CASINO

Asian daily gambling news

TAGs: bloomberry resorts corp, Galaxy Entertainment Group, Macau, MGM China, Philippines, sands china

macau newsbitesMGM China’s new all-singing all-dancing Cotai resort is unlikely to open until at least 2016 and maybe even as late as 2017. Analysts from a number of investment firms made the estimates a day after the 50 percent US-owned firm announced the 72,000-sq-metre complex. Sterne Agee’s David Bain wrote that he thinks the 36-month timeline for it to be built is “somewhat opaque” and it “could take some time” to get a permit. They bring attention to Wynn Macau’s project in the same area being announced in May 2012 and still not being handed a construction permit. To build the resort is costing them $2.5billion and they’ll be praying the resort, when open, starts to help them claw their way back up the market share table.

Sands China and Melco Crown Entertainment are expected to be the biggest winners when reporting season kicks off next week. Bloomberg quote estimates from Credit Suisse and Nomura as stating the two will experience the biggest growth amongst all firms in the enclave. Sands China’s EBITDA is slated to rise 13.5 percent in the comparison with the three months previous with Melco Crown projected to see an increase of 9.5 percent over the same period. MGM China doesn’t get such an easy ride with revenues projected to drop by 14 percent with Galaxy Entertainment Group also dropping by 7.3 percent

A group intent on stealing a march on Macau is estimating the Filipino gaming market will be worth $3.3billion by 2016. Bloomberry Resorts Corp unveiled plans for their new $1billion Manila resort earlier this week – called Solaire Resort and Casino – and those in charge think the market will be huge.

“By 2016, the gaming market in the Philippines will be [worth] $3.3 billion [in annual revenues],” said Brad Stone, who is one of the heads of Global Gaming Philippines LLC

A press briefing yesterday confirmed that the venue will open in March 2013 and the first phase will cost a total of $750million.

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