Melco Resorts and Entertainment

Casino gaming and entertainment owner and operator Melco Resorts and Entertainment has promoted Evan Winkler to president of the company, where he will report directly to chairman and CEO Lawrence Ho.

Winkler, a board member of Melco Resorts and president and MD of parent company Melco International Development, is to be responsible for day-to-day operational matters globally, with all operational departments reporting directly to him

Of the new position, Winkler stressed: “I am honoured by the trust placed in me by Melco’s founder, chairman and chief executive officer, Mr Lawrence Ho. I joined Melco International Development Limited three years ago to help support and carry Mr Ho’s vision and am excited to be able to play a broader role within the Melco group.”

Ho added: “The company has seen extraordinary transformations over the last few years, which have been game changing, including expanding globally, opening Morpheus, bringing more beyond-gaming attractions than ever and building up a very strong team. 

“As we continue to move forward, I have the utmost trust in a team that has a proven track record of delivering outstanding growth for the company.”

RISQ

Online gaming insurance platform RISQ has confirmed the appointment of Blerina Essen, the former managing director of mylotto24, as a corporate advisor.

In the position Essen will be working across RISQ divisions helping improve hedging and reinsurance structures of the RISQ Insurance Platform, which enables partners to enhance campaigns or products with jackpot payouts backed by the firm’s insurance provisions

Tom Mitchell, chief commercial officer at RISQ, said: “I am delighted to welcome Blerina to the team and to leverage her unrivalled experience and knowledge to improve our lottery insurance offering. It is important to us that our backend reinsurance structures are as robust as possible and in the event of a large win will payout quickly and smoothly.

“As our business grows and volumes increase, our backend structures become increasingly important. Blerina will be a driving force behind these improvements to make our offering as flexible as possible and grow the use of jackpots in the global gaming industry.”

Barona Resort and Casino

Kevin Ward has been promoted to vice president of slot operations at San Diego’s Barona Resort and Casino, 17 years after first joining the company.

In the new role Ward is to be charged with providing strategic direction and operational guidance to ensure the continued success of the slot operations department.

After first joining Barona’s human resources department in 2002 Ward has held various management positions, including compensation and benefits lead, as well progressing from human resources manager to vice president of the division.

“We are fortunate to have a manager such as Kevin who has the talent and ability to lead by example, empower his staff members, and develop their individual talents,” stated Rick Salinas, general manager of Barona Resort and Casino. 

“Our slot machines have always been our most popular games and we are confident that Kevin will continue to enhance our high-quality gaming experience for all of our players.”

British Columbia Lottery Corporation

Greg Moore has temporarily stepped down as a board director at the British Columbia Lottery Corporation to assume the role of acting president and CEO, with Jim Lightbody on medical leave to undergo cancer treatment and recovery. 

Lightbody is expected to be absent into the early party of next year, with Moore, who has a long career in public service, taking on the position immediately. 

“BCLC is an important economic contributor to the province and its communities,” Moore noted. “I am committed to working collaboratively with BCLC’s executive team, staff and government so that we can continue to execute and deliver on BCLC’s strategy during this time.”

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The decision means that Melco has been given a 20-year casino licence by the Government of Sri Lanka

Through a collaboration with John Keells Holdings, the group is seeking to elevate its integrated resort development valued at over US$1bn.

Furthermore, the integrated resort, which had previously been branded “Cinnamon Life Integrated Resort”, will be rebranded as “City of Dreams Sri Lanka”. 

Lawrence Ho, Chairman and Chief Executive Officer of Melco, commented: “We are thrilled to be part of this landmark development in Sri Lanka and to be in partnership with John Keells. We believe Sri Lanka has immense potential and this opportunity complements our existing portfolio of properties.

“Furthermore, City of Dreams Sri Lanka is expected to serve as a catalyst for stimulating tourism demand and promoting economic growth in Sri Lanka, drawing inspiration from the successful examples set by similar integrated resorts in other jurisdictions. 

“We will continue to work closely with our esteemed partners and the Sri Lankan Government to ensure the success of this venture, and we expect to make a significant and positive impact on the local community and economy.”

City of Dreams Sri Lanka will be the first integrated resort in Sri Lanka and South Asia and is seeking to ‘revolutionise’ luxury hospitality, entertainment, and leisure in the region.

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Total operating revenues at Cyprus Casinos from the quarter ended June 20, 2021, were $10m, compared to £3.5m in Q2 2020. Moreover, Cyprus Casinos generated negative adjusted EBITDA of £.8m in Q2 2021, a difference from £6m in the same period in 2020. 

Melco Resorts and Entertainment, CEO, Lawrence Ho, said: “We were pleased to reopen our casino operations in Cyprus in mid-May after a government-mandated lockdown from the beginning of the year with restrictions on patron capacity and gaming position. 

“On June 10, the restrictions on gaming positions were lifted allowing us to accommodate our normal capacity. We are encouraged that Cyprus returned to profitability in June, and that Cyprus has virtually breakeven in EBITDA for the quarter.”

Moreover, the casino reported that rolling chip volume was $1.5m with the rolling chip win rate being negative 4.40 per cent in Q2 2021. The expected win rate ranges from 2.85 to 3.15 per cent.

No rolling chip gross gaming revenue was generated in the second quarter 2020.

Mass market table games drop was $14.4m in the second quarter of 2021, compared with $4.1m in 2020. The mass market table games hold percentage was 15.6 per cent, compared to 11.1 per cent in the second quarter of 2020.

Gaming machine handle for Q2 2021 was $161m, compared with $57.2m in 2020. The gaming machine win rate was 4.9 per cent versus 5.2 per cent in 2020.

In July, Melco Resorts and Entertainment documented a further recovery in business levels during Q2 of 2021, despite the continued challenge of the pandemic.

This comes as the group reported its financial performance for the year’s second quarter, which saw operating revenue reach $566.4m, representing an increase of approximately 222 per cent from 2020’s $175.9m.

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Publishing its third sustainability report, Melco highlighted the four pillars of its ‘Above and Beyond’ strategy which inform the way in which the company ‘inspires guests, colleagues and communities through the business’ collective resources, resolve and relationships’.

Lawrence Ho, Chairman & CEO of Melco Resorts & Entertainment, commented: “The core of our Above & Beyond strategy is to inspire guests to join us on our sustainability journey – to realize that a sustainable future is a better future for us all.

“Throughout the global shock of the COVID-19 pandemic, we remain diligent in maintaining high standards and consistent quality, unwavering in our mission to deliver unmatched entertainment, gaming and hospitality products and services, in a sustainable manner to all our guests.

“We will continue to take the lead in facing global challenges head on, with guests at the heart of our efforts. We are determined to go above and beyond what the world knows to create a business that is fit for the future.”

Melco’s Above and Beyond strategy sets out a range of objectives, including: achieving carbon neutral resorts and zero waste by 2030; reducing water footprints and ‘enhancing workers’ lives and working toward eliminating human trafficking and modern slavery in industry and supply chains’.

The report also highlighted progress made towards the company’s sustainability goals in 2020, including decisively mobilising over 7,800 Melco volunteer participants in more than 600 volunteer activities to contribute to the local community including schools, SMEs, NGOs and Associations, under the ‘Simple Acts of Kindness’ initiative, and building resilient and sustainable supply chains by effectively supporting best practices and local economies.

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$9.8bn

The American Gaming Association has provided an in-depth look into the casino gaming industry in the state of Oklahoma, as part of a ‘Get to Know Gaming’ event held in its capital city and Tulsa.

Providing an insight into the economic opportunities for communities across the state, it was revealed that the casino gaming industry supports 75,885 jobs statewide, in addition to having an annual economic impact of $9.8bn.

Hosting its Get to Know Gaming event in Oklahoma City, following a reception in Tulsa, the AGA also released ‘Casinos & Communities Oklahoma,’ an in-depth look at how the gaming industry supports local communities.

Bringing $4.3bn in wages into the state via the 141 tribal and commercial casinos, whilst also generating $1.7bn in taxes and tribal revenue share payments, the AGA also provided an insight into the unique value brought by tribal gaming.

£11.5m

Gaming Realms has agreed the £11.5m sale of UK real money operating subsidiary Bear Group to River iGaming, whilst also relinquishing its 30 per cent stake in River UK Casino and providing a permanent licence to its gaming platform.

It is expect that, subject to shareholder and regulatory approval, the transaction will be finalised in the year’s second quarter, with the sale price including the settlement of a contract deferment of £4.2m owed by River UK Casino to the group.

Gaming Realms stressed that it is to now focus upon game development and international licensing of its retained Slingo brand and slingo.com IP, which is to continue operating on the Bear Group gaming platform via a deal with River iGaming.

Furthermore, the transaction is to also provide resources for the repayment by Gaming Realms of a £3.5m loan from JPJ Group.

3

Melco Resorts and Entertainment is aligned with a growing industry trend, by pinpointing the prospects of securing a Japanese integrated resort licence as a key focus for the group moving forward.

With the country’s government set to issue up to three such licenses, Melco believes it is perfectly placed to play an active role in the development of the next generation of IRs.

Lawrence Ho, chairman and chief executive officer, explained: “Lastly, Japan continues to be a core focus for us. We expect development of the next generation of integrated resorts to soon commence in this incredibly exciting, yet currently underpenetrated, tourism destination.

“With our focus on the Asian premium segment, high quality assets, dedication to world-class entertainment offerings, market-leading social safeguards and compliance culture, and our commitment to being an ideal partner to local governments and communities alike, we believe Melco is in a strong position to help Japan realise the vision for integrated resort development with a unique Japanese touch.”

888

888, through its wholly-owned Brigend Limited subsidiary, has announced the £18m acquisition of a selection of brands from the JPJ Group, including Costa Bingo, City Bingo and Sing Bingo.

Via the acquisition, which is to see £12m paid upon closing of the transaction and the remaining £6m in September of this year, 888 is to own a clutch of brands that already appear of its Dragonfish platform.

The purchase by the online gaming operator sees it acquire the operating business Mandalay via the acquisition of certain assets of Jet Management Group and Jet Media, which itself falls under the banner of the JPJ Group.

888 states that as a result of this latest move it is “consolidating its position as one of the leading bingo operators in the UK,” having secured the portfolio which previously operated as business-to-business brands, but will now function on a business-to-customer basis.

Having previously operated on Dragonfish, the purchase gives “the group full control of these successful brands from a marketing perspective, to support and further strengthen its position in the UK online bingo market”.

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Entering into an official partnership with Yokohama F Marinos, the deal also makes the casino resort operator the official partner of sister club Manchester City across Japan.

Damian Willoughby, senior vice president of partnerships at City Football Group, commented: “We are delighted to welcome Melco into the City Football Group family. Melco and Manchester City share a common approach to have entertainment at the heart of everything we do, providing great experiences for our fans and visitors. 

“We are also both committed to using football as a force for good, and are excited for the launch of Melco’s new community football programme in Japan.”

Set to see the Melco Logo printed on the Marinos jersey, the company will also work alongside both clubs to host a number of events throughout Japan and the wider Asian region.

Ryoji Kurosawa, president of Yokohama Marinos, stated: “It is a great pleasure to establish a new top-partnership between Melco Resorts and Entertainment Japan, City Football Group, and Yokohama F Marinos. We appreciate this opportunity from the bottom of our hearts.

“Melco Resorts and Entertainment provides one of the best leisure and entertainment in the world, and I believe that one of our club philosophies, to create joy and excitement shares the same value with Melco’s business.

“As partners, we hope to co-create a kind of entertainment which makes all the fans and supporters more exhilarated from this moment forward.

“And it is also a great pleasure for us to be able to get a tremendous support from Melco in our highly recognized grassroots community service activities.”

The new agreement is said to be the latest step in Melco’s efforts to secure one of three licences on offer to construct and operate an integrated resort in Japan, and comes a short time after the organisation lauded the success of the EuroJapan Cup 2019, of which it was title sponsor.

Lawrence Ho, chairman and chief executive officer of Melco Resorts and Entertainment, added: “Building successful teams and successful partnerships have a lot in common. At Melco, we look for shared ambition and 21st century values. And in Manchester City and Marinos we have found perfect partners, businesses that excel at entertaining whilst putting community first.

“Melco’s connections to Japan run deep, we have been doing business here for more than twelve years, so being able to support Marinos in their grassroots community programmes is an exciting opportunity for us all.”

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Australia, Cyprus and Japan all feature heavily in the potential future make-up of the organisation, the former two of which sees significant moves having already been undertaken.

Lauding the purchase of a 19.99 per cent stake in Australia’s Crown Resorts as an “incredible opportunity,” the firm continues to deepen its Cypriot footprint as construction continues on the €550m City of Dreams Mediterranean.

Recently opening its third satellite casino in C2 Ayia Napa, a fourth is still to come in Paphos following similar openings Nicosia and Larnaca, with a temporary property also in place in Limassol until the larger complex is complete.

Regarding its Australian and Cyrpiot interests, Lawrence Ho, chairman and CEO of Melco, explained: “In May 2019, the company announced its agreement to acquire a 19.99% stake in Crown Resorts Limited from CPH Crown Holdings Pty Limited. We believe Melco’s investment in Crown is an incredible opportunity to purchase a strategic stake in what we believe to be Australia’s premier provider of true integrated resort experiences. 

“In June 2019, the company announced its agreement to acquire from Melco International Development Limited all of Melco International’s holdings of ordinary shares of ICR Cyprus Holdings Limited which represents a 75 per cent equity interest in ICR Cyprus. 

“ICR Cyprus and its subsidiaries are developing the City of Dreams Mediterranean integrated 3 destination resort project in Cyprus. The City of Dreams Mediterranean project is currently under development and scheduled to open in 2021, upon which it is expected to be the largest and premier integrated destination resort in Europe.”

Furthermore, the organisation is one of a number of casino entertainment operators that has its sights on securing one of three licences up for grabs to construct an integrated resort in Japan.

After Las Vegas Sands reemphasised its interest when publishing its latest financial results, Ho continued: “Japan continues to be a core focus for us. In May, we released designs of our proposed Osaka Integrated Resort – City of the Future. We have also participated in the Yokohama RFI and will participate in the Osaka RFC. 

“With our focus on the Asian premium segment, high quality assets, dedication to world-class entertainment offerings, market-leading social safeguards and compliance culture, and our commitment to being an ideal partner to local governments and communities alike, we believe Melco is in a strong position to help Japan realise a vision for an integrated resort development with unique Japanese touch.”

Operating revenue for Melco during the second quarter of the year rose 17 per cent from $1.22bn to $1.44bn, due to an increased performance in the mass market table games segments and higher non-gaming revenue as a result of the opening of Morpheus in June 2018.

Operating income jumped 74 per cent to $205.3m (2018: $118.1m), with adjusted EBITDA coming in at $442.2m, a 24 per cent increase on $355.5m.

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Forming part of the ‘Integrated Casino Resort Cyprus’ consortium, alongside Cyprus Phassouri Limited, a member of the CNS Group, the group is responsible for constructing and operating the €550m City of Dreams Mediterranean, due to open in 2021, as well a four satellite casinos spread across the country.

Taking place at the Presidential Palace under the authority Nicos Anastasiades, president of the Republic of Cyprus, the eighth Invest Cyprus International Investment Awards reward foreign commitment to the island, by recognising international investors and businesses in acknowledgement of their “substantial contribution”.

Lawrence Ho, Melco chairman and CEO, commented on being presented with the award: “It’s a great honour to receive this award on behalf of the entire team at Melco. Cyprus has tremendous economic potential and is now firmly on the radar of international investors. 

“The country’s beauty, ideal geographical location, and government’s progressive approach towards regulation and governance, means that it’s perfectly placed to attract significant inbound investment of the highest calibre.”

Adding on the development: “Today marks the first anniversary of us opening our Cyprus C2 Casinos, and we have already seen a huge surge of interest in the island as a premium tourism destination. 

“The opening of City of Dreams Mediterranean will have a huge positive impact on the nation’s economy, attracting tens of thousands of luxury tourists, creating hundreds of new jobs, and tackling the tough issue of seasonality head on.”

Michalis Michael, chairman of the board of directors of Invest Cyprus, added: “Melco’s commitment to Cyprus is particularly valued and recognised, both by the government, and the island’s community. The decision by Melco to build Europe’s largest integrated casino resort here sends a strong message around the world about the long term potential for this nation.  

“This premium development will significantly boost Cyprus’ overall economy, whilst at the same time enhancing our tourist product in the most sustainable, long-term manner. Melco are pioneers in their industry, and this is evident in their support for the communities into which they invest.  

“Melco is partnering with our department of antiquities to support national archaeological heritage management, as they see the preservation and promotion of Cyprus’ cultural heritage as a key element to their investment in tourism here.”

City of Dreams’ gaming area is set be installed with 36 tables and 1,200 gaming machines, with the complex also featuring a five-star hotel with luxurious villas and 500 hotel rooms, 11 restaurants and cafeterias, a wellness centre, a sports centre, an extensive pool area with river woods and surf pools, a high-end retail area and an outdoor amphitheatre with extensive green areas.

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Executing a definitive purchase agreement through a subsidiary of Melco, the acquisition sees the firm obtain 135.35 million shares of Crown Resorts from CPH Crown Holdings for AU$13 per share.

Representing an ownership interest in the region of 19.99 per cent, the transaction is slated to close in two portions on June 6, 2019, and on or prior to September 30, 2019.

Despite the transaction not needing regulatory approval to be finalised, Lawrence Ho, Melco’s chairman and CEO, is to submit applications to the gaming regulatory authorities in each of Victoria, Western Australia, New South Wales and any other relevant jurisdictions.

Should approvals be issued, the organisation intends to pursue board representation on Crown’s board of directors commensurate with its ownership position.  

Furthermore, Melco also stresses that it would welcome the opportunity to increase its ownership stake in Crown in the future.

Ho said of the purchase: “I view Melco’s investment in Crown as an incredible opportunity to purchase a strategic stake in what I believe to be Australia’s premier provider of true integrated resort experiences.  

“Crown’s Resorts in Perth and Melbourne are world class entertainment destinations and I believe that Crown Sydney, much like Melco’s Morpheus property, will create an architectural icon for the city, the country and the world. In addition, Crown’s UK assets have qualities that are second to none.  

“Like Melco, Crown is a leader in creating new and exciting luxury and entertainment experiences for its guests. We also both strive to be a leader in the communities in which we do business both through CSR work and helping to drive tourism and the local economy. 

“Put simply, we share a similar core DNA with respect to how we view our businesses.  In addition, I personally know the management at Crown and look forward to working with them to further enhance both Crown’s performance and development in Australia, and the appeal of Crown’s properties to international patrons.”  

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The $1.1bn project is the world’s first free-form exoskeleton high-rise, as designed by the late Dame Zaha Hadid, and forms part of Melco’s flagship City of Dreams integrated resort in Macau.

Triumphing at the Asia Pacific Property Awards 2019, lauded as a “renowned global mark of excellence” by the firm, Morpheus came out on top in the ‘Best Hotel Architecture Macau’ and ‘Best New Hotel Construction and Design Macau’ categories.

Celebrating the highest levels of achievement by companies operating in all sectors, the Asia Pacific Property Awards are judged by an experienced team of professionals, comprising experts and experienced members within property-related specialities, including hospitality.

The achievement follows Morpheus being hailed as one of the ‘World’s Greatest Places 2018’ last year by Time Magazine, just two months after its opening, and more recently being named ‘Building of the Year 2019’ by ArchDaily, the world’s most visited architecture website.

Lawrence Ho, chairman and chief executive officer of Melco Resorts and Entertainment, said, “We are thrilled to receive the prestigious accolades from Asia Pacific Property Awards 2019 to recognise Morpheus’ quality excellence in architecture, construction and design, further reinforcing Melco’s position as a global premium brand.

“City of Dreams’ Morpheus offers a journey of the imagination, presenting sophisticated travellers with the most remarkable experiences that go beyond gaming and raise the bar in global luxury hospitality.

“We are grateful to the award organiser and judges, and our architectural, structural and interior design collaborators who made this achievement possible. We shall continue in our determination to strive for excellence in our properties in Macau and beyond.”

Named after the god of dreams in Greek Mythology, Morpheus is the latest addition to the Phase III development of City of Dreams Macau.

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