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INSPIRE Entertainment Resort registers $183.4M in GGR for fiscal year ending Sept. 2025

Kelsey Wilhelm
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INSPIRE Entertainment Resort registers $183.4M in GGR for fiscal year ending Sept. 2025

INSPIRE Entertainment Resort, in South Korea, saw a sharp increase in gross gaming revenue for the financial year ending September 30th, 2025, reaching KRW267.23 billion ($183.37 million).

According to an audit report from the privately held company, the figure was a sharp increase from the KRW107.94 billion ($74.06 million) from fiscal 2024.

Given that the foreigner-only casino only opened February 3rd, 2024 – after a soft opening of non-gaming spaces on November 30th of 2023, a yearly GGR comparison is not possible.

During the financial year, the IR’s operating company managed to lower its net loss to KRW154.82 billion ($106.24 million) from KRW265.44 billion ($182.14 million) in the previous fiscal period.

Inspire casino floor

Revenue from hotel rooms totaled nearly KRW56.24 billion ($38.59 million) – up from KRW46.17 billion ($31.68 million), while F&B generated nearly KRW51.7 billion ($35.47 million) – rising from KRW38.95 billion ($26.72 million).

Entertainment, one of the property’s strongly marketed features (including a 15,000-seat arena), coupled with Retail and Others brought in revenue of KRW32.14 billion ($22.05 million), up from KRW22.22 billion ($15.25 million) in the previous fiscal period.

INSPIRE Entertainment Resort, Arena

Total revenue for fiscal FY25 amounted to KRW415.98 billion ($285.44 million), rising from KRW219.04 billion ($150.3 million).

INSPIRE Entertainment Resort was initially launched by Mohegan, with private investment group Bain Capital taking control of the management in early 2025.

The property offers 1,275 five-star hotel rooms spread across three towers. The property boasts ‘the largest foreigner-only casino in Korea’, with 159 table games, 395 slot machines and a 195-seat ETG (electronic table games) Stadium.

Macau’s Tourist Price Index rose 1.71% in 2025 as hotel rates eased

Viviana Chan
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Macau’s Tourist Price Index rose 1.71% in 2025 as hotel rates eased

Macau’s Tourist Price Index (TPI) rose modestly in 2025 despite lower hotel room rates, according to data released by the Statistics and Census Service (DSEC).

The average TPI for the year increased 1.71 percent year-on-year, driven mainly by higher jewellery prices and increased spending on entertainment and leisure. The overall rise was partly offset by a decline in accommodation costs, which helped moderate visitor price inflation.

The DSEC said price movements varied across consumption categories. Prices for Miscellaneous Goods – including jewellery, watches, and arts and crafts – rose sharply by 13.46 percent year-on-year, while the index for Entertainment and Cultural Activities increased 8.2 percent. In contrast, the Accommodation price index fell 2.88 percent, and Medicine and Personal Goods prices declined 1.93 percent.

In the fourth quarter of 2025, the TPI rose 4.95 percent year-on-year, influenced by higher prices for hotel room rates, airfares, and jewellery. During the quarter, the price indices for Accommodation and Transport and Communications increased by 7.33 percent and 6.05 percent, respectively.

On a quarterly basis, the TPI surged 9.3 percent in the 4Q25 compared with the third quarter. Accommodation prices jumped 34.86 percent amid stronger hotel demand during the National Day holidays and the Macau Grand Prix. Prices for Miscellaneous Goods, Transport and Communications, and Clothing and Footwear also recorded notable increases during the period.

Brokerage lifts Genting Malaysia rating on RWNYC-driven 2027 growth

Viviana Chan
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Brokerage lifts Genting Malaysia rating on RWNYC-driven 2027 growth

Malaysian brokerage CIMB Securities has upgraded Genting Malaysia Bhd to “Buy” from “Hold,” citing expectations of a strong rebound in core earnings per share (EPS) in financial year 2027 (FY27), driven largely by its US operations.

The upgrade follows the award of a downstate New York commercial casino license to Genting Malaysia’s US subsidiary Resorts World New York City (RWNYC), according to a report by the Straits Times, which cited CIMB Securities’ investment memo.

CIMB Securities said the license award, announced on December 16th, was in line with market expectations and marked a key milestone in RWNYC’s transition to full-scale commercial casino operations. While near-term earnings pressure is expected, the brokerage said the longer-term earnings trajectory remains favorable.

As part of its revised forecasts, CIMB Securities cut Genting Malaysia’s FY26 core EPS estimate by 8 percent, reflecting higher interest expenses from debt raised by RWNYC to fund the license fee and initial capital expenditure.

The brokerage noted that contributions from new table games in FY26 are likely to be limited, given the half-year operating period and the initial deployment of 250 tables out of a planned total of 800.

By contrast, CIMB Securities raised its FY27 core EPS estimate by 25 percent, citing a full-year contribution from table game operations and a planned increase in gaming capacity to 400 tables by January 2027. Following these revisions, Genting Malaysia’s core EPS is expected to decline marginally by 1 percent year-on-year in FY26, before rebounding by 39 percent in FY27.

Reflecting the improved medium-term earnings outlook, CIMB Securities raised its target price for Genting Malaysia to MYR2.70 ($0.61), representing a 6 percent increase. The brokerage said the higher valuation factors in the anticipated earnings uplift from RWNYC’s commercial casino operations, partly offset by more conservative assumptions on debt reduction at Empire Resorts, amid potential delays in divesting non-gaming assets at Resorts World Catskills.

Resorts-World-Catskills, Genting Group
Resorts World Catskills

CIMB Securities also cautioned that Genting Malaysia’s share price may take time to re-rate, as investors could remain cautious until stronger core EPS growth becomes visible in FY27. In addition, the brokerage expects the group to maintain a zero dividend payout from FY25 to FY27, as cash is likely to be conserved for debt reduction and to partially fund RWNYC’s expansion.

Over the medium term, CIMB Securities expects RWNYC’s EBITDA to rebound strongly from FY27 onward, supported by a full-year contribution from table games and a gradual ramp-up in gaming capacity.

NBA China Games and National Games weighed on Macau 4Q25 margins: Citigroup

Viviana Chan
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NBA China Games and National Games weighed on Macau 4Q25 margins: Citigroup

Macau casino operators’ operating leverage in 4Q25 was partly offset by incremental operating expenses linked to the NBA China Games, the 15th National Games and costs associated with satellite casino closures, according to a recent investment memo from Citigroup.

The view echoes a mid-November note from the same investment bank, which indicated that hotel demand from National Games athletes had led to a slight softening in Macau’s gross gaming revenue (GGR).

In its 4Q25 earnings preview, Citigroup said that absent these additional costs, operating leverage across the Macau gaming industry would have been materially stronger. Despite higher expenses, the bank expects both GGR and EBITDA growth to continue into 2026, forecasting industry GGR to rise 7 percent year-on-year and EBITDA to increase 9 percent year-on-year.

Hotel demand from National Games athletes caused slight softening in Macau GGR: Citigroup

The analysis was authored by Citigroup analysts George Choi and Timothy Chau, who reiterated a constructive stance on Macau gaming stocks and advised investors to accumulate quality names. Galaxy Entertainment, Wynn Macau and Sands China were cited as the bank’s top picks.

Citigroup forecasts Macau’s industry EBITDA increased 13 percent year-on-year to approximately $2.25 billion in 4Q25, driven by an estimated 15 percent year-on-year increase in GGR, or 12 percent growth in net revenue. However, incremental operating expenses related to hosting the NBA China Games, the 15th National Games and SJM’s satellite casino closures are expected to have offset part of the operating leverage that would otherwise result from revenue growth. As a result, industry EBITDA margin is projected to have risen modestly to 27.5 percent in 4Q25, compared with 27 percent in the same period of 2024.

In terms of market share, Citigroup expects Galaxy Entertainment and MGM China to post the largest quarterly gains. Galaxy’s market share is forecast to have increased by one percentage point to 21.7 percent in 4Q25, supported by concerts at Galaxy Macau and favorable VIP hold rates. MGM China is projected to have lifted its market share to 16.4 percent, benefiting in part from solid VIP performance at MGM Cotai.

Sands China is also expected to have gained 0.5 percentage points quarter-on-quarter to reach a 24.5 percent market share, while Wynn Macau’s share likely remained flat at 13.2 percent. In contrast,SJM Holdings is expected to have recorded the largest decline, falling to 10.5 percent, primarily due to satellite casino closures. Melco is also forecast to have lost market share, declining by 0.9 percentage points to 13.8 percent.

Citigroup highlighted Galaxy Entertainment as the operator with the strongest year-on-year EBITDA growth, projecting a 31 percent increase to HK$4.24 billion ($544 million) in 4Q25. By contrast, Sands China’s EBITDA growth is expected to have lagged peers, rising 8 percent year-on-year to $616 million, as higher event-related operating costs weighed on margins.

Craig Fullalove departing Macau to assume CFO role at Wynn Resorts in April

Kelsey Wilhelm
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Craig Fullalove departing Macau to assume CFO role at Wynn Resorts in April

Craig Fullalove, current Chief Financial Officer and Chief Administrative Officer of Wynn Macau, is being elevated to the role of CFO at Wynn Resorts, effective April 1st.

Julie Cameron-Doe
Julie Cameron-Doe, Wynn Resorts outgoing CFO

According to a company release, the decision comes as Julie Cameron-Doe will be departing the role on March 31st and retiring from as an officer of the company from July 1st of this year.

Doe has held the CFO role for nearly four years, joining the company in April of 2022 after serving for over four years as CFO of Aristocrat. According to Wynn Resorts, the executive will enter into a consulting agreement with the company to ‘support the continued transition of her duties and responsibilities to her successor and to provide other services’.

Fullalove will be relocating from Macau to Las Vegas, after serving as CFO of the company’s subsidiary in the SAR since January of 2022 and as Chief Administrative Officer of Wynn Macau since July of 2022.

The executive entered into a new three-year employment agreement on January 8th of this year. Under the agreement, Fullalove will receive an annual base salary of ‘not less than $800,000’, as well as a bonus opportunity of 200 percent of his base salary an annual restricted stock grant equal to 135 percent of his annual base salary.

The official will also receive a lump sum payment of $100,000 to relocate his primary residence to Las Vegas.

Aristocrat Gaming and Aristocrat Interactive unveil new content and solutions for EMEA at ICE 2026

AGBrief Editorial
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Aristocrat Gaming and Aristocrat Interactive unveil new content and solutions for EMEA at ICE 2026

Aristocrat Gaming and Aristocrat Interactive are gearing up for a major showcase at ICE 2026 in Barcelona, bringing a standout lineup of content, hardware, and technology solutions to Stand #2S50, Hall 2, and spotlighting the power of their land‑based and online ecosystems for EMEA.

Aristocrat Interactive will display their products and platforms across their iGaming & Sports, Content & Aggregation, Gaming Systems, and iLottery go-to-market segments. Their presence at ICE will further demonstrate how the Interactive business brings a seamless player journey from land to online.

“We are thrilled to be back at ICE to showcase our wide array of connected experiences for our customers,” said Dylan Slaney, CEO of Aristocrat Interactive. “Our portfolio of products offers unique and solutions-focused ways to engage with our customers and serve as a conduit to providing online journeys for players.”

Aristocrat Interactive will showcase proven tech to support a seamless omnichannel player experience and fully customizable platform with products such as iGaming PAM, Player Engage (CRM), Sportsbook Platform, and Managed Services. Content & Aggregation will be showcasing how the company is redefining the unity of proven land-based titles with innovative online experiences.

Aristocrat Gaming
Millioniser on the Baron Portrait cabinet by Aristocrat Gaming

Attendees can expect to see the latest iteration of an existing favorite in Double Bubble Colour Connect, as well as Mo’ Mo’ Mo’ Mummy Midnight Treasures and Secrets of the Phoenix. Finally, iLottery will display how the company’s iLottery offering, combined with the broader Aristocrat Interactive ecosystem, creates unparalleled customer value, inclusive of a full turnkey iLottery solution, NeoSphere, NeoEngage, Managed Services, and Content & Aggregation platform.

The show will further demonstrate Aristocrat Gaming’s leadership in speed-to-market execution by bringing more top-performing global titles to Europe in fast succession. To celebrate the official regional launch of The Baron Portrait, the company will display Millioni$er and Thunder Empire, as well as debut the breakout hit Spooky Link.

Aristocrat Gaming and Aristocrat Interactive unveil new content and solutions for EMEA at ICE 2026
Spooky Link on the Baron Portrait cabinet by Aristocrat Gaming

Attendees can also expect to see a homage to tried-and-true company classics with the Lightning Link 10 Year Anniversary title alongside Cash Express Legend and Phoenix Link, and Mo’ Mo’ Mo’ Mummy. This exciting portfolio of games are showcased across multiple hardware form factors, including the recently released The Baron Upright – highlighting the focus on strengthening The Baron portfolio.

“This year’s ICE showcases a diverse array of content and hardware tailored for the European market, demonstrating our commitment to building a robust regional portfolio driven by global success,” said Craig Toner, CEO of Aristocrat Gaming. “It’s a valuable opportunity to present our market-specific innovations and engage directly with our customers, ensuring we continue to deliver the highest level of support and performance for their casino floors.”

Alongside the land-based game portfolio, the company will showcase the recently acquired Awager offering for the first time since the announcement. Awager, a leading provider in the fast-emerging and regulated Live Slot Streaming segment, will offer live demonstrations on Aristocrat’s stand.

Located in the iGaming Hall at Stand #2S50, Hall 2, Aristocrat Gaming and Aristocrat Interactive will show ICE visitors the power of combined content and solutions, no matter how and where players choose to play.

FC Barcelona and 1xBet explore the rhythm behind the game

AGBrief Editorial
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FC Barcelona and 1xBet explore the rhythm behind the game

FC Barcelona and 1xBet present a revolution that can’t be described – it must be seen and felt.

The game changes its form, but does it stay the same? Do you still get the thrill as before?

When the dynamics falter and everything around you begins to fade, the rhythm of the game reignites, bringing back the brightness of every moment.

Experience how the game’s revolution brings back the brightness of every moment.

Affilka by SOFTSWISS strengthens Affiliate know‑how via Gaming Operations Academy

AGBrief Editorial
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Affilka by SOFTSWISS strengthens Affiliate know‑how via Gaming Operations Academy

Affilka by SOFTSWISS has entered into a partnership with Gaming Operations Academy to support the upcoming Affiliate Management Course.

The three-day programme will take place from 13 to 15 January, bringing practical affiliate management expertise to iGaming professionals building and scaling affiliate programmes.

The course is primarily designed for affiliate managers on the operator side – specialists responsible for launching and managing affiliate programmes, attracting partners, negotiating promotional terms, monitoring performance, and building long-term relationships. It is also relevant for general and marketing managers, business owners, HR professionals, and affiliates, offering a structured understanding of how affiliate channels work and how to assess traffic quality and efficiency.

Anastasiya Baravaya, CEO at Affilka by SOFTSWISS, commented: “Affiliate management today requires much more than traffic acquisition. It spans strategy, trust, data, and the ability to adapt to a rapidly changing market. Partnering with Gaming Operations Academy allows us to share practical experience from working with hundreds of brands and affiliate teams, helping participants build programmes that are sustainable, transparent, and commercially successful.”

The programme focuses on the core responsibilities of affiliate managers and teams, covering both day-to-day operations and long-term strategy. Participants will explore how to identify and segment affiliates, approach and engage them effectively, negotiate mutually beneficial deals, including in budget-limited scenarios, and evaluate performance using real-world cases. 

The course also addresses risk management, commission structures, and the foundations of building an affiliate programme that balances commercial goals with regulatory and responsible gaming requirements.

Elaine Gardiner-Ruddock, Managing Director at TAG Media and Affiliate Management Academy Course Director, added: “Affiliate managers today are expected to perform a constant balancing act – driving growth in an increasingly competitive market while navigating regulatory pressure and a rapidly evolving affiliate landscape. The real challenge isn’t scale, but sustainability: building strategies that attract the right partners, adapt to changing engagement models, and remain resilient over the long term. This course empowers affiliate managers to make informed, data-driven decisions using proven methods for recruiting, scaling, and optimising affiliates. Partnering with Affilka allows us to bring these methods to life through real-world scenarios, giving managers the tools and insights needed to execute smarter and more effectively.”

Gaming Operations Academy is a specialist training and recruitment organisation serving the global gaming sector. Through CPD (Continuing Professional Development) – accredited, industry-led education and practical insights, the Academy supports companies – from early-stage start-ups to established operators – across affiliate management, online gaming, sports betting, compliance, AML, and responsible gaming.

Following the course, Affilka by SOFTSWISS will participate in iGB Affiliate Barcelona on 20–21 January. The company’s current and prospective partners are welcome to visit stand 81-K30 to meet the team and discuss how the platform can support and scale their affiliate marketing strategies.

BetConstruct highlights AI leadership at ICE Barcelona 2026

AGBrief Editorial
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BetConstruct highlights AI leadership at ICE Barcelona 2026

BetConstruct AI is preparing for a defining presence at ICE Barcelona 2026, taking place from 19 to 21 January at Fira Barcelona Gran Via.

As one of the most influential stages in the global iGaming industry, ICE Barcelona sets the environment where ambition, intelligence and creation converge to shape the year ahead.

This year, The Choice serves as the core philosophy guiding BetConstruct AI’s direction, decision-making framework, and long-term strategic intent. The principle reflects a simple truth: in both business and life, the choices made determine the direction taken. Being in the right place, at the right moment, with the right partner defines outcomes that endure. This is the foundation behind The Choice and the lens through which BetConstruct AI approaches 2026.

The Suite

This direction will take shape at ICE Barcelona 2026. At Stand 4A20, BetConstruct AI will showcase its core products; the Sportsbook and the Casino Platform, alongside its huge portfolio of products and solutions evolving the ecosystem for the year ahead. These pillars are being enhanced with new tools and refinements prepared for 2026, offering visitors at ICE Barcelona the opportunity to see how each component contributes to a more connected and scalable operational environment.

The Choice

BetConstruct AI will also present its “The Choice to Grow” program, a special 12-month offer that turns performance into real cost advantages.

By achieving a 16.67% increase1 in GGR every quarter across Sportsbook, Virtual Sports, Retail Solutions, FeedConstruct, PopOK Gaming, Pascal Gaming, CreedRoomz, Choice Gaming, Stretch Network, and SOS Hub, partners will unlock 51% invoice discount every third month, 3 months of free services for a single-time use, as well as special offers and exclusive tournaments from partner brands unlocked after successfully hitting the target.

The Harmony: Choice Edition

Moreover, this year, BetConstruct AI will organise an exclusive gathering two days before the exhibition. On 17 January, the Harmony Choice event will unite the iGaming community around shared direction and perspective, offering a focused pre-ICE setting shaped around clarity, conversation, and strategic alignment before the exhibition begins. More details will be announced soon.

Alongside the developments presented at ICE Barcelona, those interested in the affiliate sector will also be able to explore our sister brand Affigates, an independently operated environment dedicated to affiliate management. Visitors can learn more about Affigates during iGB Affiliate at Stand 81–M80.

The energy is building, anticipation is rising and the next chapter is approaching. BetConstruct AI enters Barcelona, and the moment awaits. See you at Stand 4A20.

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The growth of the third month of each quarter is measured against the third month of each previous quarter.

Delta Corp. discontinues operation at Goa casino amongst GST increase

Kelsey Wilhelm
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Delta Corp. discontinues operation at Goa casino amongst GST increase

Indian gaming and hospitality group Delta Corp has announced that it will discontinue operations at The Zuri White Sands Goa, Resort and Casino, effective from Friday, January 9th.

According to a company filing, the casino resort was operated by its wholly-owned subsidiary Delta Pleasure Cruise Company Private Ltd.

In the filing, the group noted that the annual turnover of Delta Zurin amounts to 2.13 percent of its consolidated turnover – Rs155.1 million ($1.72 million), whereas its net worth is negative Rs152.6 million –a  0.62 percent negative contribution to the consolidated net worth of the company.

The group indicated that the reason for closure was that ‘the casino was operating at a loss’, furthering that the decision ‘is not expected to materially impact the company’s financial position’.

The move is part of the group’s ongoing consolidation and financial pivot, following the government’s increase in the Goods and Services Tax (GST) on casinos.

Delta Corp’s Chairman Jaydev Mody previously stated that the 40 percent levy, compared to the 28 percent previously applied, would “make the entire sector unviable”.

The statement came after Delta announced plans to suspend its integrated resort/township in Dhargal, Goa. The project was valued between Rs20 billion ($220 million) and Rs25 billion ($280 million). The group at the time indicated the project would be halted until greater clarity on the taxation framework is provided.

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