Wynn Macau secured a top 10 position in the fifth Greater China Hotel BSI and a top 20 ranking in the sixth Greater Bay Area BSI, according to CUHK’s 2025 Business Sustainability Indices.
Wynn has ranked among the top 10 enterprises in the Hotel BSI assessment and the top 20 companies in the GBABSI assessment for four consecutive years. This year, Wynn’s Hotel BSI and GBABSI scores were positioned as 26% and 19% above the average scores of all the participating companies respectively, and the Hotel BSI score increased close to 40% compared to the first year.
These achievements reflect Wynn’s strong ongoing commitment to enhancing operational efficiency and sustainability practices, making Wynn a role model of Greater China hotel operators and Greater Bay Area enterprises.
Since its launch in 2015 by the CUHK Business School’s Centre for Business Sustainability, the BSI offered a framework that supports companies in driving their sustainability strategy and promotes business practices that contribute to positive social and environmental impact.
The jury evaluates the sustainability performance of enterprises in the four aspects of corporate values, process (management and practice), and impact. The Hotel BSI aims to promote corporate social responsibility and business sustainability and encourage enterprises to continuously enhance their fulfillment of social responsibility, while the GBABSI mainly encourages and supports enterprises to contribute toward the sustainable development of the Greater Bay Area.
For years, Wynn has actively introduced new technologies and continually implemented and strengthened its sustainable development strategies. Moving forward, Wynn will continue to enhance operational efficiency, strengthen environmental and social responsibility practices, fully support local enterprises, and nurture diverse talent, thereby contributing toward Macau’s long term sustainable development.
Aristocrat Gaming, in partnership with Jackpot del Encanto, marked the tenth anniversary of the iconic product on the Island with a grand Puerto Rican fiesta de pueblo-style celebration.
The event held at the Popular Plaza of Distrito T-Mobile, welcomed approximately 150 attendees, bringing together guests, winners, and partners for a night filled with tradition, music, and big prizes.
Throughout its ten-year trajectory and with a network of 19 casinos across the island, Jackpot del Encanto has continued to position itself as one of the most recognized prize programs and the one that awards the most prizes in Puerto Rico. During 2025, the initiative granted over $4.8 million in prizes to players from all around the island. Annually, Puerto Rico’s gaming industry contributes significantly to the local economy, driving growth and delivering meaningful benefits to its people.
The celebration included the integration of Telemundo PR’s show Puerto Rico Gana, broadcasting special segments throughout the evening next to host Alex DJ. In addition, a high-energy batucada welcomed guests and set the festive tone that defined the night.
As part of the anniversary, Jackpot del Encanto awarded a total of $90,000 in cash prizes during the event. 18 participating casinos invited their top players to play in a special tournament where up to $10,000 in prizes were distributed—culminating in a celebration that combined competition, entertainment, and tradition.
Attendees enjoyed a night inspired by Puerto Rican cultural traditions, including stations with typical foods, local desserts, a caricature artist, live music, and an ambiance that embraced the essence of our iconic fiestas de pueblo.
In a historic initiative, Jackpot del Encanto made a charitable donation to Susan G. Komen, presenting a $10,000 contribution in support of its mission to promote education, awareness, and support for breast cancer patients.
“It’s an honor for us to celebrate a decade of Jackpot del Encanto and all the enrichment it has brought to Puerto Rico,” said Craig Toner, CEO of Aristocrat Gaming. “For ten years, players in Puerto Rico have enjoyed the best Aristocrat Gaming innovations, paying out millions of jackpots while contributing back to the community. We look forward to continuing its legacy in Puerto Rico.”
The event marked a memorable close to a year of accomplishments, reaffirming Jackpot del Encanto’s commitment to responsible entertainment, local economic development, and support for causes that create positive impact across Puerto Rico.
S&P Global Ratings has revised the outlook on Genting Group companies to negative, warning that heavy capital spending and an aggressive growth strategy could weaken the Malaysian conglomerate’s credit quality over the next two to three years, even as it affirmed existing ratings.
In a statement, S&P said spending across multiple subsidiaries could outpace earnings growth, pushing the group’s leverage higher and its funds from operations (FFO)-to-debt ratio below 20 percent in 2026 and 2027.
‘The group’s elevated spending and risk appetite over the next two to three years will test its credit quality,’ S&P said, citing large investments in the United States, Singapore and Indonesia, alongside corporate actions at the parent level.
The ratings agency revised the outlooks on Genting Bhd., Genting Malaysia Bhd., Genting New York LLC and Resorts World Las Vegas LLC to negative, while affirming the issuer and issue credit ratings on all four entities.
S&P said the negative outlook reflects the risk that ‘spending could outpace incremental earnings growth,’ adding that the group’s leverage could deteriorate without ‘concrete and timely deleveraging measures’.
Capex surge across group
According to S&P, Genting’s total capital expenditure is expected to double in 2026 compared with 2025 levels, and to remain above MYR8 billion ($1.9 billion) annually through 2030.
Major investment commitments include Genting New York’s spending following the award of a full gaming license in New York, the expansion of Resorts World Sentosa in Singapore, and Genting Energy’s investment in a floating liquefied natural gas (FLNG) facility in Indonesia. These come on top of Genting Bhd’s MYR3.1 billion ($758.2 million) takeover bid for Genting Malaysia.
S&P estimates that spending related to the New York license will account for close to 30 percent of the group’s annual capex over the next two to three years, covering license fees, renovations and new construction.
While the New York project is expected to generate more than $400 million in annual EBITDA on a run-rate basis, S&P said other investments would take longer to contribute cash flows. The FLNG facility, for example, is ‘unlikely to generate cash flows until mid-2027 at the earliest’.
‘Incremental earnings are unlikely to keep pace with spending,’ the agency said, adding that large investments in Singapore would also draw down cash buffers despite an ongoing recovery in operations.
Rising debt, weaker leverage
As a result, S&P expects Genting Bhd.’s discretionary cash flow to remain negative over the next three years, with reported debt rising sharply by 2028 compared with pre-pandemic levels.
The agency warned that Genting’s growth-driven approach represents ‘a deviation from our expectations for an investment-grade credit profile’, reducing predictability around leverage and increasing exposure to event risks.
S&P also pointed to the absence of a clearly articulated financial policy, highlighting the debt-funded takeover bid for Genting Malaysia as evidence of a higher risk appetite at a time when ratings headroom is narrowing.
‘Any attempt by Genting Bhd to privatize Genting Malaysia via additional debt could further delay a recovery in leverage’, S&P said, adding that the group would need to demonstrate a stronger commitment to transparency and deleveraging.
Good Morning. Under pressure. Macau’s legacy gaming operator SJM is set to face challenges to both market share and earnings through 2026, as its satellite casinos are forced to close by the end of 2025. Analysts say its flagship Cotai property continues to lag, facing increased competition from other IRs on the Strip. Also in Macau, expectations are for December GGR to accelerate by up to 21 percent yearly, propping up the fourth quarter results. Looking to Cambodia, NagaCorp received good news twice – in the form of ratings upgrades, as the cancellation of a proposed share scheme to fund its Naga 3 project improves its financial position.
Macau gaming operator SJM is likely to see continued pressure to compete even through next year, with earnings and market share unlikely to rise given the strong rivalry with better-positioned integrated resorts on the Cotai Strip. Analysts point to the ongoing lag from its Grand Lisboa Palace property and the closure of its satellite casino operations by year-end. While the relocation of tables from the satellite operations to its primary venues will help, added costs continue to stack up.
Australian gaming operator The Star is going through yet another management shift, with Bruce Mathieson Jr stepping down as Chairman of the Board, to be replaced by Soo Kim.
The decision was made during a board meeting the same day (December 16th) that former CEO Steve McCann stepped down from his role, effective immediately.
Soo KimBruce Mathieson JrSteve McCann
While exiting as Chairman, Bruce Mathieson Jr has been appointed to the role just vacated by McCann and will remain on the company’s Board as an Executive Director.
The Board is also undergoing a further reshuffle, with Peter Hodgson and Toni Thornton – both with backgrounds at The Star before its new capital investment – stepping down from their roles as Non-Executive Directors of the company (effective from December 16th).
The Star underwent a AU$300 million ($193.5 million) investment from Bally’s and Mathieson-controlled Investment Holdings just weeks prior to the upper management changes.
These included the appointment of Bruce Mathieson Jr as Chairman, Soo Kim – Chairman of Bally’s Corporation and George Papanier – President and CEO of Bally’s Corporation. The further appointment of Don Pasquariello as a Non-Executive Director of The Star has not yet received regulatory approval.
Speaking of the the CEO shift, The Star’s new Chairman Soo Kim noted “We are fortunate to have Bruce lead our company as CEO. George and I understand what an honor and responsibility it is to join and contribute to the Board. We are confident our best days are ahead.”
Australian Securities Exchange-listed bookmaker PointsBet has announced the transition of its Group Chief Executive Officer, with Andrew Catterall to assume the role starting from February 1st, 2026.
Catterall is currently Chief Executive Officer – Australia.
Andrew CatterallSam Swanell
He will succeed Sam Swanell as Group CEO of PointsBet Holdings Limited, with Swanell set to ‘continue to support the business through a transition and handover period’.
Swanell will not be departing the company, and will remain on its Board as an Executive Director and act in an ‘advisory role’.
Catterall joined PointsBet as CEO – Australia in 2022, having previously served as CEO of Racing.com.
Swanell was one of the three co-founders of PointsBet in March of 2015.
In a Wednesday release, PointsBet’s Chairman Brett Paton stated “On behalf of the Board, I would like to thank Sam Swanell for his exceptional leadership, unwavering commitment, and deep contribution to PointsBet since founding the Company. Sam has guided PointsBet through every stage of its development and growth, and his continued involvement in an advisory capacity, as well as his ongoing service on the Board, will ensure the business continues to benefit from his insight and experience.”
PointsBet is a corporate bookmaker with operations in Australia and Canada which offers a ‘scalable cloud-based wagering platform’ offering clients ‘innovative sports and racing wagering products and iGaming’.
ThrillTech’s flagship jackpot solution, ThrillPots, can now be enjoyed by UK players after going live on BetVictor, Heart Bingo, talkSPORT BET, and Betano UK, following the partnership with BVGroup announced in September, with BV continuing to offer play-first innovative products for customers.
Thanks to ThrillPots, BVGroup’s UK brands can now offer players dynamic jackpot products designed to heighten engagement and bring a new dimension of fun across both the igaming and sportsbook products.
ThrillPots gives players the opportunity to opt-in to progressive jackpots during core gameplay enabling the chance for surprise wins. The bespoke side-bets enhance excitement on every spin with thrilling wins up for grabs.
ThrillTech’s integration with BVGroup brands follows their successful acquisition of a UK licence. The UK Gambling Commission awarded them a remote operating license in April, marking a major milestone in their expansion into Europe.
A successful year was also rounded off with significant senior hires who arrive to further ThrillTech’s expansion.
Xavier Besseau has been appointed VP of Growth, Nemanja Grujicic brings experience from Popiplay and Pragmatic Play as he takes up the role of Global Sales Director and Rocio Mata joins as Head of Technical Compliance after over 10 years with Evolution.
Faye Williams, Head of Business Development at ThrillTech
Exciting milestone
Faye Williams, Head of Business Development at ThrillTech, said: “Seeing ThrillPots go live with BVGroup marks an exciting milestone for us. ThrillPots was built to bring fast, energetic, and deeply engaging experiences to players, and BVGroup’s forward-thinking approach has made them the perfect launch partner. It’s been fantastic to watch ThrillPots light up their UK brands and deliver a new wave of entertainment.”
Eoin Ryan, Director of Sportsbook and eGaming at BVGroup added: “We’re delighted to have launched ThrillPots across our UK brands in partnership with ThrillTech. Innovation that enhances player enjoyment is central to our strategy, and ThrillTech’s technology has delivered exactly that. ThrillPots has added a fresh layer of excitement to our portfolio, and we’re already seeing strong engagement from our customers.”
SJM Resorts joined DSAL on 10 December at Grand Lisboa Palace to stage the “Occupational Safety and Health You Need to Know 2025” roadshow alongside the Annual Awards Ceremony, spotlighting the year’s successes and honoring the contributions of partners, government departments, and team members.
SJM Resorts has actively implemented multiple occupational safety and health initiatives to create a safe and secure environment for guests, partners, and team members, such as securing the ISO 45001 Occupational Health and Safety Management System Certification.
Throughout the year, SJM has organised a wide range of activities, including strengthening its collaboration with the Macao Labour Affairs Bureau (“DSAL”) and other government departments and organisations, to promote occupational safety and health information to over 60,000 participants.
The second series of occupational safety and health promotional videos, produced in collaboration with SJM and DSAL, premiered at the event to promote a culture of occupational safety and health in a lively and engaging way.
Mr. Chan Un Tong, Director of DSAL, stated in his speech, “Occupational safety and health form the cornerstone of an enterprise’s sustainable development and represent a core value in safeguarding the welfare of employees. We acknowledge that SJM has consistently placed occupational safety and health in a prominent position within its corporate development, actively cooperating over the years to help cultivate talent in this field.
To continuously refine its ‘self-regulatory’ occupational safety and health policy and align with internationally recognised management standards, SJM has further progressed this year by attaining certification for the ISO 45001 Occupational Health and Safety Management System. I sincerely express my gratitude to SJM for its significant contributions to advancing occupational safety and health development in Macau. DSAL will continue to work closely with enterprises, providing the necessary support and assistance to jointly build a safer and healthier working environment.”
Ms. Daisy Ho, Managing Director of SJM, in a video address, stated, “SJM has always placed a high priority on the health and well-being of our team members. We are honoured to receive the ISO 45001 Occupational Health and Safety Management System Certification, which marks a new milestone in the company’s safety management standards and reflects our commitment to promoting a culture of occupational safety and health.
Occupational safety and health is not only a legal requirement but also a crucial commitment the company makes to every colleague. We believe that working in a safe and secure environment enables our team to fully realise its potential, enhances work efficiency, allows us to provide superior service to our guests, and helps the company attract and retain excellent talent.”
SJM has achieved a series of encouraging developments in occupational safety and health this year, including being awarded the ISO 45001 International Occupational Health and Safety Management System Certification. It is the first company in the industry to fully integrate “Customer Safety and Health Experience” into the ISO service system. Guided by the vision of “A Safe and Healthy Journey, Creating Value Together”, SJM is committed to expanding the scope of occupational safety and health from team members to safeguarding tenants and visitors.
Additionally, SJM collaborated with DSAL to host the “Occupational Safety and Health You Need to Know 2025” roadshow, held from 24 November to 10 December at the Grand Lisboa Palace, Grand Lisboa Macau, and Jai Alai Hotel. Through interactive games, health seminars, and fitness competitions, the event enhanced team members’ awareness of occupational health and safety.
This year, SJM also continued its collaboration with the Transport Bureau, the Traffic Department of Public Security Police Force, University Hospital, the Smoke-Free & Healthy Life Association of Macau and several organisations, launching activities covering themes such as respiratory health, traffic safety, workplace first aid knowledge, traditional Chinese medicine, and occupational diseases.
Simultaneously, SJM fully supports the “Corporate Physical and Mental Health Activity Series” under the Macau Healthy Enterprise Programme launched by the Health Bureau. Through resource integration and cross-sector collaboration, SJM works hand-in hand to build a comprehensive safety and health protection network. These activities reached over 25,000 participants, fully demonstrating SJM’s commitment to safeguarding the health of its employees and the wider community.
Leveraging systematic occupational safety and health education and training for business partners and team members, SJM has expanded safety management knowledge sharing to its partners and the broader business community through the “SJM SME Academy” and contractor occupational safety and health management training. This has effectively reinforced the occupational safety and health knowledge and industry operational standards of employees and relevant personnel.
The training classes reached over 30,000 participants throughout the year, setting a new record. Simultaneously, SJM launched an online “Safety Environment Experience Satisfaction Survey”, which received thousands of valid responses, achieving a customer satisfaction rate as high as 99.6%. This provides precise data for the continuous optimisation of the service environment.
SJM has also actively introduced and optimised multiple safety and health equipment, including “Sam the Intelligent Cleaning Robot”, “Sam the Intelligent Tableware Collection Robot”, “Tour Bus Automatic Sensor Safety Voice Prompter”, “Electronic Patrol Terminal for Security”, and “Adjustable Spa Therapy Beds”. The application of such technology further enhances the safety of the working environment and the level of health protection for employees.
Distinguished guests attending the ceremony included Mr. Chan Un Tong, Director of DSAL; Mr. Chan Chon U, Deputy Director of DSAL; Ms. Tang Weng Kei, Department Head of the Occupational Safety and Health Department of DSAL; Mr. Chui Ka Shing, Division Head of the Promotion and Training Division of the Occupational Safety and Health Department of DSAL; Ms. Victoria Kuan, Director General of the Macau Productivity and Technology Transfer Center; Ms. Helena Lei, Chief Senior Manager of the Macau Productivity and Technology Transfer Center; Dr. He Nian Shan, Head of the TCM Department of University Hospital; Ms. Kit Yung, Business Director of ACI Accredited Certification International Company; as well as Dr. Rui Cunha, Secretary-General of SJM; Mr. Gerard Walker, Chief Hospitality Officer of SJM; and Dr. Paul Hung, President of Security, Surveillance & Environmental, Social and Governance of SJM, along with members of the SJM management team.
Looking ahead, SJM will continue to optimise its occupational safety and health management system. Through systematic management practices, the company aims to contribute to the further development of occupational safety and health in Macau.
Citigroup has issued a double upgrade on NagaCorp Ltd., lifting the stock from ‘Sell’ to ‘Buy’ and significantly raising its target price following the termination of the Naga 3 Subscription Agreement.
The investment bank said on December 15th that it now assumes ‘the scale and development costs of Naga 3 Project could be halved from its initial estimate of $3.5 billion to $1.75 billion’.
The upgrade follows NagaCorp’s announcement of the mutual termination of the Naga 3 Subscription Agreement with its majority shareholder. Under the original agreement announced in July 2019, the majority shareholder had committed to subscribe for more than 1.1 billion settlement shares at HK$12 ($1.54) per share to help fund the Naga 3 development project.
Citigroup analysts Timothy Chau and George Choi said in their research report that the termination removes a significant ‘share dilution overhang’ that had previously weighed on the stock. The $316 million in cash advances already paid by the majority shareholder has been forfeited and transferred to reserves.
With the reduced project scope, Citigroup believes NagaCorp can now fund the Naga 3 capital expenditure through future operating cash flows, eliminating the need for the large equity dilution that would have resulted from issuing more than 1.1 billion new shares. The bank estimates that NagaCorp has already spent approximately $735 million on the Naga 3 development to date.
The Citigroup analysts maintained their near-term earnings forecasts for fiscal years 2025 through 2027 but adjusted their valuation methodology. The firm now uses a basic share count instead of a diluted share count in its target price calculation, reflecting the removal of the potential settlement shares from the equation.
Citigroup expects NagaCorp’s management to announce further details on the revised Naga 3 development plan by the first half of 2026.
NagaCorp has said it intends to continue with the Naga 3 development and will explore alternative funding sources if necessary. The company operates NagaWorld, Phnom Penh’s only integrated hotel and entertainment complex, and holds an exclusive casino license within a 200-kilometre radius of Cambodia’s capital until 2045.
Wynn Resorts Macau, in partnership with the Labour Affairs Bureau (DSAL) of the Macao SAR Government, has been running the “Wynn Local Development Program” since 2023, providing professional training and career development opportunities for local residents and fresh graduates.
This year, the program has recruited a total of 67 trainees, and the “Wynn New Talent GO! 2025” was held recently (December 12) at the Grand Theater of Wynn Palace, celebrating the new career milestone for Macao youth.
Adopting a “Hire and Train” approach, the “Wynn Local Development Program 2025” offers 12- 36 months of specialized training across departments such as steward, food & beverage, culinary, facilities management and front office services. This year, the program has further expanded to recruit a total of 67 trainees.
Representatives from DSAL and Wynn management jointly officiated at the commencement ceremony and presented commemorative gifts to the new cohort of trainees, encouraging them to embark on a new chapter in their careers. The event also included a graduation ceremony for the “Wynn Local Development Program 2024,” where certificates and commemorative gifts were presented to 28 graduates from the previous cohort. All the graduates have been promoted, with some advancing to supervisory-level or similar positions, fully demonstrating Wynn’s commitment to fostering upward mobility for local talent.
Ms. Stephanie So, Senior Vice President of Human Resources of Wynn Macau and Wynn Palace, said: “The Wynn Local Development Program sees a surge in the number of interested participants this year compared to last year, which reflects local talent’s enthusiasm and aspiration for hospitality and service industries. We will continue to work closely with DSAL and invest more training resources to further enhance our talent development system, thus creating long-term career development opportunities for local talent and supporting the sustainable growth of tourism in Macao.”
Upholding a ‘people-centered’ philosophy, Wynn has always actively supported the Macao SAR Government’s policies on promoting adequate economic diversification and vocational talent cultivation. To this end, the company has launched various employment and training programs, such as running culinary courses with vocational and technical schools and offering internships with tertiary institutions. With these initiatives, Wynn aims to strengthen local talent cultivation and the talent pool and solidify Macao’s position as a World Center of Tourism and Leisure.
