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NagaCorp EBITDA to grow 20% annually, better placed than Macau: analysts

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NagaCorp EBITDA to grow 20% annually, better placed than Macau
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Financial services firm Morgan Stanley is tipping EBITDA growth of 20% per annum through 2020 for NagaCorp, stating that the Cambodian casino operator “scores better than Macau” when evaluating its short-term prospects.

In a Tuesday note, Morgan Stanley analysts said the launch of Naga 2 at its NagaWorld property in Phnom Penh late last year and expected benefits from China’s Belt and Road initiative would drive EBITDA growth of 23% in 2018 and 19% in 2019, taking into account a proposed 5% tax on gaming revenue expected to be introduced by the Cambodian government this year. Without the tax, EBITDA growth forecasts would be 47% for 2018 and 18% for 2019.

Supply drives demand,” said Morgan Stanley’s Praveen Choudhary and Jeremy An. “We believe the opening of Naga 2 in November 2017 will increase total capacity 2x to 3x (rooms +113%, tables +100% and slots +201%).

With better hotel hardware/services, the company should be able to attract more premium mass/VIP customers, which should enable an EBITDA growth of >20% CAGR through 2020e.

Two new key junkets (Suncity and Meg-Star) will be added in 1H18. In Macau, Galaxy’s and Wynn Macau’s market cap more than doubled in the 18 months after the opening of their second casino.

Choudhary and An add that Naga will benefit from Cambodia’s position in regards to the Belt and Road Initiative, noting that investment from China accounted for 52% of total foreign investment in Cambodia and grew 45% year-on-year in 2017. Favorable policies including the recent signing of 13 agreements between China and Cambodia covering areas such as infrastructure, finance, tourism and trade will drive visitation from China to grow 13% per annum through 2020, they said.

Most notably, Morgan Stanley believes NagaCorp is better positioned that Macau operators to enjoy sustained growth in the short-term, citing its monopoly license, favorable tax and low operating costs.

NagaCorp operates as the only licensed casino in Phnom Penh, with a long-term license (70 years) and with a 40-year monopoly within a 200km radius of Phnom Penh that expires in 2035, with no limits on the amount of gaming space, tables or type of games,” it said. “Macau’s licenses come up for renewal in 2020/2022.

NagaCorp enjoys more favorable tax rate, enabling it to pay higher commissions to attract junkets compared with tax rates in Macau (39%) and Singapore (16% to 17%). The removal of overhang with respect to tax rate in Cambodia in 2018 serves as another growth catalyst.

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BMM Testlabs Highlights Its 40 Years Of Leadership Serving Asia-Pacific Market At SiGMA Asia Summit June 3-5 In Manila, Philippines

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BMM Testlabs (“BMM” or “the Company”), the world’s original gaming test lab and product certification consultancy, today announced that it is exhibiting at SiGMA Asia June 3-5 at the SMX Manila in the Philippines.

BMM’s booth, No. BR603, will be a resource for gaming suppliers, operators, and regulators seeking to learn more about BMM’s 40 years serving the Asia-Pacific market and the Company’s broad capabilities to test and certify digital and land-based products for every technical standard adopted by any gaming regulator anywhere in the world – including all GLI standards.

BMM’s Vice President of Business Development – Asia, Jeffrey Fong, said, “BMM continues to be the premier test lab for the Asia-Pacific market, and the SiGMA Philippines show provides a great opportunity for us to connect with suppliers, operators, and regulators and reinforce our focus on customer engagement, responsiveness, and value. As the test lab of choice in the Philippines and Asia, with an unmatched understanding of the region’s technical compliance requirements, we’re excited to reinforce our focus on high-quality product testing and unparalleled customer support services.”

Fong said that BMM representatives will be on hand to share the Company’s global market coverage capabilities and the many services that BMM offers to suppliers, operators, and regulators. In addition to BMM’s proven product testing and certification services, BMM’s team at the show will share their experience helping clients save money and get products to market faster through pre-certification QA testing, cybersecurity services, product performance assessments, and BMM’s commitment to customized free-of-charge education and training.

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FBM Foundation elevates schools in Laguna and Cavite with donations to boost digital educational progress

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The two solidarity gestures executed by FBM Foundation in May prove once again the project’s commitment to nurturing future digital leaders and empowering communities through education.

This significant donation to Mabato National High School included 15 computer sets, tables, chairs, and 300 FBM Foundation backpacks. FBM Foundation conducted a turnover ceremony at Mabato National High School, on May 17th, attended by Pepe Costa, FBM’s Country Manager for the Philippines, and six volunteers. The ceremony highlighted the contributions of Gareth M. Prondoza, the School Head, and the teaching and non-teaching staff for their coordination.

In Dr. Jose P. Rizal Senior High School, FBM Foundation donated 35 computer sets, tables, chairs, 2 split-type air conditioners, and 800 FBM Foundation backpacks. This second social effort had a final turnover ceremony at Dr. Jose P. Rizal Senior High School. Renato Almeida, Director at FBM, Pepe Costa, and Alex Studart, Head Operation Manager at MEMO, attended the ceremony together with 15 volunteers.

During the event, special acknowledgments were given to Ms. Maria Lalaine M. Barrameda, Assistant School Principal II, Mr. Sandy U. Mera, ASP Coordinator, Mr. Robert John Dela Cruz, and the teaching and non-teaching staff for their invaluable contributions.

Alongside the computer donations, FBM Foundation facilitated the renovation of the computer laboratory and faculty room at Mabato National High School and at Dr. Jose P. Rizal Senior High School. These renovations were supported by a dedicated team of volunteers who worked tirelessly to make the learning spaces safer and more comfortable, promoting holistic development and the welfare of the entire school community. FBM Foundation’s motto, “Building a Champion by a Champion: Shaping Digital Leaders Tomorrow,” reflects its vision and impact. Through education, the corporate social responsibility project of the FBM® Group uplifts communities, drives innovation, and nurtures future leaders. The Foundation’s initiatives and partnerships are designed to catalyze positive change, inspiring students to achieve their dreams.

In total, 27 volunteers participated in the renovation and turnover ceremonies, showcasing the collective effort and dedication towards making this project a success.

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BETER Live to go big at SiGMA Asia

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BETER Live to go big at SiGMA Asia
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BETER Live, the provider of next-generation live casino experiences, is heading to SiGMA Asia next month to showcase its growing portfolio of innovative games and tools.

This includes its latest ground-breaking release, Grand Bonus Baccarat, which offers revolutionary gameplay that takes the player experience to the next level.

The popular conference is held in Manila, the Philippines, from 3 – 5 June and will welcome thousands of delegates looking to experience the latest ground-breaking products for themselves.

And what a showcase BETER Live has in store.

Taking center stage on the provider’s stand  G801 will be its Bet & Get and Tournaments Promotion Tools.  These are powered by BETER Live’s advanced bonus engine and are designed to boost player engagement.

Bet & Get sees players receive a bonus that can be converted into real money after completing the set wagering requirement while Tournaments takes retention to the next level with players earning points to compete with others for prizes on the real-time leaderboard.

Delegates will also be able to enjoy the provider’s latest multiplier game release, Grand Bonus Baccarat. As the name suggests, it comes with an exhilarating progressive bonus feature that sees players collect consecutive wins during the base game to unlock one of two multiplier bonus pools – Mega and Grand.

Four consecutive wins trigger the Mega bonus multiplier with five activating the Grand bonus multiplier.

But that’s not all. The provider will also be showing the latest addition to its lineup of blackjack games – Take Deal or Risk Blackjack. During decision time in unlimited-seat blackjack, players are given the option to stop playing and cash out their hand for the amount offered.

If that wasn’t enough, BETER Live will give delegates a sneak peek of The Kickoff, a brand-new game, and studio set to launch in June.

The Kickoff has been designed for sports enthusiasts and is based on predicting the dice roll score on three-way outcomes. Each round is made even more exciting with dynamic multipliers for getting the correct score.

The game will be broadcast from a unique sports studio which was built to resemble a stadium and to conjure the excitement and atmosphere of watching a major sporting event.

Anna Vikmane, Director at BETER Live, said: “The team is really excited for SiGMA Asia and to show off our incredible portfolio of games and tools to delegates, especially our latest title, Grand Bonus Baccarat.

“We’ve recently launched so truly game-changing features such as Bet & Get and Tournaments, which are already delivering incredible results for our operator partners. We can’t wait to talk through the upsides they can provide to delegates and their casino brands.

“It’s also a great opportunity to showcase new titles such as Take Deal or Risk Blackjack, Grand Bonus Baccarat and to tease The Kickoff. These are innovative, high-quality games that operators in markets across the world want to offer to their players after trying them for themselves.”

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