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Calrec Raises Awareness for Struggling Live Entertainment Industry With #WeMakeEvents Campaign – Sports Video Group

On August 11, Calrec lit up its historic Nutclough Mill building in red at night to help raise the alarm for the live events and entertainment sector as part of the #WeMakeEvents campaign.

Backed by a wide range industry bodies and companies, a series of events was held on Tuesday across the UK to highlight the plight of those struggling for work as a result of the pandemic. The live entertainment sector has been particularly badly hit, with calls to the government to step in and provide more assistance. The sector is in critical condition.

“This has affected our customers in every territory, and the impact on live events like sports and entertainment has been devastating,” says Sid Stanley, Calrec’s general manager. “In the UK alone there are over one million people employed in delivering events, 72% of whom are freelance, and many of which have no access to any financial support. We worked with other companies in the valley where we are based, including the Hippodrome, one of the UK’s largest volunteer-run theatres, to bring as much attention as possible. We hope that by coming together to support one another our voices are heard.”

Calrec has worked with A1 craft mixers during this period to help promote their achievements as widely as possible. The company has also worked with customers to create flexible technical solutions to allow as much live coverage to occur as possible. But, of course, massive challenges remain and the UK government needs to provide support to allow the sector to return to its former glory. We stand with #WeMakeEvents.

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The Monaco International Film Festival Appoints Edward Sylvan of Sycamore Entertainment Group As its New President – GlobeNewswire

HOLLYWOOD, Calif., Aug. 13, 2020 (GLOBE NEWSWIRE) — Sycamore Entertainment Group Inc. (SEGI) is pleased to announce the appointment of Mr. Edward Sylvan, as President of the Monaco International Film Festival (MIFF).
The Monaco International Film Festival and Sycamore Entertainment Group Inc.  have partnered to further enhance the digital profile of one of the most prestigious festivals on the circuit at a time when independent distributors build revenue streams by partnering with movie theatres and Film Festivals launch their own independent digital platforms.Now in its 18th year, The MIFF is considered the Crown Jewel of the international Film Festival circuit and attracts the top film makers, celebrities, investors, industry leaders, and politicians from around the globe. The Angel Film Awards produced by the MIFF is an exclusive event that brings together the filmmaking industry, artists, and visionaries, to the wealthiest country in the world.Festivals Co creators Rosana Golden and Dean Bentley are quoted as saying “During these challenging times we continue to look towards the future and embrace any opportunities that will grow the MIFF and The Angel Film Awards.  We are confident that working with Mr. Edward Sylvan and Sycamore will bring our beloved festival to the next level.” As President, Mr. Sylvan will seek to uplift the profile of the festival globally to attract international films, filmmakers and talent that further speaks to the festival’s new diverse voice.“I am honored to be appointed as President of the MIFF,” Says Edward Sylvan. He goes on to say “The festivals mandate is what I have stood for my entire life and serves as a platform to promote films of equality, diversity and other complex subject matter using nonviolent storytelling. It takes an extremely high level of filmmaking talent and creativity to tell stories this way. I am excited to join this wonderful team and be a part of taking the MIFF to new heights.”Utilizing its film marketing expertise, paired with the MIFF reputation for attracting commercially viable films, Sycamore’s plan is to acquire select MIFF titles and distribute the films both domestically and internationally.The annual event is scheduled to be held February 25th to 28th 2021, in Monte-Carlo, Monaco. Organizers are taking every conceivable precaution to ensure a safe and successful event.Follow Sycamore: Twitter: Sycamorefilms, www.sycamoreentertainment.com
Info@sycamoreentertainment.com
About Sycamore Entertainment Group. (SEGI):
Is a diversified entertainment company specializing in the acquisition, marketing, and worldwide distribution of quality finished feature-length motion pictures. Sycamores’ management team utilizes its long-standing relationships to provide market specific publicity, promotion, media buying, theatrical placement and Print and & Advertising financing for theatrical domestic release.
The Monaco International Film Festival:
celebrates peace, love and the art of making movies and a unique collaboration of multi-talented writers, filmmakers, producers and musicians. The Angel Film Awards mission is to entertain, inform, inspire, encourage and educate. We honor artists, address complex social issues, and strengthen ties between international audiences. An inspiring & intimate platform in Monte Carlo developing tools and forging new alliances within the international film and entertainment industry.
Forward-Looking Safe Harbour Statement This press release contains forward-looking statements that are made pursuant to the safe harbour provisions of the Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. By their nature, forward-looking statements and forecasts involve risks and uncertainties related to events dependent on circumstances that will occur in the near future. These statements involve known and unknown risks and uncertainties, which may cause Sycamore Films actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, but are not limited to, our ability to obtain rights to distribute and market films, product availability, demand and market competition, and access to capital markets.  For a more complete discussion of the risks to which Sycamore Films is subject to please see our filings with the SEC, including our Current Report on Form 8-K filed May 21, 2010 and our Quarterly Report on Form 10-Q for the first quarter 2010.   You should independently investigate and fully understand all risks before making investment decisions.

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Entertainment

Hollywood’s entertainment unions have a whiteness problem – Los Angeles Times

It took April Chaney nine years working as a makeup artist before her union would accept her.

She needed to pay the $6,000 fee to get entry into the circle of workers considered for coveted jobs in entertainment. Even after joining the union in 2015 she said she applied for over 100 jobs without a call back.

A licensed aesthetician with her own Burbank-based salon, Chaney moved to Los Angeles from Alabama 17 years ago and didn’t have Hollywood contacts that can fast-track cast and crew into the ranks of its powerful unions.

“It’s very difficult, especially if you don’t know anyone,” said the 40-year old artist, who has worked on Hulu’s science-fiction series “The Orville.” “It’s even harder for people of color to get into our local. … It’s about who you know and what relationships you have.”

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After the protests over George Floyd’s death, studios and unions have been rushing to show solidarity with the Black Lives Matter movement by creating new diversity and inclusion measures and raising funds as workers across the industry speak out about systemic racism.

While campaigns like #OscarsSoWhite have cast a critical light on how Hollywood has overlooked the work of actors or directors of color, activists say significant disparities remain “below the line, among the crew who staff film, television and theater productions.

These behind-scenes workers include makeup artists, grips, set decorators, film editors and other technicians are represented by various unions that remain overwhelmingly white and are often difficult to join for people of color.

Many underrepresented crew members face a catch-22.

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“You can’t work on set unless you’re in the union, but guess what? You also can’t get into the union unless you’ve worked on a set for a certain number of hours and days,” said Brian Williams, vice president and chief operating officer of the L.A. Urban League, which runs apprenticeships in the entertainment industry for Black and other underrepresented communities. “So that chicken-and-egg game favors people who have connections.”

Tensions have erupted on sets. In June, high-profile Black and Latino stars criticized unions including the International Alliance of Theatrical Stage Employees (IATSE), which represents below-the-line workers, to address a lack of representation, nepotism and disparities in pay and hiring. IATSE vowed to “reshape” its union.

“We acknowledge that we have not always lived up to our own values and ideals of unionism, through our action, inaction, apathy, and at times ambivalence,” International President Matthew Loeb and General Secretary Treasurer James Woods said in a joint statement.

Amid the reexamination, several entertainment unions have formed diversity committees. A newly formed diversity committee for Teamsters Local 399 will soon hold its initial meeting, said Steve Dayan, secretary-treasurer of the union representing location managers, drivers and casting directors.

He declined to comment on the racial makeup of Local 399 but acknowledged that women and people of color are underrepresented in the union. Black members have raised concerns about not getting enough opportunities and of experiencing racism and microaggressions in the workplace, he said.

“It’s important for the unions to have these discussions so that we can bring issues to the studios,” Dayan said.

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To get into Local 399, anyone working 30 non-consecutive days on a set in a year can join. But Dayan and other union representatives noted that producers and studios do the hiring.

The studios will pick a head of department, usually someone they have worked with before, who will then pick their teams. Dayan said he has pushed studios to hire more women and people of color into captain and transportation coordinator roles.

“We provide lists of names to the studios, but ultimately they decide who they’re going to hire,” he said.

Julie Socash, president of the Make-up Artists & Hair Stylists Guild, Local 706, also stressed that producers make hiring decisions.

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She said her local is one of the few that allows work on non-union jobs to qualify for membership. That is how Chaney eventually managed to accrue enough time to join the union.

“All our members are treated equally,” Socash said. “We are not able to give preferential treatment to one member over another.”

Local 706, which does not collect any data on race or ethnicity of its membership, also recently formed a committee to tackle issues of diversity and inclusion, and is planning various educational initiatives around race and LGBTQ issues, she said.

Although data is scarce, people of color are substantially underrepresented on film crews, experts say.

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“Anecdotally, it appears as if the numbers are really bad, but we haven’t been able to get our hands on reliable data to include in our studies of Hollywood diversity and inclusion,” said Darnell Hunt,
dean of social sciences at UCLA.

The Directors Guild of America has tracked diversity in its ranks for many years. The DGA posts the breakdown of its membership, which includes unit production managers and assistant directors as well as directors.As of July 2020, the guild reported that only 5% of its 18,000 members are African American and 4% are Latino.

In some technical film jobs there are almost no women of color. A study by USC’s Annenberg Inclusion Initiative found no women of color as directors of photography in the top 300 movies from 2016 to 2018. Men of color accounted for 15.8% of cinematographers. White men accounted for 80% of film editor positions, while 94.1% of production designers were white and 14% of costume designers were from diverse racial/ethnic groups.

“If the numbers are not changing, the ecosystem is not doing enough to ensure that everyone is getting access and opportunity,” said Inclusion Initiative founder Stacy Smith. “Traditionally, it has been that folks who are connected to others in the industry that get access. That closed system must change. “

For costume designers of color, the way in is most often to work under a union member, said Provi Fulp.

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The 38-year old Atlanta resident, who is working on the DC Comics TV series “Black Lightning,” was a costume designer for seven years before joining her union in 2016. She needed letters of recommendation and paid thousands of dollars to become a member of the Costume Designers Guild, IATSE Local 892.

But it wasn’t until she met veteran designer Danielle Hollowell, who brought Fulp in as an assistant costume designer on the hit movie “Girls Trip,” that she got the guidance she needed, she said.

“You really have to find someone of your own culture , Brown or Black, that would be willing to take you under their wing and literally walk you through the process just to get in.”

Costume designer Provi Fulp

Costume designer Provi Fulp.

(Provi Fulp)

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Today, Fulp, who is African American and Puerto Rican, is part of a new diversity committee at the union, whose president, Salvador Perez, is Mexican American.

“I feel a lot more supported now with the diversity committee and to see non-melanin people want to actually make a change and say, ‘You know what, if I get a job that maybe I’m not familiar with the culture, that maybe I’ll suggest someone who may be more culturally appropriate,’” she said of the conversations the designers are having. “Because a lot of times we just don’t get the offer.”

Rachael Stanley, executive director of the Costume Designers Guild, said the union was gathering statistics of the makeup of its membership, but she believed that it was more diverse than “many of the locals.”

“We are not closed to any group,” Stanley added. The union, which has an outreach program for students, is about 82% female, she said. “You can see the diversity in our membership at any of our meetings.”

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Like Fulp, Pasadena film editor Ri-Karlo Handy recalled being one of very few Black people in the room at his first union meeting.

This summer, Handy faced a social media backlash after he posted a notice on Facebook seeking to connect with other Black members of the Motion Picture Editors Guild, Local 700. Some white editors claimed “reverse racism.”

Since then he has built a list of 242 Black editors and assistant editors, but only 95 were union members, he said. He estimates only 2% of the over 8,000-members of the local are Black.

“Hollywood is made up of these silos, private groups, peer groups — whether it’s the academy, whether it’s the unions — where you may have individuals inside of those groups that want to be inclusive, but the system, the structure that’s set up to get you into those groups, has not changed for years,” Handy said.

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Cathy Repola, national executive director of the Editors Guild, Local 700, declined to confirm Handy’s low estimates of Black membership, saying the union is surveying members to collect anonymous demographic data, she said.

Repola said there was “no prohibition against getting in the union,” but said the local was exploring ways to to improve diversity in post production. The leadership is “100% supportive of doing more and doing better,” she said.

Some crew have struggled to get entertainment industry unions to represent them. Some 800 parking production assistants working for broadcast networks who are mostly people of color, had to go outside the usual entertainment unions to become unionized, joining the Communications Workers of America in 2018.

At a virtual town hall earlier this summer held by the Location Managers Guild International, location managers of color shared their experiences of racism on set and being threatened while scouting. One location manager said while working in Philadelphia, a resident threatened to shoot him when he was notifying them of filming.

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Alison Taylor is a board member of the Location Managers Guild International.

Alison Taylor is a board member of the Location Managers Guild International.

(Location Managers Guild International)

Board member Alison Taylor, who moderated the meeting, noted how her career was helped by Black creators such as Issa Rae and Ava DuVernay who pushed for more people of color in the ranks.

Working with the director of “Selma” “was probably the first time that I really saw someone come in and say, ‘Listen, mix it up, the crew needs to look like Los Angeles,’ and I wanted to jump up and applaud her every time she came in the room,” Taylor said in an interview.

Producers and the major studios could do their part by pushing for” disadvantaged persons to be allowed to get job experience on their set,” said the L.A. Urban League’s Williams. “They can also contribute to training and apprenticeship programs” as part of creating a pipeline of talent, he said.

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Producer Tyler Perry, who recently completed production on his TV show “Sistas” in Atlanta with strict safety protocols to protect his largely Black cast and crew, said unions have been supportive of his work but the solution is for more Black creators to be able to tell stories.

“You can beg and you can ask and you can knock down doors and you’ll get some progress,” Perry said. “But if you want to see long-range change that lasts for a long time … then you absolutely want to have more ownership. And that may not be the immediate answer because it took me 20 years to get here. But that is definitely the answer.”

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Entertainment

Galaxy Entertainment Group Q2 & Interim Results 2020 – Business Wire

HONG KONG–(BUSINESS WIRE)–Galaxy Entertainment Group (“GEG”, “Company” or the “Group”) (HKEx stock code: 27) today reported results for the three month and six month periods ended 30 June 2020. (All amounts are expressed in Hong Kong dollars unless otherwise stated)

LETTER FROM THE CHAIRMAN OF GALAXY ENTERTAINMENT GROUP

I would like to take this opportunity to update you on the status of GEG during the period of COVID-19. Q2 2020 continued to be a difficult period for the community and businesses globally including Macau and GEG.

First and foremost, the Macau government continues to perform admirably throughout the pandemic with proactive and decisive leadership and generating community support. They are clearly focused on public health and safety as well as economic and social stability. As a responsible corporation GEG continues to work closely with and support the Macau Government, local SMEs and local employment. COVID-19 had an adverse impact on our financial results in Q2 and in the first half of 2020, as Mainland China, Hong Kong and Macau faced travel restrictions and social distancing. These restrictions resulted in a significant reduction in visitor arrivals and subsequent decline in revenue. With minimal revenue and ongoing staff costs, the Group’s Adjusted EBITDA was negative $1.4 billion for the second quarter.

We are pleased that Macau and Guangdong have taken the critical step in creating a travel bubble followed most notably, by the reinstatement of the Individual Visit Scheme (IVS) and group travel for Zhuhai Hukou residents and Zhuhai Resident Permit holders to visit Macau effective yesterday. The government subsequently announced that they will expand the IVS and group travel beyond Zhuhai to Guangdong Province by the end of August 2020 and Nationwide by the end of September 2020 provided the pandemic situation continues to improve. Despite these important positive early steps, it is premature to comment on how quickly the market may recover. Going forward we expect to experience further head winds from the pandemic, which will have an adverse impact on our financial performance. However in the medium to longer term, we continue to remain optimistic in the outlook for Macau in general and GEG specifically.

We continue to make good progress with our development projects, including Cotai Phases 3 & 4 as well as existing enhancement projects at our resorts. These projects will help support the Macau Government’s vision to develop Macau into a World Center of Tourism and Leisure. We also continue to make progress with our international expansion plans and we do acknowledge that timelines for Japan may be impacted by the worldwide pandemic of COVID-19, however we can adjust accordingly and we remain committed to our Japan expansion plans.

Our balance sheet remains strong with $49.8 billion in cash and liquid investments and $43.6 billion of net cash as well as virtually unlevered. On 24 April 2020, GEG paid a special dividend of $0.45 per share. Given the ongoing impact of COVID-19, today the Board has decided not to declare a dividend.

During this period of very low revenue our focus has shifted from revenue generation to effective cost control. However, it is important to not cut costs excessively and therefore adversely impact our ability to deliver upon customer service standards when business returns. We remain committed to support the Macau Government, local employment and SMEs.

I wish to assure you that the management and staff have been working diligently in regards to health, safety and hygiene so that our resorts are operationally ready as travel restrictions ease. These included the introduction of a number of policies and procedures to elevate the cleaning and hygiene standards across our resorts. The wellbeing of our staff and guests is our highest priority. It is pleasing to note that there have been no new locally transmitted COVID-19 cases in Macau since 9 April 2020. The Macau Government, health authorities and the community should be commended for this outstanding achievement.

At GEG we take our corporate social responsibility most seriously. Some of our efforts during the first half of 2020 have included making a cash contribution of $100 million, to assist in the fight against COVID-19. In addition, the Galaxy Entertainment Group Foundation subscribed $100 million to a special purpose Macau COVID-19 Recovery Bond. We also donated 1 million face masks, financially contributed to the deep cleaning of 35 local schools, provided numerous food & hygiene hampers to the needy and provided support to the broader community to name a few.

We would like to thank everyone from the Macau Government, the community and the GEG team who supported the Company in these difficult times. We are proud to report that virtually all team members made voluntary contributions including the Board which also waived their Director’s fee, management who participated in our non-paid leave program and the many group members who joined our Flexi Family Care Program. At GEG we have tried to spread the impact of COVID-19 fairly across all team members as we prefer not to engage in redundancies.

Finally, I would like to acknowledge the efforts of the health and emergency personnel who have worked so hard to ensure the safety of Macau and I would also like to thank our staff for being so supportive of our Company during this period of time. Thank you.

Dr. Lui Che Woo
GBM, MBE, JP, LLD, DSSc, DBA
Chairman

Q2 & INTERIM 2020 RESULTS HIGHLIGHTS

GEG: Well Capitalized to Weather the Storm

  • 1H Group Net Revenue of $6,223 million, down 76% year-on-year
  • 1H Group Adjusted EBITDA of $(1,087) million Vs $8,315 million in 1H 2019
  • 1H Net Loss Attributable to Shareholders of $2,856 million Vs profit of $6,680 million in 1H 2019
  • Q2 Group Net Revenue of $1,153 million, down 91% year-on-year and down 77% quarter-on-quarter
  • Q2 Group Adjusted EBITDA of $(1,370) million, Vs $4,332 million in Q2 2019 and $283 million in Q1 2020
  • Played lucky in Q2 which increased Adjusted EBITDA by approximately $3 million, normalized Q2 Adjusted EBITDA of $(1,373) million, Vs $3,983 million in Q2 2019 and $199 million in Q1 2020
  • LTM Adjusted EBITDA of $7,077 million, down 57% year-on-year and down 45% quarter-on-quarter

Galaxy Macau™: Adjusting Operations to the Current Business Environment

  • 1H Net Revenue of $3,835 million, down 80% year-on-year
  • 1H Adjusted EBITDA of $(848) million Vs $6,258 million in 1H 2019
  • Q2 Net Revenue of $311 million, down 97% year-on-year and down 91% quarter-on-quarter
  • Q2 Adjusted EBITDA of $(1,177) million, Vs $3,235 million in Q2 2019 and $329 million in Q1 2020
  • Played lucky in Q2 which increased Adjusted EBITDA by approximately $12 million, normalized Q2 Adjusted EBITDA of $(1,189) million, Vs $2,982 million in Q2 2019 and $256 million in Q1 2020
  • Hotel occupancy for Q2 across the five hotels was 4%

StarWorld Macau: Adjusting Operations to the Current Business Environment

  • 1H Net Revenue of $1,083 million, down 81% year-on-year
  • 1H Adjusted EBITDA of $(202) million Vs $1,892 million in 1H 2019
  • Q2 Net Revenue of $81 million, down 97% year-on-year and down 92% quarter-on-quarter
  • Q2 Adjusted EBITDA of $(306) million, Vs $943 million in Q2 2019 and $104 million in Q1 2020
  • Played unlucky in Q2 which decreased Adjusted EBITDA by approximately $9 million, normalized Q2 Adjusted EBITDA of $(297) million, Vs $851 million in Q2 2019 and $92 million in Q1 2020
  • Hotel occupancy for Q2 was 4%

Broadway Macau™: A Unique Family Friendly Resort, Strongly Supported By Macau SMEs

  • 1H Net Revenue of $65 million Vs $298 million in 1H 2019
  • 1H Adjusted EBITDA of $(97) million Vs $21 million in 1H 2019
  • Q2 Net Revenue of $12 million Vs $147 million in Q2 2019 and $53 million in Q1 2020
  • Q2 Adjusted EBITDA of $(52) million Vs $6 million in Q2 2019 and $(45) million in Q1 2020
  • There was no luck impact on Q2 Adjusted EBITDA
  • Hotel occupancy for Q2 was 9%

Balance Sheet: Maintain a Healthy and Liquid Balance Sheet

  • Cash and liquid investments were $49.8 billion and net cash was $43.6 billion as at 30 June 2020
  • Debt of $6.2 billion as at 30 June 2020 primarily associated with treasury yield management program
  • Paid the previously announced special dividend of $0.45 per share on 24 April 2020
  • Given the ongoing impact of COVID-19, today the Board has decided not to declare a dividend

Development Update: Continue to Pursue Development Opportunities

  • We continue to make ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests
  • Cotai Phases 3 & 4 – Continue with development works for Phases 3 & 4, with a strong focus on non-gaming, primarily targeting MICE, entertainment, family facilities and also including gaming, given COVID-19, timelines may be impacted
  • Hengqin – Refining plans for a lifestyle resort to complement our high-energy entertainment resorts in Macau
  • International – Continuously exploring opportunities in overseas markets, including Japan

Market Overview

COVID-19 had an adverse impact on the market for the majority of the first half of 2020. Based on DICJ reporting, Macau’s Gross Gaming Revenue (“GGR“) for the first half of 2020 was down 77% year-on-year to $32.7 billion. Q2 2020 GGR was down 96% year-on-year and down 89% quarter-on-quarter to $3.1 billion.

In the first half of 2020, visitor arrivals to Macau were 3.3 million, down 84% year-on-year, in which overnight visitors and same-day visitors both decreased 84% year-on-year. Mainland visitor arrivals to Macau were 2.3 million, down 84% year-on-year. For Q2 2020, visitor arrivals to Macau were 49,730, down 99% year-on-year. Mainland visitor arrivals to Macau were 46,360, down 99% year-on-year.

Macau confirmed its first case of COVID-19 on 22 January, on the same day the DICJ required all staff in casinos to wear protective masks whilst at work. The Macao Government Tourism Office also announced that all activities and events it had planned for the Chinese New Year period would be cancelled. Within a week, group travel tours and the IVS to Macau and Hong Kong were suspended.

The Macau Government acted rapidly and decisively to the pandemic with the announcement of the suspension of operations at all casinos, government services, and entertainment facilities for 15 days to contain the COVID-19 outbreak from midnight 5 February 2020. Furthermore, border entry restrictions were introduced. On 15 July, Macau and Guangdong took the first step in creating a travel bubble through the reduction of quarantine restrictions. On 12 August, the IVS and group tour visas were reinstated for Zhuhai Hukou residents and Zhuhai Resident Permit holders to visit Macau, and will be further expanded Nationwide by the end of September provided the pandemic remains manageable.

Group Financial Results

1H 2020

The Group’s 1H 2020 results posted Net Revenue of $6,223 million, down 76% year-on-year and Adjusted EBITDA was $(1,087) million Vs $8,315 million in 1H 2019. Net loss attributable to shareholders was $2,856 million Vs profit of $6,680 million in 1H 2019. Galaxy Macau™’s Adjusted EBITDA was $(848) million Vs $6,258 million in 1H 2019. StarWorld Macau’s Adjusted EBITDA was $(202) million Vs $1,892 million in 1H 2019. Broadway Macau™’s Adjusted EBITDA was $(97) million Vs $21 million in 1H 2019.

During 1H 2020, GEG experienced good luck in its gaming operation, which increased its Adjusted EBITDA by approximately $87 million. Normalized 1H 2020 Adjusted EBITDA was $(1,174) million, Vs $7,855 million in 1H 2019.

The Group’s total GGR on a management basis 1 in 1H 2020 was $6,006 million, down 80% year-on-year as total mass table GGR was $2,953 million, down 80% year-on-year and total VIP GGR was $2,790 million, down 81% year-on-year. Total electronic GGR was $263 million, down 78% year-on-year.

     
Group Key Financial Data  

 

 

 

(HK$’m)

 

1H 2019

 

1H 2020

Revenues:

 

 

 

 

Net Gaming

 

22,234

 

4,322

Non-gaming

 

2,653

 

679

Construction Materials

 

1,332

 

1,222

Total Net Revenue

 

26,219

 

6,223

 

Adjusted EBITDA

 

8,315

 

(1,087)

 

 

 

 

 

Gaming Statistics2

 

 

 

 

(HK$’m)

 

1H 2019

 

1H 2020

Rolling Chip Volume3

 

383,234

 

74,873

Win Rate %

 

3.8%

 

3.7%

Win

 

14,754

 

2,790

 

 

 

 

Mass Table Drop4

 

60,854

 

11,971

Win Rate %

 

24.0%

 

24.7%

Win

 

14,611

 

2,953

 

 

 

 

Electronic Gaming Volume

 

32,825

 

8,485

Win Rate %

 

3.7%

 

3.1%

Win

 

1,213

 

263

 

 

 

 

 

Total GGR Win5

 

30,578

 

6,006

Q2 2020

The Group’s Net Revenue decreased 91% year-on-year and decreased 77% quarter-on-quarter to $1,153 million. Adjusted EBITDA was $(1,370) million Vs $4,332 million in Q2 2019 and $283 million in Q1 2020. Galaxy Macau™’s Adjusted EBITDA was $(1,177) million Vs $3,235 million in Q2 2019 and $329 million in Q1 2020. StarWorld Macau’s Adjusted EBITDA was $(306) million Vs $943 million in Q2 2019 and $104 million in Q1 2020. Broadway Macau™’s Adjusted EBITDA was $(52) million Vs $6 million in Q2 2019 and $(45) million in Q1 2020.

Latest twelve months Adjusted EBITDA was $7,077 million, down 57% year-on-year and down 45% quarter-on-quarter.

During Q2 2020, GEG experienced good luck in its gaming operations which increased Adjusted EBITDA by approximately $3 million. Normalized Q2 2020 Adjusted EBITDA was $(1,373) million, Vs $3,983 million in Q2 2019 and $199 million in Q1 2020.

The Group’s total GGR on a management basis6 in Q2 2020 was $485 million, down 97% year-on-year and down 91% quarter-on-quarter. Total mass table GGR was $138 million, down 98% year-on-year and down 95% quarter-on-quarter. Total VIP GGR was $315 million, down 96% year-on-year and down 87% quarter-on-quarter. Total electronic GGR was $32 million, down 95% year-on-year and was down 86% quarter-on-quarter.

Group Key Financial Data

           
(HK$’m)            
 

Q2 2019

 

Q1 2020

 

Q2 2020

 

1H 2019

 

1H 2020

 
Revenues:  

 

 

 

 

 

 

 

 

 

 
Net Gaming  

11,143

 

4,046

 

276

 

22,234

 

4,322

 
Non-gaming  

1,315

 

549

 

130

 

2,653

 

679

 
Construction Materials  

716

 

475

 

747

 

1,332

 

1,222

 
Total Net Revenue  

13,174

 

5,070

 

1,153

 

26,219

 

6,223

 
 

 

 

 

 

 

 

 

 

 

 
Adjusted EBITDA  

4,332

 

283

 

-1,370

 

8,315

 

-1,087

 
Gaming Statistics7            
(HK$’m)            
 

Q2 2019

 

Q1 2020

 

Q2 2020

 

1H 2019

 

1H 2020

 
Rolling Chip Volume8  

179,666

 

68,169

 

6,704

 

383,234

 

74,873

 
Win Rate %  

4.10%

 

3.60%

 

4.70%

 

3.80%

 

3.70%

 
Win  

7,325

 

2,475

 

315

 

14,754

 

2,790

 
 

 

 

 

 

 

 

 

 

 

 
Mass Table Drop9  

30,391

 

11,189

 

782

 

60,854

 

11,971

 
Win Rate %  

23.90%

 

25.20%

 

17.60%

 

24.00%

 

24.70%

 
Win  

7,266

 

2,815

 

138

 

14,611

 

2,953

 
 

 

 

 

 

 

 

 

 

 

 
Electronic Gaming Volume  

16,647

 

7,119

 

1,366

 

32,825

 

8,485

 
Win Rate %  

3.60%

 

3.20%

 

2.40%

 

3.70%

 

3.10%

 
Win  

607

 

231

 

32

 

1,213

 

263

 
 

 

 

 

 

 

 

 

 

 

 
Total GGR Win10  

15,198

 

5,521

 

485

 

30,578

 

6,006

 

Balance Sheet and Special Dividends

The Group’s balance sheet remains liquid and healthy. As of 30 June 2020, cash and liquid investments were $49.8 billion and net cash was $43.6 billion. Total debt was $6.2 billion as at 30 June 2020, this was due primarily to an ongoing treasury management exercise where interest income on cash holdings exceeds corresponding borrowing costs.

On 24 April 2020, GEG paid a special dividend of $0.45 per share. Given the ongoing impact of COVID-19, today the Board has decided not to declare a dividend.

Galaxy Macau™

Galaxy Macau™ is the primary contributor to the Group’s revenue and earnings. Net Revenue in 1H 2020 was $3,835 million, down 80% year-on-year. Adjusted EBITDA was $(848) million Vs $6,258 million in 1H 2019.

Galaxy Macau™ experienced good luck in its gaming operations which increased its Adjusted EBITDA by approximately $85 million in 1H 2020. Normalized 1H 2020 Adjusted EBITDA was $(933) million, Vs $5,966 million in 1H 2019.

Q2 2020 Adjusted EBITDA was $(1,177) million Vs $3,235 million in Q2 2019 and $329 million in Q1 2020.

Galaxy Macau™ experienced good luck in its gaming operations which increased its Adjusted EBITDA by approximately $12 million in Q2 2020. Normalized Q2 2020 Adjusted EBITDA was $(1,189) million, Vs $2,982 million in 1H 2019.

The combined five hotels occupancy rate was 21% for 1H 2020 and 4% for Q2 2020.

Galaxy Macau™ Key Financial Data

(HK$’m)

 

Q2 2019

 

Q1 2020

 

Q2 2020

 

1H 2019

 

1H 2020

Revenues:

 

 

 

 

 

 

 

 

 

 

Net Gaming

 

8,405

 

3,060

 

200

 

16,535

 

3,260

Hotel / F&B / Others

 

832

 

313

 

60

 

1,661

 

373

Mall

 

289

 

151

 

51

 

594

 

202

Total Net Revenue

 

9,526

 

3,524

 

311

 

18,790

 

3,835

Adjusted EBITDA

 

3,235

 

329

 

(1,177)

 

6,258

 

(848)

Adjusted EBITDA Margin

 

34%

 

9%

 

NEG11

 

33%

 

NEG

Gaming Statistics12

 

 

 

 

 

 

 

 

 

 

(HK$’m)

 

Q2 2019

 

Q1 2020

 

Q2 2020

 

1H 2019

 

1H 2020

Rolling Chip Volume13

 

125,051

 

47,842

 

5,040

 

260,395

 

52,882

Win Rate %

 

4.4%

 

4.1%

 

4.9%

 

4.1%

 

4.2%

Win

 

5,501

 

1,962

 

246

 

10,754

 

2,208

 

 

 

 

 

 

 

 

 

 

Mass Table Drop14

 

18,118

 

6,519

 

267

 

36,024

 

6,786

Win Rate %

 

27.6%

 

29.1%

 

25.6%

 

27.9%

 

29.0%

Win

 

4,993

 

1,897

 

69

 

10,061

 

1,966

 

 

 

 

 

 

 

 

 

 

Electronic Gaming Volume

 

11,235

 

4,482

 

463

 

22,341

 

4,945

Win Rate %

 

4.6%

 

4.0%

 

2.9%

 

4.5%

 

3.9%

Win

 

512

 

178

 

14

 

1,014

 

192

 

 

 

 

 

 

 

 

 

 

 

Total GGR Win

 

11,006

 

4,037

 

329

 

21,829

 

4,366

StarWorld Macau

StarWorld Macau’s Net Revenue was $1,083 million in 1H 2020, down 81% year-on-year. Adjusted EBITDA was $(202) million Vs $1,892 million in 1H 2019.

StarWorld Macau experienced good luck in its gaming operations which increased its Adjusted EBITDA by approximately $3 million in 1H 2020. Normalized 1H 2020 Adjusted EBITDA was $(205) million, Vs $1,732 million in 1H 2019.

Q2 2020 Adjusted EBITDA was $(306) million Vs $943 million in Q2 2019 and $104 million in Q1 2020.

StarWorld Macau experienced bad luck in its gaming operations which decreased its Adjusted EBITDA by approximately $9 million in Q2 2020. Normalized Q2 2020 Adjusted EBITDA was $(297) million, Vs $851 million in Q2 2019 and $92 million in Q1 2020.

Hotel occupancy was 23% for 1H 2020 and 4% for Q2 2020.

StarWorld Macau Key Financial Data

(HK$’m)

 

Q2 2019

 

Q1 2020

 

Q2 2020

 

1H 2019

 

1H 2020

Revenues:

 

 

 

 

 

 

 

 

 

 

Net Gaming

 

2,633

 

948

 

73

 

5,491

 

1,021

Hotel / F&B / Others

 

110

 

49

 

5

 

225

 

54

Mall

 

13

 

5

 

3

 

27

 

8

Total Net Revenue

 

2,756

 

1,002

 

81

 

5,743

 

1,083

Adjusted EBITDA

 

943

 

104

 

(306)

 

1,892

 

(202)

Adjusted EBITDA Margin

 

34%

 

10%

 

NEG15

 

33%

 

NEG

Gaming Statistics16

 

 

 

 

 

 

 

 

 

 

(HK$’m)

 

Q2 2019

 

Q1 2020

 

Q2 2020

 

1H 2019

 

1H 2020

Rolling Chip Volume17

 

53,905

 

18,509

 

1,216

 

121,485

 

19,725

Win Rate %

 

3.3%

 

2.4%

 

4.9%

 

3.3%

 

2.6%

Win

 

1,789

 

451

 

60

 

3,954

 

511

 

 

 

 

 

 

 

 

 

 

Mass Table Drop18

 

8,877

 

3,584

 

314

 

18,142

 

3,898

Win Rate %

 

19.5%

 

20.2%

 

11.9%

 

19.2%

 

19.5%

Win

 

1,730

 

725

 

37

 

3,479

 

762

 

 

 

 

 

 

 

 

 

 

Electronic Gaming Volume

 

1,967

 

1,149

 

211

 

3,985

 

1,360

Win Rate %

 

2.0%

 

2.1%

 

2.6%

 

2.2%

 

2.2%

Win

 

40

 

24

 

6

 

86

 

30

 

 

 

 

 

 

 

 

 

 

 

Total GGR Win

 

3,559

 

1,200

 

103

 

7,519

 

1,303

Broadway Macau™

Broadway Macau™ is a unique family friendly, street entertainment and food resort supported by Macau SMEs, it does not have a VIP gaming component. The property’s Net Revenue was $65 million for 1H 2020 Vs $298 million for 1H 2019. Adjusted EBITDA was $(97) million for 1H 2020 Vs $21 million in 1H 2019.

Broadway Macau™ experienced bad luck in its gaming operations which decreased its Adjusted EBITDA by approximately $1 million in 1H 2020. Normalized 1H 2020 Adjusted EBITDA was $(96) million Vs $13 million in 1H 2019.

Q2 2020 Adjusted EBITDA was $(52) million Vs $6 million in Q2 2019 and $(45) million in Q1 2020.

There was no luck impact on Broadway Macau™’s Adjusted EBITDA in Q2 2020. Normalized Q2 2020 Adjusted EBITDA was $(52) million Vs $2 million in Q2 2019 and $(44) million in Q1 2020.

Hotel occupancy was 22% for 1H 2020 and 9% for Q2 2020.

Broadway Macau™ Key Financial Data

(HK$’m)

       

 

 

 

 

Q2 2019

 

Q1 2020

 

Q2 2020

 

1H 2019

 

1H 2020

Revenues:

 

 

 

 

 

 

 

 

 

 

Net Gaming

 

76

 

22

 

1

 

152

 

23

Hotel / F&B / Others

 

59

 

25

 

7

 

123

 

32

Mall

 

12

 

6

 

4

 

23

 

10

Total Net Revenue

 

147

 

53

 

12

 

298

 

65

Adjusted EBITDA

 

6

 

(45)

 

(52)

 

21

 

(97)

Adjusted EBITDA Margin

 

4%

 

NEG19

 

NEG

 

7%

 

NEG

Gaming Statistics20

 

 

 

 

 

 

 

 

 

 

(HK$’m)

 

 

 

 

 

 

 

 

 

 

 

Q2 2019

 

Q1 2020

 

Q2 2020

 

1H 2019

 

1H 2020

Mass Table Drop21

 

343

 

114

 

 

685

 

114

Win Rate %

 

21.3%

 

17.9%

 

 

20.9%

 

17.9%

Win

 

73

 

20

 

 

143

 

20

 

 

 

 

 

 

 

 

 

 

Electronic Gaming Volume

 

444

 

220

 

74

 

998

 

294

Win Rate %

 

2.4%

 

2.0%

 

2.1%

 

2.6%

 

2.1%

Win

 

11

 

5

 

1

 

26

 

6

 

 

 

 

 

 

 

 

 

 

 

Total GGR Win

 

84

 

25

 

1

 

169

 

26

City Clubs

City Clubs contributed $18 million of Adjusted EBITDA to the Group’s earnings for 1H 2020, down 68% year-on-year. Q2 2020 Adjusted EBITDA was $2 million, down 93% year-on-year and down 88% quarter-on-quarter.

City Clubs Key Financial Data

(HK$’m)

       

 

 

 

 

Q2 2019

 

Q1 2020

 

Q2 2020

 

1H 2019

 

1H 2020

Adjusted EBITDA

 

29

 

16

 

2

 

56

 

18

Gaming Statistics22

 

 

 

 

 

 

 

 

 

 

(HK$’m)

 

 

 

 

 

 

 

 

 

 

 

 

Q2 2019

 

Q1 2020

 

Q2 2020

 

1H 2019

 

1H 2020

Rolling Chip Volume23

 

710

 

1,818

 

448

 

1,354

 

2,266

Win Rate %

 

5.0%

 

3.4%

 

2.0%

 

3.4%

 

3.1%

Win

 

35

 

62

 

9

 

46

 

71

 

 

 

 

 

 

 

 

 

 

Mass Table Drop24

 

3,053

 

972

 

201

 

6,003

 

1,173

Win Rate %

 

15.4%

 

17.8%

 

15.6%

 

15.5%

 

17.4%

Win

 

470

 

173

 

32

 

928

 

205

 

 

 

 

 

 

 

 

 

 

Electronic Gaming Volume

 

3,001

 

1,268

 

618

 

5,501

 

1,886

Win Rate %

 

1.5%

 

1.9%

 

1.9%

 

1.6%

 

1.9%

Win

 

44

 

24

 

11

 

87

 

35

 

 

 

 

 

 

 

 

 

 

 

Total GGR Win

 

549

 

259

 

52

 

1,061

 

311

Construction Materials Division

CMD contributed Adjusted EBITDA of $509 million in 1H 2020, down 10% year-on-year. The performance of CMD has been very strong in Q2 2020 with Adjusted EBITDA of $390 million, up 7% year-on-year and up 228% quarter-on-quarter. This was due to pent-up demand for construction materials in both Hong Kong and Mainland after the lifting of the lockdown in Q1 and demand for cement in Yunnan driven by government infrastructure projects. We continue with the construction of our ready mix concrete plant at the Hong Kong International Airport and anticipate the plant to open in Q4 2020, which will support the construction of the third runway, terminal building and support facilities.

Development Update

Galaxy Macau™ and StarWorld Macau

We continue to make ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests.

Cotai – The Next Chapter

GEG is uniquely positioned for long term growth. Our development works for Phases 3 & 4 include approximately 3,500 hotel rooms, including family and premium high end rooms and villas, 400,000 square feet of MICE space, a 500,000 square feet 16,000-seat multi-purpose arena, F&B, retail and casinos, among others. We will try to maintain our development targets, however due to COVID-19, development timelines may be impacted. At this point we cannot quantify the impact but we will endeavor to maintain our schedule.

Hengqin

We continue to make progress with our concept plan for a lifestyle resort on Hengqin that will complement our high energy resorts in Macau. We are encouraged by the Macau Chief Executive’s recent positive comments in his inaugural Policy Address about the future role of Hengqin in the further development of Macau. We look forward to working with respective governments to develop our plan in Hengqin and support the government’s strategy to diversify Macau’s economy.

International

Our Japan based team continues with our Japan development efforts even as they deal with the COVID-19 crisis. We view Japan as a great long term growth opportunity that will complement our Macau operations and our other international expansion ambitions. GEG, together with Monte-Carlo SBM from the Principality of Monaco and our Japanese partners, look forward to bringing our brand of World Class IRs to Japan.

Selected Major Awards in 1H 2020

Award

Presenter

GEG

Casino Operator of the Year Australia & Asia

Socially Responsible Operator (Asia / Australia)

13th International Gaming Awards

Social Responsibility Award

The 2nd Greater China Most Influential Brand & Entrepreneur Awards Ceremony

Galaxy MacauTM

Five-Star Hotel:
The Ritz-Carlton, Macau
Banyan Tree Macau

 

Five-Star Restaurant:
Lai Heen

Belon

 

Five-Star Spa:

The Ritz-Carlton Spa, Macau

Banyan Tree Spa Macau

2020 Forbes Travel Guide

100 Top Tables 2020:

8½ Otto e Mezzo BOMBANA

Lai Heen

Yamazato

South China Morning Post

Hotel Group B Excellence Award: Galaxy Macau™

Macau Energy Saving Activity 2019

2019 Macau Green Hotel Awards – Gold Award:

Banyan Tree Macau

JW Marriott Hotel Macau

The Ritz-Carlton, Macau

DSPA & MGTO

 

Annual Gourmet Landmark – Galaxy MacauTM

Special Recommended Must Eat Restaurant – Fook Lam Moon

2019-2020 China Feast Restaurant Awards by Restaurant Review

My Favorite Hotel Restaurant in Macau – Fook Lam Moon

U Magazine

StarWorld Macau

100 Top Tables 2020 – Feng Wei Ju

South China Morning Post

Best Chinese Restaurant- Feng Wei Ju

2019-2020 China Feast Restaurant Awards by Restaurant Review

Construction Materials Division

Caring Company Scheme – 15 Years Plus Caring Company Logo

The Hong Kong Council of Social Service

Hong Kong Awards for Environmental Excellence – Manufacturing and Industrial Services – Certificate of Merit

Environmental Campaign Committee

Hong Kong Green Organisation Certification

– Wastewi$e – Certificate – Excellence Level

– Carbon Reduction – Certificate – Achieved 7% Carbon Reduction

Environmental Campaign Committee

Occupational Health Award 2019-20

Joyful@Healthy Workplace Best Practices Award (Enterprise / Organisation Category) – Grand Award

Occupational Safety and Health Council

BOCHK Corporate Environmental Leadership Awards 2019 – EcoPartner & 3 Years+ EcoPioneer

Bank of China (Hong Kong) and Federation of Hong Kong Industries

 

Outlook

Macau and Guangdong have taken the critical step in creating a travel bubble followed most notably, by the reinstatement of the Individual Visit Scheme (IVS) and group travel for Zhuhai Hukou residents and Zhuhai Resident Permit holders to visit Macau effective yesterday. The government subsequently announced that they will expand the IVS and group travel beyond Zhuhai to Guangdong Province by the end of August and Nationwide by the end of September 2020 provided the pandemic situation continues to improve. Despite these important positive early steps, it is premature to comment on how quickly the market may recover. Going forward we expect to experience further head winds from the pandemic, which will have an adverse impact on our financial performance. However in the medium to longer term, we continue to remain optimistic in the outlook for Macau in general and GEG specifically.

Given our views of the immediate future, we wish to highlight that the COVID-19 crisis will continue to have an adverse effect on our 2020 financial results.

We believe that there is a significant pent-up demand for leisure, tourism and travel from China. This belief is supported by both our own discussions with customers and our observations of popular travel destinations within China being in high demand. Moreover, we believe that at least initially there will be a reluctance by Asians to travel outside of Asia which should support the demand for travel to Macau.

Additionally, infrastructure continues to improve, including the expansion of high-speed train lines in Mainland China and the ongoing development of immigration facilities. Phase one of the Hengqin immigration custom building was handed over to the Macau Government in March 2020, including the passenger clearance terminal, the surrounding traffic channels, a transport hub and an access road to the Lotus Bridge that connects Hengqin to Macau. Furthermore, the Macau Government plans to rebuild part of the Taipa Ferry Terminal into the second terminal building of the Macau International Airport. The current terminal can handle approximately 10 million passengers per year and the second terminal can increase the capacity to approximately 12 million. The Macau Government also plans to build the east section of the Light Rail Transport which will connect the peninsula’s Border Gate checkpoint to the Taipa Ferry Terminal.

Fortunately, GEG has a strong and virtually unlevered balance sheet. This allows us to continue to invest into and upgrade our existing resorts and proceed with the planned opening of Cotai Phases 3 & 4, which position us well for the future growth. However, we do acknowledge it is hard to determine the speed of recovery with anticipated progressive-opening of travel restrictions and expected social distancing within our resorts. Further, we are also mindful that consumer sentiment has been impacted by a slower global economy, ongoing trade tension and currency fluctuation among others. These events have been impacting consumer sentiment and subsequent spending habits.

We continue to make progress with our international expansion plans and we do acknowledge that timelines for Japan may be impacted by the worldwide pandemic of COVID-19, however we can adjust accordingly and we remain committed to our Japan expansion plans.

We look forward to updating you next quarter and reporting our progress accordingly. Again, we would like to express our appreciation of our staff for being supportive of our Company and we encourage everyone to take caution of their personal hygiene and remain well during this period of time.

About Galaxy Entertainment Group (HKEx stock code: 27)

Galaxy Entertainment Group (“GEG” or the “Group”) is one of the world’s leading resorts, hospitality and gaming companies. It primarily develops and operates a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau. The Group is listed on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index.

GEG is one of the three original concessionaires in Macau with a successful track record of delivering innovative, spectacular and award-winning properties, products and services, underpinned by a “World Class, Asian Heart” service philosophy, that has enabled it to consistently outperform the market in Macau.

GEG operates three flagship destinations in Macau: on Cotai, Galaxy Macau™, one of the world’s largest integrated destination resorts, and the adjoining Broadway Macau™, a unique landmark entertainment and food street destination; and on the Peninsula, StarWorld Macau, an award winning premium property.

The Group has the largest undeveloped landbank of any concessionaire in Macau. When The Next Chapter of its Cotai development is completed, GEG’s resorts footprint on Cotai will double to more than 2 million square meters, making the resorts, entertainment and MICE precinct one of the largest and most diverse integrated destinations in the world. GEG is also planning to develop a world class, lifestyle leisure resort on a 2.7 square kilometer land parcel on Hengqin adjacent to Macau. This resort will complement GEG’s offerings in Macau, and at the same time differentiate it from its peers while supporting Macau in its vision of becoming a World Centre of Tourism and Leisure.

In July 2015, GEG made a strategic investment in Société Anonyme des Bains de Mer et du Cercle des Etrangers à Monaco (“Monte-Carlo SBM”), a world renowned owner and operator of iconic luxury hotels and resorts in the Principality of Monaco. GEG continues to explore a range of international development opportunities with Monte-Carlo SBM including Japan.

GEG is committed to delivering world class unique experiences to its guests and building a sustainable future for the communities in which it operates.

For more information about the Group, please visit www.galaxyentertainment.com

________________________
1 The primary difference between statutory gross revenue and management basis gross revenue is the treatment of City Clubs revenue where fee income is reported on a statutory basis and gross gaming revenue is reported on a management basis. At the Group level the gaming statistics include Company owned resorts plus City Clubs.
2 Gaming statistics are presented before deducting commission and incentives.
3 Reflects junket rolling chip volume only.
4 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
5 Total GGR win includes gaming win from City Clubs.
6 The primary difference between statutory gross revenue and management basis gross revenue is the treatment of City Clubs revenue where fee income is reported on a statutory basis and gross gaming revenue is reported on a management basis. At the group level the gaming statistics include Company owned resorts plus City Clubs.
7 Gaming statistics are presented before deducting commission and incentives.
8 Reflects junket rolling chip volume only.
9 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
10 Total GGR win includes gaming win from City Clubs.
11 NEG represents negative margin.
12 Gaming statistics are presented before deducting commission and incentives.
13 Reflects junket rolling chip volume only.
14 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
15 NEG represents negative margin.
16 Gaming statistics are presented before deducting commission and incentives.
17 Reflects junket rolling chip volume only.
18 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
19 NEG represents negative margin.
20 Gaming statistics are presented before deducting commission and incentives.
21 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
22 Gaming statistics are presented before deducting commission and incentives.
23 Reflects junket rolling chip volume only.
24 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.

Categories
Entertainment

Allied Esports Entertainment Reports Net Loss of $10.9M During Q2 2020 – European Gaming Industry News

Reading Time: 2 minutes

Enthusiast Gaming Holdings Inc. has announced its financial results for the second quarter of 2020. All financial information is presented in Canadian dollars unless otherwise indicated.

Q2 2020 total revenue was $7.0 million, compared to $7.1 million for the three months ended March 31, 2020. Q2 revenue exceeded management’s expectations, driven by the Company’s media division outperforming amidst the COVID-19 pandemic. Annualised revenue per viewer in Q2 2020 was $0.12 increasing from $0.10 in Q1 2020.

Q2 2020 gross margin was 46%, compared to 46% in Q1 2020 and 34% in Q4 2019. The increase in gross margin in the current year as compared to Q4 2019 is attributable to the growth of higher margin revenue streams including direct sales and subscriptions, which are expected to continue to grow. Viewer engagement increased 35% to 3.1 billion page views across the media platform, as compared to 2.3 billion page views during Q1 2020.

Net loss in Q2 2020 was $5.2 million and net loss per share was $0.07. Net loss includes $1.4 million of interest and accretion, $1.1 million of amortisation and depreciation, $0.3 million of share-based compensation and a deferred income tax recovery of $0.4 million. The Company ended Q2 2020 with a strong cash position of $8.4 million.

“I am pleased with our strong Q2 performance, even against the backdrop of a global pandemic which negatively affected advertising rates across the board. It was exciting to see our direct sales team emerge as a valuable contributor to both revenue and margin, as well as our Pocket Gamer events successfully move online. Our media revenue growth was further strengthened by a surge in subscriptions and an increase in ads served, and this momentum in our different revenue streams continues into Q3,” Adrian Montgomery, CEO of Enthusiast Gaming, said.

“Our Q2 results follow the transformational acquisition of Omnia Media announced last week. Acquiring Omnia will not only change the entire landscape of our business, but will also add immediate value both operationally and financially across every aspect of our platform, which will start to be reflected next quarter. The combination is highly complementary with our key priorities, and we look forward to working with Omnia’s experienced team as we integrate the businesses,” he added.

Categories
Entertainment

Salsa Technology signs NetGame Entertainment content deal – European Gaming Industry News

Reading Time: 2 minutes

Guild Esports (Guild), the global esports business headquartered in London, today announces the appointment of MediaCom Sport & Entertainment (MediaCom S&E) as the Company’s first consultancy delivering Guild’s commercial partnerships strategy.

Guild’s appointment of the esports division of MediaCom, one of the world’s leading media agencies, will support the Company across all aspects of its commercial proposition, development, and global go-to-market strategy for its commercial partners.

Guild Esports, which is co-owned by David Beckham, is bridging the gap between sports and esports with an academy-powered model and a brand that celebrates and harnesses the diverse and tribal loyalty of esports enthusiasts on a global scale. The Company’s ambition is to build a culture of excellence around both its brand and digital presence and to develop a lifestyle cross-over brand suited to the fast-growing esports market. Globally esports is currently valued at US$1.1bn and is projected to grow by 42% to US$1.56bn by 2023.

Guild welcomes MediaCom S&E as an accomplished agency with a proven track record and a wealth of partnerships and esports expertise that will enhance and strengthen the appeal of Guild’s expanding business. Guild’s appointment of MediaCom S&E dovetails with the agency’s recent expansion of its gaming business following recent work with Tencent, one of the world’s largest investors into esports broadcasting and publishing, alongside Cartier, Piaget and Richemont.

Carleton Curtis, executive chairman at Guild, commented: “We are excited to be working with MediaCom to spearhead Guild’s partnerships strategy. Their wealth of experience within the tech sector and their understanding of our core channels makes them a perfect fit in supporting the growth and establishment of Guild as one of the leading players within esports.”

Michelle Tierney, Director of Commercial Partnerships at Guild, said: “We are at a pivotal moment with Guild poised for accelerated growth. This is an exciting time to welcome MediaCom S&E who can build on the momentum of our launch, foster partnerships and bring Guild to new audiences across the globe.”

Misha Sher, global VP of MediaCom S&E, said: “We are delighted to be partnering with Guild at the beginning of their exciting journey. The popularity and appeal of esports as a cultural phenomenon continues to grow and Guild are perfectly positioned to capitalize on the momentum. Operating at the intersection of media, technology and culture, we know what’s required to attract commercial partners in a new, digitally led world. We thank Guild for their trust and look forward to helping them build one of the industry’s leading organisations.”

Guild’s inaugural teams for EA FIFA Esports and Rocket League debuted earlier this year and the Company will continue to scale into various esports disciplines over the course of the 2020/21 season. Guild’s professional athletes can also expect to compete in the popular title Fortnite.

Categories
Entertainment

How the media and entertainment industry is addressing systemic racism – The Media Online

The murders of Breonna Taylor, George Floyd and countless others at the hands of U.S. police have sparked a wave of protests around the world, forcing corporations to take a stand against racial injustice and evaluate how – and to what degree – they perpetuate systemic racism.

On 2 June 2020, to show solidarity with protesters, many companies posted a black square on Instagram with the #BlackoutTuesday, created by two Black women who work for Atlantic Records and Platoon. Meanwhile, Alexis Ohanian, former CEO of Reddit – known to house threads rife with hate speech – resigned from the company’s board and called for a black candidate to replace him, and said he will use future gains from his Reddit stock to curb racial violence.

These actions touch on two issues facing the media and entertainment industry:

  • The absence of black representation in positions of power.
  • Content that is hostile to people of African descent.

From internal discrimination to unequal pay, the challenges black people face in the media industry are no different from what they face in other industries. However, the power media and entertainment companies wield over shaping perceptions and influencing society cannot be ignored – especially considering the average American adult spends more than 12 hours per day consuming media, a figure that has continued to rise since the onset of Covid-19.

Given that media companies have historically monetized Black culture and creativity, the industry needs to address systemic racism. Here are some examples of how they’re doing it.

Advertising

Publicis Groupe released data on the ethnic composition of its workforce, in order to improve Black representation among its highest ranks.

The French advertising and public relations company also committed to:

  • “Be intentional about cultivating the careers of black talent across all roles within our organisation.”
  • Provide greater access for black talent by designing a talent pipeline that champions them.
  • Require “disrupting everyday bias training” for all employees.
  • Invest 45 million euros over three years on diversity, inclusion and social justice.
  • Launch a virtual apprenticeship for minority youth who typically do not have access or exposure to the industry.
  • Create a Diversity Progress Council, “[a] council [that] marries diverse experience, internal and external views, as well as the passion and courage of youth.”

Similarly, WPP announced it will:

  • Take decisive action on each of the 12 points in the Call For Change open letter to the industry from more than 1,200 Black advertising professionals.
  • Complete a fundamental review of hiring, retention, promotion and development practices, and publish racial diversity data.
  • Use its voice to fight racism and advance the cause of racial equality in and beyond the industry.
  • Invest $30 million over the next three years to fund inclusion programmes within WPP and to support external organisations.

Consumer products

Procter & Gamble’s chief brand officer Marc Pritchard “warned media channels, networks, platforms and programmes that it will pull ad spend if they do not accurately and respectfully portray black people”, reported MarketingWeek. The company launched a comprehensive review of its media buying partners.

Unilever’s CEO stated, “Systemic racism and social injustice have to be eradicated. Business has a critical role to play in creating an equitable society which is intolerant of intolerance.” The company plans to rename Fair & Lovely, a melanin-suppressing face cream that’s one of its bestsellers in India.

This isn’t the first time Unilever has addressed this issue. In 2017, the company pulled a Dove ad that evoked a historic racist trope in soap advertising: a black person cleansed into whiteness. (After it was removed, Lola Ogunyemi, the Nigerian woman featured in the ad, said she believed the full TV commercial conveyed the campaign’s message more accurately and that “all of the women in the shoot understood the concept and overarching objective – to use our differences to highlight the fact that all skin deserves gentleness”.)

Unilever addressed criticism of a 2017 advertisement for Dove.
Image: Unilever

Gaming

Electronic Arts is “contributing $1 million to organizations dedicated to the fight for racial justice in the U.S. and against discrimination around the world.

“Beginning with the Equal Justice Initiative, the NAACP Legal Defence & Educational Fund, and with more partners to come, we are deepening our support of organisations working to stop systemic racial injustice, fight discrimination and protect human rights in the U.S. and beyond,” the gaming company said.

French gaming company Ubisoft is also making a donation to the NAACP.

Music

Sony Music Group “announced the launch of a $100 million fund to support social justice and anti-racist initiatives around the world. The Company, inclusive of all of its recorded music and content divisions and music publishing company, will immediately begin to donate to organisations that foster equal rights”.

Warner Music Group, which owns Atlantic and Elektra Records, also set up “a $100 million fund to support charitable causes related to the music industry, social justice and campaigns against violence and racism.”

In addition to donating $10 million to organizations committed to fighting racial injustice, Spotify UK announced it would discontinue the use of the word “urban” when referring to black artists.

Publishing

Condé Nast’s US Black Employee Resource Group, NOIR, said, “As a company, we will be supporting #BlackLivesMatter and making corporate monetary donations to organisations supporting the victims, protestors and supporters in this latest wave of racial injustice. We are also pledging $1,000,000 in advertising support across our platforms to help give voice to non-profit organisations combating racial injustice. We can and should always be doing more. This is just a start.”

Anna Wintour, editor-in-chief of Vogue, which is owned by Condé Nast, said, “I want to say plainly that I know Vogue has not found enough ways to elevate and give space to black editors, writers, photographers, designers and other creators. We have made mistakes too, publishing images or stories that have been hurtful or intolerant. I take full responsibility for those mistakes.”

Social media

Facebook CEO Mark Zuckerberg said the company will donate $10 million to racial justice organisations, adding, “I know that $10 million can’t fix this. It needs sustained, long term effort. One of the areas [my wife] Priscilla and I have personally worked on and where racism and racial disparities are most profound is in the criminal justice system.”

Twitter CEO Jack Dorsey pledged $3 million to Colin Kaepernick’s criminal justice organisation while YouTube CEO Susan Wojcicki announced that it would create “a multi-year $100 million fund dedicated to amplifying and developing the voices of black creators and artists and their stories.”

Sports

The National Football League (NFL) apologised for not listening earlier to black players who protested against police shootings of unarmed black people by kneeling during the US national anthem during games. The statement adds that the NFL “encourage[s] all to speak out and peacefully protest.”

“We, the NFL, believe Black Lives Matter,” they concluded.

Are statements of solidarity and donations enough?

While many companies have begun to respond to systemic racism by making donations, others have looked at their internal practices, such as lack of advancement opportunities for black employees or perpetuating negative stereotypes in the content creation process. Moreover, the common thread in media and entertainment is that those in positions in power have disproportionate influence over society’s attitudes, feelings and behaviours, through advertisements, film or video games.

Scarlett O’Hara (Vivien Leigh) and Mammy (Hattie McDaniel) in Gone with the Wind. HBO recently pulled the film from its streaming offering, putting it back after two additional videos discussing the historical context of the classic film.

In the music industry, for example, scores of top black artists have signed with Sony Music and Warner, but there is only one black member on Sony Music’s 12-member board and zero on Warner Music’s. For an industry that has profited from black artists who have dominated music charts in rock, jazz, hip-hop and pop, structural change could include increasing black executives among its top ranks as well as increasing royalties, as artists only receive 0.12 cents to each dollar that a record label makes.

In journalism, the failure to properly cover black stories stems not just from newsrooms’ inability to attract and retain Black people, but how black journalists are frequently questioned and reprimanded by their supervisors on their ability to be impartial on coverage of black issues.

Donating to charitable causes is a start, but systemic change necessitates hiring black professionals in roles of influence and positioning the perspectives of black readers, viewers and consumers at the centre of content creation.

As the media ecosystem begins to rebrand products with racist undertones, remove ads with racist overtones and eliminate caricatures of black people in film, only then can we dismantle the systems of economic and social disenfranchisement and create substantive change.

This story was republished with the permission of the World Economic Forum.  Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License


Marcus Burke is Research Analyst – Media, Entertainment and Culture, World Economic Forum. He is a council manager for the Global Future Council on Media, Entertainment, and Culture.

The views expressed in this article are those of the author alone and not the World Economic Forum.


Want to continue this conversation on The Media Online platforms? Comment on Twitter @MediaTMO or on our Facebook page. Send us your suggestions, comments, contributions or tip-offs via e-mail to glenda.nevill@cybersmart.co.za.

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Big Night Entertainment Group Announces Launch of Big Night Talent – PRNewswire

BOSTON, Aug. 13, 2020 /PRNewswire/ — Big Night Entertainment Group, one of the nation’s preeminent entertainment and hospitality companies, announced today the launch of Big Night Talent (BNT), a first-of-its-kind venture strategically designed to support artists in managing all facets of their careers amid the challenges and turbulency of today’s creative industries.

BNT was formed to help emerging and established talent develop and sustain lasting, prosperous, and meaningful careers as artists and individuals. A powerhouse from its inception, BNT’s constellation of services is unrivaled, bringing together first-tier management and booking services; globally renowned creative; a robust media and digital content platform; an award-winning career development program; and an acclaimed collection of leading entertainment venues.

Unique among talent and entertainment agencies is BNT’s proprietary legacy-building model, which is designed to ensure that artists are enabled to manage their personal and professional lives successfully while navigating the industry safely. The cornerstones of this model, which are vital to advancing the career of any artist today, include Social Good, Creative Commission Structure, Sponsorship and Branding and most importantly, Mental Health.

Big Night Talent is spearheaded by entertainment veteran Tim Bonito, who serves as Managing Partner, along with entertainment visionaries and Big Night principals Randy Greenstein and Ed Kane. BNT leadership also includes Big Night creative director and GRAMMY voting member Scott Heigelmann.

“Big Night Talent is a unique organization that combines a legacy-building culture for artists with the incredible infrastructure of nightlife industry leader Big Night Entertainment Group. I could not be more excited to launch this company with Randy & Ed to help grow artists’ careers and blaze a path for what we believe an artist management organization should look like,” says Tim Bonito.

“We are thrilled to announce the launch of this exciting new endeavor,” says Randy Greenstein. “It’s clear that today’s artists need something more, and we feel the timing is right for us to step in and introduce something new. Our team, infrastructure, platform, creativity, and resources give us a unique advantage in helping design successful, meaningful careers for talent across all genres and categories.”

For more information on Big Night Talent including the full list of services, please visit www.bignighttalent.com or follow on social media at @BigNightTalent.

ABOUT BIG NIGHT ENTERTAINMENT GROUP

Big Night was founded in 2006 by visionary nightclub and hospitality owners Ed Kane, Joe Kane, and Randy Greenstein. Big Night transforms hospitality and nightlife with destinations that transcend the status quo, including: Big Night Live, The Grand, Mystique, Mémoire, Empire, Guy Fieri’s Tequila Cocina, Red Lantern, Scorpion Bar, and VERSUS in Boston. Big Night also owns and operates CBS Sporting Club and Scorpion Bar at Patriot Place in Foxboro, and Guy Fieri’s Kitchen & Bar, High Rollers, Red Lantern, Scorpion Bar, and Shrine in Connecticut.

Media Contact: 

Kelsie Walsh

Phone: 617.694.0353

Email: [email protected]

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World Cinema adds entertainment, housekeeping features – Hotel Management

Houston-based technology company World Cinema has launched a suite of contactless technology and entertainment features for the company’s WorldVue platform. WorldVue is a customizable platform for guest-facing entertainment. 

New and notable features include the WorldVue Mobile Web Remote, a contactless solution for hotel guests that puts their personal devices in control without having to touch the hotel television remote. Guests can scan and connect to access the WorldVue in-room entertainment system, access room service directly from their personal device and use other remote services to maintain a safe social distance. 

In addition, the new WorldVue Housekeeping App helps hotels manage property operations. The app sends in-room notifications to guests and staff that a room has been cleaned and sanitized. More importantly for hotel managers, the app gives the hotel staff a range of customizable stats for hotel management including information on whether the room is occupied; status of the room if cleaned, serviced or sanitized; a staff code or numeric value to indicate the responsible staff for each room; instant, updated record of the time period elapsed since last housekeeping service; and the time period of when the last time the room was occupied.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

“We are committed to partnering with our hotel customers to build guest satisfaction and brand loyalty to ensure sustained profitability. The WorldVue platform offers guests smart, contactless technology features and functionality, as well as the latest in in-room entertainment choices,” said Tommy Fatjo, president, World Cinema. 

WorldVue’s complete line-up includes Internet of Things smart room technology, streaming and casting features, contactless folio review for check-out, guest room messaging and in-room concierge services. 

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Family Is The Secret Weapon Behind Ruff Ryders Entertainment’s Multi-Million Dollar Empire – Forbes

“See y’all don’t understand us, you know . . . Ruff Ryders is a family!” 

That’s the call to order you hear in the intro of the hip-hop song “Scenario 2000.” It’s a standout  from rapper Eve’s debut album, Let There Be Eve…Ruff Ryders’ First Lady, one of the first hits to emerge from the Ruff Ryders brand, cofounded by sibling trio Joaquin “Waah” Dean, Darin “Dee” Dean and Chivon Dean. 

Since 1988, Ruff Ryders has thrived off of being familial. The evergreen stance resurfaced during a recent Instagram Live conversation between CEO and cofounder Waah Dean and For(bes) The Culture member and hip-hop artist Chill Moody. 

“Ruff Ryders is not a collection of artists,” Waah told Moody and the #CultureTalks audience earlier this month. “Ruff Ryders is family first. To even be considered a Ruff Ryder, we have to consider you family!”

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Family businesses don’t exactly have the best track record. Some 70% fail or are sold before the next generation takes over. By the third generation, only 10% remain privately held.

Those numbers—combined with the fact that Black-owned companies have historically had fewer employees and receive much less funding than non-Black business owners—aren’t the most encouraging statistics. Fortunately, the Dean siblings behind the Ruff Ryders empire are proof that lucrative family businesses can exist and thrive. 

Some 32 years and 27 platinum and gold records later, the world is finally able to get a behind-the-scenes look at the bond that built this multi-million dollar empire. The business has evolved to encompass music, film (Dee and Waah launched Ruff Ryders Films in 2014), lifestyle (Ruff Ryders Lifestyles and Ruff Ryders Motorcycle Club) and philanthropic arms (the trio launched the Ruff Ryders 2 The Rescue Foundation in 2020).  

Now the family is setting its sights on television with the release of the five-part documentary series Ruff Ryders Chronicles, airing on BET August 12. The three siblings are executive producers on the project. 

There’s certainly a rich history to be told. After a stint in prison for armed robbery in the early ’80s, Waah Dean was determined to pull his family off the streets. In 1988, he formed Ruff Ryders and recruited his siblings, Dee and Chivon, as founding partners. The trio was separated during their adolescent years, and Waah was determined to get to know them again. 

“Dee was a little reluctant at first as the allure of the streets had him focused elsewhere,” Waah says. “So I went to Atlanta with Chivon to build the foundation. The  goal was always for this to be something for the three of us because this has always been about family.” 

A three-person team can’t sustain a multifaceted business on its own, so they’ve recruited other members. But even the most established professionals need to learn the Ruff Ryder ropes: “Anytime [our label partners] would send someone to us, we would put one of our family members with them so they could learn what they’re doing,” says Waah. “They may be the experts but we want our people to be the new experts and the best way you become that is by watching and learning. You have to embrace family to work with us or you’ll be too left out to be successful.”

As ubiquitous as the music genre may be now, in the late ’80s—when Ruff Ryders first emerged—hip-hop was associated with poverty, crime and, most notably, the crack epidemic. As a result, leaders in the nascent business were often ostracized. Working with family was a source of solace. 

No Limit Records founder Percy “Master P” Miller, who rose to fame around the same time as the Dean trio, founded his company on the same familial basis as Ruff Ryders. His five-part No Limit Chronicles docuseries, also produced by BET, concludes right ahead of the premiere of the Ruff Ryders series. Both are part of BET’s ode to spotlight “family, hustle and legacy.” 

“Family is everything to me,” Master P told For(bes) The Culture founder Rashaad Lambert, echoing Waah’s sentiment. “We come from generations of poor people and the only way to break that generational curse is with a firm hand of education. In my family, we don’t pray for money, we pray for wisdom.”

Newer generations of music executives have woken up to the value of running a family business. Griselda Records is just one example. The music label was founded in 2014 by rappers and brothers Westside Gunn and Conway the Machine. The two, along with fellow rapper and cousin Benny the Butcher and in-house producer Daringer, form the core of the Griselda Records roster.

Ruff Ryders’ original “first lady,” Eve, would eventually leave music to pursue her acting career, snagging the hit TV show Eve along the way. She still very proudly claims the Ruff Ryders name, and continues to receive support from the brand.

“We raise our artists and they grow up in the industry to go on and do bigger and better things,” Waah says. “We never wanted to hold anybody back. When one wins we all win.”

For(bes) The Culture is Forbes’ recently launched hub for Black and brown professionals.