Casino NEWS

The Swedish government has recently proposed to discontinue the Casino Cosmopol land-based casino business of state-owned operator Svenska Spel. In a memorandum filed on 7th May 2024, the government stated that Casino Cosmopol “no longer fulfils its purpose” and highlighted the ongoing challenges for the business to reach profitability.

The government does not anticipate the proposed closure to have any “major impact” on illegal gambling in Sweden. If the measure passes, a condition in for the right to operate land-based casinos would be removed. Consequently, e, located in Stockholm. The closure, expected to occur on or before 1 January 2026, would impact approximately 200 jobs.

Svenska Spel has acknowledged the struggles of Casino Cosmopol. The company shares the government’s assessment of reasons for closure, noting the lack of opportunity to reach profitability as visitor numbers fall with more people opting to gamble online.

Svenska Spel once operated four casino locations in Sweden. The first to close was the casino in Sundsvall in 2020. More recently, the company announced the permanent closure of its casinos in Gothenburg and Malmö due to limited profitability. The decision was announced in January of this year.

Svenska Spel CEO Erik Strand stated, “The movement from gambling in land-based casinos to gambling online accelerated after the reregulation of the gambling market in 2019 and the subsequent pandemic, when Casino Cosmopol remained closed.” He added, “We share the assessment that it is no longer possible to run Casino Cosmopol profitably.”

CEO Ola Enquist also accepted the news but described the move as an “end of an era”. He said, “Although we share the government’s assessment, it is emotional to take part in the bill. If it is adopted, it means that our last casino is closing and that an era is over.”

Recent financial results published by Svenska Spel show where Casino Cosmopol sits compared to its other businesses. In 2023, the Casino Cosmopol and Vegas arm posted a 12.0 percent drop in revenue to SEK942m (£69.3m/€80.7 million/$86.9 million). This decline was attributed to a decrease in casino visitors in response to the rising popularity of online casino gaming.

In contrast, Svenska Spel reported growth elsewhere. Revenue from the Tur lottery division climbed 0.6% higher at SEK4.92bn, while revenue from Sport & Casino was up 4.6 percent to SEK2.17 billion. Looking at net gaming revenue per sales channel, casino revenue fell 11.4 percent to SEK473million, while the online sector saw revenue grow 7.2 percent to SEK4.20 billion.

As for the most recent quarter, the closure of the two casino sites hit the Casino Cosmopol & Vegas segment, with revenue down 31.6 percent to SEK169 million. In addition to the closures, the group also reduced the operating hours of its remaining Stockholm venue.

In addition to these challenges, Casino Cosmopol has faced regulatory issues in recent months. In December, the casino was fined SEK2m for anti-money laundering failings after a probe by Swedish regulator Spelinspektionen. Svenska Spel was also warned over the matter.

Century Entertainment International Holdings has announced it has signed an agreement to operate a VIP gaming room at a casino located in Dara Sakor, Cambodia. This move marks a strategic shift for the Hong Kong-listed company, as it terminates a prior arrangement with Lion King Entertainment and establishes a direct partnership with the casino proprietors. 

Under the new deal, 's subsidiary, Wisdom Ocean Group Limited, will manage all seven VIP gaming tables at the Dara Sakor casino for an initial three-year term. The company will make monthly payments of $35,000 (€32,502) to LongBay Entertainment, the casino's owner, in exchange for full operational control, including management of winnings and losses, as well as staffing expenses. 

LongBay Entertainment will provide essential gaming licences, cover operational costs such as utilities and dealer wages, and ensure regulatory compliance.  

Century Entertainment didn’t push through with its previous agreement with Lion King Entertainment due to challenges accessing comprehensive financial records necessary for regulatory compliance. Negotiations with LongBay Entertainment followed, resulting in the current partnership aimed at revitalizing Century Entertainment's gaming operations. 

Situated in the growing Dara Sakor district, the designated VIP Rooms are viewed as a strategic venture with significant potential in Cambodia's gaming market. Century Entertainment remains committed to offering baccarat across all gaming tables, anticipating favourable prospects in the area. 

Last March, Cambodia’s Prime Minister Hun Manet has measures to stop the spread of gambling activities in the nation, citing their negative impacts. Hun Manet declared a suspension on issuing new licences and raised the possibility of revoking existing ones. 

While previous plans to relocate from Sihanoukville to Dara Sakor faced challenges such as pandemic-related disruptions and implementation delays, Century Entertainment remains optimistic about the revenue-generating potential of its renewed gaming business. The company is poised to navigate challenges and capitalize on opportunities in Cambodia's evolving gaming landscape. 

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

Brokerage firm CLSA anticipates a 6 percent month-on-month increase in Macau's gross gaming revenue (GGR) for May, reaching MOP19.7 billion (€2.27 billion). While slightly below market consensus, CLSA's projection aligns with Morgan Stanley's forecast and indicates continued recovery in the region's gaming sector. 

Analysts Jeffrey Kiang and Leo Pan highlighted the robust foot traffic observed during the Labour Day holiday, citing positive trends in average daily visitation and hotel bookings. 

Throughout the holiday period, key establishments such as Grand Lisboa Palace, MGM Cotai, The Londoner, and others experienced significant foot traffic, including busy gaming floors. Minimum bets on baccarat tables ranged from MOP1,000 to MOP1,500, with higher stakes in high-roller rooms ranging from MOP3,000 to MOP10,000. 

Despite during the Labour Day break, Macau remains optimistic about its tourism prospects. The city welcomed a total of 604,395 tourists over the five-day holiday, averaging 120,000 visitors per day, falling short of authorities' projections. 

The Macao Government Tourism Office (MGTO) attributed the lower arrivals to adverse weather conditions, dampening travel enthusiasm. However, the agency assured that the government is gearing up for the upcoming summer holidays to boost tourism. 

To stimulate tourism, Macau launched the for Chinese nationals on tour groups on Monday. The initiative aims to facilitate integrated development between Macau and Hengqin, offering tourists more choices and enhancing the region's attractiveness. 

The new visa allows tour group visitors to stay at budget hotels in Hengqin and visit Macau during the day. As Macau continues to navigate recovery post-pandemic, initiatives like the multi-entry visa signal proactive measures to revitalize the tourism sector and promote integrated development with neighbouring regions. With gaming revenue forecasts showing promising signs, stakeholders remain hopeful for sustained growth in Macau's economic recovery. 

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

The closing date for securing funding of up to PHP13.51 billion (€219.2 million) for the casino hotel project at  in Manila, Philippines has been pushed back by 12 months. Suntrust Resort Holdings, the developer behind the project, confirmed the revised date, now set for April 30, 2025, in a filing submitted on Friday.   

The Westside City Project, an integrated resort located in Manila's Entertainment City, is spearheaded by Suntrust Resort Holdings. The project aims to debut its main hotel-casino in the first quarter of 2025, aligning with the extended funding deadline.  

In July 2023, Summit Ascent Investments, a subsidiary of Summit Ascent Holdings Ltd., pledged to subscribe to convertible bonds totalling up to PHP13.51 billion (€219.2 million) issued by Suntrust. However, as of last week, certain conditions necessary to finalize the agreement remained outstanding. This includes obtaining consent and approvals from regulatory bodies such as the Securities and Exchange Commission (SEC) in the Philippines.  

Summit Ascent highlighted Suntrust's financial challenges, citing failures to pay interest on previous convertible bonds. To address these issues and secure the necessary funding, Suntrust's board  a $38 million (€36.6 million) loan from LET Group Holdings, the parent company of both Summit Ascent and Suntrust.  

As per the loan agreement, LET Group has agreed to provide a $38 million (€36.6 million) loan to Suntrust, which Suntrust must repay over 10 years starting from the execution date. However, both parties have the option to extend or shorten the repayment period by mutual agreement, or in case of default. Suntrust believes that this loan will have a positive impact on its business, operations, and financial condition, as it is expected to improve the company’s prospects.  

The delay in securing funding and addressing financial concerns may potentially impact the completion and opening of the main hotel-casino. Summit Ascent emphasised the importance of securing necessary capital expenditures to prevent significant delays in the project's development. 

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

Macau's anticipated surge in visitor numbers during the extended Labour Day break fell short of expectations, with just over 604,000 visitors recorded, as reported across multiple media outlets. This figure represented a daily average of around 121,000, notably below the 130,000 forecasted by tourism officials. 

Last month, the Macao Government Tourism Office (MGTO), a surge in inbound tourism to Macau for the Labour Day holiday.  

Unfavourable weather conditions, including rain and gusty winds throughout the Labour Day break, likely contributed to the lower-than-expected visitor numbers. Particularly severe weather conditions were experienced on Saturday, marked by the issuance of the year's first black rainstorm warning. 

Despite the subdued arrival numbers, the total entries and exits recorded at all of Macau's border checkpoints saw a notable 11.6 percent year-on-year increase, totaling 2.43 million. This uptick suggests continued mobility despite challenges in visitor arrivals. 

The total visitor numbers recorded between May 1 and May 5 accounted for nearly 85 percent of the comparable figures from 2019, marking a significant recovery towards pre-pandemic levels. This trend underscores Macau's resilience in rebounding from the impact of Covid-19 on travel and tourism. 

While Labour Day itself is a single-day holiday in Macau, it extends to a three-day break on the Chinese mainland, which constitutes Macau's primary source of visitors. When combined with the weekend, this creates a five-day vacation period for mainland Chinese travellers, traditionally contributing to increased tourism activity in Macau. 

Despite challenges posed by adverse weather conditions, Macau's ability to attract many visitors during the Labour Day break reflects continued interest in the destination and ongoing efforts towards tourism recovery. 

Meanwhile, starting Monday, a  tailored for Chinese nationals participating in package tours will launch, facilitating travel between Macau and the nearby Hengqin. The initiative, unveiled by China’s National Immigration Administration, enables package tour participants to enjoy unrestricted movement between the two regions for up to seven days. 

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

The World Series of Poker (WSOP), a prestigious event that has been the pinnacle of the poker world for decades, is set to make a grand return to Northern Europe. This July, the Estonian capital, Tallinn, will play host to this much-anticipated event.

The WSOP event, scheduled to take place from 19 to 28 July, is a collaboration between the OlyBet Group and GGPoker. The venue for this grand event is the Olympic Park Casino and Hilton Hotel, a location that promises to offer an unforgettable experience to all attendees.

The event is expected to draw thousands o, all vying for the coveted WSOP gold ring. The main event tournament boasts a guaranteed prize pool of €1m ($1.07m), making it one of the most lucrative poker tournaments in the world.

In addition to the main event, the WSOP festival will feature 12 ‘ring events.’ Winners of these ring events will not only receive a cash prize but also a guaranteed entry to next year’s tournament and a World Series of Poker gold ring. The festival will also host over 40 side events and round-the-clock Cash Games, ensuring non-stop action for the entire duration of the event.

OlyBet, part of the Olympic Entertainment Group, is a renowned sports and gaming entertainment brand with partners across Europe. It is also a member of the International Betting Integrity Association (IBIA) and an official sponsor of Spain’s top football league, LaLiga. OlyBet’s commitment to integrity and fair play makes it an ideal host for the WSOP event.

The city of Tallinn is no stranger to hosting major poker events. Earlier this year, it hosted the 10th edition of the Kings of Tallinn festival, which featured over 50 tournaments, including the main event. The success of this event has undoubtedly set the stage for the upcoming WSOP event. The upcoming WSOP event in Tallinn promises to be a thrilling experience for poker enthusiasts worldwide. With its rich history, beautiful architecture, and vibrant nightlife, Tallinn is all set to become the new poker capital of Northern Europe. So, mark your calendars and get ready for an unforgettable poker experience this July!

Dutch authorities have apprehended a suspect linked to the ZKasino scam. The arrest was made on 29 April, with the suspect, a 26-year-old man, facing charges of fraud, embezzlement, and money laundering.

The ZKasino platform, which initially presented itself as an innovative gambling platform, has been under scrutiny for its dubious operations. The platform promised investors a return on their investments within 30 days, a promise that was never fulfilled. The smart contract associated with the platform suggested that there was never an intention to return the funds, raising red flags among the investor community.

The Fiscal Information and Investigation Service (FIOD) seized assets worth over 11.4 million euros ($12.2 million) during the arrest. The seized assets include cryptocurrency, real estate, and luxury cars. This marks the first arrest in the ZKasino fraud case, where investors have reportedly lost at least $33 million in digital assets.

The platform went live on April 20, attracting over 10,515 Ether (ETH) from more than 10,000 investors. However, investor concerns escalated when an on-chain transaction revealed ZKasino moving all 10,515 ETH into the Lido staking protocol. Additionally, the platform altered the wording on its website, removing a statement that assured investors that their ETH “would be returned.”

Adding to the controversy, ZKasino announced in a March post that it had closed a Series A investment round at a $350 million valuation. The platform claimed backing from crypto exchange MEXC and venture firm Big Brain Holdings, among others. However, Big Brain Holdings later clarified that it had not invested in ZKasino, labeling the platform as “fraudulent.”

While the identity of the suspect remains unconfirmed, speculation is rife within the crypto community. The suspect’s detention has been extended by 14 days for further investigation. As the case unfolds, risks and challenges in the rapidly evolving world of need to be continuously evaluated. The ZKasino case is a cautionary tale for investors, highlighting the importance of due diligence and regulatory oversight in the crypto space.

Maybank Securities Inc. projects a robust growth of 15 percent in the of the Philippines' gaming industry for 2024. In a recent note, the institution expressed optimism, maintaining a positive outlook on the sector.  

Analyst Raffy Mendoza highlighted the anticipated growth driven by the domestic mass and slots market, with additional upside potential from the gradual recovery of the VIP segment, notably led by South Korean visitors. 

Maybank expects growth to extend beyond Entertainment City, Manila, with the opening of Solaire Resort North and a surge in e-gaming activities contributing to the industry's expansion. 

In 2023, the Philippines witnessed a remarkable 33% year-on-year growth in GGR, reaching PHP 285.3 billion (€4.6 billion). Land-based venues constituted the bulk of this growth, accounting for approximately 80 percent of the industry's GGR, marking a substantial increase from the previous year. 

Mass tables and slot machines dominated Entertainment City's GGR, comprising 64% of the total in the financial year 2023. This underscores the growing demand from the domestic market, a trend expected to persist due to increasing private consumption. 

While Maybank anticipates challenges due to fewer Chinese visitors affecting the VIP segment, it notes a gradual recovery led by South Korean tourists. Despite Chinese arrivals being at only 24 percent of 2019 levels in the first quarter of 2024, Korean arrivals have reached 88 percent of pre-pandemic levels during the same period. 

The Philippine Amusement and Gaming Corporation (PAGCOR) the gaming industry to generate PHP 336.38 billion (€5.5 billion) in GGR in 2024, reflecting a significant 17.9 percent increase compared to 2023. 

Overall, Maybank's positive forecast underscores the resilience and potential of the Philippines' gaming industry, driven primarily by the domestic market's sustained growth and gradual recovery in the VIP segment, despite challenges posed by fluctuating visitor arrivals. 

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

South Korean foreigner-only gaming operators Grand Korea Leisure Co Ltd (GKL) and Lotte Tour Development recorded a decline in their April sales compared to the previous month. This decline reflects ongoing challenges faced by the industry despite improvements.  

, a subsidiary of the Korea Tourism Organization, experienced a 28.9 percent decrease in net sales in April compared to the same period last year. Table game sales dropped by 21.2 percent month-on-month, while machine game sales remained relatively stable. However, total sales for the first four months of 2024 declined by 17.7 percent compared to the previous year, without a specified reason for the decrease.  

Although the casino's table drop remained steady compared to March, it showed a notable increase of 7.8 percent from April 2023. The cumulative casino drop for the first four months of the year also demonstrated a significant rise of 17.6 percent compared to the same period last year.  

Meanwhile, Lotte Tour Development, operator of the Jeju Dream Tower casino resort, reported an 8.1 percent decrease in casino sales in April compared to the previous month. However, sales surged by 104.8 percent compared to April last year. Table game sales decreased by 7.7 percent month-on-month but showed a significant increase of 114.6 percent year-on-year.  

Lotte Tour's casino table drop for April witnessed a notable rise of 5.2 percent compared to March and a significant increase of 32.6 percent year-on-year.  

Despite fluctuations in sales and table drops, casino operators in continue to navigate challenges in the gaming industry. While some indicators show improvement compared to last year, the overall trend highlights the need for sustained efforts to bolster the sector in the face of ongoing uncertainties.  

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

Following the opening in July 2023, the first Integrated Resort in Europe, where SiGMA CIS/Balkans held its event in September 2023, Melco announced that it had partnered with John Keells Holdings PLC (JKH) to develop the ‘City of Dreams Sri Lanka’, a ground-breaking integrated resort set to redefine luxury hospitality and entertainment in the region.

The partnership between Melco and John Keells brings a $125 million investment for the fit-out and equipping of the gaming space, transforming the former 'Cinnamon Life Integrated Resort' into the 'City of Dreams Sri Lanka.'

'City of Dreams Sri Lanka' will feature a 687-key hotel, branded as 'Cinnamon Life,' equipped with ballrooms, banquet facilities, and an exhibition centre capable of hosting events for up to 5,000 guests. Additionally, a 113-key exclusive hotel and a vast 500,000 square foot shopping and entertainment complex, including gaming operations, will further enhance the resort's appeal.

Mr. Lawrence Ho, Chairman and Chief Executive Officer of Melco, said, “We are thrilled to be part of this landmark development in Sri Lanka and to be in partnership with John Keells. We believe Sri Lanka has immense potential and this opportunity complements our existing portfolio of properties.

“Furthermore, City of Dreams Sri Lanka is expected to serve as a catalyst for stimulating tourism demand and promoting economic growth in Sri Lanka, drawing inspiration from the successful examples set by similar integrated resorts in other jurisdictions. We will continue to work closely with our esteemed partners and the Sri Lankan Government to ensure the success of this venture, and we expect to make a significant and positive impact on the local community and economy.”

With plans for casino operations to begin in mid-2025 and ongoing discussions for potential expansions, 'City of Dreams Sri Lanka' stands poised to become a premier destination in South Asia, offering a blend of luxury, entertainment, and unparalleled experiences.

The City of Dreams Mediterranean faced turmoil with following challenges since it opened its doors four months prior. Issues like construction delays, pandemic disruptions, and geopolitical conflicts all played a part in hindering the success of the mega project. The resort grappled with declining casino traffic, prompting tough decisions to ensure project viability. Despite efforts to adapt marketing strategies and attract diverse clientele, Melco faced persistent concerns about working conditions.

Next SiGMA Event: Join us in Manila from the 2 – 5 June for SiGMA Asia. Find all the details .