Asia
Macau casino stock prices surge after easing of travel restrictions
In a rare piece of positive news for the gambling and casino industry, casinos in Macau saw their stock prices surge this week after the neighboring province of Guangdong eased travel restrictions to allow more people to visit the gambling capital of the world.
Macau has since 2007 generated more gambling revenue than any place on Earth, outstripping Las Vegas. However, the onset of the coronavirus pandemic, and the subsequent travel bans, have severely damaged the Chinese region economically.
Figures from June reported a 97 percent decline in casino revenue year-on-year, the lowest decline in Macau’s history, while last month’s reports meant Macau suffered year-on-year decline of more than 90 percent for three successive months.
Macau’s financial difficulties during the Covid-19 outbreak have been reflected in other gambling hotspots, including Las Vegas and New Jersey, with thousands of jobs lost and thousands more at risk.
However, this week stock prices rebounded in a big way, offering a glimmer of hope that Macau and its leading casinos are on the road to recovery. Galaxy Entertainment closed at a 6.2 percent gain having at one point surged to 11.1 percent, while Sands China – another prominent company on the Macau strip – closed at a five percent increase.
The stock surges came after Guangdong ended its 14-day quarantine requirements for visitors crossing the Guangdong-Macau border, starting from July 15. Instead of a mandatory 14-day quarantine, visitors must now hold “green” health cards and present a negative Covid test that proves they tested negative within the seven days prior to arriving in Macau.
Considering that Guangdong – with a population of more than 113 million people – was responsible for around half of Macau’s annual visitors last year, this easing of restrictions is a massive boost to Macau’s economy, and economic experts believe the city will start to rebound as a result.
“We expect the removal of the quarantine requirement will lead to a rebound in Macau’s gross gaming revenue following a 77 per cent drop in the first half of 2020, and help reduce gaming operators’ cash burn,” said Sean Hwang, an analyst at Moody’s Investors Service.
“However, we expect the recovery in Macau’s gaming market to be slow, given continued restrictions and new requirements for travel, sluggish economic growth across the region, and the public’s lingering fear of contagion.”
Macau’s biggest strength in ‘normal’ times has proved to be its biggest weakness during the pandemic. A special administrative region in China, Macau welcomes around 35 million visitors each year, the overwhelming majority of whom visit to gamble and enjoy the entertainment associated with the casino resorts.
As the only region in China with legal gambling, Macau has had a near monopoly on Chinese visitors who wish to gamble, plus the many international tourists who visit to enjoy the luxury and decadence on offer in the city.
However, as travel bans ground domestic and international tourism to a halt, Macau’s over-reliance on the casino industry has become horribly exposed. While casino operators in North America, Europe, and other parts of Asia have been able to pivot toward online casino betting services to help soften the economic blow, Macau has been left stranded due to China’s restrictions on online gambling.
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Macau’s reliance on casino revenue has not been lost on the region’s head of government, Ho lat Seng, who in April criticized the “excessive dependence” on the gambling industry as it became clear just how badly hit Macau had been by the economic effects of the pandemic.
“With the outbreak of the novel coronavirus, the gaming and tourism industries registered significant declines, with profound impact on industries connected to these areas,” Ho said. “This demonstrates, once again, the vulnerability and the enormous risks of the Macau economy’s excessive dependence on gaming and tourism industries.
“The healthy and stable development of the gambling and tourism sector will continue for a certain period of time and will be the basis of the continued stability of the economy of Macau. Nevertheless, if the monolithism of the industrial structure remains unchanged, it will inhibit the sustainable development of Macao’s economy.”
While Macau undoubtedly needs to do more to diversify its economy, the easing of travel restrictions and the stock market surge for casino operators at least offers some good news after months of nothing but doom and gloom.
Hub88 has partnered with live casino supplier LiveGames, further strengthening its product offering by adding a unique range of content to its platform.
LiveGames provides fully customisable online live dealer games and branded tables including the first vertical roulette table in the sector, along with crash games and the widely played Tombola.
The supplier delivers experiences with a player-focused design, easy to use mobile interface, and high-resolution broadcasts.
The partnership will support LiveGames’ goal to further expand in international markets, including Africa, Asia, and Latin America where Hub88 has a strong presence.
The deal showcases Hub88’s commitment to grow its ecosystem of partners, offering a diverse portfolio of products and content.
Ollie Castleman, Head of Hub88, said: “We’re thrilled to unveil this strategic partnership with LiveGames which sees us add a great provider to our platform, one that utilises modern technology to offer bespoke and personalised gaming experiences to players.
“We are looking forward to collaborating and strengthening our content library with their diverse games.”
The LiveGames Team said: “Our journey started in a small studio and as a team, we are excited about now expanding to every corner of the world together with Hub88 and their extensive operator network.
“We are committed to promoting innovation in the industry and this partnership will support us on that mission.”
The post Hub88 partners with LiveGames to enhance content offering appeared first on European Gaming Industry News.
Indonesian President Joko Widodo has chaired a limited meeting which discussed the efforts taken to eradicate online gambling in the country on Thursday 18 April, at Merdeka Palace in Jakarta. Minister for Communication and Information Technology Budi Arie Setiadi, in his press statement after the limited meeting, said that the Government will form a task force to counter online gambling.
“It has been decided that within a week, we will formulate measures to form an integrated task force in order to eradicate online gambling,” Budi said.
Minister for Communication and Information Technology mentioned that forming a cross-ministries/institutions task force is aimed to handle online gambling more thoroughly, collaboratively and efficiently.
“Gambling is an illegal act based on regulations. So, we need to impose measures effectively to settle it,” Budi stated, adding that his ministry will focus on handling online gambling websites and contents, while the law enforcement officers will enforce the law.
“Our authority is only to take down the websites, while the Financial Services Authority (OJK) blocks their financial accounts, and then followed by law enforcement officers, police officers, and the public prosecution service officers,” he remarked.
Similarly, OJK’s Chairperson of Commissioner Board Mahendra Siregar also highlighted the importance of holistic measures in eradicating online gambling in Indonesia.
“Some online gambling activities are not conducted in Indonesia, some are cross-borders, some do not use bank accounts, some needs to be tracked and traced through bank accounts, including transfers and so on. So, the next layers must also be addressed, and that way it leaves no empty rooms,” Mahendra explained.
Mahendra said that according to the institution’s authority, from the end of 2023 to March 2024, OJK has blocked around 5000 bank accounts that indicate its relation to online gambling.
“So far, we have cooperated closely with Communications and Information Technology Ministry. So, if we receive a list of bank accounts suspected to be used or are being used in online gambling activities, we immediately block them, and it has reached up to 5000 bank accounts,” Mahendra mentioned.
The post Indonesian Govt to Form Task Force to Tackle Online Gambling appeared first on European Gaming Industry News.
The Chinese Men’s Professional Basketball League (CBA League) and Sportradar announced a strategic extension of their partnership aimed at growing the league’s global presence and ensuring integrity within Chinese basketball.
This extension will leverage Sportradar’s expansive network to distribute more than 550 games, including highlights and short form video, through the regular and post-season. Through international broadcast and audio-visual distribution channels, including leading broadcasters, streaming services and over-the-top (OTT) platforms, the collaboration seeks to enhance fan engagement and broaden the league’s viewership in international markets.
CBA League will also continue to receive Sportradar’s market-leading integrity services, with its suite of technological solutions and products deployed to safeguard CBA League competitions against a range of integrity threats.
Shirley Lv, who led the broadcast rights negotiation at CBA League, said: “We are delighted to extend our partnership with Sportradar and believe it will provide enriched possibilities and further awareness for CBA League, given the company’s extensive experience and recent track record. By building up opportunities globally in this long-term partnership, we look forward to developing the continued growth of the CBA League and reaching out to new audiences around the world.”
Ben Turner, Head of Sports Content and Partnerships, APAC and Head of Global Basketball, Sportradar said: “Sportradar is the unparalleled partner to propel CBA League towards previously untapped levels of global visibility. Basketball is one of only a few sports with significant global appeal, and Sportradar is committed to maximizing this potential for both the CBA League and our clients. Together, we will continue to unlock immense value through our content offering, fostering growth and engagements across diverse markets.”
The 2023/24 season is the CBA league’s 29th edition, with 20 teams vying for top honours.
The post China’s CBA League Extends Global Broadcast and Integrity Partnership with Sportradar appeared first on European Gaming Industry News.
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