Jan 10, 2024 Newsdesk Latest News, Top of the deck, World  
The parent groups of a number of casino brands with operations in Asia could see “leveraging impacts” in the event any of them win one of up to three downstate full-casino licences to be permitted in New York in the United States, says S&P Global Ratings.
S&P Global said regarding the process for downstate New York: “The [proposed] project sizes range from US$2 billion on the low end for expansions or redevelopments of existing properties, to more than US$5 billion for new developments.”
Large-scale development projects could “delay deleveraging or add incremental leverage” for successful bidders, noted the ratings institution.
Though it added: “The leveraging impacts could be 12 to 18 months away.”
S&P Global said: “We believe New York [state] is unlikely to award licences before the second half of 2024 and don’t anticipate winning bidders would initiate any material capital spending before 2025.”
Any such developments “could take several years to complete given the complexities of building in New York and the likely large scale of the projects,” added the institution.
S&P Global noted regarding contenders for downstate New York licensing: “Many of these operators also have development projects under way in other regions in the U.S. and around the world in Singapore, the United Arab Emirates, and Japan.”
The institution added: “In Macau, high investment commitments under new concessions are manageable with the ongoing gross gaming revenue recovery.”
Under the new concession contracts with Macau’s six operators, that came into force in January 2023, when Macau’s annual GGR reaches or exceeds MOP180 billion (US$22.35 billion) – as it did in the past year – the casino firms are required to increase their collective MOP108.7 billion non-gaming and overseas-marketing spending pledges made to the local government by up to 20 percent.
S&P Global mentioned in the Tuesday memo that discussed the New York licensing process, three operators that control Macau casino concessions: Las Vegas Sands Corp; Wynn Resorts Ltd; and MGM Resorts International.
Las Vegas Sands also has a casino licence in Singapore, and Wynn Resorts is working on a casino scheme in Ras Al Khaimah in the United Arab Emirates (UAE).
Malaysia’s Genting Bhd has a Singapore licence via Genting Singapore Ltd, and also controls a monopoly casino operation in Malaysia via Genting Malaysia Bhd.
Both Singapore licencees are committed to a 2019 pledge each to spend an additional SGD4.5 billion (US$3.38 billion currently) on infrastructure up to 2030.
In Osaka, Japan, MGM Resorts is also in a consortium for a JPY1.08-trillion (US$7.46-billion currently) integrated resort with casino, with the total cost likely to rise by JPY190 billion.
Wynn Al Marjan Island in the UAE has been stated as a US$3.9-billion venture involving local partners, in which Wynn Resorts would be a 40-percent equity investor.
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