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MGM China has recorded a record-high adjusted EBITDA and market share during the first quarter of 2024, this followed another remarkable . Unaudited results revealed adjusted EBITDA reaching HKD2.5 billion (€298.3 million), marking a 77.3 percent year-on-year increase and a 155 percent surge from the first quarter of 2019.  

According to the company’s report, the group attributes its stellar EBITDA results to its mass-focused business approach and ongoing enhancements in operational efficiency, underscoring its ability to adapt and thrive in evolving market conditions.  

Brokerage firm Citi earlier said in a report that is among the pack who will lead in operational performance in Macau’s gaming sector. 

MGM China's market share climbed to 17 percent in the first quarter of 2024, up from 15.2 percent in the same period last year and a notable increase from 9.5 percent in the first quarter of 2019. Moreover, MGM Cotai and MGM Macau contributed significantly to this growth, with market shares of 10.1 percent and 6.9 percent, respectively.  

MGM Cotai reported revenue of approximately HKD4.8 billion (€572.7 million) during the quarter, representing substantial increases from previous periods. Adjusted EBITDA at MGM Cotai surged to HKD1.4 billion (€167 million), while MGM Macau's revenue reached HKD3.5 billion (€417.6 million), accompanied by an adjusted EBITDA of HK$1.1 billion (€131.2 million).  

Overall, MGM China's net revenue soared by 70.6 percent year-on-year, surpassing 143 percent of first-quarter 2019 levels, totalling HK$8.3 billion (€990.4 million). Gross gaming revenue rose by 7 percent quarterly, reaching 74 percent in the same period in 2019, reflecting strong performance in the gaming segment.  

MGM China's President and Executive Director, Kenneth Feng, expressed confidence in the company's future and its commitment to shareholders. The company proposed a total dividend of HKD0.347 (€0.041) per share, underscoring its confidence in the resilience and potential of Macau's gaming industry. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .

The is setting its sights on attracting approximately 15 percent more inbound tourists from the United States, recognizing the significant contribution of this "highly valuable" market to the nation's tourism sector's full recovery.  

In 2023, the Philippines welcomed over 903,299 visitors from the US, generating PHP35 billion (€567 million) in tourism revenue—the highest among the country’s top tourist markets. This significant contribution underscores the importance of the American market in driving tourism receipts. 

In a report by the Philippine News Agency, Francisco Hilario Lardizabal, Philippine Tourism Director-Attache in New York, emphasized the strategic importance of the US market, highlighting that despite fewer arrivals, their spending power significantly boosts tourism revenue. He said that many inbound US travellers to the are former Filipino citizens, with a primary motivation to visit friends and relatives, leading to longer stays and higher expenditures. 

Lardizabal expressed confidence in achieving a 15 percent increase in inbound US visitors compared to 2023 figures. The Department of Tourism (DOT) is adopting a multifaceted approach to attract the market, including forging partnerships, enhancing training for travel agents, participating in B2B travel trade events, and organizing curated familiarization tours. 

A shift in US traveller demographics has been observed, with millennials showing increasing interest in the Philippines. The DOT aims to address the needs and preferences of this demographic by focusing on immersion or experiential travel, wellness tourism, workcation, premium travel, solo travel, and adventure and sports. 

Lardizabal highlighted emerging travel trends in the US market, such as increased interest in sports and activities like hiking, horseback riding, cycling, and scuba diving. These preferences present opportunities for the Philippines to tailor its offerings to cater to the evolving needs of US travellers, thereby further enhancing its appeal as a tourism destination. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .

Melco Resorts & Entertainment has announced its strategic plan to primarily focus on the Indian and Sri Lankan market with its casino venture in Sri Lanka. The company projects that the annual gaming revenues could soar up to US$250 million.

The Government of Sri Lanka has awarded This allows Melco to design and manage the casino and a portion of the hotel rooms at Sri Lanka’s US$1 billion Cinnamon Life Integrated Resort. The casino is slated to start operations in mid-2025.

During the company’s Q1 2024 earnings call, Lawrence Ho, Melco Chairman and CEO, shared his vision of Sri Lanka emerging as the Macau of Asia. He believes that by leveraging Sri Lanka, being the nearest gaming jurisdiction to India, can provide a unique gaming experience.

Geoff Davis, Melco Executive Vice President and CFO, added that India is undoubtedly the most intriguing feeder market with immense potential. While there is a certain level of domestic spending, the company’s objective will be to cater to those feeder markets in India and the wider region.

Davis anticipates that international play will eventually make up two-thirds of the company’s Sri Lankan revenues, with GGR comfortably in the US$200 million to $250 million range annually.

Melco has plans to invest US$125 million to design the casino, which Ho described as a “small bet for a potentially huge opportunity.”

The company, in collaboration with local partner John Keells, is significantly raising the bar to a world-class standard with this integrated resort and the casino they’re designing. While it’s a bit early to provide specific returns, the company is expecting returns that are very attractive and shareholder-friendly, that will also enhance shareholder value and probably offer returns that would be challenging to achieve in most mature markets.

This strategic move by Melco is seen as an excellent method to tap into a market with enormous potential in a capital-efficient manner.

Comparative study of Sri Lanka and Macau

Sri Lanka’s Flourishing Gaming Industry: Sri Lanka’s gaming industry, especially the online gaming sector, has been witnessing substantial growth in recent times. The surge in mobile gaming is attributed to the popularity of smartphones and affordable mobile data plans. The government is actively working towards establishing a regulatory framework for the online gaming industry. However, the industry faces a significant challenge due to the low internet penetration rate in Sri Lanka. Despite these challenges, the rising disposable income in Sri Lanka has led to an increase in spending on leisure activities, thereby driving demand for online games.

Macau’s Thriving Gaming Industry: On the other hand, Macau, often referred to as the “Las Vegas of Asia,” is the only region in China where gambling is legal. The gaming industry in Macau is one of the most vital industries, providing over 54,000 job opportunities. Macau’s gaming industry generated 19.3 billion patacas (US$2.37 billion) in its first monthly tally of gross gaming revenue (GGR) in 2024.

Comparative Analysis: While Sri Lanka’s gaming industry is still in its growth phase with a focus on online gaming, Macau’s gaming industry is more mature and primarily centered around physical casinos. Both markets possess their unique strengths and opportunities. It will indeed be intriguing to observe how these industries evolve in the future.

has recently welcomed Kim Harris Jones (pictured above), to its board of directors. This appointment marks a significant milestone in the company’s leadership, as Harris Jones brings a wealth of experience from various sectors outside the gambling industry.

Harris Jones’s professional journey is marked by her tenure at several prominent US corporations. She spent 16 years at Kraft, where she ascended to the position of SVP and corporate controller of its Mondelez International subsidiary following a spin-off. Prior to Kraft, Harris Jones held numerous leadership roles at Chrysler for 17 years, culminating in her role as SVP and corporate controller. Her career also includes a six-year stint at General Motors.

Caesars CEO Tom Reeg expressed his pleasure at welcoming Harris Jones to the board, praising her vision for strategic, collaborative innovation. He highlighted her exceptional experience in navigating complex issues and implementing transformation for optimization. Reeg looks forward to working with Harris Jones, the board, and the management team to continue driving results for their guests, team members, and shareholders.

As the 10th member of Caesars’ board, Harris Jones will provide oversight to the company and play a crucial role in setting its strategic direction. She is a University of Michigan graduate and serves on several other boards, including United Rentals, True Blue, and Fossil Group. Additionally, she is a member of the Ethiopian North American Health Professionals Association and the finance committee of the Consortium for Graduate Study in Management.

Caesars executive chairman Gary Carano hailed Harris Jones as a tremendous addition to the Caesars Entertainment leadership team. He emphasized her extensive experience in finance and her reputation as a thoughtful and engaged leader within some of the largest consumer-packaged goods and automotive companies. Carano believes that Harris Jones’s addition will provide a new perspective for envisioning a stronger, more dynamic future for Caesars Entertainment.

This board appointment comes at a critical juncture for which has been experiencing declining sports betting revenue due to poor hold performance. The company also faces challenges in its flagship Las Vegas business, which analysts at JMP Securities predict will see a 5% decline in EBITDA year-on-year in its Q1 report. Another long-term challenge is the company’s ongoing effort to deleverage the business, which reported $12.3bn in debt as of 31 December 2023.

As of now, Caesars Entertainment, Inc. (CZR) is trading at $35.82, down 4.66 percent. Despite these challenges, the addition of Kim Harris Jones to the board signals a promising new era of leadership for the company.

's Minister of Justice, Javier Silvania, has addressed concerns voiced by the Curaçao Bar Association regarding the National Ordinance on Gambling (LOK). Following objections to certain provisions within the draft legislation, particularly concerning accreditation requirements for lawyers, Silvania announced amendments to the law. 

In a social media post, Silvania acknowledged the Bar Association's concerns and revealed plans to revise the accreditation requirements outlined in the LOK. Notably, the jurisdiction will shift from a mandatory accreditation process to a non-mandatory certificate system, significantly reducing regulatory burdens for legal practitioners. 

Under the amended law, the Curaçao Gaming Authority will issue certificates to lawyers providing gambling-related services or goods to Curaçao licence holders. These certificates, valid for up to three years, will replace the initial accreditation requirements outlined in the draft legislation. Silvania emphasized that participation in the certification process would be optional, granting flexibility to lawyers engaged in gambling-related activities. 

Silvania also highlighted another significant amendment aimed at ensuring the financial independence of the Curaçao Gaming Authority. Addressing concerns regarding the regulator's autonomy, revisions have been made to guarantee its fiscal independence, enhancing transparency and accountability within the regulatory framework. 

In addition to addressing the Bar Association's concerns, Silvania responded to criticisms from members of Parliament regarding the LOK. He emphasized that despite some MPs' limited review of the legislation, the amended law represents a significant milestone in the region's efforts to reform its offshore gambling industry. 

Silvania underscored that the legislative revisions align with 's commitment to collaborate with the Dutch government's Temporary Work Organisation (TWO). The changes signal a willingness among lawmakers to consider stakeholder input and ensure effective regulation in the gambling sector, essential for preserving Curaçao's status as an international gambling hub. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .

The Star Casino in the centre of Sydney, a popular gaming hub, found itself in the embroiled in an unexpected controversy. A software glitch in the casino's “ticket in, cash out” (TICO) machines led to the establishment inadvertently giving away more than $2 million in cash over a span of 13 days in July last year.

The glitch was introduced through a software update to the TICO machines. When players inserted more than one ticket into a machine, it returned one of the tickets along with the total cash, and then allowed that ticket to be cashed out repeatedly. This error went unnoticed by the casino operators for six weeks, during which time 43 people exploited the glitch to withdraw free money.

Among the beneficiaries was Thanh Lan Le, a recovering gambling addict. She relapsed after watching a friend repeatedly cash out using the glitch. Over the next 10 days, she withdrew $57,265. By the time she left the casino, all but $5,000 of the money was gambled away.

The casino’s response to the glitch was swift and severe. It reported the 43 “lucky” cash recipients to the police, who arrested Le and an unspecified number of others on charges of fraud, participating in a criminal group, and knowingly dealing with the proceeds of a crime. Le pleaded guilty to a single charge of dishonestly obtaining property by deception and offered to repay the money.

The’s manager, Nicholas Weeks, blamed “a very significant failure across a large number of people and teams” for the casino’s inability to detect the glitch sooner. This incident has led to a second NSW Independent Casino Commission inquiry into operator Star Entertainment, which had previously been found unsuitable to hold a Sydney casino license in 2022 due to allegations of money laundering, criminal infiltration, and fraud.

The latest inquiry also heard from former Star CFO Christina Katsibouba, who testified that the casino’s head of investor relations, Giovanni Rizzo, asked her to manipulate the financial records to hide the loss when the company presented its half-year earnings report in February. Katsibouba refused to comply.

This incident has highlighted the potential pitfalls of technology in the gaming industry, and the importance of robust risk management frameworks and balances to prevent such errors from occurring. It also raises questions in dealing with such situations, and the impact on individuals who unwittingly find themselves on the wrong side of the law.

the tribal casino giant, and Royal Caribbean Group, a leading cruise operator, have unveiled a comprehensive agreement last week. The agreement is set to revolutionize the travel and leisure loyalty programmes of both companies.

The partnership will allow members of Unity by Hard Rock, Celebrity Cruises’ Blue Chip Club, and Royal Caribbean’s Club Royale platforms to earn points not only by betting but also through dining, shopping, and traveling at any or while traveling on Royal Caribbean and Celebrity ships.

The collaboration is expected to bring a host of benefits to Unity by Hard Rock loyalty members. They will now be eligible for discounts on Royal Caribbean and Celebrity vacations and can qualify for exclusive, invite-only cruise giveaways. Moreover, top-tier loyalty members will be gifted an annual complimentary cruise on select ships and itineraries.

Both Hard Rock and Royal Caribbean are based in Florida and are among the largest private sector employers in South Florida. Hard Rock is the gaming unit of Florida’s Seminole Tribe, while Royal Caribbean is one of the world’s largest cruise operators.

The partnership is seen as a strategic move by Royal Caribbean to expand its gaming reach. The company, which operates under five brands, has long featured casinos on many of its ships and has been progressively enhancing this amenity. In February, the Sun Princess, a $1 billion ship operated by Royal Caribbean’s Princess unit, set sail with the largest casino ever seen on a cruise ship.

However, Royal Caribbean has faced criticism from some customers who complained about the company running multiple gaming loyalty programs across its various brands. This meant that points earned on a Celebrity ship were not combined with what travellers earned on Princess or Royal Caribbean boats. The new arrangement with Hard Rock is expected to address these concerns by providing customers with another avenue for accruing points.

Club Royale and Blue Chip Club members can now look forward to making their Hard Rock visits even more memorable with exclusive discounts and perks at participating Hard Rock locations. Premium tier Club Royale and Blue Chip members will also be entitled to annual complimentary trips at select Hard Rock hotels and casinos worldwide.

Unity by Hard Rock, which debuted earlier this year, replaced the gaming company’s previously used rewards program known as Wild Card. The new program features four tiers — Star, Legend, Icon, and X – and links all of the operator’s North American gaming venues, including the Hard Rock Casino Punta Cana in the Dominican Republic. Points and tier credits can also be accrued via online wagering on Hard Rock platforms.

Seminole Gaming operates six gaming venues for the Tribe of the same name, but the Hard Rock brand is applied to significantly more casino hotels, including regional properties in Canada, the US Midwest, and the South as well as the Atlantic City Boardwalk in New Jersey. Several Tribal casinos in California sport the Hard Rock name and are managed by Seminole. The Tribe also operates the Mirage on the Las Vegas Strip and is vying for a casino license in Queens, NY.

Jun Fujimoto, the Representative Director, President, CEO, and CIO of , the parent company of Okada Manila, has resigned from most of his positions following a Tokyo High Court ruling that found him liable for breaching his fiduciary duty, involving a substantial $43.5 million (€40.5 million) money transfer. 

The High Court’s decision overturned a previous ruling by the Tokyo District Court, which had cleared Fujimoto of allegations initially filed in 2019 by an unnamed shareholder. The lawsuit accused Fujimoto of orchestrating a transfer of $43,497,204 to an external entity without reasonable necessity and without adhering to internal decision-making protocols, thus violating his fiduciary duty as a director of the company. 

Universal Entertainment refrained from disclosing the identity of the shareholder or the destination of the transferred funds in its recent announcements. The company stated its intention to review the court’s decision before determining its subsequent actions. Additionally, Universal’s claim for damages against the shareholder for defamation was rejected by the High Court. 

Fujimoto's tenure at has been marred by legal conflicts, particularly with the company's founder, Kazuo Okada, whom he replaced in 2017 following allegations of misappropriating company funds. In a separate incident in 2022, a group affiliated with Okada took control of Okada Manila for three months before regulatory intervention mandated their removal. 

In light of Fujimoto's resignation, Hajime Tokuda has been appointed as Universal’s new Representative Director and President. Additionally, Takako Okada, Kazuo Okada’s estranged wife, has been named a Representative Director. Despite stepping down from his previous roles, Fujimoto retains his position as a Director within the company. 

This isn’t the first time Fujimoto and Okada have been embroiled in legal disputes. A previous lawsuit in 2015, filed by shareholder Tsuyoshi Hosoba, alleged breaches of fiduciary duties by Fujimoto and others, resulting in a successful verdict. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .

A new for Chinese nationals on package tours will be available starting May 6, easing travel between Macau and neighbouring Hengqin. Announced by China’s National Immigration Administration, the initiative allows participants in package tours to move freely between the two regions over a seven-day period. 

Macau Chief Executive Ho Iat Seng highlighted the visa's potential to foster economic diversification, expressing readiness to welcome increased visitors from Mainland China. The move aligns with Macau’s ongoing efforts to promote non-gaming attractions and broaden its tourism appeal. 

Part of a broader strategy to enhance cross-border business ties, the visa initiative contributes to greater integration within the Greater Bay Area. Alongside measures for Hong Kong, it aims to streamline travel procedures and facilitate smoother business exchanges across regional borders. 

In addition to the multi-entry visa, innovative measures include online processing of travel document formalities in select cities and specialized visas for qualified personnel. These initiatives underscore efforts to digitize visa issuance and enhance efficiency in travel procedures. 

Last week, the Macao Government Tourism Office (MGTO) it was predicting a significant increase in inbound tourists to Macau during the upcoming Labour Day holiday. MGTO predicted an average of 130,000 visitors per day, surpassing previous holiday peaks. 

While Macau targets foreign visitors, its focus remains on mainland Chinese clientele. With an emphasis on non-gaming attractions, the city seeks to diversify its tourism offerings while catering to its largest visitor demographic. 

The upcoming launch of the multi-entry visa represents a milestone in Macau’s efforts to redefine its tourism landscape and strengthen ties with neighbouring regions. As the tourism sector prepares for renewed momentum, stakeholders anticipate opportunities for economic growth and cultural exchange. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .

 The Philippine Amusement and Gaming Corporation () has reported a significant surge in its first-quarter income for 2024, reaching a staggering PHP25.24 billion (€408.5 million), marking a remarkable 42.57 percent increase compared to the same period last year.  

In a press release, PAGCOR Chairman and CEO Alejandro Tengco  satisfaction with the firms' performance.   

"We are happy to announce that PAGCOR is able to sustain our growth trajectory in the first quarter of 2024, and this should help position us into achieving another record-breaking year," he said.  

Net operating income after expenses during the quarter stood at PHP18.99 billion (€307.3 million), reflecting a substantial 54.22 percent increase from the figures recorded in January-March 2023, which totalled PHP12.32 billion (€199.4 million).  

Gaming operations emerged as the primary revenue driver for PAGCOR in the first quarter, generating PHP22.29 billion (€360.8 million). Within this segment, the e-Games sector, comprising eBingo, eGames, and Bingo grantees, contributed PHP9.69 billion (€156.8 million), while licensed casinos, including integrated resorts, brought in PHP8.04 billion (€130.1 million).  

“The e-games sector will be our major source of gaming revenues this year and in the next few years as innovation and technological integration allow the sector to offer more excitement and convenience to gamers,” Tengco said.  

However, revenues from PAGCOR-run casinos under the Casino Filipino brand experienced a decline, contributing PHP3.7 billion (€59.9 million), down from their share in 2023.  

Offshore gaming operations also made a notable contribution to PAGCOR's earnings, accounting for PHP860.89 million (€13.9 million) or 3.86% of the total gaming income for the first quarter of 2024.  

Tengco also emphasized the positive impact of PAGCOR's robust earnings on various socio-civic programs, including funding for the Universal Healthcare Program, which provides health insurance to millions of underprivileged Filipinos through Philhealth.  

Out of the nearly PHP19 billion (€307.5 million) net income in the first quarter of 2024, PHP15.56 billion (€251.8 million) will be allocated towards Contributions to Nation-Building. This encompasses various initiatives such as the 5 percent franchise tax, government shares, funding for local government units (LGUs) hosting PAGCOR casinos, socio-civic projects, and support for sports development.  

's latest earnings surpassed its previous record set in 2019 before the pandemic outbreak, indicating a robust recovery and growth trajectory for the corporation. In the first quarter of 2019, total income stood at PHP19.49 billion (€315.4 million), a figure comfortably surpassed by the first quarter of 2024 by nearly 30 percent.  

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .