..

Arrests of Employees by Chinese Officials Still Hurting Crown Resorts

Written by:
Guest
Published on:
May/03/2017

(Australia Associated Press) - Casinos operator The Star Entertainment Group says its international high-roller business continues to be affected by the detention of employees of rival Crown Resorts in China last year.

International VIP Rebate business volumes in the second half of the current financial year have been impacted by the detention of 15 Crown Resorts employees in October, The Star said in a presentation to the Macquarie Securities Australia Conference on Wednesday.

The Crown Resorts employees were detained amid a crackdown on gambling marketing and outflows of money from the mainland.

The arrests triggered caution in the VIP gambling market in China, hurting the flow of rich high-rollers to casinos in Australia.

The Star has previously said turnover in its International VIP Rebate business was down 27 per cent in November and December, compared to the previous corresponding period.

The Star Entertainment Group operates The Star casinos in Sydney and on the Gold Coast, and Brisbane's Treasury casino.

It is also building a new $2 billion integrated resort at Queen's Wharf in Brisbane.

The Star said domestic revenue has continued to grow in the second half of the financial year, despite softer market and macro-economic conditions.

Gross revenue in the period from January to April 30, excluding the international high-roller business, was up 4.1 per cent from the prior corresponding period.

Shares in The Star Entertainment Group dropped 11 cents, or two per cent, to $5.44.

Business/Financial News

BuyBSV.com Now Offers Bank Transfers in US & Canadian Dollars

BuyBSV.com Now Offers Bank Transfers in US & Canadian Dollars

BuyBSV.com, powered by Coinify, are delighted to announce that ALL traders can now complete bank transfers to buy Bitcoin SV in USD, CAD & DKK in addition to the Euro and the British pound.

Why Online Gambling Companies Need to Incorporate Bitcoin SV

The gambling industry has a lot to gain by adopting Bitcoin SV, and they can learn how at CoinGeek Live. Jimmy Nguyen talks about what you can expect to see with CoinGeek's Rebecca Liggero.

CoinGeek Live Presents: Cashless Casinos: How Bitcoin Technology Offers A Better & Safer Gaming Experience

Live from studios in both New York and London experts from the iGaming industry gather to talk about the way forward for the casinos across the world. The conference will, naturally, be virtual but it is far more than just ‘Zoom-heads’ on a black background. This panel will not only offer interaction and questions form delegates but also be broadcast live from The Manhattan Studio (NYC) and Kennington Studios (London) from 10:15am EST on Friday, October 2nd. 

No Retail Crypto-Wide Bull Run Likely for Rest of 2020

No Retail Crypto-Wide Bull Run Likely for Rest of 2020

Joel Birch, co-founder of automated crypto investing platform Stacked, says crypto prices may still be weighed down by a difficult global economic atmosphere.  His remarks come as the Covid-19 pandemic continues its stranglehold across the globe with a second surge now occurring in Europe.

How Can I Bet Online From South Africa Using Bitcoin

How Can I Bet Online From South Africa Using Bitcoin

Many folks opt to gambling online with sites licensed outside the country of South Africa using Bitcoin and other cryptocurrencies.  Bitcoin transactions take place in under a few hours and are even available during weekends, all with extremely low fees.  It is important to stay clear of the so-called “Bitcoin Revolution South Africa”.

Syndicate