Asia
MGM Resorts International Looking to Open New Venues in The Asian Market
MGM Resorts International is an American hospitality and entertainment corporation that operates resorts in Las Vegas, New Jersey, Maryland, Massachusetts, and Mississippi. Their resorts include The MGM Grand, Bellagio, Park MGM, and Mandalay Bay.
MGM Resorts’ History
The history of the corporation can be traced back to 1969, when airline and casino magnate Kirk Kerkorian purchased a majority share in the Metro-Goldwyn-Mayer (MGM) picture studio. This event is considered to be the beginning of the company.
Grand Name Company, the precursor to what is now known as MGM Resorts International, was established in 1986 by Kirk Kerkorian as a wholly owned subsidiary of Tracinda Corporation. It was rebranded as MGM Grand, Inc. in 1987. After purchasing Mirage Resorts in the year 2000, the corporation changed its name to MGM Mirage.
Despite the fact that the majority of the company’s resorts are already in operation in the United States, the corporation has expressed a strong desire to expand into Asia, with China, Japan, and Singapore being its primary areas of focus.
MGM Resorts in Singapore
The establishment of a venue in Malaysia might be considered a significant milestone for MGM Resorts International. It has been confirmed by Bloomberg that the firm has already spoken with the Malaysian Lim family about the possibility of either taking over their Genting Singapore business or investing in the company. A consensus has not yet been not reached, but it seems probable that MGM will continue its pursuit of the firm in the future.
Singapore’s city state has just two casino operators, Genting being one of them. Sentosa, an island off Singapore’s southern coast, is home to the Resorts World Sentosa complex. According to a recent review by www.casinosnavi.com, the resort has more than 550 gaming tables and 2,400 slot machines, and other electronic games. Theme parks, aquariums, water parks, restaurants, and shopping round out the list of things to do at Universal Studios Singapore.
In addition, Genting Singapore was one of the few businesses owned by the Genting group that remained profitable throughout most of the COVID-19 pandemic. In the first quarter of 2022, Genting Singapore reported a 13 percent year-on-year increase in revenues to $225 million and a 17 percent increase in net profit to $29 million.
It’s clear that a potential MGM takeover of the Genting Singapore presence would further strengthen the US casino giant in the Asian market. Not only that they would take over a profitable business with lots of potential for expansion, but they will penetrate another market that’s not accessible to them at the moment. Should an agreement be reached, MGM will become a major player in the Asian market after adding Singapore to their portfolio.
MGM Resorts in Japan
MGM Resorts International also intends to construct a resort in Osaka, Japan, with a price tag of ten billion dollars. The city and prefecture of Osaka have decided to work with MGM, which has formed a partnership with the Japanese financial services giant ORIX. This will allow MGM to operate an integrated resort in the area.
Since Las Vegas Sands Corp., Wynn Resorts Ltd., and other Asian gambling businesses withdrew from developments in Osaka, only the MGM-Orix joint venture submitted a bid to the region’s RFP process for establishing a casino.
This is MGM’s first foray into the Japanese casinos business, and they hope it will be just the beginning. In a statement, MGM Resorts CEO and President Bill Hornbuckle said that “We couldn’t be more excited for the opportunity to help enhance and grow Osaka’s reputation as a world-class destination and gateway for the world to the wonders and rich history of Japan.”
MGM Resorts in China
MGM Macau and MGM Cotai are the two locations in China where the MGM brand is active. The MGM Macau was the first business that the corporation had in China, the second one being the MGM Cotai casino resort which officially opened its doors on February 13th, 2018.
1,390 rooms and suites make up the Cotai hotel. There is a 2,000-seat MGM Theater in the hotel as well. More than 2,000 different plant species are housed at Nature’s Art, the world’s biggest art garden. Among those species are many that had been thought to be extinct.
Moreover, the opening of MGM Shanghai looks to be part of MGM’s strategy to increase its presence in the country. A hotel management agreement with Shanghai West Bund Development has been signed by Diaoyutai MGM Hospitality, a 2007 joint venture between MGM Resorts International and Diaoyutai State Guesthouse. This agreement will see Diaoyutai MGM Hospitality open its first MGM-branded hotel in Shanghai.
MGM Shanghai West Bund will include 161 guest rooms and 58 suites, as well as a range of food and beverage, entertainment, and other services, according to information supplied to the press. The hotel will provide a variety of Las Vegas-inspired entertainment activities, such as live performances by prominent artists and art exhibits, in an effort to attract wealthy tourists and residents alike.
Mr. Bill Hornbuckle, CEO and President of MGM Resorts, stated, “We’re honored that the MGM brand and our China joint venture, Diaoyutai MGM Hospitality, were selected by West Bund Group to operate this premium property in such an iconic zone.”
Final Thoughts
Already with a strong presence in the major Asian markets, MGM could strengthen its presence through a potential takeover in Singapore. Even though an agreement is far from being reached, the initial talks bring a lot of promise for the region.
It’s certainly an interesting development for the resort industry in Asia and only time will tell if the negotiations will come to a positive result. In the meantime, tourists can rest assured that the resort era is far from coming to an end.
The Philippine Amusement and Gaming Corporation (PAGCOR) today said 10 Chinese nationals and 26 Filipinos have been arrested in two separate operations against illegal gaming operations and online scams in Laguna and Parañaque City since Tuesday.
The first operation in Biñan, Laguna on Tuesday, May 1, resulted in the arrest of 16 people who were running an illegal online raffle on Facebook. The raiders are from the Philippine National Police Anti-Cybercrime Group (PNP-ACG) and the PAGCOR security group.
The suspects, which run the FB Page Lucky Dream 4, were caught red-handed in their office located inside a subdivision while livestreaming their 50th raffle event.
Earlier today, May 2, another group of suspects that included 10 Chinese nationals were arrested by joint elements of the CIDG-NCR and PAGCOR inside a house in Multinational Village, Parañaque for violation of the Anti Trafficking in Persons Act (RA 9208), Alien Registration Act (RA 562) and Cybercrime Prevention Act (RA 10175).
PAGCOR Chairman and CEO Alejandro H. Tengco said the arrests are part of the state gaming agency’s intensified campaign against illegal online gambling and other illicit activities through strengthened collaboration with law enforcement agencies.
“We have been receiving reports of illegal online activities including those in social media platforms. As the country’s gaming regulator, it is our duty to protect the public – especially the youth — from these illegal online gambling sites,” he said.
PAGCOR Senior Vice President for Security Cluster Raul Villanueva said Lucky Dream 4, which has 111,000 followers on Facebook, was conducting live online raffles that offered second-hand modified motorcycles as prizes.
Villanueva said that in one raffle event, the group can sell an average of 40,000 to 50,000 tickets, with each ticket costing Php40.
“They have amassed over Php8 million from the time they started this illegal online operation because in one draw, they can sell as many as 50k tickets,” Villanueva said.
“Ang masaklap nito, karamihan sa miyembro ng grupong ito ay kabataan. Ang pinaka-matanda sa kanila ay 27 years old pa lang,” he said.
“The Lucky Dream 4 group is obviously engaged in an illegal online gaming activity. Negosyo na ang ginagawa nila. They need to secure a license from PAGCOR if they want to operate an online gaming platform,” Villanueva added.
In the Parañaque raid, Villanueva said authorities arrested seven male and three female Chinese nationals believed to have been part of a group that managed to escape from an earlier raid on a large gaming compound in Bamban, Tarlac last March.
Nine Filipino female workers were also rescued, while one 1 Filipino male serving as a bodyguard was arrested for possession of an undocumented .45 caliber pistol.
The raiders also confiscated around 75 mobile phones, 30 desktop computers, 50 laptops, assorted credit cards, two cars and one motorcycle along with assorted Chinese government documents.
Two vaults were also found in the house located at 18 Teheran Street inside the exclusive subdivision.
Police said the Chinese suspects were engaged in scamming activities such as love and cryptocurrency scams similar to the illegal activities in the Bamban, Tarlac compound which was raided last March.
The post 2 RAIDS NET 10 CHINESE, 26 PINOYS FOR ILLEGAL GAMES, ONLINE SCAMS appeared first on European Gaming Industry News.
TalkEsport, India’s leading esports media platform, announced today the successful closure of its pre-series A funding round, securing a significant investment of $1 million from Saswat Ventures. The substantial investment underscores TalkEsport’s robust growth trajectory and reaffirms its position as a pioneering force in the esports industry.
Founded in 2011, TalkEsport was set up with a vision to bring timely news and updates to gaming communities worldwide. As India’s oldest esports media platform, the company now caters to millions of gamers worldwide through its website and social media channels. TalkEsport plans to utilize the investment to scale up its core website while launching a highly interactive application for its audience and setting up a state-of-the-art production studio in Mumbai. Through it, the company will be launching exclusive content IPs focused on gaming and esports.
“We are delighted to welcome Saswat Ventures as our strategic partner,” exclaimed Deepak Ojha, Founder and CEO of TalkEsport. “Their belief in our vision and commitment to the esports ecosystem align seamlessly with our mission to redefine gaming experiences globally. With this investment, we will be scaling up our newsroom to cater to gaming communities worldwide while launching new content IPs targeted towards Indian and international audiences.”
Saswat Ventures, a family fund set up by Mr. BL Sharma, Principal, shares a vision of catapulting TalkEsport into a global phenomenon. Mr. Sharma has businesses across the country and expressed his confidence in TalkEsport’s potential to revolutionize esports media and connect with a vast audience of passionate gamers worldwide, “We believe in TalkEsport’s potential to become a global platform for esports enthusiasts worldwide.”
Trilochan Sharma, a seasoned expert in compliance matters, joins TalkEsport’s board as the Director of Compliance. His wealth of experience will ensure adherence to regulatory standards and bolster the company’s governance framework.
In addition to this pivotal investment, TalkEsport is proud to announce key developments that highlight its commitment to innovation and growth:
Production Studio in Mumbai
TalkEsport is excited to unveil its state-of-the-art production studio in Mumbai. This cutting-edge facility will serve as the epicenter for creating high-quality esports content, launching content IPs, live broadcasts, interviews, and immersive gaming experiences.
Pranav Nalawade, the Editor-in-chief of TalkEsport, said, “Our new era of esports coverage will begin not only with TalkEsport’s revolutionary approach in publishing news and covering esports events but also high-quality esports content courtesy of our new production studio. As one of the oldest esports media platforms, we have built an audience that relies on us for our history of trustworthy and reliable news. Now, we want to double up on this audience, reforming the way content around esports is consumed in India and abroad through podcasts, media, short-form content, and analytical stories – both in the form of video and text.”
Upcoming Mobile App Launch
Furthermore, TalkEsport is gearing up for the launch of its mobile application soon. This innovative app promises to redefine how gamers access news, engage with esports communities, and participate in live tournaments, all from the convenience of their mobile devices.
“Proceeds of the $1 million will be utilized in creating a robust team of gaming enthusiasts and expanding our global reach,” added Deepak. “This investment not only propels TalkEsport’s growth initiatives but also fuels our mission to provide unparalleled experiences for esports enthusiasts worldwide.”
Through its application, esports viewers will be able to get live coverage of esports tournaments, scores, and interviews. Additionally, they will be able to participate in community tournaments, thus providing an end-to-end immersive experience from the convenience of their mobile devices.
The media company continues to lead the charge in transforming the esports landscape, fostering community engagement, and pushing the boundaries of gaming innovation. The company’s dedication to excellence, coupled with strategic partnerships and visionary leadership, sets the stage for an exciting chapter in esports media.
The post Esports media platform TalkEsport raises $1 million in pre-series A funding round appeared first on European Gaming Industry News.
Award-winning iGaming supplier in regulated markets Delasport has just signed a sports deal with Philippines’s number 1 operator OKBET.
The leading software developer will provide sports-services to their new partner, enhancing the experience of sports bettors in the Philippines even further.
“We’re proud to supply our services to such a strong partner as OKBET, and to an exciting and steadily growing market as the Philippines”, Delasport’s CEO Oren Cohen Shwartz comments on the agreement.
Regulated Philippines is marking a stable 5% year-to-year growth with the number of users expected to reach almost 6 million by 2029.
This is yet another deal for Delasport, with the global supplier’s expansion in regulated markets happening at full force.
Same goes for OKBET who have been holding the number one operator spot in iGaming in the Philippines for a long time now.
“I’m excited that OKBET and Delasports are joining forces to redefine the landscape of online sports gaming in the Philippines”, OKBET’s COO Wayne Thong also comments on the deal. “This partnership combines OKBET’s local market expertise with Delasports’ global industry leadership, creating new opportunities for innovation and customer satisfaction. OKBET and Delasports share a common vision for the future: a vibrant and dynamic platform that caters to the diverse interests of sports enthusiasts. By combining cutting-edge technology with a deep understanding of user preferences, this collaboration aims to set new standards for the industry.”
The post Delasport Signs a Sports Deal with Philippines’ Leading Regulated Operator OKBET appeared first on European Gaming Industry News.
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