Donaco International Limited Financial Results Released

Donaco International Limited NZDonaco International Limited, an Asian casino operator, has reported a knock in profits. In recently released financial results for the financial period ending June 30th, it had shown that the company’s loss had expanded by 55.8% on a year on year basis. The company’s loss is set at about $130.88 million. According to recent reports in the media, the casino operator reported a total net profit of $6.19 million in their 2018/19 financial year.

Donaco International Limited has detailed its financial woes in an official filing. In the documents, the company has revealed that they experienced a setback amounting to $125 million which had to do with the value of the Star Vegas Resort and Club’s license. The official filing also revealed that the annual revenue of the Australian head-quartered company had dropped by 6.8%.

Reasons Behind theDonaco International Limited Falling Profit

Donaco International Limited has reportedly placed the blame of their Star Vegas Resort and Club falling revenue on the rise in competition in the Cambodian casino industry. Despite all the troubles the resort has been faced with, they managed to draw in more visitors than their previous year. Another reason that may have contributed to their drop in profits is the junket deals that took place at their Poipet facility.

Donaco International Limited has also released financial records of its Vietnamese operation, Aristo International Hotel. They stated that the annual revenue of this operation had fallen by 16.6% on a year on year basis. The VIP business has suffered the most and this has been accredited to an apparent slow start to the year.

Donaco International Limited New Zealand

A Fresh Start

Donaco International Limited has announced the appointment of its new chief executive officer, among other managerial changes. Donaco has allegedly stated that the new CEO, Paul Arbuckle, is a fresh start for the company. Moreover, in July, two key board members were removed from the board of the company, Ben Lim Keong Hoe as well as Joey Lim Keong Yew.

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New Sportsbet Deal with Rita Provisions live streaming NZ horse racing events

Sportsbet NZSportsbet has inked a deal with New Zealand Racing Industry Transition Agency to stream NZ horse racing events in Australia. This deal follows one that was made with Betfair and the RITA earlier this year. The agreement was that Betfair would pay product fees to TAB when it produces odds on horse racing in New Zealand. The RITA is the organization that replaced the New Zealand Racing Board soon after it was phased out in April 2019.

New Zealand Racing Industry Transition Agency, through its new deal with Sportsbet, will feature streaming of live race events. Some of the races bettors can expect to see will be thoroughbred and harness racing as well as greyhound racing events. TAB General Manager for Media and International, Andy Kydd, said; “The new deal involves Sportsbet taking live vision of all three codes of New Zealand racing.” He further stated, “getting our racing in front of a big new audience in the Australian market that we’ve never been in while bringing in a new revenue source for the industry”.

Sportsbet Shows Sign of Growth

The current deal TAB has with Tabcorp, consisting of long-term broadcast and wagering agreement, will be responsible for facilitating the delivery of the coverage.  It is also a key enabler of the agreement with Sportsbet. The bookmaker is considered as one of the best sportsbooks in Australia.

In April this year, the NZ government announced that they will be phasing out the levy on horse racing. This was implemented due to a decline in the industry. The funds raised from the levy amounted to NZ$13.89million.

Sportsbet Live stream NZ

Overall Comments

This deal is set to bring the excitement of New Zealand Horse racing events to the Australian public. Equally, this means that Aussies will be able to place bets on the horse races through the Sportsbet platform. Following the announcement of the phasing out of the horse racing levy the NZ government further announced that betting profits on horse racing events will be given back to the sport.

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Gambling Adverts Ban Officially Implemented

Gambling adverts NZThe Gambling adverts ban has come into effect in the UK. This means that no gambling ads will be shown on television during sports matches before 9 pm. The ban, which excludes televised gambling adverts on horse racing, was announced by stakeholders in the UK gambling industry last year.  This was a voluntary decision from the gambling industry stakeholders. The decision was prompted by gambling addiction statistics among teenagers last year which rose drastically.

The Gambling Adverts ban is being implemented to decrease gambling among children. This ban is being introduced at a time when sports betting will increase as a result of the start of the football season. The Ashes, which have already commenced, will be the first sports event that will be affected by the new regulation. It is important to note that the ban will only be on televised sports matches. Casino sites will, for now, not be affected by the new regulation that has been set in terms of online adverts.

Gambling Advert Changes

It is not all doom and gloom as gambling adverts will still appear around the pitchside advertising hoardings.  Football t-shirts will also be allowed to advertise sponsorships from gambling firms. This essentially means betting firms will still appear on live sports. The only ban, therefore, will be during breaks and five minutes prior to the match’s commencement and five minutes after the end of a match.

As previously stated, the only exceptions of the ban are horse racing events as well as greyhound races.  Jeremy Wright, former Culture Minister, stated that it is important to protect children and any other vulnerable people in society from any harm that could be caused by gambling.

Gambling Adverts

Overall

The gambling act of 2005 will be altered, 12 years after its introduction. The 2005 legislation permitted the gambling industry to advertise on TV. Now, with the introduction of the new gambling advert ban, the Act will have to be relooked.

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Poker Machines Spending Up in AU State, Victoria

Poker Machines NZPoker machines spending by Victorian residents increased in the past financial year. In the 2018/19 financial year-end report, it’s revealed that gamblers in the Australian state have lost $2.7 billion. This has become the second-highest losses since the introduction of the Pokies. The report, released by the Victorian Commission for Gambling and Liquor Regulation, VCGLR, dictates that Greater Dandenong residents have incurred more losses than other AU states. Every Year in July the VCGLR releases the previous financial year records.

There are other regions are said to be spending $100 million on poker machines annually. The regions that were mentioned were Whittlesea as well as Geelong. According to research that was conducted by gambling researcher at Monash University, Dr Charles Livingstone, the poker machines are intense in areas that seem to be disadvantaged. Dr Livingstone further cemented that pokies were being enjoyed by many as a form of distress.  On average, adults in Victoria have spent around $530, this according to the latest stats.

Who’s to blame for the Poker Machines Problem?

According to Dr Livingstone, the state is reluctant to help with the poker machines problem because it brings in revenue. He stated that there needs to be a change at both federal and state levels. Gaming and Liquor Regulation Minister, Marlene Kairouz, has stated that she is committed to eradicating this problem. While she acknowledged the legitimacy of the gambling industry, she maintained that there are some serious issues that stem from it.

Poker Machines NZ 2019

What can be done?

The losses incurred by kiwis are just one part of the pokies problem arising in the region. Reverend Tim Costello of the Alliance for Gambling Reform stated that the state needs to take problem gambling as a public health issue. He stated that playing poker machines results in compulsive gambling.

There is much more damage than pokies can cause than just increased losses that would have ripple effects across society. Therefore, treating it as a national crisis is the way to go, according to Rev. Costello.

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Wynn Resorts Expands in Macau

Wynn Resorts NZWynn Resorts has announced that it will expand in the largest gambling market in the world, Macau, China. It stated that it has planned a $2 billion Crystal Pavilion that will be located next to the Wynn Palace that already exists there. The lavish entertainment company has further stated that construction is anticipated to begin in the year 2021. Also, Wynn’s announced the new pavilion will be open to the public in 2024. With the construction of the new Pavilion, the company is said to anticipate a 20% return on investment.

Wynn Resorts mentioned that the Crystal Pavilion will be a tourist attraction in the area. Matt Maddox, CEO of Wynn Resorts, is said to be pushing for the project. This is despite the trade tensions currently dominating market news. The company is also looking to get a gambling and casino license in Japan. Wynn’s is also planning a renovation to its current Macau resort that is set to be worth $125 million, (NZD$187, million).

Wynn Resorts Details New Crystal Pavilion

In the statement obtained by media outlets, Wynn Resorts has stated that the crystal pavilion will constitute of a steel structure featuring glass design. The structure of the pavilion was designed by architect, Robert A.M. Stern. The Pavilion will entail two hotel towers with an estimated 1300 hotel suites. According to a report released by J.P Morgan, the structure and design of the pavilion are inspired by the shape of a water lily. The project will be broken into two phases. The first set to take up 7.47 acres and the second set to take up 4.1 acres.

Wynn Resorts NZ

Overall Sentiments

The construction of the Wynn Resorts Crystal Pavilion will include a museum and lavish gardens.  It will also include a theatre with the potential addition of an art museum.  There will be two restaurants that will be added next to the casino. The plans announced by Wynn Resorts are said to include a potential return on Investment valued at 20%. This is calculated to earn the company up to $400 million, NZD$599 million, in additional profits.

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