Monthly Archives: September 2016

China’s Fosun Group isn’t buyer of $3.5b Baha Mar, say receivers

Construction on the unfinished $3.5b Baha Mar resort casino will resume early next month, according to the Bahamas deputy prime minister.

On Thursday, Deputy PM Philip Davis announced that Baha Mar’s primary contractor, China Construction America (CCA), would resume work on the Baha Mar property within the next two weeks. The property was said to be 97% complete when its original developer filed for bankruptcy protection in June 2015.

In other good news, last week brought word that two major hoteliers had recommitted to the Baha Mar project. Ministry of Tourism director general Joy Jibrilu happily announced that Hyatt and SBE Entertainment Group were once again on board with running Baha Mar’s Grand Hyatt and SLS hotels, respectively.

Jibrilu also said talks were ongoing with Rosewood Hotels and Resorts International, which backed out of its Baha Mar commitments in August 2015, saying its brand was being “diminished and tarnished each day as a result of its association with Baha Mar.”

Ontario scraps lottery privatization plan

The Canadian province of Ontario has scrapped plans to privatize its state-run lottery business.

In a statement issued on Friday, the Ontario Lottery and Gaming Corp (OLG) announced that it had cancelled its request for proposals (RFP) for private operators interested in taking over management of its lottery operations, which generated sales of C$3.8b (US $2.9b) in fiscal 2015-16.

Ontario’s ruling Liberal government had issued the RFP in 2014, which generated bids from established gaming companies such as GTECH (now IGT) and Scientific Games, as well as telecom giant Rogers Communications and the cash-rich Ontario Teachers’ Pension Plan (which already owns UK National Lottery operator Camelot).

On Friday, OLG said that following a period of due diligence and consultation, it had determined that “the selection of a single service provider would not provide sufficient value for the province.”

Struggling French online gambling licensees lose €5m in 2015

France’s regulated online gambling market remained ugly for its licensed operators in 2015, according to new figures from gaming regulator ARJEL.

The headline figure in ARJEL’s account of 2015’s market performance is the €5m operating loss collectively posted by French-licensed operators. Of all the verticals, only racing generated an operating surplus (€10m), while sportsbook and poker operators each lost around €7m.

Racing was also the only vertical in which a majority of operators (five of eight) posted an operating profit in 2015. Only five of the 11 sports betting operators reported an operating profit, while seven of the nine poker licensees reported an operating loss.

Since the regulated market’s launch in 2010, French-licensed operators have posted a total operating loss of €471m. Sports betting led the loss parade with €222m, followed by poker (€206m) and racing (€43m).

Bitcoin rebrands in Japan with TV show

Bitcoin is betting on the glitz and glamour of television to help shed its infamous image in Japan.

The popular digital currency and its underlying technology is about to get the television treatment in Japan starting October, according to Cointelegraph.

BitGirls is a cryptocurrency-themed show that “will involve blockchain voting and a crowd sale,” which will be hosted by digital currency exchange Zaif. The show, according to the report, will give audience tokens that they can use to vote for their favorite contestants.

Takao Asayama, CEO of the digital currency exchange, told the news outlet: “With the power of the blockchain we can simulate each girl member as if they are a ‘corporation’ by issuing tokens.”

NagaCorp not backing out of Cyprus casino derby – industry sources

Cambodian casino operator NagaCorp Ltd. is still in the running to become the next Cyprus casino operator, according to industry sources privy on the matter.

With Bloomberry Resorts Corp. formally dropping out of the contest on Tuesday, the race to snag the lone Cyprus casino license comes down between NagaCorp and the tandem of the US-based Hard Rock International and Lawrence Ho’s Melco International Development.

It was earlier thought NagaCorp has raised the white flag after Cyprus media reported that its bid had so far failed to secure land deals. But two industry insiders who spoke to GGRAsia said NagaCorp. will continue on with the final bid stage of the touted Cyprus casino.

The HongKong-listed casino operator reportedly will submit its final bid by October 5 – the deadline for final submissions that Cyprus government has set. The gambling news website sought the comment of NagaCorp chairman Tim McNally for confirmation but he neither confirmed nor denied the statement of the news sources.

NagaCorp not backing out of Cyprus casino derby – industry sources

Cambodian casino operator NagaCorp Ltd. is still in the running to become the next Cyprus casino operator, according to industry sources privy on the matter.

With Bloomberry Resorts Corp. formally dropping out of the contest on Tuesday, the race to snag the lone Cyprus casino license comes down between NagaCorp and the tandem of the US-based Hard Rock International and Lawrence Ho’s Melco International Development.

It was earlier thought NagaCorp has raised the white flag after Cyprus media reported that its bid had so far failed to secure land deals. But two industry insiders who spoke to GGRAsia said NagaCorp. will continue on with the final bid stage of the touted Cyprus casino.

The HongKong-listed casino operator reportedly will submit its final bid by October 5 – the deadline for final submissions that Cyprus government has set. The gambling news website sought the comment of NagaCorp chairman Tim McNally for confirmation but he neither confirmed nor denied the statement of the news sources.

Okada Manila eyes opening ahead of Miss Universe pageant

Casino operator Tiger Resort, Leisure and Entertainment is on track to open the first phase of its first integrated casino resort—Okada Manila—before the year ends, just in time for co-hosting the Miss Universe beauty pageant.

Steve Wolstenholme, president of Tiger Resort, told Manila-based reporters that they have “completed around 85 percent” of the integrated resort’s first phase, according to Business World. The company, led by Japanese mogul Kazuo Okada, has already announced a planned soft opening in November.

“We will open this year—that’s our PAGCOR (Philippine Amusement and Gaming Corp) obligation—but the grand opening date will be determined by our chairman,” Wolstenholme said, according to the news outlet.

But more than fulling its licensing agreement with the state-run regulator, Tiger Resort is making sure that the resort’s amenities are ready for the Miss Universe beauty pageant, which it wants to sponsor as part of the plan to promote Okada Manila globally.