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    Imperial Pacific Chairman forced to offload shares as stock price fall triggers margin financing

    Construction deadline looming large as Imperial Pacific again ordered to stop work on Saipan casino hotel project

    Winter wonderland

    Alex Pratt, Stuart Hunter take the reins as ICE organizer Clarion Gaming announces management changes

    Reports Yokohama to start RFP in late January

    Yokohama publishes IR public tender requirements as lengthy RFP begins

    Growing visitation at Malaysian IR suggests worst is over for Genting Malaysia: RHB Research

    Genting Malaysia shuts Resorts World Genting as national COVID-19 restrictions expanded

    Macau registers first COVID-19 case since June in returning flight passenger

    Macau registers first COVID-19 case since June in returning flight passenger

    Analysts agree VIP sector woes to remain for years to come

    Macau authorities add seven day “self-health management” requirement to 21-day hotel quarantine period

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          Memories of the man that was Sheldon Adelson

          Memories of the man that was Sheldon Adelson

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          Macau: Taking a sensible approach to responsible gaming

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          • TECH TALK
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              Manila restrictions ease as Duterte implements General Community Quarantine for National Capital Region

              Philippine police arrest eight alleged members of POGO-linked “kidnap for ransom” gang

              PAGCOR reveals substantial POGO revenue rise in 2018 as enforcement role defended

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              MGM Resorts looking to raise US$750 million via senior notes offering

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                  Macau registers first COVID-19 case since June in returning flight passenger

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                  Analysts agree VIP sector woes to remain for years to come

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                      Imperial Pacific Chairman forced to offload shares as stock price fall triggers margin financing

                      Construction deadline looming large as Imperial Pacific again ordered to stop work on Saipan casino hotel project

                      Winter wonderland

                      Alex Pratt, Stuart Hunter take the reins as ICE organizer Clarion Gaming announces management changes

                      Reports Yokohama to start RFP in late January

                      Yokohama publishes IR public tender requirements as lengthy RFP begins

                      Growing visitation at Malaysian IR suggests worst is over for Genting Malaysia: RHB Research

                      Genting Malaysia shuts Resorts World Genting as national COVID-19 restrictions expanded

                      Macau registers first COVID-19 case since June in returning flight passenger

                      Macau registers first COVID-19 case since June in returning flight passenger

                      Analysts agree VIP sector woes to remain for years to come

                      Macau authorities add seven day “self-health management” requirement to 21-day hotel quarantine period

                      Trending Tags

                      • POWER 50
                        Power restored

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                        2020 Asian Gaming Power 50: Top of the World

                        2020 Asian Gaming Power 50: Top of the World

                        2020 Asian Gaming Power 50: Meet the panel

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                        2020 Asian Gaming Power 50: Number 4 – Lawrence Ho

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                        2020 Asian Gaming Power 50: Number 4 – Lawrence Ho

                        2020 Asian Gaming Power 50: Number 2 – Sheldon Adelson

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                        • NEWS
                          Imperial Pacific Chairman forced to offload shares as stock price fall triggers margin financing

                          Construction deadline looming large as Imperial Pacific again ordered to stop work on Saipan casino hotel project

                          Winter wonderland

                          Alex Pratt, Stuart Hunter take the reins as ICE organizer Clarion Gaming announces management changes

                          Reports Yokohama to start RFP in late January

                          Yokohama publishes IR public tender requirements as lengthy RFP begins

                          Growing visitation at Malaysian IR suggests worst is over for Genting Malaysia: RHB Research

                          Genting Malaysia shuts Resorts World Genting as national COVID-19 restrictions expanded

                          Macau registers first COVID-19 case since June in returning flight passenger

                          Macau registers first COVID-19 case since June in returning flight passenger

                          Analysts agree VIP sector woes to remain for years to come

                          Macau authorities add seven day “self-health management” requirement to 21-day hotel quarantine period

                          Trending Tags

                          • FEATURES
                            2021: Japan IR – Crunch time

                            2021: Japan IR – Crunch time

                            In safe hands

                            In safe hands

                            A spirit of social responsibility

                            A spirit of social responsibility

                            Taxation tremors

                            Taxation tremors

                            10 years ago

                            10 years ago

                            Creating an RG culture beyond the boardroom

                            Trending Tags

                            • PEOPLE
                              Dave Smith: Smell of success

                              Dave Smith: Smell of success

                              Scientific Games insists liquidity position strong after adding US$480 million in debt, cutting costs

                              Scientific Games appoints Eileen Moore Johnson as Executive Vice President and Chief Human Resources Officer

                              Creation theory

                              Creation theory

                              Paltronics announces passing of Stephen Cowan, much-admired Managing Director

                              Paltronics announces passing of Stephen Cowan, much-admired Managing Director

                              Dark days

                              POST-COVID2: The most transformative business shock of our lifetimes

                              Dominic Laubach: Global explorer

                              Dominic Laubach: Global explorer

                              Trending Tags

                              • COLUMNISTS
                                Memories of the man that was Sheldon Adelson

                                Memories of the man that was Sheldon Adelson

                                Big money

                                A decade of differentiation

                                A decade of differentiation

                                How to set up for IR success

                                How to set up for IR success

                                Macau: Taking a sensible approach to responsible gaming

                                Macau: Taking a sensible approach to responsible gaming

                                Time to realign?

                                Time to realign?

                                Trending Tags

                                • TECH TALK
                                  Creation theory

                                  Sega Sammy Creation aiming for “maximum fortune” in 2021

                                  IGT launches new game for its strong performing Ying Cai Shen link

                                  IGT launches new game for its strong performing Ying Cai Shen link

                                  Jumbo given GLI certification for new Long Yi Fa jackpot link games

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                                  Aruze Gaming launches two new pachinko-inspired slot titles into Asia

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                                  First-class showcase in the virtual space

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                                  Badge of honor

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                                  Trending Tags

                                  • iGAMING
                                    Live-games integration as an effective marketing tool for increasing bets

                                    TVBET to enter the Montenegro iGaming market

                                    Manila restrictions ease as Duterte implements General Community Quarantine for National Capital Region

                                    Philippine police arrest eight alleged members of POGO-linked “kidnap for ransom” gang

                                    PAGCOR reveals substantial POGO revenue rise in 2018 as enforcement role defended

                                    Philippines court order preventing new 5% franchise tax could halt POGO exodus

                                    MGM Resorts looking to raise US$750 million via senior notes offering

                                    MGM Resorts considering US$13 billion takeover offer for Ladbrokes owner Entain

                                    Evolution launches world’s first online live Craps game

                                    Evolution launches world’s first online live Craps game

                                    Duterte extends “modified” quarantine measures across Metro Manila to 31 May

                                    PAGCOR sees regulatory fees from POGOs halved as Philippines online gaming industry shrinks

                                    Trending Tags

                                    • EVENTS
                                      Winter wonderland

                                      Alex Pratt, Stuart Hunter take the reins as ICE organizer Clarion Gaming announces management changes

                                      Founders of leading Indian gaming companies among speakers at upcoming SBC Digital India

                                      Founders of leading Indian gaming companies among speakers at upcoming SBC Digital India

                                      Castle in the Sky

                                      Osaka IR & Inbound Business Seminar canceled due to COVID-19

                                      SBC launches new SBC Digital 2021 events program

                                      SBC launches new SBC Digital 2021 events program

                                      IAG named Lead Media Partner for Phil-Asian Gaming Expo (PAGE)

                                      Phil-Asian Gaming Expo says Manila’s SMX Convention Centre to be sole venue for PAGE 2021

                                      IAG spreads Christmas cheer at Macau After Dark 7

                                      IAG spreads Christmas cheer at Macau After Dark 7

                                      Trending Tags

                                      • MACAU
                                        Macau registers first COVID-19 case since June in returning flight passenger

                                        Macau registers first COVID-19 case since June in returning flight passenger

                                        Analysts agree VIP sector woes to remain for years to come

                                        Macau authorities add seven day “self-health management” requirement to 21-day hotel quarantine period

                                        SJM reveals eco-friendly features of new Cotai IR

                                        SJM Holdings prices senior notes offer at US$1 billion

                                        Sands China confirms The Londoner Macao to hold opening ceremony in “early February 2021”

                                        The Londoner Macao to open first phase on 8 February

                                        IHG and Sands China Ltd announce InterContinental Alliance Resorts partnership

                                        Sands China announces discretionary allowance for 99% of employees

                                        The profound impact of Sheldon Adelson

                                        The profound impact of Sheldon Adelson

                                        Trending Tags

                                        • JAPAN
                                          Reports Yokohama to start RFP in late January

                                          Yokohama publishes IR public tender requirements as lengthy RFP begins

                                          Macau imposes quarantine restrictions on arrivals from Japan, German, France and Spain

                                          Foreign visitor arrivals to Japan down 97.7% year-on-year in December

                                          Amax shareholders approve company name change, mobile games apps sale

                                          Japan IR contender Oshidori issues positive profit warning on expected US$300 million profit in 2020

                                          Osaka Mayor Matsui calls for Tokyo Olympic Games to be postponed until 2024

                                          Osaka Mayor Matsui calls for Tokyo Olympic Games to be postponed until 2024

                                          Creation theory

                                          Sega Sammy Creation aiming for “maximum fortune” in 2021

                                          2021: Japan IR – Crunch time

                                          Osaka IR bid included in ordinance for unified Osaka city/prefecture council

                                          Trending Tags

                                          • REGIONAL
                                            • All
                                            • Africa
                                            • Australia
                                            • Cambodia
                                            • China
                                            • CNMI
                                            • Europe
                                            • Hong Kong
                                            • India
                                            • Japan
                                            • Laos
                                            • Latin America
                                            • Macau
                                            • Malaysia
                                            • Nepal
                                            • New Zealand
                                            • North America
                                            • North Korea
                                            • Philippines
                                            • Russia
                                            • Singapore
                                            • South Korea
                                            • Sri Lanka
                                            • Thailand
                                            • Vietnam
                                            Imperial Pacific Chairman forced to offload shares as stock price fall triggers margin financing

                                            Construction deadline looming large as Imperial Pacific again ordered to stop work on Saipan casino hotel project

                                            Winter wonderland

                                            Alex Pratt, Stuart Hunter take the reins as ICE organizer Clarion Gaming announces management changes

                                            Reports Yokohama to start RFP in late January

                                            Yokohama publishes IR public tender requirements as lengthy RFP begins

                                            Growing visitation at Malaysian IR suggests worst is over for Genting Malaysia: RHB Research

                                            Genting Malaysia shuts Resorts World Genting as national COVID-19 restrictions expanded

                                            Macau registers first COVID-19 case since June in returning flight passenger

                                            Macau registers first COVID-19 case since June in returning flight passenger

                                            Analysts agree VIP sector woes to remain for years to come

                                            Macau authorities add seven day “self-health management” requirement to 21-day hotel quarantine period

                                            Trending Tags

                                            • POWER 50
                                              Power restored

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                                              2020 Asian Gaming Power 50: Top of the World

                                              2020 Asian Gaming Power 50: Top of the World

                                              2020 Asian Gaming Power 50: Meet the panel

                                              2020 Asian Gaming Power 50: Meet the panel

                                              2020 Asian Gaming Power 50: Ones to watch

                                              2020 Asian Gaming Power 50 list

                                              2020 Asian Gaming Power 50: Number 4 – Lawrence Ho

                                              2020 Asian Gaming Power 50: Number 1 – Francis Lui

                                              2020 Asian Gaming Power 50: Number 4 – Lawrence Ho

                                              2020 Asian Gaming Power 50: Number 2 – Sheldon Adelson

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                                              Vietnam: Land of rising fortunes

                                              Ben Blaschke by Ben Blaschke
                                              Wednesday 2 December 2020 at 13:55
                                              Vietnam: Land of rising fortunes
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                                              Buoyed by a fast-growing economy, Vietnam is transforming itself into a diverse tourist destination blending ancient traditions with modern-day luxury.

                                              Renowned for its unique blend of history and culture, unblemished landscapes and manmade wonders, vastly contrasting regions and authentically friendly people, Vietnam is rapidly emerging as a powerhouse on the global tourism scene.

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                                              The Southeast Asian nation, bordering Cambodia and Laos to the west and China to the north, with the turquoise waters of the East Sea running the full 3,260km length of its east and south coasts – attracted a record 18 million international visitors in 2019, up 16.2% year-on-year.

                                              The Mekong Delta is a vast array of waterways centered around the Mekong River.

                                              Now one of the fastest growing economies in the world with real GDP growth of 7.0% in 2019 – placing it 11th globally and equal fastest in Asia alongside Cambodia – Vietnam is being rapidly propelled by travel and tourism which contributed 9.1% of that GDP growth last year .

                                              And, the COVID-19 pandemic aside, it doesn’t look like slowing anytime soon with the government targeting a GDP contribution from tourism of between 15% and 17% by 2030.

                                              “Vietnam has come a long way,” explains Steve Wolstenholme, CEO of Hoiana’s joint venture operating entity, Hoi An South Development Ltd.

                                              “Vietnam still has that young person’s appeal because of the price point, but it is maturing. People may have visited here 10 years ago as backpackers, but many of those people want to come back and have a different experience that is a little more upscale.

                                              “The actual parameters of the clientele coming into Vietnam are evolving to a more sophisticated, slightly more upscale clientele and there is now that broad range of facilities available to suit.”

                                              The explosive growth of Vietnam’s tourism industry is reflected in hotel room supply. From just 51,000 rooms nationwide in 1996, Vietnam is now home to almost 650,000 rooms of which 130,000 were built in three short years from 2016 to 2018.

                                              The luxury segment has been a standout contributor to this growth, comprising 97,098 of the country’s hotel rooms across 466 hotels including 152 rated five-star. Figures from the Vietnam National Administration of Tourism show that 50 five-star and 68 four-star hotels were opened in 2019 alone.

                                              Yet still there is more to come. According to research conducted by global hotel construction database TOPHOTELPROJECTS, there were, as of August, 116 hotel projects boasting another 43,947 rooms currently in Vietnam’s development pipeline of which 44 were due to open within this year, notwithstanding any potential COVID-induced delays.

                                              A day in the life of Hanoi.

                                              The southern powerhouse that is Ho Chi Minh City will welcome the lion’s share of those with 18, however it is the resort island of Phu Quoc coming in second with nine, ahead of the capital city of Hanoi and coastal towns of Hoi An and Cam Ranh, each with eight.

                                              Such diverse geographical spread highlights exactly why Vietnam is becoming a global tourism hotspot. Visitors can head south to experience the country’s biggest city or to learn more about its modern history, north to discover the traditional political center complete with its unique mix of French and Chinese architecture, or to Central Vietnam for a more traditional cultural experience and to laze on its world famous beaches.

                                              Southern Vietnam, said by some to be the most openly friendly and hospitable region of Vietnam, is best known for the vibrant streets and never-ending nightlife of Ho Chi Minh City, formerly known as Saigon. It also boasts some truly remarkable historical sights, such as the War Remnants Museum providing an emotionally challenging look back at the Vietnam War, and the Cu Chi Tunnels – the underground tunnel network used by the Viet Cong to move about beyond the reaches of American soldiers.

                                              The south is also home to the sprawling Mekong Delta, a vast array of waterways centered around the Mekong River and home to an extraordinary array of wildlife.

                                              To the north, Hanoi is renowned as Vietnam’s cultural melting pot, highlighting the influence of past settlers via its architecture and famous street food, while directly to the east is the country’s most famous tourist attraction, the world heritage listed Ha Long Bay with its 1,600 individual islands across 43,000 hectares.

                                              Finally to Central Vietnam, famous for the old town of Hoi An with its incredible cultural traditions and for some of the nation’s finest beaches, where white sand and turquoise waters stretch as far as the eye can see.

                                              “Central Vietnam is definitely a resort beach community,” says Wolstenholme.

                                              “That’s what people come here to enjoy, the beach experience, but also to have the cultural experience of Hanoi without having to go too far.

                                              “Unlike Hanoi which is more vintage or Ho Chi Minh City which is quite dynamic, with a very large population, Central Vietnam is all about culture and leisure, but the great thing about Vietnam is that people can come and experience the whole lot.

                                              “If we look at Vietnam as a destination, we still lag behind places like Thailand but in terms of growth we are in a very good position to compete with destinations that are more mature in terms of attracting international visitors.”

                                              It’s not just travelers recognizing what Vietnam has to offer, Wolstenholme notes. In recent years, the central government itself has made an increasingly concerted effort to promote Vietnam to the world both as a tourist destination and as Southeast Asia’s emerging investment hub.

                                              Long renowned for its tough visa policies, Vietnam began easing its entry requirements in 2015 when it expanded its visa waiver program to include 24 countries, including the likes of South Korea, Singapore, Malaysia, Japan, Taiwan and the Philippines in Asia, plus the UK, Germany, Italy and France among 10 European exemptions.

                                              Three of those – South Korea, Japan and Taiwan – ranked in the top four source markets for tourist arrivals in 2019 with 4.3 million, 952,000 and 926,000 arrivals respectively. China was the largest single source of tourists with 5.8 million, comprising 32% of all visitation.

                                              Tourism aside, the government has indicated clear intent to pursue long-term economic prosperity by way of Foreign Direct Investment (FDI). Last year Vietnam achieved a record US$20.38 billion in FDI, up 6.7% over the US$19.1 billion achieved a year earlier, which itself had jumped 9.1% over 2017 levels.

                                              The industrial and manufacturing sectors have been the largest contributors, with Vietnam representing a lower-cost option for many Asian companies to base their production facilities. South Korea was the number one contributor to FDI in 2019 at US$7.92 billion or 21% of the total, followed by Hong Kong with US$7.87 billion, Singapore with US$4.5 billion, then Japan and China not far behind.

                                              On 1 January 2021, an amended Law on Investment will take effect aiming to further streamline Vietnam’s foreign investment process. The key changes are the removal of some industries, including logistics and freight transport services, from lists that currently limit or exclude foreign investors based on various criteria, and more clarity on such issues as foreign ownership caps and M&A activity.

                                              The island of Phu Quoc.

                                              According to a research report by Asia-based international law firm King & Wood Mallesons, “There is an increasing recognition in the highest governing levels in Vietnam that the government should proactively attract and select investment projects of high quality, with an emphasis on advanced, clean technology and environmental protection.

                                              “There is also a growing recognition that Vietnam needs to diversify both source and form of foreign capital and increase synergy between foreign investment activities with the remaining domestic market to ensure the self-sufficiency and independence of the national economy.

                                              “Such an approach was set out in [Vietnam’s] 10-year foreign investment strategy until 2030 … and is expected to become even more relevant in the post-COVID-19 landscape.”

                                              Among the key sectors upon which the government has already laid out investment criteria is tourism, and more specifically the development of high quality integrated resorts with casinos.

                                              In March 2017, the government issued Decree 03/2017, which included two key additions to Vietnam’s casino law. The first was to slash the minimum investment requirement for foreign companies to develop a casino resort from US$4 billion to US$2 billion.

                                              Second was a long-awaited three-year pilot scheme to allow Vietnamese locals to gamble in three casinos to be granted approval by the Vietnamese government. Only one of those, the unfortunately named Corona Casino on Phu Quoc Island, has opened for locals so far.

                                              The Ministry of Finance (MOF) earlier this year released a report recommending further amendments to Decree 03/2017, including the removal of a requirement for casino and integrated resort investors to pay at least 50% of total investment capital for a project before it can be granted its license. According to the Ministry, such a requirement is not feasible for projects being developed in regions lacking infrastructure where the investor may also need to inject further funding into infrastructure improvements.

                                              It is also pushing for casinos to be allowed to advertise anywhere within their region rather than only in entry points, such as airports, as per current regulations.

                                              Da Nang Beach.

                                              While it remains to be seen what impact these measures might have on foreign investors, there has already been considerable movement on the integrated resort front in recent years.

                                              The Grand Ho Tram Strip, located two-and-a-half hours east of Ho Chi Minh City by car, became Vietnam’s first international standard integrated resort when it opened in 2013, followed early last year by Corona Resort & Casino on Phu Quoc. Suncity’s US$4 billion Hoiana project near Hoi An recently held an exclusive preview opening of some facilities, including Hoiana Suncity Casino, with the Grand Opening to be held in 2021.

                                              There are also another two projects still in the development stage: KN Paradise Cam Ranh Integrated Resort in Vietnam’s Khanh Hoa Province, and another in the Van Don Special Economic Zone in Quang Ninh Province.

                                              The importance of all five projects to Vietnam’s development is summed up by the Quang Nam Department of Culture, Sports and Tourism, which told Inside Asian Gaming that the impending Grand Opening of Hoiana in 2021, “creates a new attractive tourism product, with a variety of entertainment services that will attract tourists to visit, relax and extend their stay longer and spend more.

                                              “At the same time, Hoiana solves the question of nightlife activities in Quang Nam. Hoiana plays an important role in the development of the conference and exhibition markets, by attracting a large number of business visitors and creating the MICE marketplace.

                                              “Hoiana Integrated Resort in the future will develop sustainably, contributing greatly to increasing the revenue of the tourism industry as well as the locality and bringing thousands of job opportunities for locals, raising incomes and improving people’s lives.”

                                              Tags: Current IssueHoianaSteve Wolstenholmetourist destination
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                                              Ben Blaschke

                                              Ben Blaschke

                                              A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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                                              Growing visitation at Malaysian IR suggests worst is over for Genting Malaysia: RHB Research

                                              Genting Malaysia shuts Resorts World Genting as national COVID-19 restrictions expanded

                                              by Ben Blaschke
                                              Friday 22 January 2021 at 05:36

                                              Genting Malaysia has announced the closure of its flagship integrated resort, Resorts World Genting, plus its three non-gaming resorts for the next two weeks following expansion of the government’s Movement Control Order. With the MCO now implemented in the state...

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