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MGM China Reports 2020 Annual Results

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MGM China Reports 2020 Annual Results
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MGM China Holdings Limited has announced the selected unaudited financial data of the Company and its subsidiaries for the quarter and year ended 31 December 2020.

During the year, MGM China saw revenue down by 78% to approximately HK$5.1 billion. The Group had a negative adjusted EBITDA of approximately HK$1.4 billion. Fourth-quarter market-wide GGR declined by 70% year-over-year, compared with a 93% year-on-year decline in Q3.

For the fourth quarter, MGM China recorded total revenue of approximately HK$2.4 billion, up by 550% from the third quarter. The Group had a turnaround for the quarter with a total adjusted EBITDA of approximately HK$367.2 million, (2020 third quarter: HK$730.6 million loss), with both properties recorded positive EBITDA. In Q4, MGM MACAU recorded adjusted EBITDA of approximately HK$247.1 million, and MGM COTAI at HK$120.1 million.

The market share of MGM China rose to 9.9% in 2020 from 9.5% a year ago. Fourth-quarter market share reached 12.6% with business outperformed the market. The Group maintained a healthy financial position. As of December 31, 2020, the Group had total liquidity of approximately HK$9.5 billion, comprised of cash and cash equivalent and undrawn revolver.

Hubert Wang, President and COO of MGM China, said: “We are pleased to see MGM China turned profitable again driven by strong market share gains and continued cost mitigation efforts.

“We expect the broader rate of business recovery will continue to be gradual, driven by the premium mass market which both MGM MACAU and MGM COTAI are well positioned to capture.

“MGM China will continue to invest in strengthening our market position, and continue to believe in the long-term success of Macau. We have been committed to supporting Macau as a world tourism destination. We look forward to working with the government through the licensing renewal process in hopes to further our support for many more years to come.”

Asia

Chennaiyin FC Extends its Partnership with SSVM Institutions

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Chennaiyin FC has renewed its partnership with Shree Sarasswathi Vidhyaah Mandheer (SSVM) Institutions for a third consecutive year. As per the deal, SSVM will continue as the club’s associate sponsor.

SSVM’s partnership with Chennaiyin FC began before the 2019-20 Indian Super League (ISL) season, allowing the two-time champions to take the beautiful game beyond Chennai and into other parts of Tamil Nadu, such as Coimbatore and Mettupalayam.

“SSVM Institutions are one of the finest education institutions in the country and we at Chennaiyin FC are proud to have them as a part of the family for the third consecutive year. This association has grown stronger with each passing year and we are confident of a strong showing in the upcoming season, along with our partners SSVM,” Vita Dani, co-owner of Chennaiyin FC, said.

“SSVM Institutions is delighted to be partnering with Chennaiyin FC for the third consecutive year. We are now one family as the association has grown stronger with each passing season. We look forward to more successful years for Chennaiyin FC, and we hope to support the club on all fronts,” Dr Manimekalai Mohan, Managing Trustee of SSVM Institutions at Coimbatore, said.

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Asia

1xBet Signs Dwayne Bravo as Brand Ambassador

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One of the most successful betting companies in the world, 1xBet, has announced a partnership with its first ambassador in India – renowned cricketer Dwayne Bravo.

The athlete is known for his performances for the West Indies and various teams from India and other countries. Bravo currently plays in the Indian Premier League for the Chennai Super Kings. The agreement between the bookmaker and the sportsman is valid for one year.

Through this collaboration, Indian players will be able to participate in various events featuring Dwayne Bravo. Also, the bookmaker and the sportsman are already preparing new unique promotions and offers for their fans. In addition, Bravo will appear in various 1xBet advertising campaigns.

“We are delighted to have signed our first ambassador in India and that it is Dwayne Bravo. Our partnership with the athlete promises to be very fruitful,” the company said.

“This is a consummate professional who is the personification of confidence, dedication and constant development. His game is mesmerising and the list of trophies and achievements is impressive. We are sure that together with Dwayne Bravo, we will reach new heights and will be able to please Indian players with great offers and joint events.”

Dwayne Bravo said: “I am honoured to be the first 1xBet ambassador in India. 1xBet have shown they are characterised by ambition and a desire to go forward constantly, so I didn’t hesitate for a second when I was offered the opportunity of becoming a partner of the company. I think that together we will bring a lot of joy to all Indian sports betting fans.”

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Penta Esports launches “Penta Challenge” Valorant tournament on its new platform

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Penta Esports launches "Penta Challenge" Valorant tournament on its new platform
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Penta Esports, the esports division of Newgen Gaming has announced its upcoming tournament titled, ‘Penta Challenge – Valorant’, supported by Facebook Gaming and Trinity Gaming. This tournament will be a part of Penta Esports’ newly launched IP, ‘Penta Challenge’. Taking place from 5th to 24th October, the tournament has a prize pool of ₹5,00,000 and will have two open qualifiers between 5th to 10th October and 12th to 17th October, followed by a Grand Finale where 2 teams from each qualifier and 4 invited teams will battle it out for the winner’s title.

The registrations for the tournament started on 24th September and will go on till 8th October on Penta Esports’ newly launched platform. Matches will be broadcast quarter finals onwards for qualifier 1 and 2, while all matches from the Grand Finale will be broadcast. The matches will be available for streaming exclusively on Penta’s Facebook Page. Says Penta Esports CMO Akshay Paul “We’ve always had the vision to bring opportunities to the player and amazing viewing experience to the spectators and our newest IP, Penta Challenge, is a step in that direction. While we’ll start with Valorant, going forward, we will have the Penta Challenge for multiple game titles.” Trinity Gaming founder and CEO Abhishek Agarwal says, “We’re always on the lookout for good partners to be able to bring tournaments like these for the Indian esports community. Our vision is absolutely in line with the team at Penta Esports and we’re sure this is going to be an amazing event!” This event will also mark the launch of Penta Esports’ platform, pentaesports .com. The platform will be a one stop destination for all things esports, including match schedules, match results, VODs of tournaments and leagues, content, news, announcements and much more.

The platform will allow users to discover and register for tournaments. It will also allow teams to create recruitment posts and players to find teams. This will enable a lot more players to participate in tournaments for team-based game titles.

Penta Esports head of esports, Kiran Noojibail said, “We’ve been working on this platform for a while and it feels rewarding to launch it for everyone. We wanted to create a platform for Indian esports players and enthusiasts, which encompasses all major aspects of esports. Penta Challenge – Valorant will be the first tournament for our platform and we look forward to building a strong community through the platform!”

Founded by industry veterans Anurag Khurana, Kiran Noojibail and Akshay Paul, Penta Esports aims to disrupt the ecosystem in India with a holistic approach towards the sector, including leagues, tournaments, content and much more.

Prize Pool for the tournament:

Prize Pool

₹5,00,000

1st

₹2,25,000

2nd

₹1,25,000

3rd/4th

₹50,000

3rd/4th

₹50,000

5th-8th

₹10,000

5th-8th

₹10,000

5th-8th

₹10,000

5th-8th

₹10,000

Top Fragger of Grand Finale

₹10,000

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