flamingo Beach.

Dubai’s decision to delay casino efforts and the emergence of Abu Dhabi and Ras Al Khaimah as front-runners doesn’t appear to impact Wynn Resorts, which recently broke ground on its Wynn Al Marjan Island. Slated to open in early 2027, that venue is located in the emirate of Ras Al Khaimah, and it’s widely expected the $3.9 billion property will be the first in the UAE to have casino gaming.

Wynn previously noted the casino there will be larger than what’s found at Wynn Las Vegas. But as a percentage of square feet, the gaming area will represent a scant percentage of Wynn Al Marjan Island. Rather, the property’s emphasis will be luxury hotel rooms, glamorous retail shops, and high-end dining and entertainment.

UAE Casino Outlook Still Bullish

Although Dubai is out of the UAE casino competition for now, analysts and industry insiders remain bullish on the long-term prospects for casino gaming in the region.

Over the long term, it’s possible that casino gaming in the UAE generates more revenue than in Singapore. But surpassing the enviable profitability heights established in the city-state by Marina Bay Sands and Resorts World Sentosa could prove to be a tough task.

“Benchmarking against Singapore, UAE’s gaming revenue could reach $6.6 billion, and implied gaming outlay per tourist in UAE might fall below that in Singapore and Macau,” according to Bloomberg Intelligence.

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The CRI coalition, formed in 2021, comprises 40 government entities that have declared their firm stance against ransom payment to cybercriminals. They emphasized the vital role of data sharing in deterring their activities. This alliance includes Australia, Brazil, Canada, India, Israel, Japan, the European Union, the UK, the U.S., and others.

A surge in ransomware attacks has been observed globally in recent years, with the U.S. bearing the brunt. It has experienced approximately 46% of these assaults on average.

The surge in cybercrime is exemplified by notable instances, like the assaults on MGM, Caesars, and even Clorox. The CRI is confident it can thwart most attacks once the system is operational.

Blockchain, AI Play Major Roles

Cyberattacks will persist so long as monetary resources keep pouring into the hands of ransomware criminals. To combat this problem from its core, the CRI coalition has committed to establish a joint blacklist utilizing data provided by the U.S. Treasury. The list contains details about digital wallets employed for the transfer of ransom payments related to ransomware attacks.

Officials have disclosed plans to establish two new information channels, one from Lithuania and the other from a joint initiative between Israel and the United Arab Emirates. These channels will facilitate global data sharing between the CRI members to get in front of the cybercriminals.

CRI doesn’t try to prohibit private companies from paying ransom demands. However, it hopes to instill in them reassurance that a refusal to pay won’t cause operational disruptions.

More details about how the CRI will work are still to be provided. It isn’t clear how the two new channels will work or what will happen if a member country doesn’t follow the rules.

Cyberattackers Gain Confidence

Over the last year, a substantial 493.33 million ransomware attacks were reported across the globe, according to data from Statista. The culprits behind these breaches frequently exploit victim data from one country to execute assaults on organizations situated in other countries, highlighting the indispensable need for international collaboration in combating these threats.

The British National Health Service, American tech giant Apple, and several governments have experienced cyberattacks that caused significant disruptions to their operations. Last week, Stanford University confirmed that it was investigating a “cybersecurity incident” — the third this year. On Tuesday, hardware chain Ace Hardware announced that it had just been hit by an attack.

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This week, the Australian Federal Police (AFP) revealed that they confiscated assets totaling over AU$50 million (US$32 million) and arrested seven in connection to an alleged money laundering syndicate named “Long River.” Among those arrested are four Chinese nationals and three Australian citizens.

The money laundering scheme operated out of “Changjiang Currency Exchange,” a major independently owned money remittance service in Australia.

This is the third instance of a China-related money laundering bust by the AFP this year.

AFP officers also recently arrested?a Chinese national on charges related to allegedly utilizing an Australian crime syndicate to launder AU$100 million (US$63.35 million).

In February, the AFP pressed charges against nine members of a Chinese-Australian money laundering syndicate, leading to the seizure of assets totaling over AU$150 million (US$95.02 million).

Connection to Italy’s ‘Ndrangheta Mafia

Earlier this month, 33 people were arrested in Italy for roles in money laundering schemes, according to reports from Reuters. Among those were seven Chinese nationals.

The group acted as money brokers, laundering as much as $53 million for different groups, including the ‘Ndrangheta mafia.

Colonel Francesco Ruis of Italy’s Guardia di Finanza, the country’s main financial crime police force, expressed that only about 20% of the operation had been dismantled.

India’s Smart Phone Link

Also this month, India’s financial crime agency apprehended four individuals for alleged involvement in a money laundering scheme. Among them was Guangwen Kuang, a Chinese national serving as the head of administration at the phone manufacturer Vivo.

Vivo, owned by China’s BBK Electronics, holds the second-largest market share in India’s smartphone industry. It accounts for 17% of shipments, as reported by research firm Counterpoint. The company is positioned as a significant player in the Indian market.

Another money-laundering scandal tied India to Dubai. Indian authorities have charged 14 people with links to Mahadev Book, an illegal sports betting app. Of those 14, nine are on the run.

The app was launched by two Indian entrepreneurs but established in Dubai. The platform allegedly made as much as $24 million a day. It used a network of individuals throughout Asia, including China, to launder the proceeds.

Spain’s Drug Trafficking Raid

In September, Spanish police raided an international criminal group responsible for laundering money from drug traffickers throughout Europe and Asia. They arrested 27 people, including Chinese and Albanian nationals.

The group reportedly laundered around $68 billion during its year in operation; however, officials believe the operation may have handled more.

Chinese players had important roles in the group, according to a statement from authorities. Two agents recruited Asian businesses, such as Chinese restaurants and independent shops, throughout Spain to help them launder the money.

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MGM Resorts International (NYSE: MGM) CEO Bill Hornbuckle expressed that view earlier this week at the Global Gaming Expo (G2E) in Las Vegas. The Bellagio operator is developing a hotel in Dubai in partnership with Wasl Asset Management Group that Hornbuckle described as a “podium and pedestal” that “could house a casino.”

We were there early. We have a project, now underway,” Hornbuckle told G2E attendees. “This island has an MGM, a Bellagio, and an Aria on it. We’re now building a podium and pedestal that could house a casino. We think there will be three or four [casinos] in the Emirates.”

The MGM chief executive officer recently noted that the company set aside 150,000 square feet of space at the Dubai property that could be used for a casino in the event UAE leadership signs-off on gaming.

UAE Casino Opportunity Taking Shape

In late 2021, Wynn Resorts (NASDAQ: WYNN) announced plans for Wynn Al Marjan Island with the expectation, but little clarity, that the venue would be allowed to have a casino. Construction on the property commenced earlier this year, and it’s slated to open in early 2027.

The chairman of the GCGRA is former MGM CEO Jim Murren. Whether or not those ties are advantageous for MGM in the UAE remains to be seen. But the operator is ready to act if the various emirates approve casino gaming.

“I’d love to be in Dubai with an operating product with a casino in it. But one step and one day at a time. We’re very progressive and excited by what could happen there,” Hornbuckle said at G2E.

UAE Casino Options

Home to some of the world’s largest oil reserves, the UAE controls a substantial sovereign wealth fund. But that doesn’t mean the government wants to have direct ownership of a casino. At G2E, Hornbuckle noted MGM is prepared for various scenarios, including taking equity in a gaming venue or leasing it outright.

He said there’s chatter that a gaming decree has been formalized by UAE leaders, but it hasn’t been released as of yet.

In terms of potential locations for casino hotels in UAE, a survey conducted earlier this year by Knight Frank indicates 59% of respondents believe Abu Dhabi will eventually have at least one gaming venue, and 58% feel the same way about Dubai. Some 48% see UAE integrated resorts being located in the other five emirates.

Wynn Al Marjan Island is located on a manmade island in the emirate of Ras Al Khaimah.

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Citigroup’s latest survey of Macau wagering trends, conducted on Oct. 5, confirmed the average bet placed by visitors in the premium mass segment was $3,784 per hand. The bank has conducted the survey for six years. Premium mass bettors are those that, on average, wager more than mass market clients and less than VIPs or “whales.”

In its most recent survey, Citigroup noted that the $1.92 million in premium mass bets placed on Oct. 5 was just 3% below the record $1.97 million seen during Chinese New Year 2019.

Note that it took a total of 928 premium mass players seen in February 2019 to reach the circa $1.97 million total wager observed,” according to the bank. “This is a stark contrast to this month’s numbers: 508 players were seen wagering an aggregate of approximately $1.92 million.”

The bullish trends among premium mass visitors are likely encouraging for Macau concessionaires, particularly following a sluggish September, which was caused by Typhoon Saola.

Premium Mass Helping Macau Cement Resurgence

Increased play by premium mass bettors is helping Macau fortify its rebound — one that includes reclaiming the crown of world’s largest casino hub from Las Vegas.

In terms of operators benefiting from the premium mass resurgence, there’s significant concentration among four of the six, led by Galaxy Entertainment at 25%. Melco Resorts and Entertainment followed at 23% with Wynn Macau next at 20%. Sands China, the Macau arm of Las Vegas Sands, was fourth at 19%.

The other two concessionaires are MGM China and SJM Holdings.

Macau Whale Activity Perking Up

Further adding to Macau’s bullish trajectory is mounting evidence that the biggest bettors are returning and that the quality of their wagers is improving.

The Citigroup survey indicated that during the period in which the data were collected, 33 whales were seen at Macau casinos. That topped the poll’s previous high of 27 notched in February 2019 — a period coinciding with the Chinese New Year holiday.

“Among the 33 whales we saw in October 2023, the average wager was $24,430. This is circa 21% higher versus October 2019 (23 whales, average wager at circa $20,138),” observed the bank.

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Paul Willcock, president of Genting Casinos UK, said in a statement to The Mail that Crockfords had been negatively impacted by “a combination of factors” that have put London at a competitive disadvantage compared with other international markets. He added that no decision would be made until the views of the casino’s roughly 100 staff members had been heard.

Should Crockfords close, it would be the third high-end London casino to do so in recent years, after the Ritz Club and the Clermont. This is largely because of a dearth of high rollers hitting the British capital.

“We highly value our employees, and we are committed to our duty of care to them,” Willcock said. “None of our other casinos are affected in any way by this process, and we will not be commenting further while this consultation is underway.”

High Rollers Swerving London

In an earnings call last month, John O’Reilly, the CEO of the UK’s biggest casino group, Grosvenor, said that the Middle Eastern high rollers traditionally supplied London’s casinos with a stream of VIP revenues were now choosing to visit Paris or Milan instead.

London’s high-end casinos have also been affected by the Gambling Commission’s 2020 decision to ban gambling with credit cards.

Clever Fishmonger

Crockford’s was established in 1828 by William Crockford, a working-class fishmonger with a good head for numbers.

It was once the most famous gaming house in Europe and the scourge of many a dissolute aristocrat. The casino’s knack for relieving Britain’s upper classes of their inheritances made Crockford one of the richest self-made men in England at a time when such social mobility was unusual.

However, the current Crockfords is something of a regen. The original club closed in the early 1870s but was reestablished in 1928 as a bridge club that later added casino games. This casts a shadow on its claim to be the UK’s oldest gaming club.

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In a statement issued earlier Wednesday, Singapore-based hospitality group Banyan Tree announced it’s taking over Caesars Palace Dubai and will rebrand that venue as Banyan Tree Dubai. Caesars Palace Dubai opened in 2018 under the management of “old Caesars.” At that time, there was little more than hope that the UAE would eventually approve casino gaming.

MGM is also developing a non-gaming hotel in Dubai. Still, the operator recently acknowledged it set aside 150,000 square feet of space that could be turned into a casino should UAE regulators give gaming the green light.

Is Caesars Making Another International Gaffe?

When Eldorado Resorts announced plans to acquire old Caesars in 2019, CEO Tom Reeg — now at the helm of the Caesars — said that international opportunities would have to be “stupendous” for the combined company to consider expansion outside the US.

Should casino gaming come to life in the UAE and become a lucrative market, Caesars’ decision to abandon the region before it bears gaming fruit would represent another ominous chapter in the operator’s dubious international history.

Under prior management teams, Caesars missed the opportunity to enter Macau when the special administrative region (SAR) opened to foreign competitors more than two decades ago.

The Harrah’s operator ultimately abandoned the Chinese territory in August 2013 when it sold a previously acquired golf course at a loss. Today, Macau is back to being the largest casino market in the world, as measured by gross gaming revenue (GGR).

Questions Remain About Caesars’ Dubai Decision

Not only is the timing of Caesars Dubai’s decision interesting, it runs counter to comments made by Reeg on a 2022 earnings call in which he implied the company would be interested in a UAE gaming license if the opportunity was presented.

“If there’s an opportunity, you should expect that we would be active, and our brand and building is already open,” he said on the call.

Financial terms of the deal with Banyan Tree weren’t revealed. According to a statement issued by the hospitality group, the Dubai property will reopen later this year as Banyan Tree Dubai.

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