Asia NEWS

 Following the conclusion of its last race, the 's land has been reclaimed by the Macau government. The Secretary for Transport and Public Works issued an order published in the Government Gazette, nullifying the concession held by Macau Horse Race Co for the 362,000 square-meter plot, with no compensation to the former concessionaire. 

The Macau Jockey Club ceased operations on April 1st, marking the end of over four decades of horse racing. Despite a turnout of approximately 3,000 spectators for its final races, the club's longstanding financial difficulties prompted the government's decision to terminate the concession contract, announced in January. 

The government attributed the closure to a significant decline in attendance and betting revenue. The development signals a major shift in the economic landscape that once supported horse racing in Macau. 

A recent government dispatch declared the immediate reversion of the land plot to Macau's state public domain, with no compensation provided to the former concessionaire due to the concession's expiry. 

Despite financial struggles, the Macau Jockey Club had its concession extended until August 2042, committing to substantial investments in upgrading racetrack facilities amounting to MOP3.4 billion patacas (€389.5 million). 

Initial plans by the Macau Jockey Club included a tourism project slated for 2026, encompassing hotels, leisure areas, sports facilities, dining establishments, retail outlets, a museum, and a riding school. 

However, citing financial difficulties and losses surpassing MOP2.5 billion (€236.4 million), the concessionaire requested termination of the contract, leading to the government's decision earlier this year. 

Chief Executive Ho Iat Seng reiterated that the reclaimed land will not be allocated for gaming purposes in the future, signalling a shift in land use and development priorities for Macau. 

The Philippines deported 165 Chinese nationals employed by a Philippine Offshore Gaming Operator (POGO) in Bamban, Tarlac. 

The Presidential Anti-Organized Crime Commission (PAOCC) confirmed the deportation of 165 out of 167 Chinese workers to Pudong District, Shanghai. Meanwhile, two individuals face pending cases in the , involving trafficking in persons and serious illegal detention charges. 

Upon reaching China, the deported individuals will undergo a 45-day detention period while charges are prepared. Additionally, they will be blacklisted by the Philippines' immigration bureau. 

Following a directive from Malacañang Palace, the Anti-Money Laundering Council froze Zun Yuan's assets, including its compound. The raid on March 14 uncovered 408 workers from various nationalities involved in the POGO operation. 

Authorities revealed that the deported Chinese nationals engaged in scamming activities and lacked proper travel documents, categorizing them as "undesirable aliens". Many were reportedly coerced into the operation, with their passports confiscated to prevent their departure.  

The Chinese Embassy the deportation, emphasizing joint efforts to combat fraud, kidnapping, and other crimes related to offshore gambling. This collaboration underscores both countries' commitment to curbing illegal activities in the region. 

The had been vocal in its commitment to maintaining pressure on illegal activities and protecting the public from the dangers of cross-border gambling and telecom fraud.  

The crackdown reflects broader challenges across Southeast Asia, where crime syndicates exploit workers, often under false pretences, to engage in fraudulent online activities. The UN Office on Drugs and Crime highlights the scale of this issue, with victims coerced into participating in elaborate scams, exacerbating financial losses regionally. 

This comprehensive action not only addresses immediate concerns but also signals a concerted effort to combat transnational crime and protect vulnerable individuals from exploitation in the region's burgeoning online gaming industry. 

Another successful milestone was achieved by the SiGMA Foundation recently in the Philippines with the Smiles Through Miles Mount Daraitan trekking fundraiser event which took place on the 4th of May, 2024, generously sponsored by BP Wallet, Infipay, SoftGamings and Creativents. 

The Mount Daraitan trek, undertaken by our 40 participants, is a breathtaking adventure. Standing at 738 metres, this trek allowed the team to embrace the natural beauty of the Philippines while not only testing their physical endurance but also provided an opportunity for each person to contribute to those in need. 

Mount Daraitan expedition participants.

The event's success was made possible through the generous support of our sponsors, whose contributions will be going towards the Foundation’s ongoing efforts in the Philippines. These efforts began approximately four years ago with the financing of a church renovation and the installation of a solar panelling system for the Jose Depiro Formation Centre in the town of Dinalipuhan, Bataan. 

Reflecting on the experience, Ariyo Aboumahboub, Business Development Manager of Infipay Tech shared, “The trek to Mount Daraitan was nothing short of amazing, and knowing that we were there to support the children of Jose DePiro Formation Center in Bataan made it even more special. We're really looking forward to teaming up with SiGMA Foundation again in the future to continue making a positive impact on communities.”

Solar panelling installation at the Jose Depiro Formation Center.

Renovated church, St Catherine of Alexandria Parish.

Recent efforts have also extended to nurturing musical talent within this same community, where, under the guidance of MSSP Fr Joseph Cremona, the SiGMA Foundation has been able to further provide opportunities for children to pursue careers in musical academia. Presently, the Foundation is financing the construction of a multi-sensory hall for the budding musicians of the Jose Depiro Katabaan Orkestra.

Jose Depiro Katabaan Orkestra practicing.

The highly anticipated occasion of the inauguration of the multi-sensory hall is scheduled to coincide with the SiGMA Asia summit on the 6^th of June, in an effort to align the SiGMA Group’s mission to unite individuals for a brighter future.

Looking ahead, the SiGMA Foundation envisions to further expand initiatives within the Philippines. With plans underway to establish a community centre benefiting the indigenous Aetas tribe descendants residing within the Batiawan area of Zambales, Pampanga. 

About the SiGMA Foundation

With the world in dire need of philanthropy, the SiGMA Foundation is leading the charge. As the philanthropic arm of the SiGMA Group, the Foundation is dedicated to supporting those who are most in need.

The SiGMA Foundation was founded in 2019 by Keith Marshall, Austin Cachia and Eman Pulis, Founder of SiGMA Group, with a mission to make philanthropy more participatory and engaging. Keith, who is known for his boundless energy, has dedicated his life to making a difference in the lives of thousands of people through various expeditions across the globe. With a fun and engaging approach to fundraising, the Foundation prioritises supporting underprivileged communities through active giving and aims to create meaningful impact in the world.

If you would like to get involved in any of the Foundation’s upcoming projects visit the for more information.

Interview with SiGMA Group Founder, Eman Pulis on the SiGMA Foundation

The Philippine gaming industry has experienced a surge in the first quarter of 2024, with Gross Gaming Revenues (GGR) reaching a staggering Php81.7 billion (€1.39 billion). This represents an 18.54 percent increase from the same period last year, according to the Philippine Amusement and Gaming Corporation (). 

PAGCOR Chairman and CEO , expressed his satisfaction with the industry's performance, particularly highlighting the outstanding growth in the Electronic Games (E-Games) sector.  

“The E-Games revenue performance continues to exceed our projections, and this reflects how gaming technology and the proliferation of mobile devices is influencing not only our daily lives but our entertainment choices as well,” Tengco said. 

“With the way technology is constantly shaping our lives and the way we do business, and even the way we choose to be entertained, the future of gaming clearly lies in this sector,” Tengco added. 

The iGaming revenue soared to PHP 22.5 billion (€360.9 million), exceeding expectations and demonstrating the profound impact of gaming technology on entertainment choices. 

Tengco attributed the success of the iGaming sector to PAGCOR's improved regulatory policies and reduced fees, which have attracted both local and international gaming companies to invest in the Philippine gaming industry. 

“We are confident that with our new regulatory policies, more gaming companies both here and abroad will continue to look at business and investment opportunities in the Philippine gaming industry,” he said. 

While licensed casinos remain the biggest contributors to 1Q GGR, bringing in PHP 49.7 billion (€797.13 million), there has been a slight decrease compared to the previous year. PAGCOR-operated casinos and bingo operations also experienced dips in revenue, indicating the ongoing challenge posed by online platforms. 

Despite these minor setbacks, the industry's outlook remains positive, with first-quarter revenues surpassing 24 percent of the projected full-year GGR. Moreover, the 1Q 2024 revenues have surpassed previous records, setting a promising trajectory for continued growth in the Philippine gaming industry. 

The Cagayan Economic Zone Authority (CEZA) has announced its endorsement of the SiGMA Asia 2024 event.

In an upcoming interview for SiGMA magazine, CEZA CEO and Administrator Katrina Ponce Enrile discussed the significant growth potential in the Asia Pacific region, driven by increased smartphone usage and the legalization of online gambling. 

Ahead of the SiGMA Asia conference and expo  taking place in Manila this June from the 2nd to 6th, she highlighted the Philippines' potential to become a major gaming hub due to its favorable regulatory environment, strategic location, and tech-savvy population.

“The Asia Pacific region is poised for exponential growth, driven by factors such as increased smartphone usage, an emerging population of digital users, and the progressive legalization of online gambling. With the Asia Pacific region anticipated to register a compound annual growth rate of over 12.0% through 2030 and will witness 333 million new mobile internet subscribers by 2025, the opportunities are immense.

“The Philippines definitely has what it takes to become a major player in the gaming world. With its improving regulatory environment, strategic location, tech-savvy population, and high smartphone usage, it's primed to make waves. The Philippines is in a sweet spot to ride that wave and potentially become a top gaming hub in the region.”     

Ms Ponce Enrile will also deliver a during the official opening ceremony on the 4th, alongside PAGCOR chairman and CEO, Alejandro H. Tengco, PEZA Director General, Tereso O. Panga, and the Mayor of Pasay, Imelda Calixto-Rubiano. The keynotes will be followed by a ribbon cutting ceremony and a performance from the Sindaw Philippines Performing Arts Guild, which is sponsored by the Philippine Tourism Promotion Board.

As SiGMA gears up for its June summit, which is being held at the SMX Convention Centre in Manila, it has secured a number of key endorsements, including the Philippine Amusement and Gaming Corporation (PAGCOR), the Philippine Economic Zone Authority (PEZA), and the Philippine Tourism Promotion Board.

The SIGMA Asia summit is scheduled to take place from June 2nd to 6th at the SMX Convention Centre, Manila’s largest expo venue. This event will bridge SiGMA's extensive Western network with Asian suppliers, operators, and affiliates, fostering new business opportunities and offering premium networking for an anticipated 20,000 delegates.

Over two full days, the conference will serve as a platform for knowledge sharing and debate. VIP speakers will cover topics from regulatory landscapes to the integration of new technologies, while competitive startup pitches will highlight innovative new companies and ideas.

Endorsed by PAGCOR, PEZA, The Philippine Tourism Promotions Board, and CEZA, the event promises an exclusive guest lineup, including 3,000 operators and over 350 top speakers, making it a must-attend gathering for industry professionals.

Featuring a double-decker expo floor, SiGMA Asia will showcase a diverse array of B2B and B2C brands, alongside numerous land-based exhibitors, establishing it as one of Asia's largest gaming shows. The event will spotlight emerging technologies, including AI and Blockchain, bringing cutting-edge advancements to the forefront.

The Mohegan Tribal Gaming Authority, trading as has reported a significant increase in its net revenues for the first quarter of 2024. The company’s financial performance was bolstered by the newly inaugurated Mohegan Inspire Entertainment Resort, a foreigner-only casino complex located in Incheon,

For the three months ending March 31, 2024, the company reported net revenues of US$461.7 million, marking a 13.8 percent increase compared to the same period in the previous year. Despite this, the company’s adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) fell by 17.8 percent year-on-year to just under US$84.0 million. The net loss for the first quarter of 2024 was nearly US$46.1 million, a significant increase from the US$9.6 million loss reported a year earlier.

The company attributes the increase in net revenues primarily to the continued growth of Mohegan Digital and the revenue generated by Mohegan Inspire. Ari Glazer, who assumed the position of CFO on May 1, 2024, stated that the decrease in consolidated adjusted EBITDA was mainly due to operating costs associated with the opening of Mohegan Inspire and non-controlling interest adjustments at Niagara Resorts, a property the company operates in Canada.

Mohegan Inspire, which opened its non-gaming facilities on November 30, followed by its foreigner-only casino on 3 February had an official launch for the property on March 5. The resort boasts 1,275 hotel rooms, 11 restaurants, and a 15,000-seat arena.

In the first quarter of 2024, the Incheon casino resort recorded net revenues of US$35.9 million. However, the property’s adjusted EBITDA were negative at US$24.1 million, primarily due to opening expenses related to labour and marketing costs.

Joe Hasson, the newly appointed interim chief operating officer at Mohegan, stated during a conference call with analysts that Mohegan Inspire was still in its ramp-up phase. Despite this, he expressed satisfaction with the trends observed in April and May. He also noted that the company was encouraged by the ramp at Mohegan Inspire, which was occurring in both the casino and non-gaming segments of the business.

Hasson added that the company sees breakeven EBITDA on the near horizon on a month-to-month basis. He acknowledged that during the initial ramp, the company had to spend on labour and marketing, but he sees breakeven approaching in the immediate future.

The parent company announced that new amenities at Mohegan Inspire, including an innovative food court concept, a digital interactive art attraction, and an amusement arcade, are expected to open in the second quarter of 2024, with a few others following in the third quarter of the year.

Premium Leisure Corp, a prominent player in the has announced its intention to voluntarily delist from the Philippine Stock Exchange (PSE), effective from 9 July , 2024. This decision marks a significant shift in the company’s strategic direction, and it has sparked interest and

This decision to delist comes at a time of change and uncertainty for the gaming industry. However, it also presents new opportunities for Premium Leisure Corp to redefine its strategic direction and continue its growth outside the constraints of the stock exchange. As the company embarks on this new chapter, industry stakeholders will undoubtedly be watching closely to see how this decision impacts its future trajectory.

The petition for voluntary delisting was submitted to Ramon Monzon, the President and CEO of the PSE, on May 10. Premium Leisure Corp is a major investor in the City of Dreams Manila, (above in photo), a renowned casino resort in the Philippine capital. The resort is managed by a subsidiary of Melco Resorts & Entertainment Ltd, and Premium Leisure Corp earns a portion of the gaming revenue generated there.

Premium Leisure Corp is associated with Belle Corp, another company listed on the PSE. Earlier this year, Belle Corp announced its intention to apply for the voluntary delisting of Premium Leisure Corp from the main board of the country’s stock exchange. As part of this process, Belle Corp launched a tender offer for all outstanding common shares of Premium Leisure Corp, pricing them at PHP0.85 each.

The tender offer concluded on 9 May, with Belle Corp paying an aggregate consideration of just under PHP5.25 billion (approximately US$90.7 million) for just over 6.17 billion shares. This acquisition represents about 19.77 percent of the total issued and outstanding common stock of Premium Leisure Corp. Consequently, Belle Corp now controls 99.55 percent of Premium Leisure Corp.

Despite these significant changes, Premium Leisure Corp’s financial performance has been less than stellar. The company reported a net income of just under PHP279.5 million for the first quarter of 2024, marking a 55.3 percent decrease from the same period in the previous year. Furthermore, the company’s share of gaming revenue from City of Dreams Manila in the first three months of 2024 was PHP401.2 million, a decline of 43.9 percent from the prior-year period.

This decision to delist comes at a time of change and uncertainty for the gaming industry. However, it also presents new opportunities for Premium Leisure Corp to redefine its strategic direction and continue its growth outside the constraints of the stock exchange. As the company embarks on this new chapter, industry stakeholders will undoubtedly be watching closely to see how this decision impacts its future trajectory.

Representatives from PAGCOR met with SiGMA Asia’s Managing Director, Neil Shih last week to finalise their schedule ahead of the SiGMA Asia event taking place this June 2nd to 6th. 

In addition to a keynote delivered by Chairman and CEO, Alejandro H. Tengco during the official conference opening ceremony on the 4th, PAGCOR will take part in a discussion focusing on gaming regulations, the IGL License and the current state of the iGaming landscape in the Philippines. Tengco will also take part in a tour of the expo floor, where he will meet with some of the 250+ exhibitors taking part. 

The conference and expo will be held at the SMX Convention Centre in Manila. 

The chairman is confirmed to attend the prestigious SiGMA Asia Awards evening - a gala event which takes place on the 3rd at the Forbes Ballroom in the Conrad Hotel.

The Philippine Amusement and Gaming Corporation (PAGCOR) recently unveiled an impressive first-quarter financial report for 2024, showcasing a remarkable surge in income to the tune of PHP25.24 billion (€408.5 million). 

This staggering 42.57 percent increase over the same period last year has sparked satisfaction within the corridors of PAGCOR's leadership. 

Chairman and CEO Alejandro Tengco expressed delight at the firm's robust performance, stating, “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”.  

The chairman is also featured in an exclusive interview in the latest of SiGMA Magazine - collect your copy at SiGMA Asia.

The SIGMA Asia will take place from the 2nd to 6th of June at the SMX Convention Centre – Manila’s largest expo venue. SiGMA will connect its vast network in the West with Asian suppliers, operators, and affiliates, opening up new opportunities for business, and providing a space for premium networking for an expected turnout of 20,000 delegates.

SiGMA Asia’s double decker features a diversified portfolio of B2B and B2C brands, as well as a number of land-based exhibitors – making it one of the biggest gaming shows in Asia. The event will also focus on the emerging technologies, bringing cutting-edge tech, such as AI and Blockchain to the floor.

Two full days of conference provide a valuable platform for knowledge sharing and debate. A guestlist of VIP speakers will address topics ranging from the regulatory landscape to the integration of the emerging technologies, while a series of competitive startup pitches help bring exciting new companies and ideas to light. 

With official endorsements from PAGCOR and CEZA supporting the event, delegates can expect an exclusive line-up of guests this June, including 3,000 operators and over 350 top speakers.

Suntrust Resort Holdings, controlled by LET Group Holdings (formerly Suncity Group Holdings), disclosed a loss of PHP256.1 million (€4.11 million) for the first quarter of 2024, marking a significant downturn from the PHP92.6 million (€1.48 million) profit recorded in the same period of last year. The attributed the loss to a sharp increase in operating expenses, tax expenses, and finance costs, coupled with a substantial decline in revenue and income. 

Operating expenses surged by 95 percent, escalating from PHP69 million (€1.1 million) in the first quarter of 2023 to PHP135.4 million (€2.17 million) in the same period this year, as indicated in the company's filings with the Hong Kong Stock Exchange and the Philippines Stock Exchange.

The loss per share amounted to PHP0.0353, in stark contrast to earnings per share of PHP0.0128 reported in the corresponding quarter of the previous year, reflecting the company's challenging financial performance.

Total revenue and income plummeted to PHP3,226 (€51.81) in 1Q24, primarily attributed to foreign exchange gains. 

Despite the financial setback, Suntrust Resort Holdings continues to advance its Westside City Project integrated resort in Manila. The project's main components include an entertainment complex and a five-star hotel boasting over 450 rooms. Additionally, the company is spearheading the development of the Westside shopping mall, an opera house, and a 2,000-room hotel complex.

Last week, the closing date for securing funding of up to PHP13.51 billion (€219.2 million) for the Westside City project has been pushed back by 12 months. The revised date is now set for April 30, 2025. 

The company anticipates the opening of the Main Hotel and Casino segment of the Philippines Westside City Project in the first quarter of 2025, signalling its commitment to realizing the project's long-term vision amidst current financial challenges. 

Genting Singapore achieved remarkable growth in the first quarter of 2024, recording revenue of SG$784.4 million (€538.5 million) and adjusted EBITDA of SG$369.5 million (€253.4 million). These figures represent a substantial increase of 62 percent in revenue and 93 percent in adjusted EBITDA compared to the same period last year.  

The company's gaming revenue surged by 69 percent annually to SG$576 million (€395.1 million) in the first quarter, with a notable quarter-over-quarter improvement of 31 percent.  attributes this growth to enhanced visitation and tourism spend during the Chinese New Year festivities, coupled with relaxed visa regulations between China and Singapore.  

The mutual visa-free agreement between China and Singapore, implemented in February 2024, contributed to a significant increase in visitor arrivals to Singapore. Chinese tourists have emerged as a key source market, bolstering Genting Singapore's integrated resort, Resorts World Sentosa.  

This turnout was experienced even if the company earlier  the potential changes in Chinese tourist behaviour prompted by the Chinese government’s warnings to avoid gambling.  

Genting Singapore provided updates on its revitalization initiatives, confirming that construction for the new Minion Land, Singapore Oceanarium, and Central Lifestyle Connector remains on schedule for phased openings starting from the first quarter of 2025. Moreover, the company expects to award the tender for the new Waterfront development, featuring two hotels totalling 700 rooms, in the third quarter of 2024, with on-site works slated to commence by the fourth quarter of the same year.  

Meanwhile, the former Hard Rock Hotel, which closed in March 2024, is undergoing extensive renovation and is scheduled to reopen as a new all-suite luxury hotel in early 2025. This strategic refurbishment aligns with Genting Singapore's commitment to providing exceptional hospitality experiences and further enhancing its offerings within the integrated resort landscape.  

Genting Singapore is the owner of Resorts World Sentosa, one of the largest integrated resort destinations in Asia. Resorts World Sentosa offers a casino, S.E.A. Aquarium, Adventure Cove Waterpark, Universal Studios Singapore theme park, hotels, MICE facilities, celebrity chef restaurants and specialty retail outlets.