Asia NEWS

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. 

The Chinese government has announced the extension of the facilitated individual travel (FIT) scheme to include eight additional mainland cities for visits to Hong Kong and Macau, effective from May 27, 2024.  

Asia Gaming Brief reported that the National Immigration Administration revealed the expansion following approval from the State Council, signalling a concerted effort to enhance cross-border travel arrangements and promote economic cooperation. 

This development follows a for Chinese nationals on package tours implemented last May 6, easing travel between Macau and neighbouring Hengqin. This initiative allows participants in package tours to move freely between the two regions over a seven-day period. 

The newly added cities encompass provincial capitals such as Taiyuan, Hohhot, Harbin, Lhasa, Lanzhou, Xining, Yinchuan, and Urumqi, representing diverse regions across China. 

The FIT scheme, introduced in 2003 in response to the SARS outbreak, facilitates independent travel for mainland residents to Hong Kong and Macau, promoting tourism and cultural exchange. 

The Macau Chief Executive anticipates a significant uptick in mainland tourist arrivals, citing the potential for substantial economic benefits to the city. The recent surge in visitor numbers underscores the importance of mainland tourism to Macau's economy, particularly in the gaming sector. 

Macau experienced a notable increase in visitor arrivals, predominantly from mainland China, contributing to a substantial year-on-year rise in gross gaming revenue. The addition of more cities to the Individual Visit Scheme (IVS) list is expected to further stimulate tourism and retail industries in Macau. 

Macau authorities are committed to fostering favourable conditions for mainland residents to visit the city, emphasizing dialogue with Chinese authorities to facilitate travel arrangements. Efforts to diversify the economy beyond gaming continue, with a focus on promoting non-gaming activities and attracting international visitors. 

While the impact on the gaming sector remains uncertain, analysts suggest potential short-term benefits from the expansion of the IVS list. Macau's government encourages gaming operators to cater to international clientele and enhance non-gaming offerings to support long-term economic growth. 

As increase and non-gaming initiatives gain momentum, Macau seeks to balance its reliance on mainland tourism with efforts to attract a more diverse visitor base. Collaboration between government entities and industry stakeholders will play a crucial role in shaping Macau's tourism landscape and economic resilience. 

International Entertainment Corporation has officially taken the reins of the Casino Filipino New Coast branch in Manila, previously owned by the Philippine Amusement and Gaming Corporation (). The Hong Kong-listed company acquired the property as part of PAGCOR's privatisation initiative. 

The handover process between PAGCOR and International Entertainment's subsidiary, Marina Square Properties, Inc. (MSPI), was completed, leading to the commencement of limited operations on Thursday. The full transfer of casino operations to International Entertainment is scheduled for May 11, as per the company's announcement. 

International Entertainment Corporation underscores its commitment to regulatory compliance and responsible gambling. The company has implemented internal control procedures, including a comprehensive anti-money laundering and counter-terrorist financing program (MLPP), aligned with relevant laws and regulations. 

As part of the Provisional Licence Agreement with PAGCOR, the casino operator is obligated to remit a monthly minimum guaranteed share (MGS). In recognition of the licensee's operational commencement in May 2024, PAGCOR has granted a pro-rated monthly MGS of PHP60 million (€969,021), subject to adjustment if licence fees exceed this amount. 

With the transition now underway, International Entertainment Corporation is poised to leverage its expertise and resources to enhance the New Coast Casino's offerings and customer experience. The company aims to solidify its presence in the ' bustling gaming landscape while contributing to the local economy and community. 

During the ASEAN Gaming Summit last March, PAGCOR Chairman Alejandro Tengco stressed the vital importance of privatisation, stating, "Emphasizing PAGCOR's regulatory function through privatization is crucial for promoting fair competition and rejuvenating the industry." 

Tengco also outlined plans for the gradual privatisation of Casino Filipino properties, aiming for a leaner, more focused organization dedicated to regulatory tasks. 

Tengo said that after full privatisation, PAGCOR's revenue will mainly come from regulatory fees, licences, and a portion of gross gaming revenue, as the agency optimize operations to become more agile and efficient. 

South Korean casino operator  experienced a 228 percent increase in operating profits during the first quarter of 2024, reaching KRW48.4 billion ($35.2 million), attributed mainly to heightened participation from Japanese and mass market players.  

The reported operating profits signify a substantial surge from the KRW19 billion (€12.8 million) recorded in the previous quarter and a 154 percent rise from the corresponding period last year.  

Paradise Co. witnessed a significant turnaround in its net profit attributable to shareholders, with KRW36.9 billion (€24.8 million) recorded in the first three months of 2024, marking a departure from previous losses.  

The company specializes in managing foreigner-only casinos, including renowned establishments such as Walker-Hill, Jeju, Incheon Paradise City, and Busan Casino.  

Despite modest overall sales growth of 9.5 percent quarter-to-quarter, totalling KRW264.7 billion (€179 million), revenue from casino sales saw a notable increase of 9 percent, reaching approximately KRW102.2 billion (€69 million).  

 reported a record-breaking quarterly soft drop, with nearly KRW1.7 trillion (€1.11 billion) exchanged for chips at gaming tables. Notably, Japanese punters contributed KRW717 billion (€485 million), while Chinese gamblers accounted for KRW301 billion (€203.6 million).  

With a projected full-year EBITDA of KRW68.1 billion (€46 million), reflecting a remarkable 96.3 percent increase from the preceding quarter, Paradise Co. anticipates continued growth and profitability in the foreseeable future.  

This projection followed a 2023 revenue uptick of 112.8 percent increase compared to the figures of 2022. The group amassed KRW744.2 billion (€529.4 million) in casino revenue. This growth in annual revenue last year can be primarily attributed to the significant uptick in the table games segment. According to the company, revenue from table games soared by 118.8 percent year-over-year. Meanwhile, machine revenue also experienced an increase, rising by 51.9 percent.  

The 2024 Indian Premier League (IPL) has been a game-changer for the crypto betting industry, with Stake.com leading the charge. The platform has reported that more than $100 million has been wagered on the IPL after it enabled payments in rupees, marking a significant milestone in its operations.

Stake.com, a giant in the crypto betting industry, has made its flagship sportsbook by enabling This strategic move has not only expanded the platform’s currency options to six but also raised its profile in the Indian market.

The integration of the rupee as a payment option coincided with several marketing campaigns aimed at supporting Stake.com’s new market presence. These efforts have paid off, with the IPL’s soaring popularity mirrored by Stake.com’s own growth.

The IPL is the world’s most popular cricket league, with the first 51 matches of the 2024 season attracting a viewership of 510 million, according to Disney Star. Stake.com’s Director of Commercial, Jarrod Febbraio, highlighted the platform’s commitment to improving its product and making it easily accessible to as many players as possible.

Stake.com’s promotional push also included a unique offer that saw bets paid out on any team that managed to hit a six during the first four overs, even if they went on to lose the match. This resulted in $30 million being returned to players that would otherwise have been returned to the sportsbook.

While India has regulated skill-based gaming, many offshore operators continue to have a presence in the market. These operators are liable for the country’s 28 percent Goods and Services Tax (GST) on turnover, despite lacking a local licence. This has led to criticism from the local industry, with trade bodies warning that it could damage India’s nascent gaming industry.

Stake.com’s strategic move to enable rupee payments has significantly impacted its operations and the crypto betting landscape. With the IPL’s popularity on the rise and Stake.com’s innovative approach, the platform is set to continue its growth trajectory in the Indian market.

Wynn Macau experienced a remarkable 66.4 percent surge in operating revenues during the first quarter of 2024, reaching almost $1 billion (€930 million). This impressive growth surpassed expectations and overshadowed its other segments.  

Operating revenues soared to $998.645 million (€929.08 million), with significant increases recorded both in the Cotai Strip property (56 percent rise) and on the peninsula (78.5 percent surge), reaching $586.9 million (€546 million) and $411.74 million (€383 million), respectively.  

’s adjusted property EBITDA has more than doubled, rising from $155.8 million (€144.9 million) to $339.55 million (€315.9 million) compared to the previous year, with the company's results leading at $246.26 million (€229.1 million).  

Wynn Palace, the group's Cotai operation, witnessed operating revenues of $586.9 million (€546 million), marking a substantial $217.5 million (€202.35 million) yearly increase. Adjusted property EBITDAR nearly doubled, reaching $202.4 million (€188.3 million).  

The peninsula property contributed significantly to the revenue surge, generating $411.7 million (€383 million) in operating revenues, up $181 million (€168.4 million) yearly, with EBITDAR at $137.2 million (€127.6 million), a strong rise from $44.7 million (€41.5 million) in the first quarter of 2023.  

The increase in operating revenues was primarily driven by higher gaming volumes, increased hotel occupancy, and restaurant covers across the Macau properties.  

Total casino revenue for the , including non-Asian operations, improved by 46.2 percent yearly, totalling $1.12 billion (€1.11 billion), while non-casino revenue increased by 12.9 percent, reaching $741.44 million (€689.79 million). Company-wide revenue surged to $1.86 billion (€1.73 billion), up 30.9 percent yearly.  

Wynn Macau maintained exceptional occupancy rates, with the Cotai property at 98.8 percent and the peninsula property at 99.4 percent, reflecting a significant increase compared to the previous year.  

The group's net income witnessed a substantial increase, reaching $144.2 million (€134.15 million), compared to $12.3 million (€11.4 million) in the same period of last year. Property EBITDAR rose to $654.5 million (€608.9 million), with gains across Wynn Macau, Cotai, and Las Vegas, despite a decrease in Encore Boston Harbor.  

Wynn Macau's exceptional performance in the first quarter of 2024 underscores its strong position in the gaming industry, driven by robust revenue growth and enhanced profitability across its properties.  

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