A derrota da Genting
(ANTES DA DERROTA)
Outu22
Maintaining status quo for stability, no new land for integrated resorts are among some of the reasons most observers don’t bet on the possibility of Genting Group to edge out one of the six incumbents for a new licence in the Macau gaming market, but a few perceive its ties with Beijing might help the firm to pull off a surprise win
https://www.macaubusiness.com/special-report-musical-chairs/
dez22
Segundo o presidente da comissão de avaliação das propostas, André Cheong Weng Chon, a GMM Limited tinha sido constituída muito recentemente em Macau e não possuía nenhuma experiência na indústria do jogo local. “Não sabemos o fundamento legal (…) para a decisão, por isso não podemos comentar relativamente a isso. Mas podemos discordar que os problemas atuais – especialmente a segurança do emprego e pessoal existente – justifiquem a recusa da Genting”, diz Carlos Lobo, advogado e consultor na área de jogo, numa publicação. “Se o contexto laboral era um problema, então o concurso deveria ter sido adiado (ou prorrogado o prazo das concessões existentes) para a GMM ter a oportunidade de concorrer em condições iguais. A Comissão poderia ter feito melhor (…) na comunicação com a população e investidores”, acrescenta.
O analista acredita que as autoridades locais usaram a candidatura inesperada como um “espantalho”, sem o qual não teriam conseguido “assustar” as atuais concessionárias a comprometer-se com os níveis de investimento desejados. “A Genting acabou por não conseguir ganhar uma concessão de jogo em Macau, mas a sua oferta acabou por custar aos seis detentores de licenças existentes milhares de milhões de dólares”, comenta o diretor executivo da empresa especializada em jogo, 2NT8. “O Governo de Macau explorou magistralmente a ameaça da Genting assumir uma das concessões e forçou as atuais seis operadoras a comprometer-se financeiramente com 12.5 mil milhões de dólares americanos em gastos não relacionados com o jogo nos próximos dez anos”.
https://plataformamedia.com/2022/12/02/jogo-em-macau-genting-forca-maior-investimento-das-big-six/
nov22
Investors in Genting Malaysia will “likely feel relieved” after the company failed to win a provisional 10-year casino concession in Macau, according to Nomura analysts.
In a note issued Monday following the weekend announcement by Macau’s tender committee that the six current concessionaires would all be issued new 10-year concessions from 1 January – with Genting Malaysia subsidiary GMM the only unsuccessful bidder – Nomura’s Tushar Mohata and Alpa Aggarwal suggested investors might not feel as disappointed as company management at missing out on a concession.
“There were two concerns if Genting Malaysia had won the bid,” they wrote, “the risk of a low ROIC investment in Macau given lack of clarity on the residual size of the Macau gaming industry once China emerges from zero-COVID Strategy, after years of crackdown on the sector by Beijing; and funding risk for a large capex commitment and resulting balance sheet pressure on Genting Malaysia and [Genting Berhad] to develop a new Macau resort, and resulting negative FCF in the coming years.”
https://www.asgam.com/index.php/2022/11/29/genting-malaysia-investors-likely-relieved-at-macau-concession-loss-says-nomura/
nov22
Despite having global casino and non-gaming resort operations of internationally-competitive standard, Genting Malaysia Bhd would not have been able to offer Macau anything of “outright” superiority to the six current operators, suggested financial services group Citi, in a Sunday note.
Citi analysts George Choi and Ryan Cheung said in their memo: “While we acknowledge Genting is a world-class casino operator, so are the six incumbents. Our view has always been that Genting does not possess any attributes that are outright superior versus the incumbents that would justify a change.”
Some industry observers had speculated that Genting Malaysia’s experience in non-gaming – it runs non-gaming resort business in Malaysia, as well as the Genting SkyWorlds theme park at its monopoly Resorts World Genting casino complex near the Malaysian capital Kuala Lumpur – might sit well with the Macau government.
But David Green, a consultant who was involved with Macau’s gaming market liberalisation process at the turn of the current century, told GGRAsia that the fact incumbents would not have to hand over their non-gaming infrastructure to the Macau authorities were one of them to be displaced by a newcomer, presented a “significant practical impediment” to awarding a concession to Genting Malaysia.
The Citi analysts also observed that the details of what each incumbent will have to pledge in terms of amount of spending annually on non-gaming operations during the life of the new concession was still to be disclosed.
https://www.ggrasia.com/world-class-genting-not-able-to-edge-macau-ops-citi/
nov22
Genting Malaysia missed out on one of Macau’s new 10-year gaming concessions on Saturday, but that doesn’t mean the company is about to abandon its Macau ambitions, according to investment bank JP Morgan.
In a note detailing the potential fallout from the tender committee’s verdict, which as expected saw the six current concessionaires provisionally awarded new concessions, analyst DS Kim suggested this might not be the last we hear of Genting Malaysia’s local subsidiary, GMM.
“We think they might still want to participate via equity or joint venture investment if [the] prices are right and the government is okay,” Kim wrote.
https://www.asgam.com/index.php/2022/11/28/jp-morgan-genting-malaysia-still-likely-to-pursue-macau-investment-despite-missing-10-year-concession/
nov22
Academic: if not for pandemic, Genting could have been awarded Macau concession
The Director of the University of Macau’s Institute for the Study of Commercial Gaming says that if it weren’t for the pandemic, Genting’s gaming concession bid could have been successful.
The group told broadcaster TDM that “if we were in the period before the pandemic, certainly a new gaming operator could bring a positive impact to Macau”.
The academic is also a former legislator, who highlighted the importance of the gaming sector for Macau’s financial well-being during his time in the legislative body.
He notes that “we are in the third year of the pandemic and throughout this period ,there was a strong drop in tourist numbers and revenue”, noting that the six current operators “have registered considerable losses”.
https://agbrief.com/news/macau/28/11/2022/academic-if-not-for-pandemic-genting-could-have-been-awarded-macau-concession/
Nov22
Casino group Genting Malaysia Bhd had not been a favourite to displace any of the current veterans of the Macau market via the city’s public tender process, due to practical issues including what would happen to the non-gaming infrastructure created by the incumbents, says a veteran industry observer with first-hand knowledge of Macau’s gaming sector.
“Genting was always facing an uphill battle to displace an existing concessionaire,” said David Green, founder of consultancy Newpage Consulting Ltd and a former gaming regulator in Australia, in comments to GGRAsia.
He is also a former adviser to the Macau government on gaming. Mr Green was part of a consulting team from accountancy firm Arthur Andersen LLC, hired by the city’s government to advise on casino-market liberalisation at the turn of the current century.
He added: “The benefits of incumbency cannot be overstated. Even if Genting had presented an otherwise-winning bid, it must be remembered that the concessions relate only to the operation of casinos.
“The reversionary rights held by the [Macau government], only entitle it to possession of the casino premises and gaming equipment if a concession is terminated. This presents a significant practical impediment to awarding a concession to a new player, as the hotels, retail, entertainment and non-gaming facilities generally associated with a casino would remain under the control of the displaced casino concessionaire.”
https://www.ggrasia.com/resort-land-rights-played-against-gentings-macau-bid-green/
Comments
Post a Comment