Archives February 2024

Oriental Regent Ltd, a vertical of the Hong Kong-listed Summit Ascent Holdings Ltd, is to sell its gaming and hotel operations in Russia. As reported, Oriental sells its wholly-owned subsidiary G1 Entertainment LLC to a Russian entity Dalnevostochniy Aktiv LLC for a price consideration of $116 million.

Taking Over Tigre de Cristal Casino Operations:

As GGRAsia reports, the acquisition of 100 % of shares of G1 Entertainment would enable the Russian company to control the Tigre de Cristal casino resort located near Vladivostok. At the same time, the sale of the Oriental’s property in Russia would significantly leverage the balance sheet of its parent Summit Ascent Holdings. The same source reports that the sales price of $116 million is to be paid in Chinese yuan.

Licensed Operator to Be Sold to Russian Entity:

Oriental Regent is a company 77.5% owned by the Summit Ascent Holdings. The Hong-Kong listed entity used its majority share to control the Tigre de Cristal casino facility run by Oriental Regent through the operator G1 Entertainment, under the gaming license granted to G1Entertainment by the Russian government, as GGRAsia reports.

Therefore the G1 sales deal may facilitate a smooth transition for Dalnevostochniy Aktiv LLC to immediately continue operations of the resort. On the other hand, Oriental Regent’s parent Summit Ascent would be able to use the respective proceeds of the expected $116 million sale to boost its balance sheet figures. According to the source, these figures declined in 2023.

The parent reportedly stated: “Since the loss consists of US$14,606,000 due to foreign-operation exchange differences reclassification’’,[shareholder equity would face] a negative impact of US$3,784,000.”

Stakeholder Interest:

Also, the $116 million price consideration would bring benefits to shareholders like the Taiwan-based Firich Enterprises Co Ltd. This company holds a 20 percent share in Oriental Regent and reportedly looks forward to collect $28 million in cash from the sale. If the deal is closed, Firich would “reduce its exposure in Russia to zero,” according to GGRAsia.

With a 77.5 percent share in Oriental Regent Ltd, Summit Ascent Holdings Ltd may significantly capitalize on the considered $116 million sale. As Firich expects $28 million from its 20 percent share invested in the deal, Summit Ascent may collect around $85 million and compensate for the negative impact of the loss sustained in 2023.

Deal Pending Closure:

As soon as the news broke on 11 January 2024, Summit Ascent’s shares were reportedly taken off the trading list in Hong Kong. The shares of  LET Group Ltd, the parent of Summit Ascent, were simultaneously held up,  “pending the release of an inside information announcement,” as the company reportedly stated.

Leading online casino games and solutions developer, Wazdan, has launched in the UK gaming market with a pair of diverse online UK casinos, SlotsMillion and LadyLucks, according to the official press release.

LadyLucks.co.uk:

The United Kingdom market’s first mobile-only casino, LadyLucks.co.uk launched in 2004. Following its acquisition by online gaming company ALEA in October 2017 can now be accessed via desktop and mobile channels.

The popular online UK casino’s sister brand, SlotsMillion, is known to be the first real-money virtual reality casino. It is one of the industry’s leading brands and has a selection of more than 2,000 games.

Since its 2014 launch, the leading online casino has gained recognition for either Innovation Operator or Best Casino from such prestigious awards as IGA (International Gaming Awards), CEEG (Central and Eastern European Gaming) and the Oscars of the egaming sector, EGR. Slotsmillion has furthermore been recognized by reputable affiliates such as Latest CasinoBonuses, Casinomeister and AskGamblers.

Recent additions:

A stream of new games has further strengthened the developer’s award-winning online slots portfolio. Its recent adds include Fruit Mania Deluxe, Great Book of Magic Deluxe, Magic Stars 3, Magic of the Ring Deluxe, Sizzling 777 Deluxe, Corrida Romance Deluxe, Hot Party Deluxe, Highway to Hell Deluxe, Football Mania Deluxe, Tetri Mania Deluxe, Spectrum Fruits Go Bananas.

Towards the later part of this month, the highly-anticipated Mayan Ritual is to be released. The video slot takes players on a journey into the Mayan world they won’t soon forget. The new title delivers a collection of special features reinforced by Wazdan’s unique and innovative technologies including Wilds, Giant and Big symbols, Extra Spins and Bonus games.

Added value tools:

Additionally, many of the online software developing company’s games are powered by its Unique Wazdan Features, including the world’s first Volatility Levels, Energy Saving Mode, Unique Gamble feature and Double Screen Mode. Through the innovative suite of added-value tools, operators are able to encourage extended play, improve retention, enhance customer engagement and experience and increase yield.

Co-founder of SlotsMillion, Alexandre Tomic said…

“On Ladylucks we have more than quadrupled the number of game suppliers including Wazdan, rolled out games on desktop as well as mobile, and given players access to free spins for the very first time. We are delighted Wazdan’s games are live on both SlotsMillion and LadyLucks, as we wanted something really new, fresh and exciting encompassing all of the important performance elements and features.”

Also commenting on the launch, Head of Sales at Wazdan, Andrzej Hyla, said…

“The online gambling landscape is changing as more and more operators focus on mobile and innovative ways to attract potential players, and those market conditions play to our strengths. We are looking forward to working on the UK market with forward thinking partners who also happen to be one of the most innovative companies in the industry.”

In addition to being nominated for four CEEG awards this year, Wazdan has launched its content on several platforms such as Groove Gaming Limited and EveryMatrix.

Known for their quality poker tournaments, the Wynn Las Vegas is preparing for yet another poker series this January. The Wynn Signature Series will kick off on January 15^th, offering almost three weeks of quality poker gaming. The series will run through February 2^nd, offering over $1.3 million in total guaranteed prize money.

The Schedule:

The Series will kick off on January 15^th with the NLH $3K Survivor $100 Bounty. The tournament has a $400 buy-in and includes a $40,000 prize pool guarantee. On the 16^th, players have two tournament events, the Limit Omaha 8/B and the No Limit Hold’em Day 1. The Omaha event is offering up $10,000 in guaranteed prize money while the NLH event will be much larger at $150,000.

Perhaps the two most anticipated events on the schedule will be the two No Limit Hold’em tournaments offering the most cash. On January 23^rd, the No Limit Hold’em event with $400,000 in total prize money begins, with a buy-in of $1,100. After this event finishes up, the series will host another NLH tournament, this time with a $600 buy-in and $200,000 in guaranteed prize money.

According to Wynn Poker…

The Wynn Signature Series is also hosting Super Satellites for the $400,000 guaranteed NLH event. A Super Satellite will run on the 23^rd and 24^th with a buy-in of $175 + $25. This is a lower cost way to win entry into the big poker event.

Wynn Winter Classic:

The Wynn Signature Series will take place just a few days after the Wynn Winter Classic finishes up. The Winter Classic began on December 2^nd and has a few days to go until the final day December 22^nd. The schedule of the winter event is full, with combined guarantees to reach $2.8 million.

There is still a few days to go for those who are near the Wynn Las Vegas and want to take part in the Winter Classic. If you miss it, plan on the Series starting in mid-January!

Tim Miller, Executive Director of the GB Gambling Commission, spoke at the Global Gaming Expo on October 10. His main point of discussion was the urge for collaboration between regulators from all over the world.

Collaboration is required, as Miller claims, because the customers need to feel safe, and illegal gambling has to be reduced in all markets in the world.

Gambling Act Review:

In the white paper, which was released in April, Gambling Act Review, customer protection was the main point. If the regulators join forces and create pressure on big tech companies, banks, and gambling markets overall, Miller believes that illegal activities can be reduced.

When the British government published the Review, they focused on making gambling free of crime and safer for all gamblers. It contains more than 60 recommendations on how to achieve that goal, and the consultations began in July this year. The last discussion is scheduled for October 18.

The parties discussed the financial risks, design, direct marketing, and age verification in land-based objects.

At the moment, the regulations depend on the market, so the same operator with the same policies can be legal in one market while prohibited from operating in another, and regulators usually don’t know much about the practices in other regulated markets – which have to change.

Miller stated that the Commission has great success when it comes to collaboration with industry tools and services and that they have done a lot to prevent illegal gambling.

Successes of the Commission:

According to the source, the Commission partnered with payment providers, internet search providers, and various developers, and it led to a 46% decrease in traffic for the biggest names in the illegal gambling sector in the British market. For Miller, it’s another proof that collaboration is a key part of success.

He mentioned other actions, including the largest enforcement actions the Commission ever had, when Entain and William Hill were brought down. At the moment, the Commission was in charge of 85% of enforcement in the whole world. 

He highlighted that he didn’t want to brag about it but to state that enforcement is a huge industry problem. However, the nature of the issue shows that the regulators must work together in order to get the results since the problem is on a global level.

He added: “As more North American jurisdictions open up to online gambling or sports betting, we see more and more large British or European operators looking to establish themselves here, in your markets. And that’s why we think international collaboration is so vital between gambling regulators. Increasingly we regulate the same companies; we address the same risks; we face the same challenges.We are also close to concluding a number of Memoranda of Understanding with US regulators in order to establish clear working relationships that will support all of us to be more effective.”