STAENT SAYS IT IS NOT FIT TO GET Casino LICENSE

The Australian state government of Queensland has determined that The Star Entertainment Group Ltd. is “unfit” to hold casino licenses there. The information was made public in a statement by Attorney General Shannon Fentiman on Thursday.

The announcement comes after the Australian casino operator completed a review process that turned out to have concealed illegal betting payments from Chinese customers to authorities and lured problem gamblers from other states in Australia. Star Entertainment said in a filing with the Australian Stock Exchange on Thursday that it would consider the report’s findings and the state’s decision and continue to work with authorities.

The company currently operates two Queensland casinos, Treasury Brisbane and Star Gold Coast, and is building a third Queens Warp Brisbane plan (pictured) through a partnership between two Hong Kong-based businesses, Chautai Phuk Enterprises Limited and Far East Consortium International Limited. The latter venue is expected to open in the second half of 2023.

Last month, Star Entertainment was found unfit to hold a casino license in New South Wales following inquiries into Star Sydney properties. The company pleaded at the time to continue operating under “strict supervision.”

The Queensland review, conducted by former judge Robert Gotterson, highlighted several concerns related to Star Entertainment’s business.

These included the risk of Star Entertainment returning to hosting junket operations “in pursuit of future commercial goals.” It also cited allegations of flaws in casino operators’ anti-money laundering practices and a lack of transparency in their transactions with bankers and Queensland regulators.

The review made 12 recommendations on improvements to the company’s casino operations and regulations.

This included revising provisions of the state’s Casino Management Act to allow for the appointment of special managers to enhance oversight and integrity applicable to operations. Other recommendations included minimizing gambling damage and placing limits on cash transactions by ensuring players use “mandatory and identified” cards when gambling.

It also advised casino licence holders to pay a “supervision charge” as a condition of their licence, and to make “reasonable efforts” to ban those subject to casino exclusion protocols issued by police officers in other Australian states.

The Queensland government said in a press release on Thursday that it supports all recommendations by the Gotterson Commission in principle.

“We are currently considering the [review] report and the issues raised by Mr. Gorterson and will continue to work with OLGR [Office of Liquor and Gaming Regulation],” the company said in a filing

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2024 Macau GGR may rise 21pct y-o-y: Deutsche Bank

Deutsche Bank Securities Inc estimates Macau’s 2024 casino gross gaming revenue (GGR) will rise by 20.6 percent year-on-year, to the equivalent of just over US$27.62 billion.

The institution thinks most of the improvement will be driven by mass-market GGR, which it forecasts to expand by 23.7 percent year-on-year, to nearly US$21.34 billion. It estimates VIP GGR will be up 11.0 percent from 2023, at just under US$6.29 billion.

Direct comparison between the operational-margin significance of pre-pandemic mass GGR in 2019 and mass GGR currently, is made difficult due to what some industry commentators say is subsequent migration possibly of some former VIP junket players to the so-called premium mass segment.

Due to other market developments, much Macau GGR booked in the pre-pandemic era as VIP, is understood to have been largely generated via junkets, whereas now, more VIP GGR is in likelihood coming from house-managed VIPs, which might yield a margin for the casino operator not directly comparable with junket-managed ones.

Brokerage CLSA Ltd stated in a Tuesday report that for now in 2024, Macau market developments regarding the cost of doing business – including marketing to players via “rebates” – and the scope of sequential expansion of operators’ margin on earnings before interest, taxation, depreciation and amortisation (EBITDA) “will likely remain as key investor focuses”.

But as per Deutsche Bank’s data, its 2024 estimate for mass GGR would represent 108.5 percent of the 2019 level. Its VIP GGR forecast for this year would be only 37.1 percent of 2019 VIP GGR.

Macau’s casino GGR for calendar year 2023 was MOP183.06 billion (US$22.71 billion currently). That figure was up by 333.8 percent year-on-year, coinciding with the lifting in January last year of most travel restrictions between Macau and its main tourism-customer markets of mainland China and Hong Kong.

Macau’s 2023 GGR was 62.6 percent of 2019′s MOP292.46 billion, a trading period immediately before the pandemic.

CLSA said that its Macau research for early 2024 indicated “hotel bookings are fast picking up again”. It stated: “At four weeks out from Chinese New Year weekend – 10 to 11 February – our four-week leading average hotel prices are already 27 percent higher year-on-year.”

The institution added that “10 out of the 33 operating hotels” it tracked were already “fully booked that weekend”.

Macau’s daily casino GGR across the first 14 days of January was estimated at MOP8.6 billion, translating to what JP Morgan Securities (Asia Pacific) Ltd termed a “robust run rate” of MOP614 million per day, versus December’s MOP599 million per day.

“While GGR is due to slow down seasonally for the balance of month ahead of Chinese New Year, we expect January to print MOP17.5 billion to MOP18 billion,” added the brokerage in a Monday memo.

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Lotteries and Gaming Saskatchewan Selects President and CEO

Recently established Lotteries and Gaming Saskatchewan, which will oversee all lotteries and gaming in the province, announced the appointment of President and CEO. On Friday, its Board of Directors reported that after a comprehensive search, it has decided that Susan Flett will be the one to lead the regulator forward. She will assume the position in September 2023.

Launched in June 2023, LGS is a new commercial Crown corporation that was created to supervise all lotteries and gaming in the province. With its oversight over commercial gaming, the regulator will ensure that lotteries, casinos, VLTs, and online gaming are operated and offered in a socially responsible manner for the people of Saskatchewan.

Welcome Aboard

In its Friday announcement, the Board of Directors of LGS reported that Ms. Flett will now lead the regulator forward as President and CEO. She comes to the corporation with over two decades of experience in the gambling industry, as she served for eight years as President and CEO of the Saskatchewan Gaming Corporation, which is now wholly owned by the new regulator.

Board Chair and Minister responsible for LGS Laura Ross welcomed and congratulated Ms. Flett on her appointment. Ms. Ross explained that the new President and CEO was in charge of SaskGaming’s effort to modernize gaming technology, properties, products, and the launch of the province’s first online regulated platform for iGaming in conjunction with PlayNow.com.

Ms. Ross is adamant that Ms. Flett’s proven track record of leadership, expertise and experience in the gambling industry will prove beneficial, as the province undertakes an industry-wide approach to all forms of gaming, so it can render more revenue for its communities. It was reported that Ms. Flett will assume the position starting from September 1, 2023.

Throughout her 20 years tenure with SaskGaming, Ms. Flett operates in numerous positions including President and CEO, Chief Marketing Officer, Vice President, and Director in Corporate Relations, Communications, and Marketing. Prior to her time with the gambling corporation, she also held positions at the Saskatchewan Transportation Company, Crown Investments Corporation, and Crown Life Canada.

In addition to that, the new President and CEO of LGS boasts a holds a Bachelor of Business Administration from the University of Regina, a Certificate in Human Resource Planning from Queens University and is a Chartered Director from the Edwards School of Business, University of Saskatchewan. She is also a director of the Saskatchewan Roughriders Football Club.

Saskatchewan’s Annual Gambling Report is Out

 
In July 2023, Saskatchewan Indian Gaming Authority issued its annual 2022-2023 fiscal report. SIGA’s report disclosed total revenue of CA$292.6 million which was a massive improvement on the CA$195.8 million in 2021-2022. Meanwhile, expenses were CA$166.6 million to CA$127.6 million in the previous FY. Net income reached CA$126 million in 2022-2023, which was almost double the CA$68.2 million in the past year.

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