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5Ef2605b993edc8098ff2f23 AG JURISDICTION UPDATES March 2018 Edition In focus pg.30 Shaking the status quo MACAU MGM unveils Cotai gem pg.6 KOREA Fourth IR bets on Incheon pg.12 SINGAPORE No wind in top line sales pg.14 VIETNAM Hoiana woos Macau VIPs pg.34 ASEAN 2018 SUPPLIER SPECIALS pg.42 MESSAGE 3 Engaging the industry at ASEAN GB is proud to be hosting the second edition of casino industry. Leaked proposals have so far suggested a the ASEAN Gaming Summit in Manila, where high-tax environment, with restrictions on space, which 300 guests from both the land-based and some warn will lead to lower investment levels. online gaming fields will gather to engage with While Japan delays, South Korea steams ahead, with Incheon Amore than 80 leading speakers lined up to discuss the attracting its fourth IR. A Chinese property developer has state of the industry. announced plans for $4.5 billion resort on Yeongjong Island, Rosalind While the 2017 show focused on the convergence of online which authorities are touting as a major step towards creating Wade and land-based gaming, the 2018 event takes a look at an entertainment hub in the Incheon Free Economic Zone. disruptive technologies, as well as innovative operational In Singapore, operators continue to squeeze out profits and management strategies. from flat revenue. LVS argues that while a success story, The Focus section of this edition is dedicated to lifting the the city state is a very large EBITDA producer without top- veil on some of the discussions you can expect in Manila. line growth prospects in the near future. While the summit was designed to throw the spotlight on Back to South East Asia, we look at how tax reforms the some of the issues and products that are likely to shake up Philippines may have a sting in the tail. The recently Luis the future of the gaming industry in Asia, we take a deeper approved first steps in a long-awaited tax-reform program Pereira look at some of the emerging trends, both for the online are designed to raise funds to improve infrastructure. and the land-based industries. Analysts say they will dampen consumer spending, but are In the land-based sector, we discuss how new technologies unlikely to hurt the booming gambling industry. However, can be used to help operators maximize their table yields. a second round of measures may contain more sting and While in the online sphere we look at how First Cagayan operators are watching closely. plans a comeback. The master licensor is promising not Keeping with the Philippines, and the ASEAN Gaming only to significantly upgrade its infrastructure, but also to Summit, the 2018 event also features an upgraded focus on fintech and bitcoins, aiming to become an Asian meeting space at the conference, allowing companies to hub for these high-growth industries. showcase their latest products and technologies in a casual In these pages you’ll find our regular Jurisdiction Updates environment. This edition’s Special Supplier report brings from across the region. Starting with Macau we bring you you the voices of event exhibitors and supporters. They talk the story behind the new property on the market. MGM about the trends they are seeing in Asia and comment on Cotai’s delayed opening happened without some of the what products and services they’re prepared to deploy to fanfare seen for other debuts, but management has said take advantage of developments. casino floor traffic has been above expectations and close See you in Manila! to matching its sister resort on the Peninsula in terms of mass win per unit per day. Connect with us: Heading into IndoChina, analysts say central Vietnam’s Hoiana IR-in-development, to be operated by Suncity, has @agbrief Asia Gaming Brief the potential to generate about $15 billion a quarter in VIP Asia Gaming Brief rolling volumes and syphon off a chunk of Macau’s high- roller market. On behalf of Asia Gaming Brief Further afield, operators and the community are still waiting Rosalind Wade & Luis Pereira for the details of how Japan plans to regulate and tax its PUBLISHERS www.agbrief.com PUBLISHED BY PUBLISHERS & MDS DISCLAMER AGBRIEF PARTNER EVENTS MARCH 2018 EDITION BLUE SKY VENTURE LtD. Rosalind Wade, Luis Pereira All rights reserved. No part SERIES II • ISSUE XIX 16/F China Law Building, 409 of this publication may be › ICE Totally Gaming MANAGING EDITOR Av. da Praia Grande reproduced or transmitted › iGaming Asia Congress Sharon Singleton Macau SAR | P.O. Box 1139 in any shape or form, or › Japan Gaming Congress t. +853 2871 7267 ASIA EDITOR by any means, or stored in › G2E Asia f. +853 2871 7264 Felix Ng any retrieval system of any › Russian Gaming Week e. [email protected] nature, without prior express › iGaming Super Show DESIGN permission. The publishers People Press Publishing ADVERTISING ENQUIRIES accept no responsibility › World Gaming Executive Summit [email protected] PHOTOGRAPHY for loss or damage to any › Australasian Gaming Expo Agencies materials submitted for › Gaming, Racing & Wagering Australia SUBSCRIPTION ENQUIRIES publication. The views › G2E Las Vegas [email protected] PRINTING expressed within are not › European iGaming Congress Hop Sze, Hong Kong necessarily subscribed by the EDITORIAL ENQUIRIES › IAGR Annual Conference publishers. [email protected] For more info, please visit our › MGS Entertainment Show website www.agbrief.com. › Malta iGaming Seminar › SiGMA CONTENTS 4 GREATER CHINA NORTH ASIA SOUTH EAST ASIA MACAU 06 JAPAN 10 SINGAPORE 14 SOUTH KOREA 12 MALAYSIA 16 PHILIPPINES 18 INDOCHINA AUSTRALASIA VIETNAM 34 AUSTRALIA 38 CAMBODIA 36 NEW ZEALAND 40 special FOCUS 22 SUPPLIER SPECIAL REPORT 42 LAST WORD 66 Asia Gaming Briefings | March 2018 6 6 MACAU GREATER CHINA GREATER MGM opens its Cotai jewel MGM Resorts opened its Cotai property on Feb. 13, with analysts cautiously optimistic about the prospects for the multi-coloured resort, whose design is meant to evoke a jewellry-box. Asia Gaming Briefings | March 2018 GREATER CHINA 7 he delayed opening happened without some of the fanfare seen for other debuts over the past few years, though management has said casino floor Talking to non-MGM industry insiders Ttraffic has been above expectations. On a recent “on the ground in Macau the feedback we conference call with analysts, executives said received was quite positive as it relates to the property was already close to matching its sister resort on the Peninsula in terms of the property, its positioning, the gaming mass win per unit per day. floor, the non-gaming elements, etc. All MGM Cotai will have just under 1,400 hotel rooms, meeting space, high-end spa expect it to be very competitive, especially and retail outlets, as well as the usual array of at the higher end of the market. bars and restaurants. It sees its unique selling point as being its high-tech auditorium. Its ” MGM Theater houses a 900-square-metre 4K LED screen, which is the world’s largest MGM Cotai expands the number of the property, its positioning, the gaming floor, permanent indoor LED screen. It is the first group’s gaming tables in Macau by 29 percent the non-gaming elements, etc. All expect dynamic theater in Asia with over 10 different and will eventually take up its room count by it to be very competitive, especially at the configurations and 2,000 seats. 238 percent. However, the table allocation higher end of the market.” “We did see non-gaming offerings at was lower than had been expected and it Govertsen said he expects MGM China’s MGM Cotai that are differentiated from its launched with no junkets. It is expected to market share to rise to 9.5 percent from 7.1 peers,” Morningstar analyst Chelsea Tam add about five junkets by June. percent in 2017 as the resort gets up to speed, said in a note. MGM China received an initial table a gain of 34 percent. By way of comparison, A giant glass atrium, known as The grant of 125 gaming tables, with 100 of Wynn Macau’s market share as Wynn Palace Spectacle connects the main lobby through those available at the open and a further 25 ramped went from 10.1 percent to 16.5 percent. to restaurants and shops, with 25 LED walls to be deployed in 2019. It was lower than the Bernstein Research was less upbeat, displaying a variety of pictures. 150-table allocation that analysts had expected predicting that any strong ramp up on Cotai “The collection of royal carpets from and below the 150 granted to Wynn Resorts’ may be at the expense of the company’s the Qing dynasty hanging on the wall in the Wynn Palace and Las Vegas Sands Parisian. Peninsula property. high-end area does give a prestigious look The company is expected to transfer some “We remain concerned about the and feel,” Tam said. tables over from MGM Macau later this year. company’s ability to fully defend its position The property is opening at a time gross In terms of ramp up, Tam said that MGM on the Peninsula after the Cotai opening and gambling revenue in Macau is firmly back on Cotai’s ramp up speed should be “decent” as we are skeptical of a strong Cotai ramp up. an upward track, recording growth of 19.1 the adjacent opening of Wynn Palace in 2016 The addition of 1,400 rooms and increased percent in 2017. According to projections ramped up strongly. gaming capacity will inevitably give the from Fitch Ratings that growth will continue Grant Govertsen, managing director company potentially outsized growth in this year, notching up a gain of about 13 and head of Asia gaming research at Union the near term, but at the cost of US$3.4bn percent.
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