Posted on December 30, 2017 by Kuawaitech
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Casino operator Genting Malaysia BHD (GENM:Bursa Malays) is redeveloping its Resorts World Genting (RWG) casino resort in the hope that the completed gambling and entertainment facility will see an increase in its tourist activity.
Online travel publication Travel Biz Monitor, reported that the Malaysia-based Resorts World Genting invested RM 10.38 billion as part of the Genting Integrated Tourism Plan for the redevelopment of its integrated resort. The expectation is that by creating new and improved attractions at its Malaysian integrated resort, RWG will attract more tourists from around the world.
The reinvigorated mountaintop destination will, towards the completion of construction, see its indoor theme park, SkyTropolis, open to the public in February. Meanwhile, its indoor theme park, which was shuttered in 2013, is scheduled to reopen and be operational late next year. It will reportedly feature what is billed as the world’s first Twentieth Century Fox World theme park. The $490.7 million endeavor will reportedly include 25 rides and attractions that are based on such Hollywood box office hits as ice Age, Rio, Alien Vs Predator and more, according to Travel Biz Monitor.
Prior to the theme park’s closure, Ajay Sharma, Country Manager – India, Resorts World Genting, reportedly said the resort welcomes more than 250,000 visitors staying overnight from India. The new attractions are due to start arriving at the beginning of the New Year and according to Travel Biz Monitor; the package’s current two night stay will be bumped up to three nights.
The online travel publication spoke with Sharma who reportedly said, “As we are expecting to push the number of overall visitors to 30 million by 2020, and India being among our top 4 markets in terms of foreign arrivals, we are expecting around 300,000 visitors from India as staying guest.” The opening of the Twentieth Century Fox World theme park is expected to result in the gradual increase in the percentage of Indian visitors.
Travel Biz Monitor reports that the redeveloped resort with offer a new-concept lifestyle mall, additional hotels, SkyCasino, a new glass-floor cable car system; and as a part of SkyAvenue’s unveiling, the debut of Burger & Lobster.
Posted on December 28, 2017 by Kuawaitech
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In Macau, the City of Dreams casino resort operates three hotels within the property, one of which is Crown Towers. It was recently made known that the Crown Towers will no longer be operating under the Crown name. The hotel tower will earn a new name beginning next year. A message was posted recently on the website of the resort, stating the name change will become effective January 18, 2018.
According to ggrasia.com, the message on the website gave little information on the matter. The message simply stated that the Crown Towers will be operating under the new name ‘Nüwa’ beginning next year. Currently, the hotel tower can accommodate guests in 300 rooms which includes 33 villa spaces.
Crown Resorts Ltd., a casino operator of Australia, is the owner behind the Crown brand, an investor of the promoting company for City of Dreams Macau, Melco Resorts and Entertainment. Crown Resorts stopped their role as investor in May of this year.
In December of last year, a filing was made that stated Crown Resorts, as well as their subsidiaries, had the ability to dismiss any license that was granted based on intellectual property agreements, this included a trademark license. Such licensing could be terminated if a direct or indirect shareholding of the company in the shared venture were to fall below 25%.
A number of casino stocks, including Wynn Resorts, Las Vegas Sands and MGM Resorts, rose on Monday amid positive news from the much-maligned Macau gambling scene.
Macau, the world’s biggest casino hub, posted a drop of 9.5 percent in gambling revenue for April, to about $2.17 billion, marking the 23rd consecutive monthly decline for the former Portuguese colony. That said, the decline was less than feared.
Shares of Wynn popped nearly 6.8 percent Monday, while Las Vegas Sands and MGM resorts gained about 3.5 percent and 1.7 percent, respectively.
That said, Wynn and Las Vegas Sands are still down 16.35 percent and 11.56 percent in the past year, respectively, while MGM has only risen 1.26 percent.
Macau’s government has hit back at Steve Wynn’s criticism of its policies, demanding casino operators comply with its rules days after the Las Vegas tycoon criticized delays in being informed how many gaming tables he will get for a new multi-billion dollar resort.
Casino representatives including Wynn Macau Ltd. president Gamal Aziz were summoned for a meeting Sunday with the city’s secretary for economy and finance Lionel Leong, according to the Hong Kong-listed unit of Steve Wynn’s casinos operator. The 73-year-old Wynn on Thursday lambasted government limits on gaming tables and said delays in casinos being informed how many would be allocated were “outrageous and ridiculous”.
Macau has “no plan to make any changes lightly” and demands “clear understanding and full compliance” from the industry, the government said in a statement on its website after Sunday’s meeting, which the chief of its gaming regulator also attended. The government “regretted” certain opinions about its gaming and labor plans, it added without directly referencing Wynn’s remarks.
The city has powers to enact policies aimed at broadening the economy and developing Macau into a world tourism center, according to the statement. China’s president Xi Jinping in December ordered the city to diversify its economy from casinos, on which it relies for about 80 percent of revenue.
Wynn Resorts fell 6.4 percent to $68.25 at the close in New York, while Las Vegas Sands Corp. lost 4.4 percent to $47.54 and MGM Resorts International was down 2.6 percent to $21. Wynn Macau shares slumped 4 percent at the close of trading in Hong Kong, the lowest in a week, while Sands China Ltd. declined 6.4 percent and Galaxy Entertainment Group Ltd. dropped 5 percent. The benchmark Hang Seng Index was little changed.
Uncertainty in Macau is complicating hiring decisions and could force casino operators to terminate employees, Wynn said in a post-earnings teleconference with analysts, during which he called the city’s gambling table cap “the single most counterintuitive and irrational decision that was ever made”.
The casino billionaire’s remarks came as Macau posted a 16th straight month of gaming revenue decline in September, its longest downturn on record as President Xi’s anti-graft crackdown and a slowing Chinese economy curbed high rollers traveling to the world’s largest gaming hub.
Wynn Macau is planning to open a $4.1 billion resort in the territory on March 25. Its parent Wynn Resorts, the first of the large U.S. casino operators to announce third-quarter earnings, on Thursday posted revenue that trailed analysts’ estimates after a large drop in gambling in Macau.