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Naga 2 Lamp-Up Leaves Macau Into the Dust
According to Union Gaming Securities Asia Ltd., the business of Nagakov's newest casino in Cambodia, Nagakov's Naga 2 is growing at a faster rate than casino resorts in Macau can manage. The securities firm says that Nagakov's supply of high-quality games has "fueled demand" and that Nagakov is generating "gaming volumes like Macao's representatives" at the level of pre-interest, taxable, depreciable and amortised (EBITDA), which is commonly seen among casino-grade 1 operators. Hong Kong-listed Naga Corp posted a net profit of $180.1 million in the first half of its fiscal year ended June 30,
Nearly 40 casinos in Macau reportedly earned about $11.3 million
The figure represents an increase of about 4.5% compared with about $10.9 million the previous week, according to a report by Asia Gaming Brief, which cites information from major Asian broker Sanford Sea Bernstein Limited. The sources also described improvements as China's metropolitan city of Chengdu ended its forced lockdown under rules requiring people wishing to travel from Macau to the mainland to present a negative coronavirus nucleic acid test (NAT) completed within the previous 48 hours. Expert Review: Vitali Umanski of Sanford C Bernstein Limited reports that the latest figures com
Kambi Group extends sportsbook agreement with Penn Entertainment
Kambi Group has extended its agreement with Penn Entertainment. This regards Kambi's sportsbook products, which include kiosks, port-of-sale terminals, odds boards and Bring Your Own Device technology. Under the new agreement, Kambi will continue to supply Penn Entertainment properties with this technology until 31 December 2025. The original deal was set to expire in July 2024 and covers 30 different properties across 13 US states. Kristian Nylén, Kambi CEO and Co-Founder, said: “We are pleased to agree to this extension to our retail sportsbook agreement with Penn Entertainment through w
It takes six months to land, and we're looking for a new Philippine casino site
Landing International Development, an Asian casino promoter, said it had been given about six months to find an alternative site for the casino resort it had planned for in the Philippine capital of Manila, or it would risk a temporary gaming permit for the Philippines being revoked or suspended. In a filing to the Hong Kong Stock Exchange on Friday, Landing International said it had declared a lease on the original allotted site (shown as a file photo) negotiated by Philippine authorities with a group called the Nayong Philippino Foundation. Landing International has previously said i
Donaco Q2 Sales Slack, C.E.O. Exits CEO Looking at Cash Burnout Rate
Australian-listed casino operator Donaco International said it aims to keep its cashing rate between $800,000 and $900,000 per month amid a slump in its COVID-19-related business. The company posted a sales drop of more than 95% in the three months to June 30, it said in a filing on Friday. Meanwhile, Paul Averkle will step down as the company's chief executive Tuesday (Aug. 4). Donaco said outgoing CEO Averkle will remain in office on a "monthly basis" after his originally planned June exit to help the company make a "smooth transition" to a new CEO. "The CEO recruitment process i
Paradise Slashes Casino Earnings In February
Paradise, which operates foreign-only casinos in South Korea, said in a filing on Wednesday that casino sales fell 36.5% in February from a month earlier. On a year-on-year basis, the report showed a 72.9% drop. The group's February casino sales were just under 17.38 billion won ($15.4 million), down from 27.37 billion won achieved in January this year, and down from 64.11 billion won achieved in February 2020. Paradise's gaming operations are at Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in the southern port city of Busan, and Paradise City (file photo), near the mai
Additional review of KINTEX, Casino, and Hotel in Seoul Exhibition Hall
Organizers of KINTEX, South Korea's largest exhibition center, said Tuesday in response to phone inquiries from GGRA that they were considering asking the South Korean government for a casino site. Currently, only one of Korea's casinos, Kangwon Land, can provide services to local players. The rest are foreigner-only facilities. KINTEX is originally operated by KINTEX Inc., a company specializing in manufacturing industrial materials. The complex is located in the northwest of the Seoul metropolitan area. The site currently has two exhibition halls that occupy a total exhibition area o
My blogs
Naga 2 Lamp-Up Leaves Macau Into the Dust
According to Union Gaming Securities Asia Ltd., the business of Nagakov's newest casino in Cambodia, Nagakov's Naga 2 is growing at a faster rate than casino resorts in Macau can manage. The securities firm says that Nagakov's supply of high-quality games has "fueled demand" and that Nagakov is generating "gaming volumes like Macao's representatives" at the level of pre-interest, taxable, depreciable and amortised (EBITDA), which is commonly seen among casino-grade 1 operators. Hong Kong-listed Naga Corp posted a net profit of $180.1 million in the first half of its fiscal year ended June 30,
Nearly 40 casinos in Macau reportedly earned about $11.3 million
The figure represents an increase of about 4.5% compared with about $10.9 million the previous week, according to a report by Asia Gaming Brief, which cites information from major Asian broker Sanford Sea Bernstein Limited. The sources also described improvements as China's metropolitan city of Chengdu ended its forced lockdown under rules requiring people wishing to travel from Macau to the mainland to present a negative coronavirus nucleic acid test (NAT) completed within the previous 48 hours. Expert Review: Vitali Umanski of Sanford C Bernstein Limited reports that the latest figures com
Kambi Group extends sportsbook agreement with Penn Entertainment
Kambi Group has extended its agreement with Penn Entertainment. This regards Kambi's sportsbook products, which include kiosks, port-of-sale terminals, odds boards and Bring Your Own Device technology. Under the new agreement, Kambi will continue to supply Penn Entertainment properties with this technology until 31 December 2025. The original deal was set to expire in July 2024 and covers 30 different properties across 13 US states. Kristian Nylén, Kambi CEO and Co-Founder, said: “We are pleased to agree to this extension to our retail sportsbook agreement with Penn Entertainment through w
It takes six months to land, and we're looking for a new Philippine casino site
Landing International Development, an Asian casino promoter, said it had been given about six months to find an alternative site for the casino resort it had planned for in the Philippine capital of Manila, or it would risk a temporary gaming permit for the Philippines being revoked or suspended. In a filing to the Hong Kong Stock Exchange on Friday, Landing International said it had declared a lease on the original allotted site (shown as a file photo) negotiated by Philippine authorities with a group called the Nayong Philippino Foundation. Landing International has previously said i
Donaco Q2 Sales Slack, C.E.O. Exits CEO Looking at Cash Burnout Rate
Australian-listed casino operator Donaco International said it aims to keep its cashing rate between $800,000 and $900,000 per month amid a slump in its COVID-19-related business. The company posted a sales drop of more than 95% in the three months to June 30, it said in a filing on Friday. Meanwhile, Paul Averkle will step down as the company's chief executive Tuesday (Aug. 4). Donaco said outgoing CEO Averkle will remain in office on a "monthly basis" after his originally planned June exit to help the company make a "smooth transition" to a new CEO. "The CEO recruitment process i
Paradise Slashes Casino Earnings In February
Paradise, which operates foreign-only casinos in South Korea, said in a filing on Wednesday that casino sales fell 36.5% in February from a month earlier. On a year-on-year basis, the report showed a 72.9% drop. The group's February casino sales were just under 17.38 billion won ($15.4 million), down from 27.37 billion won achieved in January this year, and down from 64.11 billion won achieved in February 2020. Paradise's gaming operations are at Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in the southern port city of Busan, and Paradise City (file photo), near the mai
Additional review of KINTEX, Casino, and Hotel in Seoul Exhibition Hall
Organizers of KINTEX, South Korea's largest exhibition center, said Tuesday in response to phone inquiries from GGRA that they were considering asking the South Korean government for a casino site. Currently, only one of Korea's casinos, Kangwon Land, can provide services to local players. The rest are foreigner-only facilities. KINTEX is originally operated by KINTEX Inc., a company specializing in manufacturing industrial materials. The complex is located in the northwest of the Seoul metropolitan area. The site currently has two exhibition halls that occupy a total exhibition area o
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