Swedish Government proposes closure of Casino Cosmopol

A recent analysis by CBRE said the integrated resort (IR) is expected to show positive EBITDA results in 2024. This forecast follows Mohegan’s announcement of its highest-ever quarterly net revenue, reaching $461.73 million (€425.5 million) — a 13.8 percent increase year-over-year. 

The South Korean resort, which opened on March 5, has become a significant revenue stream for Mohegan, the US-based operator. Although specific performance metrics were not fully disclosed, CBRE estimates that gaming revenue comprised approximately 40 percent of the total revenue mix during the first two months of the casino's operation. 

CBRE analysts Colin Mansfield and Connor Parks highlighted that INSPIRE is contributing to market growth through increased visitation, gaming drop, and lodging. However, it faces competition from Paradise City. While INSPIRE’s revenue exceeded initial forecasts of $30.1 million (€27.2 million), the property reported a $24.1 million (€22.2 million) EBITDA loss for the quarter, attributed to excess labor and marketing costs typical of a casino opening. 

CBRE pointed to two positive trends for the South Korean gaming market: an increase in inbound visitation to Korea and INSPIRE’s impact on the overall market. February saw a 22 percent month-over-month increase in Chinese visitors to Korea, coinciding with the opening of INSPIRE’s casino. 

Despite initial losses, CBRE is optimistic about 's long-term prospects. They note that there is still significant potential for recovery in visitation from mainland China, Taiwan, and Hong Kong, which are currently at 70 percent, 87 percent, and 81 percent of 2019 levels, respectively. As travel to Korea improves, INSPIRE is expected to ramp up its operations and enhance its market presence. 

The analysts also observed a 4 percent quarter-over-quarter growth in total gaming drop at Paradise City, INSPIRE’s direct competitor, following the latter’s opening. However, Paradise City experienced a 7 percent decline in mass drop during the same period, suggesting that INSPIRE is successfully attracting mass players from its competitor. 

Recent assessments of INSPIRE’s Forest Tower King room Average Daily Rate (ADR) indicate a rate of approximately $240 (€221.21), aligning with initial forecasts and supporting anticipated growth trajectories. For CBRE, these trends reflect the resilience and promising future of the Korean gaming industry. 

 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. 

Jan Hagelberg, the Senior Vice President of International Business at Finland's Veikkaus, (photo above), has projected that the Finnish authorities will commence the issuance of gambling licenses by September 2026. Hagelberg expressed , “We understand the business, and there’s a lot happening: technological advancements, responsibilities, platforms, and new talent from companies like Kindred. We’ve even recruited individuals from PokerStars. We’re quite busy on all fronts.”

This prediction comes as Finland prepares to inaugurate its regulated market, with the government pledging to implement the new system no later than 2026. This represents a significant shift from the current monopoly model, where the state-owned Veikkaus holds exclusive rights to offer iGaming and sports betting. The existing system has largely been deemed unsuccessful in achieving its channelization objectives, with a substantial portion of revenue remaining in the unregulated segment.

Legal advisor Antti Koivula, a Finnish market expert at Legal Gaming Attorneys at Law, indicated that some form of Payment Service Provider (PSP) payments blocking would likely persist under the new regime. This system, introduced in 2023, has been criticized for its ineffectiveness.

Currently, no entities are listed on the Finnish National Police Board’s (NPB) BML Group, was the first to be blacklisted in February, following a decision by the Helsinki Administrative Court. However, the order was suspended by the Supreme Administrative Court pending the conclusion of the case.

Mansoori added, “Once the licence regime is implemented, the circumstances would be much more challenging for the operators – because then you cannot just change companies, you need to have a Finnish license at that time.”

Influencers and streamers may face stringent regulations however a balanced system would see the government concentrate on areas with a high prevalence of underage users, such as certain social media platforms. This approach would ensure the protection of vulnerable groups while allowing the industry to flourish in a regulated environment.

The Finnish gambling landscape is set for a significant transformation come 2026. As the country moves away from a state monopoly towards a regulated market, the industry is poised for exciting times ahead. The journey may be fraught with challenges and controversies, but the potential rewards promise a vibrant and thriving gaming sector.

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.