Inside Asian Gaming

IAG OCT 2020年10月 亞博匯 15 請於asgam.com註冊獲取《亞博匯早報》 Sign up to receive IAG Breakfast Briefing at asgam.com SUNCITY’S HOIANA TO ACHIEVE 70% OF NAGACORP’S EBITDA ONCE FULLY RAMPED 太陽城會安南岸完全投入使用後，有 望達到NAGACORP EBITDA的70% INDEPENDENT RESEARCH FIRM SMARTKARMA has described the long-term prospects of Suncity’s Vietnam integrated resort project, Hoiana, as largely positive with the property estimated to generate annual EBITDA of US$470 million once fully ramped – roughly 70% of NagaCorp’s hugely successful Cambodian IR NagaWorld. In a note, analyst Michael Ting said he expects Hoiana to post gross gaming revenue of US$2.35 billion per year based on the performance of a VIP room Suncity already operates at Crowne Plaza in Da Nang. “We estimate that Suncity generated roughly US$1.4 million GGR per table, per month at Crowne Plaza,” Ting said. "Extrapolating this to the 140 tables at Hoiana Phase 1, we estimate that the property can generate roughly US$196 million of GGR per month or US$2.35 billion per year. “Applying a 20% EBITDA margin (double that of Macau), we estimate that Hoiana Phase 1 at full ramp can achieve EBITDA of US$470 million per year which is at 70% of NagaCorp Ltd.” 獨立研究公司Smartkarma 認為，太陽城位於越 南的綜合度假村會安南岸的長期前景十分樂觀。 該項目一旦全面投入運營，預計每年將產生4.7億 美元的EBITDA，約佔目前柬埔寨最成功的綜合段 度假村NagaWorld的70%。 分析師Michael Ting在一份報告中稱，根據 太陽城目前在峴港皇冠假日酒店的太陽城貴賓會 的運營狀況，預計該公司的年度博彩收入將達到 23.5億美元。 Ting表示：「我們估計，太陽城在皇冠假日酒 店每張賭枱每月產生收入約140萬美元。」 「以此類對至會安南岸一期的140張賭枱， 我們預計該處物業每月可產生約1.96億美元的收 入，或23.5億美元的年收入。」 「若採用20％的EBITDA利潤率（是澳門的兩 倍），我們估計會安南岸一期在全面啟動之後，每 年能實現4.7億美元的EBITDA，相當於NagaCorp 的70%。」