MGM China Holdings, which operates casinos in Macau, recently announced a HKD60.6 million ($7.7 million) reversal in the first six months of the year concerning a joint liability with junket operators, also known as gaming promoters, amounting to HKD202.7 million which the company incurred in December 2021.
MGM China Makes $7.7M Reversal
In its latest report published on September 8, MGM China said it reached a final settlement of legal actions regarding its joint liability with gambling junkets that resulted in the HKD60.6 million reversal. The company is still on the hook for HKD6.3 million in financial liabilities by June 30, 2022, relating to the remaining cases.
Two junkets previously operating at MGM China’s MGM Macau resort had been hit with three civil cases involving player deposits. Under Macau’s gambling laws, gaming concessionaires are jointly liable for the actions and conduct of the junkets operating in their casinos.
In March this year, MGM China acknowledged it could be required to pay HKD202.7 million ($25.8 million) arising from those legal actions. The company already lost one of the cases back in February at Macau’s Court of Final Appeal.
Junkets Can’t Reimburse the Money
MGM China stated that while gaming promoters involved in the case are obliged to reimburse the amount that the company had paid to the plaintiffs, it does not expect them to do so, saying the chances that it would recover the losses are remote.
Macau’s decision to provide a gaming tax incentive to operators attracting foreign customers into the peninsula will not guarantee positive results for the industry, according to gaming experts. That’s despite Macau becoming the first gaming location in Asia to introduce such a scheme.
Macau’s tax rate for casino gross gaming revenue (GGR) is currently set at 35%, but operators are required to pay an additional 5% for social causes.
Change In Policy Will Not Have Major Impact
Under new gaming laws, casino operators could avoid paying the extra 5% levy if they attract customers from overseas. The Macau government, headed by the chief executive, will still have the final say on its implementation. But gaming consultant David Green, who formerly provided advice to the Macau government on casino-market liberation, doubts if such a policy would work.
He said there needs to be transparency, certainty, and fairness as to the calculation of the rate reduction, adding that lawmakers should consider implementing a progressive rate reduction with specified threshold metrics.
Macau’s Tax Rate Still High
Wang Changbin, director of the Centre for Gaming and Tourism Studies at the Macao Polytechnic University also said that even if the government proceeds with rolling out the tax incentive, it still doesn’t hide the fact that Macau has one of the highest gaming tax rates in the world. He said it isn’t enough to just introduce tax reductions to draw more customers from abroad, as there are other factors that the government must consider, including culture and location.
Back in April, the UK Gambling Commission (UKGC) introduced new social responsibility rules for online operators. The changes, which are due to take effect on September 12, are focused on identifying and protecting customers at risk of gambling harm. The Commission had earlier raised concerns over failings committed by operators regarding customer interaction.
Implementation of Some Amendments To Be Delayed
Recently, the regulator notified licensees that the amendments laid out in its April update will be implemented as planned next week, except for a few requirements – taking timely action when indicators of harm are identified as well as taking account of the UKGC’s approach to vulnerability, and preventing marketing and the take-up of bonuses for players found at risk of gambling harm.
The implementation of these specific requirements will be delayed pending a six-week consultation which will be launched by the Commission later this month.
UKGC to Publish New Guidance in December
After the said consultation, the UKGC expects to finalize the revisions it made to the Social Responsibility Code Provision for online operators, with new guidance on the rules set to be published in December 2022. The regulator also said it’s looking at implementing the remaining requirements by February 2023.
Red Rock Resorts has begun demolition work for its three Station Casinos properties in Southern Nevada – Fiesta Henderson, Texas Station, and Fiesta Rancho. The respective cities where the casinos are located have already granted permits for the full demolition of the establishments, records show.
The three casinos have not been operating since the pandemic hit in 2020. A fourth property will also be demolished as per a recent announcement from the company.
Four Casinos up for Demolition
Construction trailers, excavators, and other demolition equipment can now be seen at each of the sites in Henderson and North Las Vegas.
On September 2, Red Rock Resorts announced that it would also demolish a fourth casino – the Wild Wild West Casino – located near the intersection of Tropicana Boulevard and Interstate 15.
Bigger Goals
The decision to demolish the four casinos and have the land repositioned for sale is part of the company’s plan to double its portfolio by the end of 2030.
While it has let go of the four properties, Red Rock Resorts has acquired new sites earmarked for future development, including a parcel of land at Las Vegas Boulevard and Cactus Avenue, and another at Losee Avenue and 215 Beltway which will become home to a new casino resort. Its $750 million Durango Station is also under construction and is expected to be completed by 2023.
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50 Flaring Fruits
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