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    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

    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

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        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

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        Dominic Laubach: Global explorer

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          Memories of the man that was Sheldon Adelson

          Memories of the man that was Sheldon Adelson

          Big money

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          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?

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

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              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

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                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

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

                SBC launches new SBC Digital 2021 events program

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                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

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                IAG releases 7-minute long-format post-event highlights video from 2020 Asian Gaming Power 50 Black Tie Gala Dinner

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                • 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

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                    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

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                      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

                      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

                      Trending Tags

                      • POWER 50
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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

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                        • NEWS
                          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

                          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

                          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

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

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

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

                                  First-class showcase in the virtual space

                                  First-class showcase in the virtual space

                                  Badge of honor

                                  Badge of honor

                                  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
                                      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

                                      IAG releases 7-minute long-format post-event highlights video from 2020 Asian Gaming Power 50 Black Tie Gala Dinner

                                      IAG releases 7-minute long-format post-event highlights video from 2020 Asian Gaming Power 50 Black Tie Gala Dinner

                                      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
                                            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

                                            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

                                            Trending Tags

                                            • POWER 50
                                              Power restored

                                              Power restored

                                              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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                                              A decade of differentiation

                                              David Bonnet by David Bonnet
                                              Thursday 14 January 2021 at 12:40
                                              A decade of differentiation
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                                              As we head towards a post-COVID world, casinos must follow the lead of other gaming and entertainment sectors by diversifying their offerings and exploring new verticals.

                                              As the millennia’s third decade arrives, (that’s right – it starts in January 2021 not 2020) we examine what’s in store for Asia’s casino gaming space and its potential evolution. Some of the questions I’m interested in exploring include technological advancement, the changing competitive landscape, digital currency adoption and regulatory oversight. My view is that to successfully recover business, the industry should offer a variety of differentiated products to address a market that has experienced a fundamental shift in consumer behavior.

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                                              One of management’s highest priorities is finding a sustainable path to profitability. However, conducting normal operations amid the need for advanced security and surveillance routines while monitoring large groups of people has proved difficult in essentially a bio-hazard environment where everyone is required to field personal protective equipment. This has led to reduced customer traffic and considerably lower revenue.

                                              The deployment of PPE has created an environment where customers and employees can at least feel relatively safe, allowing the casinos to maintain a minimum level of commerce as opposed to ceasing operations altogether. Yet these stopgap measures are unlikely to be enduring, ultimately leading to further declining turnover and requiring market participants to adopt innovative approaches in order to stem the declines.

                                              As work-from-home trends depress demand for office space in major cities’ commercial business districts, similar dynamics might be observed in the large casino halls of Asia’s integrated resorts. It is clear that enterprises relying on the aggregation of large numbers of people as the foundation of their respective business models are at risk of floundering in a post-pandemic world where doing almost everything remotely is now en vogue.

                                              Professional sports leagues though, despite limitations on attendance, have been spared the carnage of extensive lost revenue, primarily because of the big bucks they generate from their online and TV broadcast partners. It’s the reason most major leagues have been able to play through the pandemic – avoiding the business interruptions that have plagued so many other consumer industries including airlines, hotels, movie cinemas and retail malls, not to mention IRs. This begs the question of whether demand for entertainment activities that do not have an online or media angle can ever recover to a pre-pandemic level.

                                              To be sure, commerce in the USA was already trending in a direction that favored more immersive online experiences even before the pandemic exacerbated the shift.  Virtual reality and multi-player video game industries have already disintermediated traditional entertainment and large mass-media conglomerates have taken note. As a response, companies such as Disney and Universal Studios have massively diversified, offering a variety of products and streaming services that leverage and not just rely on theme park content.

                                              In that regard, at least one sector of the gaming business has capitalized from the incredible shift to online commerce. Sports wagering in the USA is experiencing tremendous growth and is utilizing technological advances in streaming and digital networking to effectively alter the casino gaming sector’s supply-and-demand fundamentals. Its extraordinary evolution made possible by the Supreme Court’s removal of restrictions in 2018 has been supercharged by the increased amount of free time people have had as a consequence of the lockdown, leading to huge increases in betting turnover. Publications previously focused solely on fantasy sports including FanDuel, DraftKings and even BarStool now operate proprietary sportsbooks with a majority of transactions occurring online. Enlargement of this sector is likely to continue as traditional casinos seek to market online sports gaming products to their legions of customers that are less willing to journey to the resorts for their amusement amid health safety concerns.

                                              We can also expect a greater number of M&A transactions in this space, as formerly staid casino owners seek future growth in an online world. Applying some of the lessons that have benefited sports gaming in the USA, how then could technology and a shift to online product offerings play a greater role in helping to shape the future of casino gaming in Asia?

                                              With online and streaming content capturing a larger portion of people’s idle attention, competition for consumer discretionary spend is increasing in intensity. In this environment, IRs will need to develop new and innovative products that take into account changing customer preferences in order to remain competitive. Most critical is the idea that all casino transactional activity takes place solely on the gaming floor. Historically this was practical given regulatory requirements and need for operating procedures designed to maximize security. Also, there was sufficient customer demand such that it wasn’t necessary to take the playing experience outside of the casino area.

                                              However, in today’s environment, creating an atmosphere where customers can engage on a number of fronts including outside the gaming floor will be important in ensuring the industry keeps pace with customers’ fickle and fast-changing preferences. Allowing patrons, for example, to place bets from their hotel rooms, from restaurants on property or throughout the IR’s operating jurisdictions could help IRs offset some of the demand lost as a consequence of the contagion. Increasing regulatory flexibility trending toward greater liberalization of gaming products will likely generate additional betting turnover and profits. Keno is a good example of a low impact, high margin game of chance that extends gaming activity outside of the casino area. Having online versions could also prove popular.

                                              Certainly, companies will need to develop the technology and obtain regulatory approval in order to propose such unique offerings. Yet these concepts still have the potential to spur additional demand in the same way that removal of “barriers to entry” has done with sports betting. However, gaining authorities’ approval will be a key hurdle and will require open-minded governments to think progressively and not rest on their laurels.

                                              In fairness, Asia’s casino gaming regulators are pretty good. They have presided over an industry that at its peak generated more than US$50 billion of gross gaming revenue per year, and they generally allow licensees to operate with minimal interference. But a significant portion of that revenue is at risk if officials do not adopt a visionary approach and an ability to quickly respond to changing market trends. Allowing IRs, for example, to enable digital currencies to facilitate commerce on mobile betting platforms could be a key catalyst in spurring increased customer interaction and as a result greater betting turnover.

                                              While a majority of attention is paid to Bitcoin due to its amazing price movement, the development and utilization of either a national or central bank endorsed digital currency product could unlock tremendous liquidity – providing much-needed sector stimulus. China’s savings rate of 45% is one of the highest in the world, and having a conduit to access even a small portion of that wealth would be a benefit to businesses that can utilize it.

                                              Digital currencies are likely to facilitate a more efficient, lower-cost casino operating environment enabling higher business volumes with greater security that would be able to service non-gaming businesses as well. Adopting this form of payment solution may also reduce the need for antiquated and bloated compliance programs that are mostly reactive in nature rather than proactive in preventing nefarious activity. Blockchain and distributed ledger technologies have the ability to provide regulators with secure, effective and incontrovertible audit trails along with a full transaction history. Smart-contract technology products have also proven to work well in supply chain structures, increasing efficiency while reducing costs, and I believe they could have a similar impact in our industry.

                                              For those who think digital currency adoption may not take hold in the casino business, just ask yourself what is more likely – a rebound in junket turnover where business dynamics are generally opaque, or migration to a more digital world where sources of funds and corresponding wagers are immediately verifiable? In my view, we are entering an era of increased transparency and greater oversight. And these potential developments could provide innumerable possibilities for how to more efficiently operate a casino business with the chance through increasing digitization and automation to significantly increase profitability.

                                              While the industry has experienced tough times as a result of the epidemic, it appears we are through the worst of this episode and incredible prospects await as consumer demand for entertainment products rebounds and flourishes. Ideally vaccines, social distancing and ultimately some sort of shared immunity will enable people to again safely experience the exhilarating entertainment that IRs uniquely offer. Yet companies will need to develop newer, flexible and more differentiated market-oriented products that keep up with their customers’ fast-changing preferences in order to capitalize on the opportunity.

                                              Tags: covid-19Current IssueDavid Bonnetdiversification
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                                              David Bonnet

                                              David Bonnet

                                              David Bonnet is Managing Partner at Delta State Holdings Ltd, based in Hong Kong, where he provides corporate finance consulting services for leading institutional investors in the emerging markets, hospitality and gaming space. He has previously worked in senior strategy and finance positions with companies such as Bloomberg LP, Las Vegas Sands and Galaxy Entertainment Group amongst others.
                                              He is a frequent commentator on Bloomberg TV and CNBC and has written numerous articles on Asian regional gaming for major worldwide publications including Bloomberg News and Asia Times.
                                              David has held positions with JMB Realty and Allston Trading in Chicago, investment banking firms Bank of America Securities, Robertson Stephens in San Francisco and Blackpoint Capital Advisors in Honolulu.

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