AGTech Holdings, a lottery services company headquartered in China, has posted a profit of $20 million during the first half of 2018. The upswing in profits is attributed to the new lottery contracts it obtained in China. The company said in a statement that the profits were boosted by a number of non-cash and non-operating items tied to convertible bonds and payables as part of the Score Value Transaction. The company’s overall revenue rose by 14 per cent to $7.8 million, mainly boosted by the revenue from its lottery operations.
AGTech’s lottery hardware business skyrocketed by 43.5 per cent and lottery games and systems-related operations jumped 40.8 per cent. Over the prior-year period, a 190.1 per cent increase was seen for the company’s distribution and ancillary services. Despite the jumps, AGTech’s board did not recommend paying an interim dividend.
Given the company’s recent expansion in China with new contracts, AGTech feels that it is in a great position to participate in both mobile and online lotteries in the country, pending the removal of a ban on online lottery ticket distribution. Until that happens, the company hopes to continue its overseas expansion plans through acquisitions.
AGTech said in releasing its financials, “…[T]he Group has been in the process of identifying suitable acquisition targets and has been discussing with potential targets on such potential acquisitions, including those engaged in the businesses of lottery systems and technology, lottery games and technology, online lottery games and systems and lottery operations.”
AGTech has scored a number of new contracts in China recently. The Hong Kong-based company is now the supplier of lottery terminals for Guizhou, Hebel, Shanghai and Henan. It also recently partnered with the Jiangsu Province Sports Lottery Administration Center (JPSLA) in an effort to promote innovation for the lottery space and to enhance research and development of new lottery games.
After the company entered into the deal with the JPSLA, AGTech CEO John Sun asserted, “Given the considerable scale of lottery sales in Jiangsu Province, Alibaba and Ant Financial’s expansive offline retail network and channels as well as our expertise and experiences in the lottery channel business and technology and data services, we believe this strong combination will further improve the consumption pattern and experience of sports lottery products as a whole. It will also advance the lottery industry and contribute to the healthy development of national sports and public welfare.”
SCCG Management Unveils SCCG ASIA – A Regional Campaign Led by Kent Jenkins from SCCG’s New Office in Bangkok, Thailand
SCCG Management, a leading management advisory firm specializing in the gaming industry, is proud to announce the launch of its new regional campaign, SCCG – ASIA. The campaign aims to provide management advisory services to Casino, iGaming, Sports Betting, and Esports companies in Asia, as well as provide solutions and resources for existing SCCG client partners looking to enter Asia’s gambling market.
SCCG – ASIA will be led by Kent Jenkins, who has been appointed as the Director of the campaign. With decades of experience in international management throughout Asia, Kent brings to SCCG Management a very high level of knowledge and expertise and is well-positioned to lead the campaign from the new SCCG office located in Bangkok, Thailand.
“We are excited to announce the launch of SCCG – ASIA and to have Kent Jenkins at the helm,” said Stephen Crystal, Founder and CEO of SCCG Management. “We believe that the Asian market for the gambling industry is poised for significant growth and we are confident that this regional campaign will help our client partners navigate this dynamic market and achieve success.”
Kent Jenkins said, “I am thrilled to join SCCG and take on the role of leading the regional campaign for SCCG – ASIA. I am eager to work with Stephen and his talented team of industry leaders boasting over 30 years of experience in the gambling industry. I’m excited to utilize my resources and experience to drive growth and success for SCCG in the region.”
SCCG – ASIA will provide a full range of management advisory services, including strategic planning, market analysis, business development and operational support. With a team of experienced leaders from the gaming industry, SCCG – ASIA will empower companies to reach new heights in the Asian market.
The Asian market presents a significant growth potential for companies in the gambling industry as it offers a large customer base due to the continent’s high population, as well as a growing middle class with disposable income. Additionally, the online and mobile gambling market is rapidly growing in Asia, providing opportunities for companies to reach customers through digital channels. Furthermore, some Asian governments are actively encouraging foreign gambling companies by offering tax breaks and other incentives, and some countries are looking to legalize gambling which could open up new opportunities. Overall, the Asian market presents a significant growth potential for companies in the gambling industry.
Alvin Chau Sentenced to 18 Years in Prison
Alvin Chau, one of Macau’s high-profile gambling promoters, has been sentenced to 18 years in prison for racketeering and illegal gambling activities.
Chau was the former chairman of Suncity Group, a Macau-based company that helped promote gambling by lending credit to high rollers. Macau is the only region in China where gambling in casinos is legal.
Chau was ordered by the court to pay the Macau government more than HK$6.5 billion ($830 million) as well as $22.7 million to $98 million to a number of casino operators.
Chau was first arrested in China’s eastern province of Zhejiang on November 2020.
After his arrest, experts said that the move signalled a tougher stance on gambling in Macau by the Beijing authorities.
Survey Shows Macau Gaming Service Improved Last Year
An index measuring gaming service in Macau continued to rise last year compared to a year earlier. However, it also illustrated a trend hovering downwards when it came to casino workers’ tolerance towards guests.
The results of the Macau Gaming Service Index was revealed by the Macau Gaming Research Association, a collaboration with SGS Hong Kong, which described itself as an inspection, verification, testing and certification company on its website.
The survey enlisted mystery shoppers who descended on casinos at the city’s six integrated resorts in the second half of last year.
The index stood at 138 in the last quarter of 2022, a 6% increase compared to the same period a year earlier when it was just 130, and 129 in 2019 before Covid unfolded.
In spite of an improvement overall, the “tolerance” index – one of three components that make up the overall index – pointed to a trend dipping downwards since 2019.
It stood at 99 in the fourth quarter of last year, the third consecutive year with a score less than 100 – a 2013 base score against which casino workers’ patience is measured.
A total of 864 employee samples were gleaned during the survey, with mass-market gaming areas concerning 12 properties visited by the mystery shoppers.
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