The Sports Authority of Thailand (SAT) announced it will probe whether Cambodian athletes breached Thai law by displaying the NagaWorld casino logo on their jackets, The Strait Times reported.
SAT governor Kongsak Yodmanee stated the authority will collaborate with the Department of Provincial Administration to assess potential violations of laws that ban illegal gambling advertising.
The investigation was prompted by concerns raised on Thai social media about the logo’s appearance, which was prominently placed beneath the Cambodian national flag on the athletes’ jackets during a flag-raising ceremony at the Indoor Stadium Hua Mark on December 8th.
NagaWorld is an integrated casino resort operated by NagaCorp in Cambodia, and the Cambodian team had just arrived in Thailand for the 33rd SEA Games on the same day of the event. Further action will depend on the investigation’s outcome.
Far East Consortium International (FEC) has entered into a sale and purchase agreement to divest half of its ownership in The Ritz-Carlton Perth for AU$100 million ($66 million), according to a December 8th filing to the Hong Kong Stock Exchange.
The transaction will transfer 50 percent of the hotel’s holding entities and corresponding shareholder loans to The Generation Essentials Group (TGE), a New York–listed company that forms part of the AMTD Group’s broader media, entertainment, and hospitality ecosystem.
Under the agreement, TGE will pay AU$100 million ($66 million) through staged installments. FEC has already received the initial AU$20 million ($13.2 million), with a second AU$40 million ($26.4 million) due no later than December 29th. The remaining AU$40 million ($26.4 million) will be settled through deferred payments scheduled across 2026 and 2027. Completion remains subject to several conditions, including regulatory approvals under Australia’s Foreign Acquisitions and Takeovers Act and the fulfillment of internal restructuring steps outlined in the agreement.
The deal follows FEC’s disclosure in early November that it was exploring a potential partial sale of the Ritz-Carlton Perth to the AMTD Group under a non-binding term sheet. That preliminary discussion contemplated a joint ownership arrangement between FEC and AMTD, though no definitive agreement was reached at the time. The new transaction formalizes AMTD’s involvement through TGE as the acquiring entity.
FEC said the valuation reflects the hotel’s prime location in Perth’s Elizabeth Quay precinct and aligns with the group’s strategy of unlocking value from its hotel portfolio, recycling capital, and reducing gearing.
Upon completion, the Target Group entities linked to the hotel will no longer be consolidated into FEC’s financial statements. The company expects to record a gain of approximately AU$32.5 million ($21.5 million) from the sale, with net proceeds designated for general working capital.
Opened in 2019, The Ritz-Carlton Perth is among FEC’s flagship luxury assets in Australia. The FEC group also maintains major tourism and hospitality investments in the region, including its stake in the Queen’s Wharf Brisbane integrated resort development.
China has launched a nationwide manhunt for 100 wanted fugitives linked to major telecom and online fraud operations, while confirming that 1,178 Chinese nationals suspected of involvement in large-scale scam networks in Myanmar’s Myawaddy region have been escorted back to China.
China’s public security authorities said the latest returns bring the total number of suspects repatriated from the area to more than 6,600 since February.
The Ministry of Public Security announced on December 9th that police across multiple provinces have issued public notices seeking the arrest of key “financiers” and core members of cross-border fraud syndicates. The list includes Wu Qiping, Wu Qingzheng, Fu Xiaobin, and Ou Changhua — figures described as significant fugitives associated with the so-called “four major families” operating in northern Myanmar.
According to the ministry, these individuals allegedly recruited and organized personnel abroad to target Chinese citizens, conducting long-running telecom fraud activities involving large sums of money and causing severe social harm. Despite an intensified crackdown launched by Chinese authorities in recent years, the suspects continued to direct criminal operations from overseas under the protection of local armed groups.
Police departments in Hangzhou and Wenzhou in Zhejiang province, Quanzhou and Longyan in Fujian, Pingdingshan in Henan, Shenzhen in Guangdong, Kunming in Yunnan, and Chongqing have jointly issued bounty notices for the wanted suspects. Authorities urged all fugitives to surrender as soon as possible and called on the public to provide information that could assist in their capture. Those offering valuable leads will be protected and rewarded in accordance with the law.
The nationwide manhunt coincides with strengthened international cooperation targeting entrenched fraud hubs in Southeast Asia. According to China Central Television, coordinated enforcement involving China, Myanmar, and Thailand has led to the transfer of 1,178 additional suspects from Myawaddy — a known center of telecom scam compounds — into Chinese custody.
The repatriations follow a ministerial-level meeting held on November 14th among China, Cambodia, Laos, Myanmar, Thailand, and Vietnam, during which officials agreed to deepen joint enforcement efforts and conduct targeted operations against cross-border crime. Myanmar authorities have since carried out large-scale sweeps of scam compounds in Myawaddy, detaining groups of individuals implicated in offenses affecting Chinese victims.
Beginning December 1st, China’s Ministry of Public Security deployed police officers from Jiangxi province to Mae Sot, Thailand, to conduct charter-flight transfers of suspects handed over by Myanmar. The Jiangxi police have launched parallel investigations into the returned individuals.
Authorities said the ongoing multinational crackdown has delivered a strong deterrent effect against criminal organizations operating outside China. A senior official from the Ministry of Public Security stated that joint operations will continue, emphasizing that China remains committed to dismantling fraud networks, arresting those responsible, and protecting the safety and property of the public.
Wynn Resorts’ massive integrated resort rising on Al Marjan Island in Ras Al Khaimah is gaining traction with investors after a week-long series of site visits and presentations in the United Arab Emirates, according to Deutsche Bank analyst Steven Pizzella.
In a note following the company’s Investor Day events, Pizzella said the tour offered “a comprehensive review of the largest Wynn Resorts development project since the opening of Wynn Cotai,” adding that the visit “added value, and with it, incremental credibility, to the framing of the opportunity for Wynn longer term.”
Hotel arrival at Wynn Al Marjan IslandView from the pool at Wynn Al Marjan IslandWynn Al Marjan Island TowerSource: Wynn Resorts
He said the program — which included market briefings, real estate updates, tours of luxury retail hubs and a walk-through of the emerging property — succeeded in its primary aim.
“If Wynn’s goal was to further educate the investment community on the current market conditions and outlook […] we believe the event was a success and exceeded our expectations”, he wrote.
Pizzella came away “incrementally more positive” about the long-term potential of the $5.1 billion development, citing limited competition and what he described as four “secular tailwinds.”
The first major driver stems from a rapid expansion of high-end hotel supply in Ras Al Khaimah. The emirate’s 7,472 hotel keys are forecast to more than double to 16,229 by 2030, with roughly 91 percent in the four- or five-star categories. Wynn is expected to open into a market of around 10,000 to 11,000 rooms.
Pizzella said the build-out of luxury rooms is “pivotal” because greater capacity should bring more visitors and help lift gross gaming revenue, particularly with Wynn’s project holding the only casino license currently permitted in the UAE.
The second growth engine is the sharp increase in the UAE’s high-net-worth population. The country is projected to receive about 9,800 net new millionaires this year, up from 7,200 in 2024 and 4,700 in 2023. This surge, driven by visa reforms and zero income tax, positions the UAE as “the top global destination for millionaire migration,” Pizzella noted.
He said changes to the Golden Visa scheme — including lifetime residency, broader eligibility and a more streamlined process — will “unlock significant wealth and talent inflow,” bolstering long-term spending power.
Infrastructure build-out to lift visitation
Improving transport links form the third pillar. Pizzella highlighted ongoing upgrades that will make the resort more accessible to both UAE residents and international tourists. These include a $200 million expansion of Emirates Road – expected to cut driving times from Dubai by nearly half, an airport terminal expansion in Ras Al Khaimah – boosting annual passenger capacity to 3 million by 2028, and the planned 2026 launch of Etihad Rail – which is forecast to serve 36.5 million passengers annually by 2030.
He also pointed to plans for electric air-taxi services between Dubai Airport and Al Marjan Island starting in the first half of 2027, with a total journey time of about 15 minutes.
Pizzella said the UAE’s business environment — ranked 11th globally by the Economist Intelligence Unit — and rising livability are continuing to attract investment and new residents. The country’s non-oil economy is becoming increasingly diversified, with non-oil GDP expected to rise from 60 percent of output in 2010 to about 80 percent by 2030.
The analyst also cited safety, healthcare improvements and education as pillars underpinning population growth. Ras Al Khaimah’s economy is forecast to expand at a 5.5 percent CAGR through 2030, with the population rising from 400,000 to 620,000 and annual visitors surging from 1.3 million to 5.3 million over the same period.
Wynn outlines project economics
During the Investor Day, Wynn reiterated its EBITDA forecast of $500 million to $800 million for the property. “We believe this was prudent,” Pizzella said, noting that assumptions have not materially changed since last year.
Wynn will own 40 percent of the joint venture, with total project costs of $5.1 billion, including $550 million for land, capitalized interest and fees. About $3.4 billion has already been spent or committed, and Wynn has contributed $835 million in equity so far. Remaining equity needs are estimated at $525 million to $625 million.
Based on company assumptions, Pizzella estimates annual cash flows to Wynn — via management fees and joint-venture distributions — could reach $180 million to $370 million. When capitalized and discounted, this implies “a present equity value of $13–26 per share,” he wrote, adding that the downside case still yields “a ~16.5 percent return on equity,” while the best-case scenario delivers “~34 percent.”
Bally’s Corporation has moved to ease several long-standing financial pressures with a new $1.1 billion term-loan package that analysts at CBRE say ‘solves several lingering overhangs’ and allows management to pivot toward its flagship New York development.
In a dispatch this week, CBRE said the refinancing — built around an initial $600 million draw — will retire Bally’s outstanding $1.48 billion legacy term loan B, addressing what analysts described as a major concern.
‘The transaction cleans up the Lincoln amendment overhang,’ the note said, adding that the structure ‘uses 100 percent of proceeds to pay down debt — a legacy sticking point between Bally’s and lenders.’
The deal also includes a $500 million delayed-draw tranche that CBRE said ‘can fund the expected $500 million NYC casino license fee,’ with the entire package expected to close in the first quarter of 2026.
According to CBRE, sources of funds include the $600 million initial draw, the $500 million delayed draw, roughly $735 million in proceeds from the Lincoln sale-leaseback and an estimated $143 million draw on the company’s revolver. The analysts said Bally’s will direct the money to paying off the legacy facility and securing the New York license.
Resorts World New York City (under Genting), Bally’s Corporation, and a partnership of billionaire Steve Cohen (owner of NY Mets NBL team) with Hard Rock International are currently bidding for a New York City gaming license, with the New York State Gaming Facility Location Board having already recommended their bids to the NYS Gaming Commission for final approval.
New York bid gathers momentum
Bally’s New York $4 billion proposal is now expected to be approved by year-end (as well as the other two licenses), with the company planning a $2.3 billion integrated resort with 3,500 slots, 250 table games, a 507-room hotel and an event center, alongside park, transport and community upgrades.
While the delayed-draw loan would cover the license fee, CBRE warned that Bally’s still faces a substantial funding gap.
As part of its bid, Gaming & Leisure Properties Inc (GLPI) offered a non-binding commitment to finance ‘100 percent of the real estate assets of the project,’ including $1.95 billion of construction costs and $500 million for land acquisition. But CBRE noted the commitment ‘was contingent on further due diligence and complete analysis.’
Even with GLPI’s support, Bally’s must still finance soft costs, fees and community obligations. ‘Bally’s has liquidity on hand but is currently FCF (free cash flow) negative,’ CBRE said, adding that the company will need revolver capacity to complete its planned Chicago IR project.
Despite the heavy debt load, CBRE said the scale of the New York opportunity may draw additional investors. But analysts cautioned that the development ‘will carry a high LTV (loan-to-value ratio) which could further pressure an already levered balance sheet.’
Good Morning. You have to take risks to get rewards. Genting Berhad is showing that it is doing just that, with its takeover of Genting Malaysia and its push to secure a downstate New York casino license. But this has weakened its overall financial position, causing Moody’s to downgrade its ratings of the company and two subsidiaries, despite seeing a positive future ahead. Looking at Macau, this year’s GGR outlook has been revised up, boosted by premium play. And in further expectations for this year, Ainsworth warns of a possible dip in revenue and profit in 2H25, despite APAC remaining consistent.
Genting Berhad’s ambitious move to take over Genting Malaysia, as well as a significant investment required to secure a commercial casino license in New York, have caused Moody’s to downgrade the ratings of Genting Berhad and two subsidiaries. The group is expected to benefit from a heady first-mover advantage in New York. However, Moody’s notes that GENB has an ‘already weak position’, strained by increased debt from the takeover and further spending needed for New York.
Moody’s rating agency has downgraded Genting Berhad (GENB) and two subsidiaries, while maintaining a ‘stable’ outlook for all three ratings. Genting Berhad was downgraded from Baa3 to Baa2, the same downgrade applied to Genting Overseas Holdings Limited (GOHL).
This also implies a downgrading of the backed senior unsecured rating of the notes issued by a wholly owned subsidiary of GOHL.
Meanwhile, Genting Singapore Limited (GENS) was downgraded from an A3 rating to a Baa1 rating.
The outlook on all of the ratings is ‘stable’, while they had been on review previously for downgrade.
The reclassification comes after a review commenced on October 16th of this year.
Speaking of the change, Moody’s Ratings Analyst Anthony Prayugo noted that “The ratings downgrade reflects GENB’s already weak position due to prolonged deleveraging amid slower than expected earnings recovery, further strained by increased debt to fund its take-over offer for Genting Malaysia Berhad (GENM) and expected spending following the potential award of a downstate New York City (NYC) commercial casino license”.
The ratings agency notes that GENB completed its take-over offer for Genting Malaysia Berhad on December 1st, with the company acquiring approximately 24 percent of GENM’s outstanding shares. This is planned to be financed mainly through debt by raising MYR3 billion ($750 million) in medium-term notes.
New York, New York
Additionally, Genting New York LLC (GENNY), an indirect subsidiary of Genting Berhad, was recommended by the New York Gaming Facility Location Board for one of the three downstate New York commercial casino licenses. The other two recommended companies are Bally’s Corporation and Queens Future LLC. The three will receive the final decision by December 31st.
Total investment for the New York property is $5.5 billion, with $1.1 billion already spent on existing capacity and a minimum $500 million license fee. A further $3.9 billion will be spent via phased capital expenditures, capitalized interest and community benefits. The group has already secured $925 million in committed debt financing, if it receives the casino license – to cover the licensing fee and initial costs.
Moody’s estimates that the New York subsidiary could double its GGR to around $2 billion annually by 2027, as it upgrades to 400 tables and 4,000 slots overall. The total slot number as well as 250 tables are expected to be operational by July 2026. Total capacity is expected to e 6,000 slots and 800 tables by January 2029, with a further 2,000 hotel rooms and a 7,000-seat arena to be completed by January of 2030.
GENNY is expected to be the only operating commercial casino in downstate New York until additional licensees open, ‘likely around 2030’.
GOHL and GENS
The group furthers that the downgrade of GOHL ‘mirrors that of GENB, given the close linkage and alignment of core operations’.
Moody’s analysts further that ‘GOHL has no other active businesses apart from its 53% holding in GENS and relies on dividends from GENS to service its interest expense’.
This means creditors at GOHL are ‘subordinated to liabilities at GENS’.
Looking to Genting Singapore, its downgrade ‘follows the action on its ultimate parent, GENB’, note the analysts.
Genting Singapore’s ratings are ‘constrained by the risks stemming from its parent, which has weaker credit quality’. While Genting Singapore retains a higher rating than its parent, ‘the gap between the two companies’ ratings could narrow if there is reduced independence in decision making at GENS, resulting in increased cash leakage from GENS to GENB in the form of dividends or through other measures’.
Wynn Al Marjan Island has announced details of its ‘museum-calber art collection’ that will debut alongside the property’s opening in the spring of 2027.
According to a Monday release, the collection will be exhibited throughout the resort’s public spaces, guest areas and rooms.
A particular highlight is a 66-million-year-old partial Triceratops skull and a specially commissioned Light Into Life sculpture by artist Marc Quinn.
The pieces will be joined by other works brought from around its other properties.
This includes the 11-meter Tulips sculpture by Jeff Koons, which graced the Wynn Palace from 2016 to 2019 and since displayed at Wynn Las Vegas. A quartet of 18-century Buccleuch vases, originally showcased at Wynn Palace, also joins the collection at the new property.
A sculpture from Jaume Pensa’s Secret Garden series will be brought in from Encore Boston Harbor and a Victorian cut-glass console and mirror will be transported from Wynn Las Vegas.
Speaking on the collection, Wynn Design & Development’s President and Chief Creative Officer Todd-Avery Lenahan noted that “Wynn Al Marjan Island’s approach to art goes far beyond acquisition. Beauty is a universal language, and by integrating art into the fabric of the resort, Wynn invites guests to discover these pieces in an informal yet engaging and meaningful way. Too often, art becomes forgettable when presented as formal or static. We take the opposite approach, designing moments that encourage engagement across every age and background”.
Wynn Al Marjan Island is scheduled to open in the spring of 2027, featuring 1,217 resort rooms and 297 Enclave suites, two Royal Apartments, four Garden Townhomes and 10 Marina Estates. The property will also house 22 restaurants, lounges, bars, and a beach club a spa, luxury shopping, a new theater, 12 pools, a 420-meter white-sand beach, a deep water marina designed for superyachts and a casino.
Stretch Network, a leading B2B poker software provider, has rolled out a significant platform update this month, introducing key improvements to Spin & Go tournaments and operator tools. The release delivers streamlined workflows, stronger security, and a more engaging player experience.
Highlights of the update include
Multi-currency functionality – operators can create or view multicurrency tables and tournaments directly in the lobby.
New Table Grouping Feature – tables can now be viewed grouped by selected parameters for easier management.
Updated Re-entry Logic – re-entry rules have been refined for smoother and clearer tournament play.
Spin & Go Changes – tournaments now offer faster, more consistent gameplay with improved flow.
Two-Factor Authentication (2FA) Integration – added security for player accounts.
Tournament Generator Changes – tournament setup and management have been made quicker and simpler.
Bug Fixes and Technical Improvements – enhancements to stability, performance, and reliability across the platform.
Strategic importance
This release represents a significant step forward for Stretch Network’s operator partners. The updates improve operational efficiency, strengthen platform security, and provide a smoother, more engaging experience for players.
Soft2Bet, recognized globally for its cutting-edge iGaming turnkey platforms, has earned a nomination for “Best Solutions for the iGaming Industry in Romania 2025” at the Romania Gaming Celebration 11 – Casino Inside Gala Awards.
The nomination underscores Soft2Bet’s continued investment in the country and its ability to deliver highly localised and high-performing solutions for local operators and players, powered by its proprietary gamification engine, MEGA (Motivational Engineering Gaming Application).
This nomination is the latest in a series of achievements in the Romanian market, highlighting Soft2Bet’s data-driven iGaming solutions for player retention. Previously,the company was honoured as the Best iGaming Solutions Provider in Romania at the 12th Reunion of Gambling Professionals. Furthermore, its local brand, Don.ro, secured the title of Best New Launch of 2024 at the same event, and in the process showcased how its approach to creating compelling brands specifically tailored for Romanian players is highly successful.
Don.ro has rapidly established itself as one of Romania’s most recognisable online entertainment platforms. Its success is built on a highly intuitive user experience (UX), a comprehensive range of casino and sportsbook options, and strategic, locally focused marketing campaigns. In addition, Don.ro has strengthened its brand appeal and established strong trust with Romanian players thanks to its partnership with the CFR Cluj 1907 football club, in the process contributing to local sports.
Don.ro uses Soft2Bet’s advanced MEGA technology to boost player engagement with missions, challenges and personalised rewards. This proprietary technology also ensures responsible gaming. MEGA allows operators to customise player experiences, rewards and activation triggers to fit local market needs. These features increase engagement, retention and long-term value for both casino and sports betting platforms.
Yoel Zuckerberg, CPO at Soft2Bet
Yoel Zuckerberg, Chief Product Officer at Soft2Bet, stated: “Being nominated in the Best Solutions for iGaming Industry in Romania 2025 category is a clear recognition of all the work our teams have accomplished with Don.ro and confirmation of the success in Romania. Our focus is on building locally relevant experiences, powered by MEGA and supported by strong compliance and design standards. We are proud of what we are achieving in Romania and remain committed to bringing quality iCasino engagement tactics and long-term strategies to our players.”
