Wynn Macau eyes big investments pending government approval
During a recent conference call, Wynn Resorts' CFO, Julie Cameron-Doe, talked about the company's financial strategies and future investment plans. By the end of 2025,...
Melco forecasts strong revenue for Sri Lanka project
When fully operational, Melco‘s recently announced City of Dreams Sri Lanka project is expected to produce gross gaming revenue of $200-250 million annually.
Melco’s EVP and CFO, Geoff Davis, revealed on a conference call that followed the announcement that the company’s overall capital expenditure (CapEx) for 2024 is projected to be about $415 million, with fifty million dollars designated for the Sri Lanka business.
According to Davis, this estimate is in accordance with the first stage of casino development, with an estimated 125 million dollars set aside for the fit-out of the casino. Although the casino is scheduled to open in the third quarter of this year, the property itself is anticipated to open in mid-2025.
Regarding market potential, Davis highlighted India as a major feeder market and underlined the country’s appeal to tourists. Melco acknowledges spending from within the country to some extent, but its main focus is on foreign markets, especially those in India and the surrounding areas. Davis indicated a heavy emphasis on obtaining international clientele for further growth when he claimed that the international market could make up roughly two-thirds to one-third of the total market.
All things considered, Melco’s strategy approach to the City of Dreams Sri Lanka project highlights its dedication to leveraging global markets, especially India, while acknowledging the significance of both local and foreign expenditure in promoting revenue growth for the enterprise.
Brazil implements tax on gambling winnings
The Federal Revenue Service (RFB) of Brazil has completed the regulations regarding the taxation from online gambling, lotteries, and betting. A new policy states that...
