Gonzo Journalism profiled via Media Man network and dedicated social media channel
Media Man News
Wednesday, August 31, 2022
Tuesday, August 30, 2022
Media Man News: Probe into Star's Qld operations wraps
Probe into Star's Qld operations wraps
Star Entertainment must wait a month for the outcome of damning public hearings into the gambling giant's Queensland operations.
After three days of testimony in Brisbane, public hearings into Star's suitability to hold a casino licence have concluded.
Counsel assisting Jonathan Horton QC told the final day of submissions on Monday the casino operator had committed a raft of questionable operational errors.
The inquiry was told that the casino repeatedly allowed banned high rollers to gamble at Queensland venues in breach of its exclusion policies.
Star also 'pursued' high rollers to visit its Queensland operations, playing for them to travel by private jet and stay in luxury accommodation for free as banned southern players hit the tables in Queensland.
Case studies outlined in the hearing revealed Star allowed patrons banned from casinos in NSW and Victoria, and linked to the Italian mafia, to gamble in its Queensland venues for years.
One man became one of the top 10 players at the Star Gold Coast after being banned from Crown Melbourne in 2014 and The Star, Sydney, by NSW police seven months later.
Another case study, Person 1, was banned from The Star Sydney in 2007 due to alleged involvement in criminal activities but gambled millions of dollars at the Gold Coast's Star casino.
Mr Horton said that of the 768 people banned from NSW casinos, 36 were later allowed to play the tables in Queensland.
"On that topic, we say the errors placed in serious jeopardy the integrity of Queensland casino operations," Mr Horton said.
"The errors place in serious jeopardy the integrity of Queensland's casino operations," Mr Horton said.
Counsel for Star Entertainment argued the company's advice was it did not have grounds to ban interstate gamblers.
"The understanding, based on legal advice at the time ... was we could not use the NSW exclusion to justify a Queensland exclusion," Gareth Beachem said.
"The failure to immediately exclude somebody in Queensland was not based on some perception that there might have been better information around, but on the fact that the lawyers would say that that piece of evidence wasn't admissible in court to use in Queensland to justify an exclusion."
Mr Beachem said that because the interstate ban was inadmissible, the onus fell on Star to "find some other evidence" to exclude patrons.
Star's anti-money laundering general manager says that person would have been banned under the company's current policies.
The probe also heard the casino operator allowed China UnionPay cardholders to withdraw cash to bet at its Brisbane and Gold Coast casinos but recorded those transactions as "hotel purchases" with National Australia Bank.
Using debit cards for gambling isn't illegal in Queensland, but the Chinese lender prohibits the practice.
Judge Robert Gotterson will report to the attorney-general by September 30.
Monday, August 29, 2022
Sunday, August 28, 2022
Media Man News: Profiles
Media Man Int
Profiles
Entertainment Sports Sports Betting Combat Sports Wrestling Digital Games Gaming Fashion
Cafes Creative Search Engines SEO Content Streaming Social Media World
Networking Network Podcasts Podcasting Mind, Body and Spirit Business
Books Cryptocurrency Blockchain Brands Affiliates Media
Advertising Promotions Promoters Multimedia Media Man
Media Man News Blog: Tim Ferriss wins Media Man 'MBS Podcast Of The Month' award: When to Quit – Lessons from World-Class Entrepreneurs, Investors, Authors, and More (#254) and Why (and How) Creative People Need to Say "No"
Media Man
Profiles
Podcasts Podcasting Mind, Body and Spirit Business Books Media
Why (and How) Creative People Need to Say "No"
Social Media
Greg Tingle
Absolute gold as usual from you Tim. As a concept, I'm not into quitting, but I do believe in pausing, assessing, regroup, adjust, and continue to move forward. I'm interested to learn what you and your readership thinks of my approach! "It's impossible to beat a man who never gives up" - Greg Tingle, Media Man.
Why (and How) Creative People Need to Say "No"
Greg Tingle
This is gold. Having been in and around media for over two years one big thing I learned is that the more I said "no" to so many things, the more successful and less stressed I was. Decision on what to focus on, sticking to the plan, and still finding time to smell the roses. Doing what you love and you will never work a day in your live, as the universe days.
Websites
Friday, August 26, 2022
Media Man News Blog: Billy Corgan’s music fame helped his NWA return to the Chase in St. Louis. NWA 74 is there next (Miami Herald)
NWA president Billy Corgan continues to make history thanks to his alternative rock band The Smashing Pumpkins.
Last year the NWA presented its 73rd anniversary show (NWA 73) at the Chase, becoming the first pro wrestling group to utilize the historic venue in St. Louis, since 1984.
How?
Because, as Corgan noted, someone working in a key position at the Chase Park Plaza Hotel is a fan of The Smashing Pumpkins. Take advantage of it and rightfully so. The NWA will do it again with NWA 74 on Saturday and Sunday via FITE TV from that Chase Khorassan Ballroom.
Plenty of talent and fan interaction during the two-day extravaganza.
Here is my video interview with Corgan.
“Wrestling at the Chase” was a weekly program during the territory days of professional wrestling. The brainchild of legendary promoter and hall of famer Sam Muchnick, the weekly pro wrestling series aired from May 23, 1959, to September 10, 1983. The show was promoted by the St. Louis Wrestling Club, a member of the National Wrestling Alliance.
Click here for full article and multimedia
Social Media
Greg Tingle
NWA...the name on the marquee says Wrestling. Well written and explained article that the majority of readers will get. We've always enjoyed the wrestling and music connection, that the WWE started pushing circa 1984 with Hulk Hogan and friends, which was known as the Rock N Wrestling connection, and that was part of the bridge that some wrestling later became known as "sports entertainment". Michael P.S Hayes may have been the original wrestler that did the whole rock star - wrestler thing, with music videos (Bradstreet U S.A), and the like, and also 'Exotic' Adrian Street with Miss Linda did a couple of music videos so. Then the late Randy "Macho Man". Savage followed suit and the Road Warriors would come out to the ring to 'Iron Man' by Black Sabbath! Back to the NWA, great to see 'The National Treasure' Nick Aldis back on the NWA 74 card, even if he's not in the official main event. The fans are a big part of who is a star and is "over" per kayfabe industry banter. Hopefully at the upcoming NWA event it's a Win-Win-Win (for the wrestlers / promoters / business associates, the fans and the industry). Here's to great action and a quality and enjoyable experience for all. Cheers from Sydney, Australia.
Media Man Profiles
Thursday, August 25, 2022
They Put the Grateful Dead Bear on Lettuce. Why Did I Want It So Much? Everything is branded now, including produce. And it’s working. (Bon Appetit)
Social Media
Greg Tingle
Great. Almost fits in with gonzo journalism. Flashback to Kevin Nash 'Oz' to NWO or Ryan Reynolds 'Green Lantern" transformation to 'Grey Man' etc..Or the rebirth of WWE's Karrion Kross..Cult classics and niche trends and sectors can become mainstream and worldwide news given the right amount of time, fanbase and Media support.. Amazing the transformation that WWE achieved over the decades, from "smoke filed arena's"..to the rest is history.. Nostalgia still sells,.and sometimes controversy creates cash (as per Easy E B). Loved this scribe. WWE powers that be plugging into pop culture. Big thumbs up: )
Tuesday, August 23, 2022
Star posts FY loss after Sydney casino hit
Star posts FY loss after Sydney casino hit
Casino operator Star Entertainment Group has swung to an annual loss, weighed down by extended COVID-related closures and a hefty writedown at its flagship Sydney casino amid regulatory troubles.
Australia's second-biggest casino operator on Monday posted a full year loss of $198.6 million for the year to June 30, compared to a $57.9 million profit a year earlier.
The company said it took a financial hit after its three properties on the east coast were collectively closed for 125 days in the first half of the year due to pandemic restrictions.
It also slashed the value of goodwill for its main Star Sydney property by $162.5 million "due to regulatory and other uncertainties".
Star said normalised net loss, excluding the significant items, was $32 million. Revenue for the year to June 30 dipped 1.2 per cent to $1.53 billion.
"Clearly, in the regulatory environment we're working our way through it was appropriate to consider a higher level of risk and so we effected that through the weighted average cost of capital. The consequence of that was an impairment on the Sydney property," interim Chairman Ben Heap told AAP.
By 1415 AEST, shares in the company were down 1.7 per cent to $2.86, adding to the nearly 20 per cent drop in value so far in 2022.
Star's fortunes have sagged in recent months amid regulatory scrutiny after hearings at an NSW inquiry unearthed allegations about money laundering, fraud and links to organised crime at its Sydney casino.
The company is now awaiting the outcome of that review into its suitability to hold a NSW casino licence by the end of this month.
It faces a separate investigation from the financial crimes regulator, as well as an inquiry on its suitability to hold a casino licence in Queensland, which is set to hear from witnesses from Tuesday.
Star is also facing competition from bigger rival Crown, which opened the doors of its Sydney casino earlier this month following the long-delayed green light from the NSW watchdog, after recently emerging from its own regulatory troubles.
Star, currently the dominant casino operator in Sydney, says it's too early to form a view on the impact of Crown, but added that "it recognises that it will be operating in a competitive marketplace".
While domestic gaming demand has picked up, international business is still down significantly as Australian casinos steer clear of junket operators, which previously contributed significant numbers.
They have also been affected by the slow recovery of the international tourism market, which is likely to rebound to pre-COVID levels only over the next couple of years.
Still, the group says it's seeing the positive revenue trends from the fourth quarter of FY22 continuing into the current financial year.
Domestic revenue for the period from July 1 to August 18 rose 9 per cent on the comparative pre-COVID period of 2019, largely thanks to a 26 per cent recovery in the Gold Coast's domestic revenue.
Domestic revenue at the Star Sydney was in line with pre-COVID levels.
"That sort of run rate is very encouraging. It indicates our growth sits above pre-COVID numbers, and given all the factors that we're facing at the moment, the underlying performance of the business has been terrific," Mr Heap said.
Star will not pay any final dividend, meaning it has not paid any dividend for the FY22 year.
Hard Rock International Announces Key Leadership Appointments for Las Vegas and Atlantic City Properties
Hard Rock International Announces Key Leadership Appointments for Las Vegas and Atlantic City Properties
HOLLYWOOD, Fla., Aug. 3, 2022 /PRNewswire/ -- Joe Lupo has been named President of the future Hard Rock Hotel & Casino Las Vegas, subject to regulatory approval of Hard Rock International's previously announced plans to purchase The Mirage Hotel & Casino from MGM Resorts International. Lupo will take over the role once the Nevada Gaming Commission licensing process has concluded. An Ohio native, Lupo has more than three decades of casino gaming experience. He was named President of Hard Rock Hotel & Casino Atlantic City in November 2018, after spending two successful years at Seminole Hard Rock Hotel & Casino Tampa.
Lupo's new position in Las Vegas was announced today by Hard Rock International Chairman Jim Allen, who is the driving force and vision behind Hard Rock International's purchase of The Mirage Hotel & Casino and the company's plan to construct an iconic Guitar Hotel on the Las Vegas strip. Allen said Lupo is uniquely qualified to become the President of Hard Rock Hotel & Casino Las Vegas.
"As president of the Hard Rock Hotel & Casino Atlantic City for the past four years, Joe Lupo has achieved amazing results," said Allen. "Thanks to his dedication and expertise, financial results continue to outperform expectations, while our team members share an unmatched commitment to guest service and satisfaction. I am confident Joe Lupo will achieve even greater success at the Hard Rock Hotel & Casino Las Vegas."
Lupo is no stranger to Las Vegas, having worked at various Boyd Gaming properties in Las Vegas and in Laughlin, Nevada, including the former Stardust Hotel & Casino Las Vegas, where he was the Director of Race and Sportsbook. He is a graduate of the University of Nevada, Las Vegas.
In Atlantic City, Anthony Faranca will be promoted to property President, subject to regulatory approval, effective September 1. A Philadelphia native, Faranca is a seasoned casino executive with extensive experience managing large gaming properties in several states including Maryland, Nevada, Pennsylvania, and New Jersey.
"Anthony's deep knowledge of the Atlantic City and Northeast region is an invaluable asset to the company," said Jim Allen. "We are confident that Anthony will continue Hard Rock Hotel & Casino Atlantic City's legacy of success and impactful leadership in the community."
Faranca began his casino career in Atlantic City as a Guest Services Manager and was promoted through the ranks to Regional Vice President of National Casino Marketing at the four Caesars Atlantic City properties. Faranca eventually relocated to Philadelphia and was appointed Vice President and General Manager of Parx Casino in 2009. Faranca then moved to Las Vegas to join Station Casinos and served as Vice President and General Manager for the Palms Casino Resort while also managing the company's enterprise-wide strategy for Table Game operations.
Faranca returned to the east coast in 2019 and joined the Cordish Companies as Vice President and General Manager of Live! Casino in Hanover, MD. In this role Faranca navigated the COVID-19 pandemic, launched a FanDuel Sportsbook, and opened a 5,000-seat event center.
About Hard Rock®:
Hard Rock International (HRI) is one of the most globally recognized companies with venues in over 70 countries spanning 265 locations that include owned/licensed or managed Rock Shops®, Live Performance Venues and Cafes. HRI also launched a joint venture named Hard Rock Digital in 2020, an online sportsbook, retail sportsbook and internet gaming platform. Beginning with an Eric Clapton guitar, Hard Rock owns the world's largest and most valuable collection of authentic music memorabilia at more than 86,000 pieces, which are displayed at its locations around the globe. Hard Rock Hotels has been honored with Outstanding Guest Satisfaction and above for four consecutive years among Upper Upscale Hotels in J.D. Power's North America Hotel Guest Satisfaction Study and in 2022, the iconic brand was ranked as the number one brand for the second year in a row. HRI is the first privately-owned gaming company designated U.S. Best Managed Company by Deloitte Private and The Wall Street Journal for the second year. Hard Rock was also honored as one of Forbes' Best Employers for Women, Diversity and New Grads and a Top Large Employer in the Travel & Leisure, Gaming, and Entertainment Industry. In 2021, Hard Rock Hotels & Casinos received first place ranking in the Casino Gaming Executive Satisfaction Survey conducted by Bristol Associates Inc. and Spectrum Gaming Group for six of the last seven years. For more information on Hard Rock International, visit www.hardrock.com or shop.hardrock.com
SOURCE Hard Rock International
Media Man 'Digital Business Tips Of The Week': Have helpful content that Google and your audience will like and see value in. Be Google Friendly...
Media Man 'Digital Business Tips Of The Week':
Have helpful content that Google and your audience will like and see value in. Be Google Friendly. Further develop your niche. And, have back-ups. Keep learning new skills for web and media business #tipoftheweek #digital #digitalbusiness #publishing #online #seo #content #articles #news #serp #serps #seo #metatags #business #media #mediaman #mediamanaustralia #mediamanint #mediamangroup
Media Man Int
Features
Friday, August 19, 2022
News, Pop Culture, Entertainment, Sports, Business...
News, Pop Culture, Entertainment, Sports, Business...
Podcast Of The Month: Marketers That Matter® Releases Podcast, "MTM Visionaries"
Network: Be Your Own Network Says Media Man Group
Karrion Kross wins Media Man 'Wrestler Of The Month'
Broken Skull Sessions wins Media Man 'Wrestling Podcast Of The Month' award again
AEW Rampage ratings fine improvement while WWE SmackDown suffers amidst NFL preseason
National Wrestling Alliance ((NWA) wins Media Man 'Wrestling Promotion Of The Month' award again
Josh Quinlan wins Media Man 'MMA Of The Month' award
BJ Penn wins Media Man 'Martial Artist Of The Month' and 'Combat Sports Website Of The Month' awards
Mike Tyson makes sad statement he is going to die ‘really soon’
The boy bosses of Silicon Valley are on their way out
High rollers still on the menu as Crown and Star lock horns
Tosca Musk on her big brother Elon’s advice
Madonna says MTV performance nearly ruined her career on 'Fallon'
'She-Hulk: Attorney-at-Law' posters feature Tatiana Maslany, Jameela Jamil
Betting booming for Aussie sports: NRL, AFL and basketball; Flows to games, online casino games'
News Articles On Pop Culture, Entertainment, Sports, Casino, Wrestling...
Media Man Australia
Google Local Guides proves to be great digital publishing asset to Media Man Group
Thursday, August 18, 2022
Media Man News: NJ gambling revenue up 6.7% in July, but 5 casinos still lag
NJ gambling revenue up 6.7% in July, but 5 casinos still lag
ATLANTIC CITY, N.J. (AP) — New Jersey’s casinos, horse tracks that offer sports betting and the online partners of both types of gambling outlets won $480.7 million in July, an increase of 6.7% from a year ago.
But the resorts nine casinos continue to struggle to return to pre-pandemic levels in terms of the amount won from in-person gamblers, with five of them winning less in July 2022 than they did in July 2019, before the coronavirus pandemic began.
Figures released Tuesday by the New Jersey Division of Gaming Enforcement show that the casinos collectively won just under $299 million from in-person gamblers. That’s more than the $277 million they collectively won in July 2019.
But five casinos — Bally’s, Borgata, Golden Nugget, Harrah’s and the Tropicana — won less from in-person gamblers last month than they did in July 2019.
Nonetheless, Atlantic City’s performance in July “showed indications of a strong summer season fueled by a return to normal operations and consumer behavior,” said Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University.
“Unlike last summer, Atlantic City casinos in 2022 are operating without official public health restrictions, which were still in place at the start of summer 2021,” she said. “There also isn’t the COVID-19 drag of persisting public health concerns that kept some visitors from returning to pre-pandemic behaviors even after an end to the COVID-19 public health emergency in New Jersey.”
James Plousis, chairman of the New Jersey Casino Control Commission, said the resort is off to a good start to the crucial summer season.
“Casino win reached its highest level for the month of July in a decade, reflecting the strength of Atlantic City as a gaming and leisure destination,” he said. “Year-to-date, every casino hotel has surpassed its casino win, internet gaming win, and total gaming revenue compared to the same period last year.”
While internet gambling and sports betting add to the revenue totals reported by the state for each casino, gambling executives say those figures are misleading because substantial portions of such revenue are kept by third-party providers such as tech platforms.
Because of that reason, they say in-person gambling revenue is a more accurate measure of how well the casinos are doing.
The Borgata won $124 million from in-person gamblers, sports bettors and internet gambling in July, up 16.4% from a year earlier. Hard Rock won $59.8 million, up nearly 8%; Golden Nugget won $49.1 million, virtually flat from a year earlier; and Ocean won $43.3 million, up 29.5% from a year ago.
Tropicana won $35.8 million, down 2.5% from a year ago; Harrah’s won $26.3%, down 10%; Caesars won $25.5 million, down 3.2%; Bally’s won $20.7 million, up 28.4%, and Resorts won $18.3 million down nearly 3%. (Resorts Digital, the company’s online arm, won nearly $39 million, an increase of nearly 15% from a year earlier.)
Among racetracks that offer sports betting, the Meadowlands in East Rutherford won $25.2 million in July, down from $31.7 million a year earlier. Monmouth Park in Oceanport won $1.6 million, down from $2.4 million a year earlier, and Freehold won $675,089, up from $165,792 last year.
All told, gamblers wagered $531.8 million on sports in July, down from $578.7 million a year ago.
New Jersey’s sports betting market is facing a new challenge from New York, which began offering mobile sports betting earlier this year and quickly seized the nationwide lead in terms of the amount of sports bets taken.
Wednesday, August 17, 2022
Tuesday, August 16, 2022
Monday, August 15, 2022
AEW: Fight Forever wrestling videogame
AEW: Fight Forever wrestling videogame
Developed by YUKE’s Co, Ltd., creators of numerous, multi-million unit selling wrestling games, AEW: Fight Forever combines that nostalgic arcade-wrestler feel with innovative All Elite Wrestling finishers and tandem offensive moves. All Elite Wrestling is currently taking TNT and TBS networks by storm every week with their Rampage and Dynamite shows, featuring some of the biggest legends to enter the ring plus a stable of brand new, high-flying, AEW talent. AEW: Fight Forever brings the best of the best from that talent roster together in one game! Online co-op wrestling is going completely next level in Fight Forever with Tag Team matches that feature sequences of team maneuvers performed with simple commands. A deep career mode, wrestler customization, signature AEW arenas, multiple match types and more match types than you can count, including some good ol’ fashioned, unsanctioned fun, all await!
AEW Fight Forever
Has WWE 2K met its match?
THQ Nordic
ALL ELITE WRESTLING is finally getting its long-awaited video game. Titled AEW Fight Forever, this is the wrestling promotion’s first fully-fledged console game, hopefully serving as a worthy competitor to the WWE 2K series.
It’s also developer Yuke’s first professional wrestling project since creating WWE 2K19 in 2018, after working on WWE games for over 18 years. With that in mind, there’s a lot of excitement for the upcoming game. Here’s everything we know about it so far.
MATCH TYPES
Single Matches
Tag-Team
3-Way
4-Way
Ladder Matches
Casino Battle Royale
Falls Count Anywhere
Unsanctioned Lights-Out (allows use of weapons)
Exploding Barbed Wire Déath Matches
WHO IS THE AEW FIGHT FOREVER DEVELOPER?
Yuke’s, the Japanese team that worked on WWE games since 2000 is in charge of developing AEW Fight Forever. The studio ended its partnership with 2K in 2019 and began working on the AEW game shortly thereafter.
Given the developer’s rich history in developing professional wrestling games, expectations for the upcoming AEW game are through the roof.
WHAT IS THE AEW FIGHT FOREVER ROSTER?
AEW Fight Forever
Thunder Rosa, Abandon, and Yuka Sakazaki perform in a triple-threat match.
The full roster for AEW Fight Forever has yet to be revealed, but there are several wrestlers confirmed to make an appearance:
Abandon
Adam Cole
Adam Page
Chris Jericho
CM Punk
Cody Rhodes
Darby Allin
Dr. Britt Baker D.M.D.
Hikaru Shida
Jade Cargill
Jon Moxley
Jungle Boy
Kenny Omega
Kris Statlander
Nyla Rose
Owen Hart
Pentagon
Thunder Rosa
Yuka Sakazaki
Websites
Media Man News: High rollers still on the menu as Crown and Star lock horns
High rollers still on the menu as Crown and Star lock horns
After a decade of drama, Sydney finally has two casinos vying for its gambling dollar - separated by the barest sliver of a harbour.
Crown Resorts and Star Entertainment Group have been put through the regulatory ringer, many would say belatedly, for their shoddy approach to compliance. But suitably chastened, both are now ready to go toe-to-toe in their pursuit for punters.
However, as Crown Sydney’s marketing brochures highlight, the multibillion-dollar resort dreamed up by billionaire James Packer is staying true to its promise of focusing on high rollers. There is no enticement for the grind market, which is the staple of The Star and the poker machine dens across Sydney.
A $10,500 bar tab is the sort of spend needed to get a punter through Crown Sydney’s VIP gaming room doors at Barangaroo, which opened for the first time this week. This figure is based on Crown’s rewards program for Barangaroo which, ironically, does not specify how much gambling is needed to reach the Gold and Platinum status needed to gain entry to its gaming facilities.
One thing is clear, Crown clearly does not have to worry about the “RSL on steroids” tag, which dogged The Star for years.
Crown, under the new ownership of US private equity group Blackstone, has also remained faithful to Packer’s mantra that the gaming operation - which was originally due to open alongside the hotel in December 2020 - remains central to the economic feasibility of the entire resort.
“Crown Sydney is quite a unique facility and integrated resort. I think that integrated nature will also extend itself to the integrated nature of income,” Crown Sydney chief executive Simon McGrath said.
“It’s got a very good balance of gaming, hospitality, restaurants, bars and spas and other facilities. And I think that’s really important.”
Barangaroo needs to be firing on all cylinders. Blackstone paid $8.9 billion for the entire Crown operation in Australia, a price that took the casino operator back to a valuation that pre-dated the scandals and a regulatory nightmare that has seen it deemed unfit to hold a casino licence in all three states in which it operates.
The inquiries were triggered by a series of reports by The Sydney Morning Herald, The Age and 60 Minutes in 2019 that examined Crown’s irresponsible treatment of problem gamblers and its relationship with high-roller “junket” operators linked to powerful Asian criminal gangs.
The regulatory upheaval, which is still impacting both Crown and Star, is another unwelcome juggle for the newly opened facility.
“First, and foremost, we’ve got to make sure that we deliver safe and responsible gaming, and then we deliver the curated experience of luxury service,” McGrath says. “I think the combination of both those will give us a strong and sustainable business going forward.”
Also making life tougher is the fact that the disgraced junket operators, which did the dirty work of attracting Chinese high rollers, and extracting the cash when they lost - for a significant fee - have been banned.
But Crown’s new operation offered a not-so-subtle hint that Chinese gamblers are still on the radar with its opening date 08.08.22: eight is the luckiest number in Chinese culture with its traditional association with wealth.
Whether it succeeds in wooing them will be clearer in October when its exclusive high-roller floor opens.
To enter the hallways of Barangaroo’s Mahogany room - which houses 30 private salons for the serious high-rollers that Crown once enticed with its own private jets - a minimum spend of $45,000 across its bars, restaurants and hotel is needed to attain the Platinum status necessary for entry. Once again, Crown’s brochures do not specify the level of gambling spend needed for Platinum status.
Of course, the serious high rollers will be offered the Black tier membership which is by invite only.
Market analysts no longer track Crown as it is a private company, but in December last year, Macquarie forecast that Barangaroo could end up with 35 per cent of Sydney’s tables-based gambling market by the 2025 financial year. This is expected to be worth $923 million. Macquarie forecast VIP turnover of $10 billion by 2025.
Meanwhile, analyst reports focused on the ASX-listed Star following a July market update highlighted that poker machine and non-gambling revenue, across its Sydney and Queensland casinos, have soared above pre-COVID levels. Table gaming revenue, which is all Crown is relying on in Sydney, remains subdued.
Crown will have 160 tables, plus 66 electronic tables operating across the Crystal Room and 30 private salons on the Mahogany floor. While Crown Sydney will ensure Star’s table gaming revenue does not recover in Sydney, Star does have a secret weapon that Crown cannot rely on: the grind market.
“In NSW, we note that Club electronic gaming machine (EGM) data to May-22 is consistent with Queensland, with profit per EGM running at 129 per cent of pre-COVIDlevels,” a report from Goldman Sachs said last month.
And as JP Morgan analyst Don Carducci pointed out in a recent research note, The Star has a lot at stake as it extracts roughly $115 million in EGM, or slot, revenue from its top-tier gamblers on top of what it gets from their table-based gaming.
“The slot support for Star cannot be overstated; approximately one-third of Sydney (VIP) revenues are linked to slot play,” he said.
A fund manager who watches the casino market closely, says Crown has had the edge with high rollers in Melbourne due to the assets it had at its disposal including golf, horse racing and the Grand Prix.
“They always attracted that tier one player and probably didn’t have to do as much as what Star needed to do to attract those players to this market,” the fund manager, who did not wish to be identified due to the sensitivities of the high roller business, said.
But high roller rooms are not where the big money is made.
“Crown had the advantage on that part of the business, but it’s worth remembering. It’s not the best part of the business,” he said.
“The grind, that’s where you make your margin. That’s 80 per cent of your profit.”
Subscribe to:
Posts (Atom)