Asia
MGM China Reports 2020 First Quarter Financial Data
MGM China Holdings Limited announced the selected unaudited financial data of the Company and its subsidiaries (the “Group”) for the three months ended March 31, 2020.
- In the first quarter, MGM China recorded total revenue of HK$2.1 billion. The Group saw an adjusted negative EBITDA of HK$0.1 billion. Overall occupancy rate was 36%.
- The first-quarter results were significantly impacted by the COVID-19 pandemic and we continue to be impacted today. China has implemented temporary suspension of tour groups and Individual Visit Scheme in late January, followed by a 15-day shutdown of all casinos (February 5 -19) by the Macau Government.
- The Macau market continues to experience low visitation levels primarily driven by various travel restrictions and quarantine measures in Mainland China and Hong Kong. Macau’s gross gaming revenue (GGR) in first quarter declined by 60% year-on-year, that February GGR was down by 88% year-on-year and March down by 80% year-on-year.
- For the Period, MGM MACAU recorded revenue of HK$1.1 billion and EBITDA of HK$34.1 million. MGM COTAI recorded revenue of HK$1.0 billion and negative EBITDA of HK$156.8 million.
- MGM MACAU and MGM COTAI were reopened on February 20 with social distancing and other safety protocols in place.
Grant Bowie, Chief Executive Officer and Executive Director of MGM China said: “The decisive actions and leadership of the Macau Government has contained the COVID-19 & shielded Macau from the worst effects. We at MGM China have been working with the Government as we focus on the health and safety of our team members, guests and all Macau citizens.
“While we focus to contain our costs, we are building scenario and maintaining relationship with our customers. We are preparing for recovery and extremely positive about the prospects of Macau gaming and hospitality market in a longer term.”
About MGM China Holdings Limited
MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/sub-concessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau.
MGM China is majority owned by MGM Resorts International one of the world’s leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. For more information about MGM Resorts International, visit the Company’s website at www.mgmresorts.com.
SOURCE MGM China
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Asia
BetConstruct Wins Digital Sports Betting Supplier at Global Gaming Awards Asia-Pacific 2024
BetConstruct has been named Digital Sports Betting Supplier of the Year at the Global Gaming Awards Asia-Pacific 2024, emphasising its commitment to innovation and excellence in the sports betting market.
With its advanced Sportsbook solution, BetConstruct empowers operators with the freedom and flexibility necessary to tailor their offerings. Featuring high-quality software and advanced technology, the platform provides an engaging experience for players and meets the exacting standards of its partners. It includes over 140,000 pre-match events and 70,000 live matches monthly, supported by detailed statistics from more than 3000 leagues and 21 sports tournaments.
Moreover, the key features of this solution include multi-language and multi-currency capabilities, omni-channel access across various platforms, comprehensive risk management tools, and mobile compatibility for both iOS and Android. The platform also supports advanced betting tools and exclusive in-house content, enhancing the betting experience with innovative options such as sportsbook tournaments and jackpots.
This recognition from the Global Gaming Awards Asia-Pacific is a testament to BetConstruct’s ongoing efforts to advance the sports betting industry, setting new benchmarks for innovation and operational excellence.
The post BetConstruct Wins Digital Sports Betting Supplier at Global Gaming Awards Asia-Pacific 2024 appeared first on European Gaming Industry News.
Asia
GR8 Tech Stands Out at SiGMA Asia 2024 with Best Stand Experience Award
GR8 Tech has been one of the most prominent exhibitors at SiGMA Asia 2024, winning an award for Best Stand Experience. A combination of a thoughtfully designed sectional layout, interactive kiosks with live product demonstrations and engaging entertainment, and the professional host team featuring Miss World Philippines 2022 Gwendolyne Fourniol, allowed GR8 Tech to create a memorable and impactful experience for each visitor.
Gathering Insights on the Asian iGaming Industry
In addition to celebrating excellence in stand experience, SiGMA Asia provided a great platform for gaining valuable insights into the Asian iGaming market, revealing several critical must-haves and emerging trends.
- Regional distinctions: Asia’s diversity of cultures and attitudes differentiates it significantly from Europe, while its approach to market success, regulation, and business ethics makes it easy to find many similarities with LatAm. The market structure in Asia features major B2B players aggregating content for smaller white-label providers, and utilizing multiple sportsbooks via iFrame is a common practice.
- Emerging trends: The market is moving towards increased regulation, which already starts to drive new platform requirements needed to remain compliant. White labels continue to be a favored model, but as the markets mature, this can shift into demand for more turnkey solutions – an evolution similar to what we currently see in Latin America.
- Key requirements for success in Asia: Just like in every macroregion with several distinct countries within it, localization plays a crucial role, spanning all elements from the back to the front end of the product.
In tune with this must-have, GR8 Tech has just refined its approach to the platform’s Asian View through extensive research and adaptation to industry standards. The Asian View offers two distinct interfaces: a comprehensive view displaying up to six markets on a single card and a compact view focusing on one market per event, allowing users to easily switch between them for a personalized betting experience. It prioritizes quick access to main market options, especially Asian total and handicap for football, ensuring users can place bets efficiently without navigating through extensive details.
Future Focus
Looking ahead, GR8 Tech will keep its focus on key Asian markets such as the Philippines, India, Indonesia, Thailand, and Japan. While requiring a thorough approach to localization, these markets offer significant growth potential and future prospects.
SiGMA Asia 2024 proved to be a resounding success for GR8 Tech, resulting in numerous quality leads and the signing of a new contract. The company is excited about its next destination, iGB Live, held on July 16-19 in Amsterdam, Netherlands. At this event, GR8 Tech will continue to showcase its high-performance products, engage with industry leaders, and contribute to driving the iGaming field forward.
The post GR8 Tech Stands Out at SiGMA Asia 2024 with Best Stand Experience Award appeared first on European Gaming Industry News.
Asia
EGT took the “Best Land-based Game Machine 2024” prize from SIGMA Asia Awards for the second year in a row
EGT won the accolade in the category “Best Land-based Game Machine 2024” at the SIGMA Asia Awards for the second year in a row. At a lavish ceremony held on June 3 at the Forbes Ballroom – Conrad Hotel, Manila, the competition honored the Bulgarian manufacturer of gaming equipment along with other companies for their achievements in the gaming industry over the past 12 months.
EGT took the prize for its cutting-edge slot cabinets of the latest General Series, which stand out with a modern attractive design, exceptional comfort provided by their numerous ergonomic features, as well as with the rich gaming world of the company’s multigames and jackpots. The award is also a recognition for EGT’s overall contribution to the development of land-based gaming.
“We are flattered to receive this award again,” commented Mariana Manchina, Sales Manager for the Philippines at EGT. “It is a proof that any goal can be achieved as long as you work with the right team. I would like to thank our incredible colleagues as well as our valued partners who believe in us and support us. They all inspire us to continue to strive for excellence!”
The post EGT took the “Best Land-based Game Machine 2024” prize from SIGMA Asia Awards for the second year in a row appeared first on European Gaming Industry News.
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