Inside Asian Gaming

December 2015 inside asian gaming 43 MGS 2015 also saw its floor space expand by 20% on the previous year to around 12,000 square meters while boasting representatives from all six of the world’s populated continents. Mr Chun said, “The Macao Gaming Show has made a significant step forward. The exhibition has signalled its intent to grow in numbers and expand in sectors and the positive response from all the exhibitors and visitors suggests that MGS must continue with its vision through 2016 and beyond. “The show saw major innovations on the floor from both the gaming and entertainment sectors; key product launches across the board; a strong input from the Macau concessionaires and the local business community; an increasing overseas contingent; and notable commitments to sign up for 2016. “Equally important is the impressionMGS and the Macao Tourism and Culture Summit left on our key partners at the Macau SAR Government. MGS 2015 proved that Macau can really make its mark on the international stage through both quality trading opportunities and ideas and debate that will drive the industry forward.” “Our task – which starts immediately – is to build on the success of 2015 and push forward with the show’s development as one of the world’s ‘must attend’ gaming events.” MGS has announced that the fourth edition of the show, to take place from 15 to 17 November 2016, would include a greater focus on Macau’s growing mass market segment. Melco-Crown reaches agreement to amend loan terms Melco-Crown Entertainment Ltd and its partners have reached an agreement with lenders to amend the terms of a US$1.4 billion project loan for its recently opened Studio City integrated resort in Macau. Due in January 2018, Melco Crown stated in a filing to the US Securities and Exchange Commission that it “has received the requisite lender consent to amend the loan documentation as proposed by the Studio City borrowing group. “The amendments … include changing the Studio City project opening date condition from 400 to 250 tables, consequential adjustments to the financial covenants, and rescheduling the commencement of financial covenant testing.” Melco Crown required consent from more than 50% of lenders, which include Bank of China Ltd and the Industrial & Commercial Bank of China Ltd, to be granted the amendment. Studio City opened its doors on 27 October 2015 with 200 new- to-market gaming tables, with another 50 becoming available for use from January. It also announced that it would operate with no VIP tables – opting instead to focus on the growing mass market segment which provides better margins on its tables. The decision is also in line with the property’s array of non- gaming attractions which show a clear desire to diversify beyond the gaming floor. They include a Batman Dark Flight magic motion ride, Fran z Harary’s House of Magic, a 5,000 seat multi-purpose arena and the Golden Reel – a figure eight Ferris wheel starting 23 stories high. Macau’s casinos wouldn’t have even contemplated having no VIP gaming 12 months ago but with the VIP segment continuing to shrink on the back of the Chinese Central Government’s anti- corruption crackdown, the reliance on high rollers isn’t what it used to be. It “should work,” said Union Gaming Securities Asia analyst Grant Govertsen. “VIP as it stands today is approaching meaningless as a percentage of profits.” International Poker Open spreads its wings The latest poker tour to try and make its mark in Asia, the International Poker Open (IPO), held its first-ever Philippines event in November having previously operated solely in South Korea. IPO, which is owned by Allwinstar Entertainment based in Maryland, USA, held its first event in Jeju last December and its second, also in Jeju, in May this year. However, it recently signed a three-year agreement with Resorts World that will see it run tournaments in Resorts World properties with Manila the first to welcome the fledgling tour. Resorts World has properties in Singapore and the Philippines while Resorts World Jeju is currently under construction and due to open in 2017. IPO is also in talks with Resorts World’s parent company Genting Group to take the tournament series international. Genting Group’s casino empire includes multiple locations across the USA, the UK and the Caribbean among others. The biggest challenge for IPO will be finding its niche in the already crowded Asian poker calendar. Tournament poker in the region has traditionally been dominated by the Asian Poker Tour (APT) and the Asia Pacific Poker Tour (APPT) while the popular World Poker Tour (WPT) has also made moves into Asia in recent years with events in Manila and Sanya. Nevertheless, the partnership with Resorts World could prove hugely beneficial in helping IPO gain a foothold – particularly given the fact that none of its rivals currently has a stop in Singapore. Poker in Asia has been gradually breaking boundaries in recent times with Vietnam’s first ever international poker festival, APT Vietnam, held at Ho Tram Resort Casino in May followed by the country’s first home grown poker series – the Vietnam Poker Cup – in August. IPO3 at Resorts World Manila has a busy seven day schedule boasting 16 events in its first foray outside South Korea. REGIONAL BRIEFS

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