The first half of the year was tough for the Macau Legend, a renowned satellite casino operator. The company lost HK$182.5 million, or US$23.26 million, in revenue. However, the good news is that the recovery is still possible since the decrease is smaller than before, thanks to non-gaming amenities and entertainment options.
Financial report:
The Hong Kong Stock Exchange revealed these concerning results, and according to the report, overall revenue decreased by 22.7% yearly, which resulted in earning HK$420.4 million (US$53.58 million) in the past six months.
Compared to the previous year, the gaming revenue decreased by almost 50%, and it was HK$228.2 million (US$29.08 million). This was, among other things, a consequence of closing the operations at Landmark and Babylon casinos.
On the other hand, the properties in Macau were doing well – the total gaming revenue of Legend Palace, located at Fisherman’s Wharf, and Savan Legend in Laos, earned a total of HK$163 million ($20.77 million), which is 62.1% more than in the year before.
Adjusted EBITDA was HK$103.8 million (US$13.2 million), which is a decrease compared to the year before when it was HK$160.5 million (US$20.5 million).
However, the loan the company still has is a bit concerning: the amount of HK$2.61 billion (US$333 million) is huge, and when considered that HK$628.4 million (US$80.1 million) has to be paid in a year, it is natural that the company is looking for a solution, including various loan repayment schedules that will allow the company to stay profitable.
Destiny of Macau and Laos properties:
The company is in charge of 33 gaming tables in Macau, and 29 of them in Laos. In Laos, there are 12 VIP tables.
The company stated: “As compared to 2019, the recorded gaming performance of the Group in Macau showed a recovery rate of 66.5 percent and 92.5 percent in the daily net win per mass market table in Legend Palace Casino for the first and second quarters, respectively while the recorded non-gaming performance of the Group in Macau showed a recovery rate of 89.5 percent and 98.3 percent in the first and second quarters respectively”.
When it comes to Laos, the recovery rate was 100%, 105.6%, and 83.3% for each table and slot machine in the daily net win for the first half of the year.
The main group’s focus will be improving dining and entertainment options in Macau property, along with various marketing operations for its waterfront attraction. The company hopes that these measures will increase the number of tourists from mainland China, as well as from other parts of the continent.
When it comes to the property in Laos, it seems its end is near. Despite the profitability of the casino, the company tries to centralize its operations and save more resources for the Macau operations.
The legal status of online casinos in India is complex and varies by state. While there is no federal law that explicitly addresses online gambling, the legality depends on state regulations and the type of gambling involved.
Key Points:
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No National Law: India does not have a specific national law regulating online casinos. However, the Public Gambling Act of 1867 prohibits operating physical casinos and gambling houses, but it doesn't cover online platforms, leaving a legal grey area for online gambling.
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State-Specific Laws: Some Indian states, like Goa, Sikkim, and Daman, have legalized land-based casinos, and others, such as Sikkim, have also licensed online gambling. Many states have banned gambling altogether, including online gambling.
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Online Sports Betting: Betting on sports, particularly cricket, is very popular in India. However, it's only explicitly legal in some states like Sikkim and Nagaland, which have laws permitting online gaming and betting.
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Legal Gray Area: Many international online casinos accept Indian players and operate legally under licenses from offshore jurisdictions (like Curacao or the UK Gambling Commission). As long as players are gambling on licensed platforms, the risk is minimal, but local authorities may still choose to regulate or restrict online gambling.
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Cryptocurrency: Some Indian players prefer using cryptocurrencies (like Bitcoin) for online gambling, as it provides a layer of anonymity and security.
While online casinos aren't explicitly legal across all of India, many international casinos accept Indian players, and online gambling continues to grow in popularity. Players should ensure they use licensed platforms and understand local laws before engaging in online gaming.
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