Asia
MGM China Reports 2020 Annual Results
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
TWO PAGCOR MULTI-PURPOSE FACILITIES INAUGURATED IN TARLAC
Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Alejandro H. Tengco on Monday, March 18, led the inauguration of two newly completed multi-purpose centers in the towns of San Manuel and Victoria in the province of Tarlac.
Mr. Tengco said the state gaming agency provided a total of Php100 million for both of the two-story projects.
“Naglaan ang PAGCOR ng limampung milyong piso para sa bawat multi-purpose center sa bayan ng San Manuel at Victoria; mayroon itong iba’t ibang pasilidad gaya ng kusina, storage areas para sa relief goods, toilet at shower rooms, lactating rooms at maluwag na activity area para sa iba’t ibang gawain,” he said.
The PAGCOR chief said that because the Philippines is very vulnerable to climate change, “typhoons, floods and earthquakes are common occurrences that we must always be prepared for.”
However, he stressed that while the buildings are primarily designed as temporary shelters during emergencies, the structures can be used for various socio-civic activities, too.
“During the height of the pandemic, when the project was rolled out, there was a high demand for quarantine and evacuation facilities. But now, there is more sense to call these as multi-purpose centers rather than just evacuation facilities,” Chairman Tengco said.
“You may use this facility as your social hall, events area, and livelihood training center. You may also use this building to generate revenues for the local government,” he said.
During the event, Chairman Tengco also introduced PAGCOR’s upcoming flagship programs which include school buildings for public schools, e-learning centers, community wellness centers, and socio civic centers nationwide.
“These upcoming flagship projects are designed to create lasting impact on the lives of ordinary Filipinos,” he said. “These are just some of our nation-building efforts because as you are all aware, PAGCOR is the third largest revenue contributor to the national coffers.”
San Manuel Mayor Doña Cresencia Tesoro thanked the PAGCOR chief for the agency’s support.
“We are grateful that PAGCOR saw our need. This multi-purpose center is so far the biggest project that we have seen in San Manuel, and this is proof of PAGCOR’s commitment to serve the Filipinos,” she said.
“We thank everyone who made this dream come to life. Rest assured that we will use this to enrich the lives of our people and the generations to come,” Tesoro added.
Board Member Harmes Sembrano of the 2nd District of Tarlac also expressed gratitude to PAGCOR for funding the two-story multi-purpose facility in Victoria.
“With our limited resources, we cannot afford to fund all programs that will be beneficial to the people of Tarlac. But because of PAGCOR’s help, we have this new multi-purpose facility which will serve not only the locals of Victoria but also those from neighboring towns,” Sembrano said.
PAGCOR has thus far completed and inaugurated 38 multi-purpose buildings in different parts of the country while 34 others are still under construction.
Asia
Ocean Sharma Becomes the First Esports Caster to Join World’s Biggest Cricketing League – IPL 2024
Ocean Sharma, a prominent caster of the country’s Esports industry, has been appointed as the national presenter for the highly anticipated season of the Indian Premier League (IPL) 2024 by Star Sports. This groundbreaking move marks a historic moment in Esports and sports broadcasting, as Ocean becomes the first Indian Esports caster to join the world’s premier franchise cricket league.
Ocean is widely recognised within India’s Esports landscape for his extensive experience and expertise as a caster and game analyst. His notable achievements include casting for official Battlegrounds Mobile India (BGMI) tournaments and global Esports events such as the PUBG Mobile Global Championship 2021: League – East, PUBG Mobile Global Championship 2021: Grand Finals, and PUBG Mobile Pro League – South Asia Spring 2022.
For IPL 2024, Ocean will join hands with the league’s national presenters Mayanti Langer Binny, Jatin Sapru, Tanay Tiwari, Suren Sundaram and more to undertake various responsibilities as an anchor and reporter.
Ocean Sharma said: “As a passionate cricket fan, being appointed as the national presenter for IPL 2024 is truly a monumental moment for me. It presents an incredible opportunity to bridge the gap between Esports and mainstream sports in India, and I am honored to be at its forefront. With my experience, I am committed to delivering an unparalleled experience for all viewers and cannot wait to kickstart this innings of my career.”
Having enjoyed an illustrious career in Esports, this will not be Ocean’s first stint in the country’s sporting landscape as he has previously showcased his casting talent in high-profile tournaments such as Ultimate Kho Kho and Pro Kabaddi League.
“We are thrilled to see Ocean making strides in India’s sports industry after establishing himself as a notable figure in Esports. His journey is an inspiration for aspiring Esports enthusiasts, showcasing that the sector offers lucrative growth prospects in roles other than being a gamer as well. We are confident that his distinctive presenting skillset will enhance the excitement of IPL viewing for fans nationwide,” said Ketan Singhal, Ocean’s business manager and Founder of Phiesi.
Ocean’s unique content has established him as a distinguished figure in the Indian video gaming community with his Youtube channel comprising more than 858k subscribers and Instagram handle exceeding 450k followers. His inclusion in the IPL star cast is not only an individual achievement but also signifies a significant step forward in recognising the growing influence of Esports in mainstream sports.
Asia
Delegates propose games industry related regulations at China’s two sessions
China’s two sessions, which include the National People’s Congress (NPC) and National Committee of the Chinese People’s Political Consultative Conference (CPPCC) started on March 4 this year.
Over 10,000 policy proposals are submitted each year which are then forwarded to relevant government departments for discussion, which may lead to a new policy or be rejected.
Delegates made numerous proposals that may impact the video game industry in China, particularly around anti-addiction regulations (and one person suggested to completely ban video games), but other proposals suggested the benefits of serious games and gametech. Similar proposals happened in past years.
Source: Nico Partners
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