Monaco and Macau’s partnership in the casino industry

Helena de Senna Fernandes, Head of the Macao Government Tourism Office (MGTO), predicts a significant increase in inbound tourists to during the upcoming Labour Day holiday. Projections indicate an average of 130,000 visitors per day, surpassing previous holiday peaks observed during Cheng Ming and Easter. 

Fernandes highlights the extended duration of this year's Labour Day holiday in mainland China, spanning five days from May 1 to May 5. This prolonged holiday period is anticipated to attract a larger influx of mainland tourists to Macau, contributing to the city's tourism resurgence. 

With Chief Executive Ho Iat Seng's announcement of forthcoming between Macau and Hengqin for mainland tour groups, Fernandes expresses industry anticipation for these measures. The implementation of such initiatives is expected to revitalize mainland tour groups, fostering increased business opportunities for Macau's tour guides and travel agencies. 

Fernandes highlights the readiness of many Macau tour guides, who have acquired qualifications to operate in Hengqin during the pandemic through training and learning initiatives. She anticipates that the new multi-entry visa scheme will enable Macau tour guides to expand their professional scope, facilitating work opportunities between Macau and Hengqin.  

Despite challenges posed by the pandemic, Fernandes remains optimistic about Macau's international tourism prospects. With a goal of welcoming 2 million international tourists throughout the year, Fernandes expresses confidence in surpassing this target based on promising data from the first quarter of the year. 

Last month, Macau’s Statistics and Census Service said that visitors from South Korea and Thailand top the list of its . The list also includes visitors from Mainland China. 

Upcoming SiGMA event: BIS SiGMA Americas 2024, find all the details . 

The Philippine Amusement and Gaming Corporation (PAGCOR) announced the appointment of lawyer Wilma Eisma as its new President and Chief Operating Officer (COO). Eisma was sworn into office before Executive Secretary Lucas Bersamin at Malacañang Palace, in Manila, marking a significant milestone for  as she becomes the agency's first female President and COO.  

In a press release, Chairman Alejandro Tengco expressed his confidence in Ms. Eisma's appointment, citing her extensive experience in both the public and private sectors. He highlighted her past achievements, including her tenure as the first female Administrator and Chairman of the Subic Bay Metropolitan Authority (SBMA), as well as her contributions to PMFTC Inc., among other leadership roles.  

 “We know she will be a great asset, and her vast experience in both the government and private sectors will surely be put to good use here,” Tengco said.  

Following her oath-taking ceremony, Eisma immediately joined her first PAGCOR Board meeting. She succeeded Atty. Juanito Sanosa Jr. as PAGCOR President and COO, who resigned from the position in January.   

Last March, PAGCOR  the agency remitted an elevated dividend contribution to the Philippine Treasury. The firm attributed this to its robust financial performance throughout 2023, highlighted by a staggering PHP79.37 billion (€1.3 billion) in gross revenues and net earnings of PHP6.13 billion (€100.5 million).    

Moreover, the agency said it is projecting  and international prominence for the Philippines’ gaming landscape. The Southeast Asian country recorded a gross gaming revenue (GGR) of Php285.27 billion (€4.70 billion) in 2023, surpassing pre-pandemic records. PAGCOR is anticipating GGR to go up with a new integrated resort (IR) opening every year starting with Solaire North in Quezon City. 

Upcoming SiGMA event: BIS SiGMA Americas 2024, find all the details . 

Vietnam's casino industry has been undergoing major adjustments recently; the country currently has three top integrated resorts (IR): Hoiana, The Grand Ho Tram, and Corona. Each of these three seaside resorts has its own selling point. Among them, Corona on Phu Quoc Island, is the only land-based casino that allows players to gamble without foreign passports, allowing the local casino industry to remain profitable despite the scarcity of tourists from mainland China. Therefore, whether the three top IRs in the future will allow local people to invest in related industries will have a certain relationship. In this article, we discuss Vietnam resort Hoiana to understand how Vietnam’s local IR market adjusted after China’s policy changes.

After the successful opening of Vietnam's integrated resort Hoiana in 2020, it was affected by the Covid-19. Moreover, in 2021, the Macau authorities arrested Suncity Group Chairman Alvin Chau. Subsequently, Hoiana terminated this partner's shareholding and take over the related game business because Chau holds 34% of the company's shares, which has a certain degree of impact on operations.

The impact of China’s policies on overseas gaming behaviour

In recent years, China's policies have had a profound impact on overseas gambling. Among them, the Chinese government's supervision of overseas gambling and it has an impact on Vietnam's casino industry. This impact is not only reflected in the casino's operating model but also the casino's business structure and market positioning. Some Chinese wealthy people have invested in projects in Vietnam in the past, and as investors prepare for the situation, the shareholder structure of local casinos in Vietnam has changed.

Currently, Hoiana’s largest shareholder is Hong Kong billionaire Henry Cheng and his family, whose business empire includes New World Development Group, Chow Tai Fook Jewellery Company Limited, and Rosewood Hotel Group. Vietnam-focused investment management firm VinaCapital also has investments in Hoiana and The Grand Ho Tram.

The first phase of Hoiana is worth US$1.3 billion (€1.2 billion) and includes four hotels, a golf course, and 20 food and beverage outlets along four kilometres of coastline. This is a superb resort, perfect for a tropical holiday. Among them, casinos all use Vietnamese dong as the main transaction currency, which allows tourists holding international passports to import funds into Vietnam.

In addition, Hoi An Ancient Town, about 15 minutes' drive from Hoiana, has just been listed as a World Heritage Site by the United Nations. Its well-preserved port area illustrates the cultural scenery of the 1400s.

An hour's drive further out is the world-class heritage My Son Sanctuary. The scenery in this area features traditional Hindu culture and carvings of related gods. In addition to on-site facilities, it also gives consumers plenty of reasons to visit.

Overall, Vietnam’s casino industry is undergoing significant changes, and the future is full of possibilities. How Vietnam's casino industry will develop as the ownership structure changes remains a question worth watching. At present, it relies on rich support from world cultural heritage to recruit many tourists.

The United Kingdom’s Competition and Markets Authority (CMA) has launched a comprehensive investigation into the acquisition of Sporting Index by Spreadex, both of which are major players in the sports-betting industry. This move comes after Spreadex declined to address the regulator’s concerns about the deal.

The acquisition and its implications

Spreadex, a leading sports spread-betting firm, acquired its rival Sporting Index  The details of the acquisition, which was completed last year, have not been disclosed.. However, the deal has raised eyebrows in the regulatory community due to its potential implications for competition in the UK sports spread-betting market.

The CMA’s initial investigation (Phase 1) found that the deal could potentially create a monopoly in the UK This is because Sporting Index and Spreadex are the only two licensed operators of sports spread betting in the UK. The removal of Sporting Index from the market could therefore leave Spreadex as the sole provider, raising concerns about reduced competition,

Regulatory scrutiny and need for remedies

Regulators in the UK and across the Atlantic have been increasing their scrutiny of acquisitions, particularly those involving companies with access to large volumes of user data. Such deals are typically approved only after the companies involved offer remedies to address any competition concerns.

In this case, the CMA gave Spreadex and Sporting Index five working days from 4 April to propose meaningful solutions to the concerns raised. However, Spreadex stated that it would not be submitting any undertakings to address these concerns.

In response to the CMA’s decision to launch a Phase 2 investigation, Spreadex has stated that it will continue to assist and cooperate with the ongoing review. Sporting Index, on the other hand, has not yet responded to requests for comment.

The outcome of the CMA’s in-depth investigation into the Spreadex-Sporting Index deal will be closely watched by industry stakeholders and regulators alike. It serves as a reminder of the importance of competition in the marketplace and the role of regulatory bodies in ensuring that acquisitions do not lead to monopolies or reduced competition. This situation highlights the importance of businesses actively and openly addressing any issues raised by regulators.