Monthly Archives: January 2021

Genting HK likely to sell remaining stake in Macau resort project

Genting Hong Kong (Genting HK) is busy trying to overcome obstacles that are preventing it from advancing its dreams. Most notably, the COVID-19 pandemic has led to unexpected losses that resulted in the company’s chairman, Lim Lok Thay, using his stake as collateral to keep things going. Apart from its cruise ship business, the Genting Group subsidiary had been involved in a project to add a casino resort to Macau, but Genting HK gave up half of its position last November in order to pick up some cash. Now, it expects to sell the remaining 50% to the same buyer, possibly by the end of this year.

Genting HK indicated yesterday that it successfully handed over the 50% stake to White Supreme Corp. as planned on December 2, 2020. As part of that agreement, White Supreme has a Call option that would allow it to agree to purchase the other 50%, with the stipulation that it make its decision within 12 months of the signing of that agreement. If it doesn’t decide or decides not to purchase the stake, Genting HK has a Put option in the contract that it can use to require White Supreme to buy it. That Put option is in effect until December 1, 2022. 

The sale offers Genting HK a little breathing room, at least for now. The Macau project has already cost the company around $136.7 million since it began almost four years ago, and still needs more than $350 million invested in order to bring it to life. However, the sale also cost Genting HK around $156.7 million in total due to “consolidated net liability value of the target group of approximately US$51.8 million” and around $304.7 million due to a loss on the assignment of a sale loan and other impairments.

Genting isn’t the only company with operations in Macau that is hurting right now because of COVID-19. Studio City Co., a subsidiary of Studio City International (SCI), can’t survive as it stands right now, according to Lucror Analytics, and will have to find a way to generate money by next year so that it can cover its “liquidity needs.” SCI is controlled by Melco Resorts and Entertainment, which is facing problems of its own. 

9,000 Transactions Per Second: Bitcoin SV hits new record

Bitcoin SV‘s (BSV) Scaling Test Network (STN) hit a new record this week, processing over 9,000 transactions per second at one point on January 26. Its previous record was ~6,500 tps in December 2019. Despite being a testing network, the STN shares most of its technical capabilities with the BSV mainnet—once again disproving the notion that Bitcoin can’t scale on-chain.

To put that into perspective, the BTC network (which many still incorrectly insist on referring to as “Bitcoin”) limits its block sizes to 1-4MB, permitting a maximum 7 transactions per second (it’s more like 3-4). That’s not seven thousand… but seven. No blockchain asset has a hope of gaining use as a world currency, global payment settlement layer or for everyday payments at such a low capacity, and it can cost over $10 or even $20 to send a single BTC transaction of any amount.

How did the Scaling Test Network achieve the new record?

STN Operations Manager Brad Kristensen told CoinGeek that his team thinks over 2,000 tps is sustainable on the STN, going by the data they’ve collected. Just recently they observed an average of around 1.9 ktps (or 1,900 tps) over an eight-hour period. You can monitor STN statistics yourself at this site.