SiGMA Gaming Awards brings the gaming industry together for gala evening

Caesars Entertainment (NASDAQ: CZR) announced on 30 April that it has upgraded the Caesars Palace Online Casino application for use on iOS and Android mobiles. The new app is now live. It is headlined by an industry-first multi-lobby navigation layout that revolutionises the online casino experience.

The app is dedicated to popular game concepts, including slots, table games, and Live Dealer. The functionality of the app is first of its kind and is an extensive revamp. The new Caesars Palace Online Casino app breaks the mould of the typical online casino app design with a clean and layered user experience modelled after a real-life casino floor layout with areas devoted to specific game types.

Anyone 21 and upwards can get closer to the thousands of casino games they love via a uniquely innovative online casino product fully dedicated to serving the online casino customer and fit for the most iconic brand in casino entertainment.

The Caesars Palace Online Casino app’s new functionality allows players who know what they want to play to quickly access their favourite games while also providing an enjoyable way for players who are more interested in discovering new games to do so.

According to the gaming laws the users of this app must be over 21 and  physically be present in any of the four US States,  New Jersey, West Virginia, and Pennsylvania and the Canadian province of Ontario. Caesars Palace Frenzy, produced by Games Global and other titles have been added to the app. Caesars has said it will continue to add a number of new exclusive and bespoke games with player promotions to the app. The newly upgraded Caesars Palace Online Casino app will allow players to continue to earn Caesars Rewards points whenever they play online also. 

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.

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Flutter Entertainment's decision to relocate its primary listing from London to New York has been backed by an overwhelming 98 percent of shareholders at its annual meeting. The move to the New York Stock Exchange is expected to be effective by the end of this month and it reflects the company’s growth trajectory and the changing dynamics of the global financial markets. It remains to be seen how this move will impact Flutter’s future growth and the London Stock Exchange’s standing as an international financial centre.

The decision by Flutter, formerly known as Paddy Power Betfair, is not an isolated incident. It is part of a growing trend of public companies moving their primary listings from London, thereby weakening the London’s standing. This trend has been fuelled by the allure of higher valuations and executive pay in the US market. One thing is certain, however - the global financial landscape is in flux, and companies are strategically positioning themselves to navigate this changing terrain.

Flutter's transatlantic leap has several implications for its investors. New York will enhance Flutter's profile in the US, its largest market by revenue. This increased visibility will attract a large pool of investors and subsequently increase the company's market cap. US markets are recognised for their depth and liquidity therefore Flutter will gain access to deeper capital markets which will provide greater liquidity for its shares.

Flutter's New York listing may lead to an increase in Flutter's share price benefitting its investors. The move to a primary US listing will give Flutter the opportunity to pursue inclusion in major US indices and this will increase the company's visibility resulting in a demand for its shares.

Flutter's primary listing relocation to NYSE is not an isolated incident. Several other companies have also chosen to make a similar transition. Earlier this year, Anglo-German travel company Tui and building materials company CRH made similar moves. Indivior, a pharmaceutical company, and Ocado, an online grocery retailer, are also reportedly considering a shift to the US. This exodus from the London Stock Exchange is indicative of a broader shift in the global financial landscape.

The decision by Flutter comes at a time when the company is anticipating to generate more than 40 percent of its revenues from the US market this year. This growth has been largely driven by the success of FanDuel, one of the country’s biggest online betting and fantasy sports platforms. The popularity of FanDuel has surged following the relaxation of online betting restrictions in the US in recent years. Sales in the country have risen from 10 percent of revenues five years ago, to 40 percent last year, making it the largest market by revenue for Flutter.

On the flip side, Flutter's move obviously means that it will be removed from London's FTSE indices. This may lead to selling pressure from index funds and other institutional investors that tract these indices.

It is also widely recognized that the recruitment and retention of talent in the United States typically necessitates a more substantial investment. As a result of Flutter Entertainment’s move, the company will be better positioned to recruit and retain US talent however this will increase staff costs and hiring expenses. Despite these potential higher costs, the ability to attract and retain talent in the US could significantly contribute to the company’s long-term growth and success.

The move to the US was first mooted in February 2023 when Flutter consulted shareholders over plans to gain a secondary listing in New York as part of its wider growth plans in the country. The company referred to the New York Stock Exchange as its “natural home” prior to the US listing in January.

The implications of this move are significant. It not only reflects the changing dynamics of the global financial markets but also underscores the strategic importance of the US market for companies like Flutter. As more companies follow suit, the shift could potentially reshape the global financial landscape, with New York emerging as the preferred destination for primary listings.

The market reception to this decision has been overwhelmingly positive, with 98 percent of shareholders backing the move. The company expects the primary listing to become effective imminently. As one analyst put it, “The strong shareholder support underscores the confidence in Flutter’s strategic direction.”

The move aligns with a broader trend of companies favouring U.S. markets, driven by potential valuation advantages. This strategic alignment reflects concerns about London’s attractiveness for IPOs and listed firms in the post-Brexit landscape. An industry observer noted, “Flutter’s move is emblematic of the shifting global financial landscape, with the U.S. increasingly seen as a more attractive market.”

Russell Pointon, Head of Consumer and Media markets at investment research firm Edison Group, highlighted the potential for increased influence. He noted that the NYSE listing might increase Flutter’s influence on investor perceptions of UK gambling PLCs.

However, the move is not without potential risks. Some analysts have expressed concerns about the move. For instance, an article in The Guardian suggested that UK shareholders should vote against Flutter’s flight to the US. This highlights the need for Flutter to carefully manage its stakeholder communications during this transition.

Flutter’s CEO, Peter Jackson, has stated that the group’s focus remains on the US, with liquidity pools there described as “much greater” than in any other markets. He also mentioned that the company sees itself as going home – the US is their natural home. This statement underscores the strategic importance of the U.S. market for Flutter’s future growth.

While there is a general consensus on the strategic benefits of the move, some analysts have also highlighted potential risks. As one financial commentator aptly put it, “Flutter’s move is a bold strategic play, but like all plays, it carries both potential rewards and risks.” It’s clear that this decision has sparked a significant discussion in the financial community.

Sixteen individuals involved in an illegal online raffle on Facebook were apprehended on Wednesday by the Philippine National Police Anti-Cybercrime Group (PNP-ACG) in collaboration with Philippine Amusement and Gaming Corporation () representatives.   

The suspects, operating under the Facebook page "Lucky Dream 4," were caught during their 50th raffle event livestream from their office in a Biñan subdivision in Laguna.  

PAGCOR Chairman and CEO Alejandro Tengco emphasized that the arrest aligns with the state gaming agency’s commitment to intensify efforts against illegal online gambling. Strengthened collaboration with law enforcement agencies aims to safeguard the public, particularly the youth, from the dangers of illegal online gambling platforms.  

“We have been receiving reports of illegal online activities including those on social media platforms. As the country’s gaming regulator, it is our duty to protect the public – especially the youth -- from these illegal online gambling sites,” Tengco said in a statement.   

According to , the Facebook page "Lucky Dream 4," boasting 111,000 followers, has been conducting live online raffle games, offering second-hand modified motorcycles as prizes. PAGCOR Senior Vice President Raul Villanueva disclosed that the group has been operating for a significant period, accruing substantial proceeds from their illegal activities.  

During a single raffle event, the group could generate up to Php1.8 million (€29,155), selling an average of 40,000 to 50,000 tickets priced at Php40 each (€0.65).   

“They have amassed over Php8 million (€129,596) from the time they started this illegal online operation because, in one draw, they can sell as many as 50,000 tickets,” said Villanueva, head of the PAGCOR Security Group.  

Villanueva also expressed concern over the involvement of youth in the group, with most members being under 27 years old. He underscored that the Lucky Dream 4 group was engaged in illegal online gaming activities and urged them to obtain a licence from PAGCOR if they intended to operate legally.  

PAGCOR advises individuals engaged in similar activities to reconsider their actions and register their online gaming operations with the regulatory body.   

“We advise those who are involved in similar activities to think again. Register your online gaming operations with PAGCOR instead. There will be consequences if you continue to operate illegally because PAGCOR is constantly in touch with law enforcement agencies to ensure that these activities do not proliferate,” Villanueva said. 

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