South Korea foreigner-only casino operator Paradise Co. posted an 11.6 percent year-on-year increase in casino revenue for November, reaching KRW80.33 billion ($54.8 million).
According to the latest financial results submitted to the Korea Stock Exchange, the company also recorded a 10.6 percent increase from October, underscoring steady month-on-month growth across its foreigner-only gaming properties.
Table games drove the upward trend, generating KRW76.35 billion ($52.2 million), up 13.1 percent year on year and 12.7 percent month on month. Machine gaming, however, brought in KRW3.98 billion ($2.7 million), marking a 10.5 percent decline from last November and an 18.3 percent drop from October.
For the year to date through November, cumulative casino revenue reached KRW825.68 billion ($564.4 million). Table games contributed KRW777.08 billion ($531.7 million), while machine gaming accounted for KRW48.6 billion ($33.3 million).
Paradise Co. operates four foreigner-exclusive casinos in South Korea — Walkerhill in Seoul, Paradise City in Incheon, Busan Casino, and Jeju Grand. The company’s performance reflects South Korea’s broader post-pandemic tourism rebound, driven particularly by visitors from Japan and Southeast Asia.
The wave of satellite casino closures in Macau continued this week as Casino Kam Pek Paradise closed on December 1st, while Casino Fortuna is set to cease operations on December 9th, operator SJM Resorts confirmed.
The closures mark another step in the dismantling of legacy satellite arrangements under the city’s revised gaming concessions, with the Hotel Landmark casino, also under an SJM license, the last of its kind remaining.
Kam Pek Paradise, operated by Hong Kong-listed Paradise Entertainment Ltd under SJM’s licence, shut its doors at 23:59 on December 1, with the property a fixture next to Hotel Lisboa in downtown Macau.
Its closure affects 584 workers directly employed by SJM Resorts, with the Gaming Inspection and Coordination Bureau saying it will maintain close communication with the Labour Affairs Bureau to oversee their reassignment.
SJM has pledged that all staff will be retained within its group, while locals not directly employed by the company will be given priority in applying for vacancies.
Casino Fortuna will follow suit on December 9th, with SJM stating that all gaming tables and slot machines from both properties will be redeployed to its self-promoted casinos. Customers holding chips, deposits or cash rebates from either venue can redeem them at other SJM-run casinos from the day after each closure.
The company stressed that all entitlements will be honoured and that employment will be safeguarded.
Paradise Entertainment, which run Kam Pek Paradise, reported HKD382.6 million ($49.1 million) in casino revenue from the property in the first half of 2025, up 7.3 percent year-on-year.
The firm said it will now focus on its LT Game electronic gaming equipment segment, which surged 83.7 percent year-on-year to HKD125.3 million ($16 million) in the same period, and sees strong growth potential in overseas markets.
The closures come as Macau’s amended Gaming Law, effective from January 2023, ended the old satellite casino model.
Several SJM-licensed satellites have already shut, including Casino Ponte 16 on November 28, with only Casino L’Arc absorbed into SJM’s core operations, after its parent agreed to acquire the L’Arc Hotel for HKD1.75 billion ($224.7 million).
SJM Resorts said it remains committed to working with government authorities to ensure smooth transitions, safeguard jobs, and contribute to the “healthy, orderly and sustainable development” of Macau’s gaming sector.
Genting’s Resorts World New York City has won approval from the state’s Gaming Facility Location Board for its $7.5 billion plan to turn its Queens property into what would be the first commercial casino in New York City.
The endorsement marks the penultimate step in the licensing process. The New York State Gaming Commission now has until December 31st to ratify the recommendation, a move that would clear the way for the casino to open. Resorts World says that, with final approval, it could launch hundreds of table games by the end of March 2026.
Robert DeSalvio, president of Genting Americas East, said the decision capped more than 15 years of work to expand the site and deliver “jobs, revenue and opportunities” for surrounding communities.
He said the proposal was the only one capable of ramping up operations within 90 days and projected it would generate billions of dollars for mass transit and public education over the next four years.
The plan calls for a $5.5 billion physical expansion of the 72-acre Aqueduct site, including a 500,000-square-foot gaming floor housing thousands of slot machines and table games, a total of 2,000 hotel rooms building on the existing Hyatt Regency tower, a new 7,000-seat entertainment venue, extensive parking facilities and more than a dozen acres of public green space.
State officials project that between 2026 and 2029, the expanded operation could deliver $2.5 billion to the Metropolitan Transportation Authority, including a $600 million licence fee and nearly $2 billion in new revenue. It is also expected to contribute $2 billion to public education and more than $500 million to New York’s racing industry.
Resorts World plans to begin hiring and training up to 2,000 employees for the first phase of the casino, which is expected to open late next March.
The company has also outlined a $2 billion community benefits package that includes commitments to support the development of up to 50,000 units of workforce housing across the city’s five boroughs, a new Resorts World Innovation Campus featuring a sports and media complex led by Queens-born NBA star Kenny “The Jet” Smith, a community investment fund and a $100 million infrastructure programme.
Resorts World New York City, operated by Malaysia-based Genting Group, is currently the only VLT casino-hotel within the five boroughs.
Since opening in 2011, it has contributed nearly $5 billion to the state’s public education system and more than $2 billion to the New York Racing Association.
The site draws around five million visitors a year and features a 400-room Hyatt Regency hotel that opened in 2021, alongside a range of dining and entertainment facilities.
The move to open up locals gaming in Vietnam is “one of the most significant milestones” in the country’s approach, allowing for increased competition, potential further international expansion, and massive domestic appeal. The decision paves the way for Vietnam to now up its game to be more like the Macaus and Singapores of the world, leveraging it up from the foreign market that had held it back from rampant success.
Gaming executive Chen Si has been formally appointed to the role of Chief Operating Officer at Resorts World Sentosa, in Singapore.
The move had been announced back in October, with Si set to assume the role on December 1st.
Speaking of the appointment, the former CEO of INSPIRE Entertainment Resort – in South Korea’s Incheon region – noted that his time at the company was his ‘biggest professional challenge of my life’.
Chen Si furthered that it was a ‘multibillion dollar landmark of national significance but plagued with financing and licensing hurdles, construction delays an labor shortages’. He furthered that all of the hardships took place during the pandemic.
The executive thanked his colleagues for their efforts over the years, highlighting successes and achievements.
Meanwhile, Resorts World Sentosa welcomed Chen Si with open arm, noting that the ‘appointment reflects RWS’ continued focus on leadership renewal and sustained operational performance as the resort advances its transformation under RWS2.0.’.
Resorts World Sentosa expansion
Chen Si assumes the role of COO at RWS, and will ‘oversee day-to-day operational performance, organizational excellence, and the continued enhancement of guest experience across the resort’.
The group furthered that ‘We welcome Mr Si and look forward to his contributions as RWS continues its journey of transformation and growth’.
Genting is basically secured to receive a gaming license in New York City, tapping one of the most lucrative markets in the US, as it utilizes its strong Resorts World presence to further the company’s growth.
According to reports, Genting is among three operators that are basically assured to receive licenses for the much-desired region, alongside Hard Rock and Bally’s.
While the final stage is still set for the end of this month, suggestions put before the board make a strong case for the international operator, and current projections pace total gaming tax revenue at up to $7 billion between 2027 and 2036.
Resorts World Casino New York City is procuring a license to be associated with its Aqueduct racetrack in Jamaica, Queens – one of the historically best performing casinos in the US.
The plan currently is to transform the venue into a $5.6 billion IR, with a 500K square foot casino, including 6,000 slots, 800 tables and a massive entertainment venue, as well as MICE and F&B. Expectations are for the generation of up to $2.2 billion in annual revenue.
The project is also backed by NY hip hop artist Nas.
Vietnam’s decision to allow local players at The Grand Ho Tram—the country’s largest integrated resort in the south—marks a watershed moment for the nation’s gaming market, with an industry expert saying the move will unlock a major domestic segment and shift regional player flows that have historically favored casinos across the Cambodian border.
Tim Nguyen, Director of Fortuna Investments
Speaking to AGB, Tim Nguyen, Director of Fortuna Investments and a 20-year industry veteran, described the approval as a structural turning point that will reshape investment sentiment and accelerate Vietnam’s emergence as a regulated integrated-resort destination.
The authorization forms part of Resolution No. 307/2025/NQ-CP, issued on November 26th, which grants permanent local entry at Corona Resort & Casino and establishes five-year pilot programs at Ho Tram and Van Don. The policy shift represents Vietnam’s most significant expansion of domestic casino access since the launch of the first pilot program in 2017.
Ho Chi Minh City
Nguyen told AGB that allowing Ho Tram to welcome Vietnamese nationals is “one of the most significant milestones in Vietnam’s gaming landscape since the original pilot program was launched in 2017.” He added that the resort’s proximity to Ho Chi Minh City positions it to reshape both domestic and cross-border activity. “Ho Tram’s proximity to Vietnam’s largest metropolitan area will likely unlock a strong domestic market segment that was previously traveling to Cambodia.”
“This approval is a game-changer. Ho Tram becoming the second casino in Vietnam allowed to serve local players will transform the country’s gaming landscape, boost tourism, and redirect a substantial portion of Vietnamese players who previously traveled to Cambodia. For the industry, it represents a clear sign that Vietnam is finally unlocking its true IR potential.”
He added that the shift will also prompt renewed interest from international operators and investors evaluating Vietnam’s long-term growth prospects.
Local-entry conditions remain governed by Decree 03/2017, which sets out eligibility requirements for Vietnamese citizens. Players must be at least 21 years old, demonstrate a stable monthly income of at least VND10 million ($400), and face no written objection from immediate family members. They must also purchase either a VND1 million daily pass ($40) or a VND25 million monthly pass ($1,000). Authorities have stressed that monitoring systems and compliance requirements will remain strict for all operators participating in the pilot programs.
Nguyen said the approval signals Vietnam’s growing confidence in managing a regulated casino sector that includes local participation. He noted that Ho Tram’s pilot is “not only a commercial breakthrough but also a strong policy indicator that Vietnam is ready to evaluate broader integrated-resort development similar to Singapore or the Philippines.”
If the program delivers positive results—both in tax revenue and responsible-gaming compliance—he believes it could pave the way for local-entry approvals in tourism hubs such as Da Nang, Hanoi, and Van Don.
The Van Don integrated resort project—which is still going to be built—is valued at VND51.5 trillion ($2.16 billion) and operates under a 70-year concession. Designed to anchor northern Vietnam’s tourism sector, its inclusion in the pilot scheme is expected to strengthen investor sentiment and support the project’s long-term commercial viability once construction moves forward.Ho Tram, which opened in 2013 following a $500 million investment, remains Vietnam’s most established integrated resort.
The property is currently undergoing a $1 billion expansion that will increase its hotel capacity to more than 9,000 rooms and add new entertainment and gaming amenities. With local entry now permitted, industry analysts expect Ho Tram to solidify its role as the southern anchor of Vietnam’s gaming industry.
Genting Bhd’s latest quarterly results came in slightly above expectations, driven by stronger-than-anticipated gaming revenue at Resorts World Genting (RWG), Maybank Research analysts said, prompting an upward revision of earnings forecasts and a higher valuation target.
The group’s core net profit reached MYR220.5 million ($53.4 million) in the third quarter of 2025, bringing nine-month earnings to MYR669.1 million ($162.0 million).
Analysts said the performance was buoyed by firmer VIP and mass-market turnover at RWG, aided by targeted customer engagement and the resort’s 60th-anniversary promotions which lifted visitor arrivals.
VIP gross gaming revenue at RWG rose 5 percent year-on-year in the first nine months of 2025, beating Maybank Research’s projection for a modest 2 percent increase. Mass-market gaming revenue jumped 15 percent over the same period, also outpacing expectations.
While RWG strengthened, the group’s Las Vegas property, Resorts World Las Vegas (RWLV), continued to struggle, with third-quarter EBITDA falling to $12 million from $18 million in the preceding quarter.
Maybank Research noted that the mandatory general offer (MGO) for Genting Malaysia (GENM) has reached a 63.4 percent acceptance rate ahead of its December 1st 2025 deadline, though Genting has not indicated whether the offer will be extended.
Reflecting stronger contributions from GENM and Genting’s higher stake in the unit, the analysts raised their earnings forecasts for FY2025 to FY2027 by between 5 and 8 percent. Their valuation target was lifted to MYR4.24 ($1.03) from MYR3.94 ($0.95), partially offset by weaker expectations for RWLV.
Attention is now turning to GENM’s bid for a downstate New York commercial casino license.
The license would allow table-game operations at Resorts World New York City (RWNYC), a move analysts say could significantly boost Genting’s long-term earnings. Should Genting succeed in fully privatizing GENM, all potential gains from the license would accrue directly to the parent group.
Genting said fourth-quarter performance may soften due to seasonal cost pressures at RWG and lower visitor flows across its Western and Singapore operations.
Third-quarter EBITDA rose 16 percent year-on-year, supported by RWG’s robust gaming volumes and stronger performance at Resorts World Sentosa (RWS), where VIP turnover climbed roughly 15 percent and win rates improved.
Quarter-on-quarter, group EBITDA increased 6 percent, lifted by recovering mass-market activity and a rebound in non-gaming revenue at RWS.
For the first nine months of 2025, however, group EBITDA slipped 8 percent year-on-year, weighed down by softer VIP win rates at RWS and lingering weakness at RWLV.
Held at UGAMM’s Social Services Building, the “Love & Inclusivity for All Ages” event brought together 200 seniors and youth volunteers, sponsored by Sands China and co‑organised by UGAMM’s Peng On Tung Tele‑Assistance Service Centre and Ngai Chun Centre.
Sands China donated MOP 240,000 to the Peng On Tung Charity Foundation, with a ceremonial cheque presented at the event by Annie Lam, Director of Community Affairs, to Chan Ka Leong, Director‑General of UGAMM, reaffirming the company’s enduring support for the Peng On Tung Tele‑Assistance programme.
For over 20 years since its inception in Macao, Sands China has been committed to serving the community, taking proactive steps to support disadvantaged groups and foster a caring society. Sands China’s donation will help subsidise economically disadvantaged seniors in accessing the Peng On Tung Tele-Assistance programme and support the Charity Foundation’s extended care programmes for the elderly, such as home repair services through the Peng On Tung Maintenance Programme and haircuts through the Elderly Haircut Initiative.
Dr. Wilfred Wong, executive vice chairman of Sands China Ltd., said: “Caring and mutual support are the cornerstone of a strong community. Sands China has made donations to the General Union of Neighbourhood Associations of Macau for 16th consecutive years, subsidising people with financial difficulties to use the Peng On Tung Tele-Assistance Service and developing value-added services for Peng On Tung, benefiting more than 27,500 seniors since 2010. This year, we are pleased to continue this long-standing tradition of supporting the elderly, while also bringing youth volunteers together to send love to seniors.”
“We would like to extend our heartfelt gratitude to the trainees of UGAMM’s Peng On Tung Maintenance Programme and the mentors, trainees, and volunteers of the Elderly Haircut Initiative for their dedication and service, which has helped nurture a supportive society. Sands China will continue to work hand in hand with the community to build a harmonious, inclusive environment for all generations.”
Ng Siu Lai, president of UGAMM, added: “We are grateful to Sands China for its long-term support and generous donations, which have enabled us to continue caring for seniors. Special thanks to the Sands Care Ambassadors, whose dedication and service make the community a better place. Together, we look forward to providing more comprehensive services to seniors and improving their quality of life in the future.”
The Peng On Tung Maintenance Programme, organised by the Charity Foundation recruits volunteers who wish to serve the elderly, learn home repair skills, and undertake on-site apprenticeships. Graduates of the programme can join the dedicated Peng On Tung Maintenance Team to provide necessary home repair services to seniors.
Peng On Tung’s Elderly Haircut Initiative meanwhile cultivates youth volunteers with professional haircutting techniques and a dedication to giving back to society. Graduates regularly participate in the monthly “Scissor Friends” outreach activity to provide free haircuts to seniors. To date, the initiative has trained 254 students, further promoting care and connection between young people and seniors.
Some guests were invited to present certificates of appreciation to devoted volunteers involved in the Peng On Tung programmes, including Sands Cares Ambassadors as well as volunteers, trainees, and mentors from the Peng On Tung Maintenance Programme and the Elderly Haircut Initiative, recognising their continued contributions to the local community.
Following the donation, the Love & Inclusivity for All Ages event featured eight Intergenerational Skill Exchange booths, designed and operated by seniors and youth to demonstrate the concept of intergenerational love and inclusivity. Booths manned by the elderly featured handmade belts, flower crafts, calligraphy, and painting, while youth-led booths focused on smartphone accessibility, anti-fraud, health exercises, and electrical safety.
The Peng On Tung Tele-Assistance Service Centre was established in 2009. The centre has consistently provided Peng On Tung services through a hotline, offering robust support to singles, elderly couples, and others in need, meanwhile striving to develop and promote welfare-related services so as to foster a more caring and loving environment for them.
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