Asia
Macau-based companies emerge frontrunners for all-cash takeover of Caesars
A merger or sale looks imminent for American casino owner and operator Caesars Entertainment Corp, according to investor Carl Icahn, who is also a stakeholder of the company. If that happens, only three casino companies based in Macau will be able to manage an all-cash take-over, writes brokerage Sanford C. Bernstein Ltd.
In a recent note, Sanford C. Bernstein Ltd suggests that Wynn Resorts Ltd, MGM Resorts International, and Las Vegas Sands Corp are the only firms that have a realistic chance of all-cash takeover.
These firms have subsidiaries based in Macau: Wynn Macau Ltd, MGM China Holdings Ltd, and Sands China Ltd, respectively.
Sanford Bernstein analysts Vitaly Umansky, Kelsey Zhu, and Eunice Lee wrote that smaller U.S. based suitors, such as Eldorado Resorts Inc. and Penn National Gaming Inc., had no liquidity and lots of debt, and could do only a reverse merger for stock. “There could be cash funding created via asset sales (but a large portion of the Caesars Entertainment asset base has already been sold),” the note said.
Each of the three potential cash suitors for Caesars Entertainment – as defined by Sanford Bernstein – are looking to expand into Japan, where the first legal casinos will be opened in the next few years. On that basis, Sanford Bernstein said it did not think any of the trio were likely to go after Caesars Entertainment.
“With the Japan opportunity coming up (where we are talking about US$8-billion to US$10-billion-sized development projects) – we do not believe Las Vegas Sands, MGM Resorts or Wynn Resorts (who are also the more likely candidate to be able to be awarded a licence in Japan) would be interested in picking up Caesars (and not just for reasons tied to Japan) and gaining more exposure to the U.S. regional market and Las Vegas,” the report said.
Online rummy platform RummyCircle has selected popular Bengali actor Prosenjit Chatterjee as its Brand Ambassador.
RummyCircle, the largest online rummy platform in India, is an initiative of Play Games24x7 Pvt. Ltd. Prosenjit Chatterjee who has spent years on the wide screen is a big fan of the popular Indian card game rummy.
“Bengali people have always been fond of card games and rummy is one of the best entertaining card games of India. I am sure everyone will love this new experience of playing the card game online on rummycircle.com with players from all over India. It is really great fun,” Prosenjit said.
The brand unveils its new marketing campaign running with the name #BhorpurManoranjan, giving a completely new fan experience to its players.
“Online rummy is all about entertainment, what we call #BharpurManoranjan. And who better than Mr. Prosenjit Chatterjee who has been the face of the entertainment industry in West Bengal for over a decade. We are very excited to have such a talented person as our brand face and hopefully Bengalis will love playing online Rummy,” Avik Das Kanungo, Brand Head of RummyCircle said.
AG Brief is delighted to confirm that the Ministry of Economy and Finance Secretary of State, H.E. Nguon Sokha, will give the opening address at the much-anticipated Mekong Gaming Summit in September.
The conference is due to take place at the Sofitel Phnom Penh from 10-11 September and has the full support of the Ministry of Economy and Finance (MOEF), one of the agencies responsible for gaming regulation, along with the Ministry of the Interior. Both will eventually form the Gaming Management Committee to implement and oversee the Kingdom’s new gaming legislation.
H.E. Mey Vann, director general of the MOEF, will also be speaking at the summit, and we expect to shortly also confirm the Directorate of Investment and Company Administration, Ministry of Investment and Foreign Economic Relations of Myanmar.
In addition to these addresses from government officials, the summit will provide investing and market perspectives on the land-based and online gaming opportunities in the key markets of Cambodia, Vietnam, Thailand, Laos and Myanmar.
Other highlights of the event include a special gala cocktail reception hosted by the capital’s premier casino and entertainment resort – NagaWorld – on the evening of Tuesday 10th September. Delegates will also be able to meet companies able to assist in setting up their businesses in the region at a table-top exhibition space in the Sofitel Grand Ballroom foyer.
Immediately following the conference, there will be an optional tour to Sihanoukville for those who would like to see the sheer scale of development in Asia’s new gambling mecca for themselves.
Macau junket firm Suncity Group has launched a new VIP Club at the Rio Hotel and Casino in Macau. It is Suncity’s 8th VIP Club in Macau. Rio Suncity VIP Club comprises a total of four VIP gaming rooms and 12 gaming tables.
The company made global headlines last week after Chinese media published an article accusing Suncity of signing up players who gambled in its Macau junket rooms to online gaming and proxy betting services. Both are banned under Macau and Chinese law.
In response, Suncity Group Chairman Alvin Chau Cheok Wa called a special press conference over the weekend at which he revealed Suncity would not conduct any gaming operations currently outlawed in Macau in any other countries and regions, even if those operations are legally allowed within those jurisdictions.
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