Tuesday, March 5, 2024

Dennis Andreaci

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LATEST NEWS

Digitain sponsors the ASEAN Gaming Summit  

Digitain, a sportsbook and iGaming platform provider, announced on Tuesday its sponsorship of the ASEAN Gaming Summit 2024, to be held from March 19th to 21st in Manila, the Philippines.

Melco’s EBITDA expected to surpass pre-COVID levels in 2025: S&P

Melco’s EBITDA expected to surpass pre-COVID levels in 2025: S&P S&P Global Ratings states that Macau gaming operator Melco Resorts & Entertainment Ltd. is on track for an accelerating recovery path, with its property EBITDA expected to return to 2019 levels by 2025. In a non-ratings commentary, S&P assumes the company's EBITDA will recover to 94 percent of 2019 levels in 2024 and 7 percent higher than 2019 levels in 2025. This compares with about a 75 percent level in the fourth quarter of 2023. "Melco's EBITDA recovery will likely support its deleveraging to close to pre-pandemic levels over the next 12-24 months. Strong trends in Macau's mass gaming market are fueling this recovery," the research team indicates. The ratings agency also points out that higher visitor arrivals and hotel expansion will power mass-market growth in Macau. ‘China’s inclusion of Xi’an and Qingdao in the individual visit scheme from March 6 will likely further boost visitors to Macau.’ S&P Global estimates that Macau's mass gross gaming revenue (GGR) was up 12-13 percent from 2019 levels in the first two months of 2024. This trend is at the higher end of our 5-15 percent growth forecast for 2024, compared with 2019 levels. The company's EBITDA recovery could accelerate in the coming quarters. Solid mass gaming trends and incremental contributions from Studio City Phase 2 will likely support this. During the recent Chinese New Year holiday, the company's mass GGR was up 22 percent from 2019 levels, as the company benefited from Chinese arrivals.

Paradise Co. gaming revenue rose sharply, GKL sales down in February

Foreigner-only casinos Paradise Co. and Grand Korea Leisure (GKL) both updated their February gaming revenues. 

Asia with largest increase in sports match fixing in 2023 – Report

A recent report by Sportradar has shed light on the concerning rise in match fixing in various regions, with Asia said to have experienced...

Football betting biz in Vietnam mandates bidding process: report

According to a newly issued government decree in Vietnam, the international football betting business project will be required to undergo a bidding process to select investors.

Shin Hwa raises funds to revamp Jeju IR via share issuance

South Korean gaming operator Shin Hwa World has announced its plan to issue 845.25 million new shares, aiming to generate approximately HK$28.5 million ($3.6 million) in net proceeds.

Mori Trust acquires Osaka hotel ahead of World Expo and casino opening

Tokyo based real estate investment fund Mori Trust has acquired the Fairfield by Marriott Osaka Namba hotel from investment firm PAG in a strategic move ahead of a projected tourism boom.

Cambodian PM orders ban on gambling expansion due to negative impact

Cambodian Prime Minister Hun Manet says that he has already ordered the suspension of license issuance in the nation, while the country is also studying the possibility of revoking licenses due to their negative impact.

Macau experiences sharper GGR pullback post CNY: Goldman Sachs

The 'sharper-than-expected slowdown' post the Chinese New Year (CNY) holidays is the reason for the lower recovery rate in Macau’s gross gaming revenue (GGR) in February compared to the previous months, says Goldman Sachs.

World Intellectual Property Organization teams up with Esports Integrity Commission

The World Intellectual Property Organization (WIPO), a specialised agency of the United Nations, and the Esports Integrity Commission (ESIC) announces a collaboration aimed at enhancing Alternative Dispute Resolution (ADR) mechanisms within the global esports and video games industries.

Bloomberry’s Solaire North to open in late May: Chairman 

Bloomberry’s casino project, Solaire North, in Quezon City is set to open late in May of this year, updates the group’s CEO and Chairman, which is about a two-month pushback from the previously scheduled opening in March of this year.

Bloomberry’s net profit up 85% to $170M in 2023 driven by mass segment 

Philippine gaming operator Bloomberry Resorts has reported consolidated net income of PHP9.5 billion ($170 million) for 2023, an 85 percent increase from PHP5.1 billion ($91 million) in 2022.

Telegram willing to work with Malaysian government to combat scams, gambling

Messaging app Telegram has pledged closer cooperation with the Malaysian Communications and Multimedia Commission to better combat scams and illegal online gambling.

Singapore’s tourism growth to slow amid elevating competition: Insider 

Singapore is expected to experience a slowdown in tourism and gaming in 2024 due to escalating competition in the region, says Tradeview Capital Sdn Bhd CEO Ng Zhu Hann.

Intralot expands partnership with Magnum Corporation in Malaysia

Greek lottery and gaming provider Intralot has signed a new multiyear deal with Magnum Corporation, a prominent player in the Malaysian gaming industry.

Melco Resorts with 224% bump in operating revenues during 4Q23

Gaming operator Melco Resorts & Entertainment witnessed a substantial increase in total operating revenues during the fourth quarter of 2023, reaching $1.09 billion. 

Shin Hwa expecting FY23 loss of up to $69 million, on weak visitation

South Korean gaming operator Shin Hwa World has issued a profit warning for 2023, with the company expecting a loss of between HK$450 million ($57.5 million) and HK$540 million ($69 million).

Genting Malaysia’s leisure and hospitality biz up 23% in FY23

Global casino operator Genting Malaysia has reported a continuous improvement in its performance due to further recovery from the COVID outbreak.

RGB International turns to loss in 4Q23, as segment revenues fall

Malaysian gaming equipment supplier RGB International saw a drop in revenue and a significant loss for the fourth quarter of 2023, according to the group’s most recent financials.

Macau’s GDP grows 80.5% in 2023, driven by tourism and gaming

Macau’s GDP experienced a remarkable 80.5 percent year-on-year rebound last year, propelled by the flourishing tourism and gaming sectors.

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