Good Morning. Macau ended 2025 on a positive note, with expectations that the sector registered 15 percent GGR growth, boosted by strong VIP/premium mass play. Slow overnight base mass continues to be a problem, however, and increased costs and player reinvestment programs weigh down the gains seen from smart table efficiency and increased baccarat side bets. Looking to the Philippines, Okada Manila saw a lackluster performance last year, with GGR down 20 percent yearly, and a significant drop in VIP play only partially offset by steady mass and slot results.
Macau’s fourth quarter results are likely to be in line with expectations, boosted by strong VIP/premium play but weighed down by increased costs and player reinvestment programs. Estimates now are for 7 percent GGR growth for this year and 2027. Meanwhile, stock price performance has been underwhelming, prompting downgrades by Seaport Research on five of Macau’s operators, with Galaxy the only exception.
The results of Macau’s six gaming operators for the fourth quarter ‘should not have many surprises,’ notes Senior Analyst Vitaly Umansky of Seaport Research Partners, showing top-line growth.
But only Galaxy did not see a marginal downward adjustment for price targets amongst Macau operators’ stocks, as IRs were weighed by increased costs and slower growth in Macau and Las Vegas.
According to a Wednesday note, the sector saw a gross gaming revenue (GGR) increase of 15 percent yearly (5.6 percent quarterly) and EBITDA growth of ‘over 15 percent’ in 4Q25. Net revenue growth was about 13.2 percent yearly and 5.9 percent quarterly.
This was partially due to a high VIP hold, tempered by costs and special events (such as the China Games and NBA weekend) and ‘expensive player reinvestment in premium mass’ which ‘did not lead to meaningful margin expansion’.
Of some concern is that ‘overnight base mass remains a weak point in Macau’. For 2025, the main growth seen during the summer period and the fourth quarter was ‘driven largely by the higher-end (both VIP and premium mass)’, as the players saw ‘less constraints on moving money into Macau […] with agency and referral business helping drive growth’. Easier visa protocols and a strong entertainment calendar also helped contribute to the uptick in the year.
Looking ahead, ‘growth should be driven by a combination of increasing visitation and spend (including easy money flows and the benefits accruing from implementation of smart digital tables and increasing spend in side bets),’ furthers Umansky.
Smart table efficiency could ‘be stronger than we expect’, potentially leading to upward revisions. Similarly, baccarat side-betting is now amounting to ‘well over 3 percent’ as a percentage of volume and continues to rise. ‘The casino advantage in side bets is materially higher than traditional baccarat play, and while increasing side bets may reduce overall game time (as players lose money faster), the overall GGR per player would increase,’ highlights the analyst.
For the coming years, Seaport estimates annual growth of about 7 percent in Macau GGR for both 2026 and 2027.
In regards to stocks, those of Macau operators ‘have over corrected singe August’ and currently gaming stock valuations, particularly those of Macau-facing operations still ‘remain largely too low, resulting in a strong risk/reward positioning’.
However, Umansky does note that ‘stock price performance YTD (year- to-date) has been poor, with all stocks in our coverage underperforming and largely showing negative performance. In light of strong fundamentals and low valuations, the weakness has been frustrating and unwarranted’.
Seaport’s top Macau picks include Las Vegas Sands – due to Macau share gains and strength in Singapore, Wynn – due to Wynn Al Marjan Island, and Melco – based on its valuation and deleveraging.
Bank of America Securities has adopted a more cautious and selective stance on the Macau gaming sector, warning that a tougher growth environment in 2026 could limit upside for casino stocks despite solid near-term performance.
In a research note dated January 14th, the bank highlighted mounting sector headwinds, including more challenging year-on-year comparisons, margin pressures, and uncertainty around longer-term gross gaming revenue (GGR) growth.
As part of this reassessment, Bank of America trimmed its price objective for US-listed Melco Resorts & Entertainment while reiterating a Neutral rating.
The report – authored by analysts Karl Choi, Ronald Leung, Eric Du, and Candice Zhang – noted that while Macau GGR growth is expected to remain relatively strong in early 2026, particularly in the first quarter, the sector is likely to enter a period of range-bound trading as tougher comparisons emerge from mid-year.
‘Much tougher comps starting in June may cap upside potential,’ the analysts wrote, adding that dividend yields of around 4 to 5 percent could provide some support for the sector.
Melco was cited as a case study illustrating both the strengths and constraints facing operators. Looking to last year, Bank of America projects Melco will post slight quarterly growth results from 4Q25 GGR, but expects property EBITDA declined by 12 percent sequentially due to normalization from a higher hold rate in 3Q25 and a rise in operating expenses linked to seasonality and major events. These include costs associated with hosting the National Games and celebrations marking Studio City’s 10th anniversary .
Despite continued strong free cash flow generation across the sector, looking to this year the analysts flagged several ongoing risks. These include limited visibility on sustainable GGR growth, potential unfavorable changes to licensing fees, margin erosion from competitive pressures and a shift toward VIP play, and external factors such as the World Cup in June and July, which has historically weighed on gaming volumes in Macau .
It is also worth noting that confirmed increases in licensing-related fees have pressured sentiment toward some Macau gaming operators. For MGM China, CLSA has said the higher license fees payable to MGM Resorts from 2026 onward are expected to further reduce EBITDA, contributing to downward revisions in earnings forecasts.
At Booth R370, Hall 3, ZITRO will make a statement before visitors even step inside. ZITRO is bringing an authentic casino experience to the trade show floor. FANTASY, the brand-new cabinet, and ILLUSION, a completely new product segment, take center stage alongside an expanded portfolio across both land-based and digital.
But what truly sets this showcase apart is its presentation: three distinct journey zones are designed for Spanish domestic clients, international operators, and digital partners.
Further complementing the experience is the hospitality for which ZITRO is known: a full-service restaurant, a proper bar, dedicated meeting rooms, and thoughtfully designed networking areas built directly into the booth—the kind of environment you’d expect from a company that makes the difference.
“From the moment you see our booth at ICE Barcelona 2026 to the moment you experience FANTASY and our complete portfolio, you’ll understand what makes ZITRO JUST DIFFERENT,” said Johnny Ortiz, Founder of ZITRO. “This is your invitation to experience it for yourself.”
Backed by 1xBet, FC Barcelona officially kicks off 2026 in triumphant fashion, securing its first trophy of the new season.
The Super Cup final delivered a thrilling El Clásico, where the Catalans once again proved their mastery by defeating their toughest rival. Barcelona showcased its signature playstyle, dominating the pitch and turning strategic superiority into a decisive win. This victory is truly landmark: FC Barcelona has set a historic record by becoming the first club to win the Super Cup two years in a row in the tournament’s updated format.
Such an achievement perfectly reflects the strength and ambition of our partners. For 1xBet, the club’s success symbolizes a shared winning trajectory, where the team’s professionalism and our support lay the foundation for reaching new heights.
Every new trophy becomes a testament to our strong partnership, with 1xBet providing the backing that helps the team confidently scale new peaks. We are proud that our ambassadors continue to write their names in history, walking the path of leadership alongside us.
The Catalans’ success inspires new achievements and proves that any goal is attainable with the right partner. Barcelona remains a key hub for the 1xBet presence, and we are always thrilled to share this championship passion with you.
QTech Games, the game aggregator powerhouse, has announced the launch of QTechLabs, allowing its platform clients and providers access to a new network of data, analytics, and business-intelligence functionality.
QTechLabs comprises a toolkit and dashboard that translates QTech’s platform data into real-time commercial impact and insights, alongside responsible player-management outcomes that respect and enshrine lifetime value (LTV) for customers.
These tools now sit alongside QTech’s robust analytics and AI-driven capabilities – including its machine-learning game lobby, QTech Play – offering operators a comprehensive view of their business performance via advanced real-time dashboards, specifically designed for deeper understanding.
As a result, QTechLabs can now assist operators in rigorous player narratives through its real-time monitoring and predictive analysis, identifying risk patterns and loss-making trends much earlier, and supporting proactive loss-mitigation rather than reactive reporting, while providing the data-led lens with which to interpret and define a fuller, more strategic approach to client decision-making – both for acquisition and retention.
All QTechLabs services are underpinned by the latest data science, empowering everything from player protection to product strategy, featuring user-interface configuration, preferred game-types, RG and promotions / key-customer management.
These new QTechLabs services are supported by two central pillars: people and infrastructure. QTech has put together a specialised team and built the underlying data architecture needed to move beyond static reporting and into real-time insights that actually drive well-informed action.
Philip Doftvik, CEO at QTech Games
Philip Doftvik, QTech Games’ CEO, said: “QTechLabs ushers in a step change to underline how we are so much more than an aggregator for our global partners. QTechLabs reinforces our belief that QTech should operate as a true tech partner, not just an aggregator offering games. And by building a deeper understanding of both client and provider needs, we will be a partner that can truly support and excel the growth – both for operators and suppliers. We’re working towards stronger trust, greater transparency, and more open communication — aligning strategies across the entire ecosystem. This complimentary service is perfectly aligned within our growth strategy to broaden our offering and leverage our strong network effect across emerging markets.
“Through QTechLabs, clients and providers will gain a smarter, more strategic approach to decision-making. After all, data only becomes meaningful when you understand the behaviours and patterns behind it. With this service, our customers across Europe, Asia, Africa, and Latin America will enjoy a powerful competitive edge—turning sharp business intelligence into wise actions that track both commercial and RG imperatives. Whether that means facilitating better communication between products to improve the execution of marketing campaigns, or the integration of real-time-effective risk-profiling, which enhances an operator’s ability to segment their customers to support growth, and also detect and prevent problem gambling – outcomes which are not possible to achieve with standard-issue CRM products.
“Ultimately, we now have the requisite data analytics dedicated to empowering our partners through accessible, actionable insights — offering them a holistic, narrative-driven view of their business performance.”
QTechLabs’ benefits include:
Reporting to Real-Time Loss Mitigation – helping clients protect margins while still maintaining healthy player engagement.
Data-Driven Business Decisions – separating correlation from causation. By analysing data at scale, we’re able to move past assumptions and surface the real commercial drivers behind performance.
Reducing Churn via Targeted Engagement – creating highly targeted CTAs – based on player behaviour, value, and lifecycle stage – to deliver well-timed messaging that reduces churn and optimises the customer lifecycle.
Reactivating Lost or Dormant Players – tailoring offers and incentives to individual player profiles, premised on fine-grained historical behaviour to drive meaningful re-engagement – key to the clients’ work within retention (CRM).
Monthly Insight Packs: From Numbers to Actions – sending out monthly insight packs that go beyond traditional KPIs, with a focus on opportunities, risks, and optimisation across content, markets, and player segments.
Sharing Knowledge, Strengthening Brands – actively sharing best practices to help our clients and providers build stronger, more resilient brands.
QTechLabs by QTech Games will solidify its position as a key technology partner, enabling more advanced player profiling, engagement, and BI‑driven achievements.
Slotegrator, a leading software and business solution provider for online casino and sportsbook operators, will take part in ICE 2026 in Barcelona, presenting a new stage of the company’s development focused on technology, automation, and product scalability.
From 19 to 21 January 2026, Slotegrator will present its refreshed brand identity, which reflects the company’s evolution from a solutions provider to a technology-driven partner focused on infrastructure, automation, and long-term growth. The updated visual language and messaging underline Slotegrator’s strategic focus on innovation, clarity, and product-centric development.
Among the main product announcements at ICE 2026 will be Casino Builder 2.0, the next-generation website construction solution for online casinos. It enables operators to design and launch a fully functional gambling website in minutes.
Another major highlight is the presentation of Moneygrator AI Bot — the industry’s first AI-powered digital assistant for payment integration. Built within the Moneygrator payment solution, the bot introduces a new approach to managing payment infrastructure by providing instant, 24/7 access to critical payment-related information.
At ICE 2026, Slotegrator will offer live demonstrations of its modernized platform and new tools, giving visitors an opportunity to explore real use cases, product logic, and the practical benefits of the company’s latest innovations.
A special highlight at the Slotegrator stand will be a lottery with premium prizes, created exclusively for ICE 2026 visitors, where participants will have the chance to win:
iPhone 17 Pro
PlayStation
Nintendo
“ICE Barcelona 2026 is a key moment for us to show how far Slotegrator has evolved as a technology partner,” said Olga Ivanchik, COO at Slotegrator. “This year, we are bringing not just new products, but a completely modernized platform, a new brand vision, and AI-driven tools which directly change how operators and technical teams work with iGaming infrastructure. The feedback we’ve already received confirms that the market is ready for this level of transformation.”
Visitors of ICE 2026 are invited to meet the Slotegrator team at stand 2U70, where the company will celebrate its rebranding with a signature cocktail and an informal networking atmosphere. The stand will also serve as a platform for in-depth discussions around market trends, payment complexity, and the growing role of AI in operational infrastructure.
ZITRO’s FANTASY cabinet has made its U.S. debut at Grand Casino Hinckley, rolling out with ‘Brave Dragon’ to showcase its cutting‑edge visuals and multimedia flair.
Robert D. Hanson Jr, Slot Technical Manager at Grand Casino Hinckley, commented: “FANTASY delivers a unique experience that catches players’ attention the moment they see it. It’s unlike anything else on the floor. We’re proud to be the first casino in the U.S. to bring this to our guests, and the early feedback from players has been very positive.”
The launch at Grand Casino Hinckley has been in the works for months, and for ZITRO USA CEO Derik Mooberry, it marks a key moment for the company. “Bringing FANTASY to the U.S. market is a milestone we’ve been working toward, and we couldn’t ask for a better partner than Grand Casino Hinckley to lead the way,” Derik said. “The early response has been strong, and we have more installations on the way.”
The rollout is already underway. Multiple casinos across the country are scheduled to install FANTASY cabinets over the coming months as ZITRO expands its presence in the U.S. market.
Soft2Bet, a leading international casino and sportsbook operator and platform provider, has announced the executive appointment of Andrew Cochrane as Chief Commercial Officer (CCO).
The appointment strengthens Soft2Bet’s senior leadership team as the Group continues to execute its long-term growth strategy and expand its presence across regulated markets worldwide.
In his role as CCO, Cochrane will oversee Soft2Bet’s global commercial execution, strategic partnerships, and growth across multiple business verticals. His focus will be on driving long-term value for the Group by consolidating its market position and identifying new commercial opportunities in regulated markets across the globe.
Cochrane joins Soft2Bet with an extensive background in senior commercial leadership within the international gaming and sports betting sectors. Prior to joining Soft2Bet, Cochrane served as Chief Business Officer at Gaming Innovation Group (GiG), where he played a key role in accelerating business development, expanding the company’s regulated market footprint, and driving a return to revenue growth. He has also held senior leadership positions at DraftKings and SBTech.
Andrew Cochrane, Chief Commercial Officer of Soft2Bet, commented ahead of his arrival: “This is an exciting moment to be joining Soft2Bet. The business has built a high-performance platform supported by an ambitious strategic growth roadmap, and stepping in at this stage presents a genuine opportunity to help shape and accelerate its next phase of development. I’m looking forward to working alongside the leadership team and playing a central role in driving the Group’s continued expansion and long-term commercial success across regulated markets worldwide.”
Looking ahead, Soft2Bet’s focus through 2026 is on enhancing the player experience and advancing higher standards across the industry. Cochrane’s proven track record of delivering revenue growth, navigating complex regulatory frameworks, and leading large-scale transformation initiatives supports the Group’s commitment to delivering safer, more intuitive, and more personalised player journeys built on trust, clarity, and protection.
China’s market regulator has opened an investigation into Trip.com Group Ltd, the country’s largest online travel agency, over alleged antitrust violations, according to the State Administration for Market Regulation (SAMR).
The probe centers on accusations that the company abused its dominant market position and engaged in monopolistic practices, the regulator said in a statement dated January 14th.
According to a report by local media outlet 21st Century Business Herald, the SAMR decided to formally place the company under investigation following preliminary checks, citing China’s Anti-Monopoly Law. The authority did not disclose further details on the specific conduct under scrutiny.
The announcement weighed on investor sentiment. Trip.com’s Hong Kong-listed shares fell sharply following the news, at one point declining more than 9 percent in late trading, before closing down about 6.5 percent.
In a statement released after the investigation was disclosed, Trip.com said it had recently received official notification from the regulator regarding the probe. The company said it would ‘actively cooperate with the investigation, fully implement regulatory requirements, and work with industry partners to build a sustainable and healthy market environment’. It added that all of its business operations remain normal and that it will continue to provide quality services to users and partners.
Founded in 1999 and headquartered in Shanghai, Trip.com was listed on Nasdaq in 2003 and completed a secondary listing in Hong Kong in 2021. The company operates major travel brands including Ctrip, Qunar, Trip.com, and Skyscanner, alongside several auxiliary brands. It is widely regarded as a leading player in the online travel agency field, with more than half of China’s online travel market share and operations spanning multiple cities in mainland China, as well as Hong Kong and Taiwan.
The investigation comes amid heightened regulatory scrutiny of China’s technology sector in recent years, as authorities seek to address competition concerns and reinforce compliance with antitrust rules.
