Daily Asia Gaming eBrief: Macau GGR predicted to rise 16% in 4Q25

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AGBrief Editorial

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November 20, 2025

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Daily Asia Gaming eBrief: Macau GGR predicted to rise 16% in 4Q25

Good Morning. Coming off of Golden Week, it felt like Macau couldn’t do any better. But November’s results are now set to clock an increase of around 16 percent yearly, according to analysts, as the momentum carries on. The world’s gambling mecca does not appear to want to take a break, and operators must be eating u p the attention. Looking to South Korea, the only foreigner-welcoming casino Kangw o n Land has seen steady results, with its value-up targets fully achieved and intents to further shareholder paybacks.

What you need to know

Macau GGR is projected to rise 16% in 4Q25, and Morgan Stanley expects the double-digit growth trend to extend into 2026.
Kangwon Land reports full achievement outfits goals for the period, noting that strong service enhancements and cost optimization drive growth.

On the radar

Melco Resorts to shut down Mocha Grand Dragon.
Macau gov’t predicts lower gaming tax volume for 2026.
Myanmar military raid nets over 300 at Thai-border scam centre.

AGB Intelligence

MACAU

GGR predicted to rise 16% in 4Q25: analysts

Morgan Stanley estimates that Macau has a very strong future for this year, with GGR increases over 10 percent year-on-year. Hopes are for a 16 percent yearly rise for gross gaming revenue in 4Q25, with a 9 percent boost to EBITDA in the same quarter. However, officials are reticent to nail down a fixed amount, pushing instead to publicly laud the growth of the industry and the success in diversification.

Industry Updates

PAGCOR endorses WSL Challenger Series to boost PH sports tourism.
Continent 8 appoints David Brace to the executive leadership team.
Slotegrator partners with BEON to expand across India, Africa, and LatAm.

Corporate Spotlight

90-Day Playbook for Winning Asia’s Gaming Market | GR8 Tech

Every operator can launch, but few can lead. In Asia, leadership is won in the 90 days after go-live, when payments feel effortless, content resonates locally, and every touchpoint builds trust.

INTELLIGENCE | ASEAN | CAREERS

State newspaper The Global New Light of Myanmar reported that troops entered the Shwe Kokko complex—long known as a hub for gambling and online scam operations—on Monday morning. Authorities said 346 foreign nationals were arrested during the sweep, while nearly 10,000 mobile phones allegedly used for online gambling and fraud were seized.

The junta described the raid as part of a broader crackdown launched earlier this year following sustained pressure from China, a key military partner, amid rising numbers of Chinese nationals involved in or victimized by regional cyber-fraud schemes. Since February, Myanmar has repatriated thousands of alleged scammers, accompanied by increased media attention and cross-border coordination, AFP noted.

Cyber-fraud compounds have proliferated across Myanmar’s border regions since the 2021 coup plunged the country into civil conflict. The loosely governed areas have become fertile ground for criminal syndicates that run gambling and scam networks, often using both voluntary recruits and trafficked workers from across Asia. A UN report estimated that victims in East and Southeast Asia alone lost up to $37 billion in 2023, warning that global losses were “much larger”.

On November 19th, the junta accused armed opposition groups of shielding scam centres but said the military was now acting after regaining territorial control. State media also linked the operation at Shwe Kokko to the Yatai group, associated with Chinese-Cambodian businessman She Zhijiang, who was arrested in Thailand in 2022 and extradited to China last week to face charges related to online gambling and fraud. She and Yatai have previously been sanctioned by the United States and the United Kingdom.

The US government has described Shwe Kokko as “a resort city custom-built for gambling, drug trafficking, prostitution, and scams targeting people around the world.” In October, the junta said it had also launched raids on nearby KK Park and was demolishing more than 600 buildings tied to scam activity.

BEON is a new developer of online casino games with a focus on a fast and flexible development process. The company is a team of experienced iGaming enthusiasts focused on quality, technology, and engagement. Games from BEON will now be available through Slotegrator’s APIgrator game aggregator solution.

Commenting on the new partnership, Anano Chkheidze, B2B Marketing Lead at BEON, shared: “BEON operates on a system that is exactly what was envisioned from the start — robust, scalable, and future-ready. Behind the scenes, BEON is a team that embraces challenges. We enjoy building, testing, and refining until every detail meets our standards. This culture of curiosity and focus allows us to evolve quickly and bring products to market that are both entertaining and reliable.”

BEON operates in Asia, Latin America, and Africa, and has ambitious plans to compete in many established gambling markets. The partnership deal with Slotegrator will benefit both companies.

“We are glad to welcome BEON on board and hope for a long-term productive partnership with the studio,” added Naman Bajaj, senior sales manager at Slotegrator.

Stephen Shaw has joined the sports trading specialist as Chief Operations Officer (COO), with Enda Kendrick arriving to become Chief Customer Officer (CCO). The addition of the highly experienced duo forms an integral part of Moon Intelligence’s growth strategy, taking its proprietary market-making trading model to the US predictions space to deliver increased revenues, greater liquidity, and improved operational efficiencies.

Shaw brings over 13 years of experience in technology and trading to Moon Intelligence, drawing on a background of leading global teams and developing innovative products at Jump Trading and RISQ Capital.

“The opportunity to join Moon Intelligence at such a pivotal moment for the industry is truly exciting,” said Stephen Shaw, upon his appointment as COO. “Prediction markets are experiencing remarkable growth, and I’m looking forward to helping scale our technology and operations to support that momentum.”

Kendrick has over 10 years’ experience working in prediction markets, having previously worked for established sports betting exchanges Matchbook and Betdaq. He most recently served as Director of Strategy for Betdaq, overseeing high-level initiatives to deliver growth for the exchange.

“It’s a fascinating prospect to join Moon Intelligence at a time when prediction markets are booming in the US,” commented Enda Kendrick, the company’s new CCO. “Having worked in this space for so long, I understand the value that Moon Intelligence offers and firmly believe we can add significant value to the predictions sector.”

Commenting on the double appointment, Alexandre Luneau, Co-Founder and CEO at Moon Intelligence, highlighted: “Bringing both Stephen and Enda on board will significantly support our ambition to grow Moon’s presence in the US market. The opportunity has never been greater for prediction markets, and we’re well-positioned to assist by growing liquidity and market offerings through our superior trading and market-making expertise.”

FDJ UNITED, which recently acquired Kindred Group, is now able to complement its in-house sportsbook offering with a bespoke selection of Kambi’s traded odds, which can be continuously iterated to support its pricing and offering strategy. Kambi will continue to supply FDJ UNITED with its Turnkey Sportsbook in markets that have yet to transition to its proprietary sportsbook.

The multi-year agreement builds upon an existing Odds Feed+ partnership, signed in February, for the provision of Kambi’s esports odds. Having already integrated Kambi’s Odds Feed+ API for esports, today’s deal provides FDJ UNITED and its sportsbook division with instant access to Kambi’s entire menu of sports odds, in line with their ‘best in class’ approach to both supplier integrations and in-house offering development.

Odds Feed+ is Kambi’s premium odds feed solution, engineered to deliver high-quality pre-match and live odds, as well as an extensive range of micro and player props markets, through a single API integration. Kambi’s odds are traded on its €17bn liquidity, ensuring sharper and more reliable odds, no matter the sport or league.

Werner Becher, CEO of Kambi Group, said: “We are delighted to agree this partnership with FDJ UNITED as we continue to expand the list of operators leveraging parts of our Odds Feed+ product. As the sports betting landscape becomes ever more competitive and complex, the need for a flexible, high-quality, trusted odds feed has never been greater. Given our vast experience in sports trading, along with our large global liquidity, we believe our Odds Feed+ solution will become the go-to odds feed for visionary operators, such as FDJ UNITED.”

Nils Andén, Chief Online Betting & Gaming Officer at FDJ UNITED, added: “Partnering with Kambi and expanding our Odds Feed+ agreement into selected sports is an important milestone as we continue the migration to our in-house sportsbook platform. Odds Feed+ gives us the quality, flexibility and control we need to tailor our sportsbook, while benefiting from the reliability and expertise of a true industry leader like Kambi.”

Altenar announces three new appointments to bolster Brazil presence

Elsewhere

AGBrief Editorial

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November 19, 2025

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Altenar announces three new appointments to bolster Brazil presence

Altenar has strengthened its position in Brazil with the appointment of Luana Monje as Sales Executive, Beatriz De Freitas Lorenção as Legal and Regulatory Affairs Associate, and Maria Silvia Sparapan Moral as Contracts and Customer Success Associate.

The appointments will support Altenar’s regional growth, following a successful year in Brazil, including the opening of a São Paulo office, the acquisition of its virtual sports certification and the launch of new partnerships with local operators such as Multibet.

Monje brings over a decade of sales experience to Altenar. Having previously held roles at Amazon Web Services (AWS) and Continent 8 Technologies, she is a valuable addition to the sales team.

With a background in business law, compliance and data privacy, Lorenção brings strong legal credentials and significant experience in the cybersecurity and tech sectors. Her previous account executive roles also bring commercial insight and versatility to Altenar’s legal team.

Sparapan adds more than 15 years of cross-sector expertise in accounting, human resources, and customer service. Having lived and worked in both the UK and Malta, she now returns to Brazil to support Altenar’s local and regional partners with contract management and customer-facing operations.

This strategic investment in team growth reinforces Altenar’s commitment to building operator trust and demonstrating regulatory leadership in Brazil’s maturing iGaming market.

Frederico Caputi, Sales Manager at Altenar, said: “Brazil is a key growth area for Altenar and we’re proud to deepen our commitment with new local hires who will directly support operators navigating the region’s framework. Each of our new appointments brings strong experience, and their on-the-ground presence enhances our ability to deliver compliant and reliable services to our partners with confidence.”

Maria Silvia Sparapan Moral, Contracts and Customer Success Associate at Altenar, remarked: “It’s great to be part of a company that values both operational excellence and localisation. Returning to Brazil and contributing to Altenar’s growth here feels like the perfect next step. I’m excited to support our partners and build strong, trusted relationships in this market.”

Beatriz De Freitas Lorenção, Legal and Regulatory Affairs Associate at Altenar, added: “Joining Altenar at this exciting stage of its expansion in Brazil is a great opportunity. I’m passionate about the legal frameworks that make innovation possible. Altenar’s focus on compliance and integrity truly resonates with me, and it has instilled a great deal of confidence in local operators during a pivotal time in the country’s history.”

Luana Monje, Sales Executive at Altenar, shared: “Being part of Altenar’s Brazilian sales team is a hugely exciting opportunity. I have admired their technology and customer-centric approach for a long time, so I look forward to helping customers discover how our sportsbook solutions can make a real difference to their operations.”

“This competition provides Filipino surfers with a bigger stage to showcase their skills while helping promote sustainable coastal development in surf communities…We look forward to a successful WSL Challenger Series and to seeing more Filipino surfers make a mark on the international surfing scene,” Mr. Tengco said.

PAGCOR endorses WSL Challenger Series for sports tourism growth

The WSL is the leading global platform for professional surfing, staging top-tier competitions throughout the year in celebrated surf destinations.

The Challenger Series serves as the crucial qualifying arena for athletes aspiring to join the elite WSL Championship Tour, attracting a field of seasoned professionals and rising stars from across the world.

The Philippines has long been part of the WSL map, with Siargao hosting league-sanctioned events for the past 29 years.

The country’s consistent presence in the global surfing event has helped elevate local shores – particularly Cloud 9 in Siargao, as well as surf hubs in Baler and La Union –into key destinations for both athletes and adventure tourists.

Moitino now brings over 13 years of experience and commercial know-how in the sector to bear at QTech Games. Most recently, a successful spell over the past three years as Sales Director at Air Dice, the global B2B iGaming content developer and provider, saw Moitino head up commercial expansion across Latin America, helping foster strategic alliances with top-tier operators and aggregators in both regulated and non-regulated markets across multiple LatAm territories, such as Brazil, Mexico and Colombia.

Previously, Moitino has also worked in a series of progressively senior sales and business-development roles across a host of familiar igaming brands, making an impact in LatAm, including SofaScore, BETBY, and Sportingtechm, while building brand reputation in Latin American markets, displaying a keen eye for designing and executing sales strategies, alongside developing a strong network of influential industry contacts in the process with which to expand regional presence.

QTech Games CEO, Philip Doftvik, said: “We’re delighted to have Rocío join us at QTech, as we continue to strengthen and scale up our influence across Latin America. She has a demonstrable experience for key-account management and new-business opportunities across this growing region, not to mention a real nose for the consequential local demands that make a difference. To have a proven performer within sales joining our growing LatAm team gives us a fantastic foundation to make LatAm one of our key regions within the group. And we’re already thrilled with the fast start that Rocío’s effortlessly made.”

Speaking about her new role at QTech Games, Rocío Moitino remarked: “QTech Games is an aggregator that has long turned my head for its collaborative approach and clear points of positive delineation in the aggregation space – whether that’s its ongoing stream of tech-led product developments, quick-fire integrations, simple invoicing structure, or offset pricing. It always goes the extra mile to make it work for the customer and provide them with something flexible or unique to their needs.”

“QTech has already gained considerable traction across LatAm, and I now look forward to furthering those gains as I join an eager and talented team in taking the best online games to market across many previously untapped territories.”

The company reported that revenue rose 2.8 percent in 2024, while net income increased 34 percent to an all-time high. Kangwon Land said the performance was driven by service enhancements across the resort, cost optimisation efforts and gains from financial assets. The company also noted that its return on equity exceeded its cost of equity by 4.6 percentage points in 2024.

Kangwon Land, Korea’s only casino accepting local patrons, said it achieved a total shareholder payout ratio of 60 percent for the year, meeting the 2024 target set under its multi-year Value-up framework.

The company distributed KRW234.5 billion ($179 million) in dividends and repurchased KRW40 billion ($30.6 million) in shares. It also emphasised that outstanding shares continued to decline due to buy-backs.

In the document updating the execution status, the operator stated that it intends to further strengthen returns under its FY2024–2026 shareholder return policy, which includes KRW60 billion ($45.9 million) in additional buybacks over 2025–2026. It also issued its highest-ever dividend of KRW1,170 per share for 2024.

Kangwon Land detailed progress on expansion initiatives aimed at supporting mid- to long-term growth. The company secured government approval in September 2025 to construct a second casino facility, adding 5,747 square metres of new gaming space. The expansion includes 50 new gaming tables and 250 machines, with operations on the new floor scheduled to begin once construction is completed in 2027.

The company also highlighted regulatory easing measures that took effect in 2025. These include raising the maximum betting limit to KRW3 million ($2,295), expanding mass gaming space by 1,433 square metres and allowing entry for resident permit holders. Kangwon Land also introduced improvements to customer access systems, such as upgraded reservation and ticketing processes.

On corporate governance, Kangwon Land said it achieved an 86.7 percent compliance rate with key governance indicators, with full compliance expected by 2026. Completed actions include the rollout of an electronic voting system, enhanced dividend disclosure procedures and amendments to improve predictability of cash dividends. Additional measures planned for 2026 include earlier notice of shareholder meeting convocations and adoption of a CEO succession policy.

Analysts pointed out that consensus EBITDA estimates for the fourth quarter of 2025 imply only 9 percent year-over-year growth, ‘significantly below the GGR growth expectation of 16 percent, even without assuming any margin expansion.’ Morgan Stanley suggested that this discrepancy ‘could mean upside to current EBITDA expectations.’

Macau October GGR tops $3B, breaking record since pandemic

‘We are positive on the Macau gaming industry in general, as monthly GGR continues to be above 10 percent year-over-year, ‘ the report indicated.

Among operators, the bank expressed particular confidence in MGM China and Galaxy Entertainment heading into the fourth quarter, citing market share gains as a key driver.

Morgan Stanley highlighted MGM China’s strong positioning, noting the operator ‘reported a 100-basis-point GGR share gain in October versus the third quarter. ‘ The analysts added that MGM has seen year-over-year growth of more than 10 percent in its highest-end customer segment, supported by the recently opened Alpha Gaming Club.

For Galaxy Entertainment, the bank expects EBITDA to improve in the fourth quarter, driven by lower operating expenses following one-off marketing costs in the third quarter tied to Capella pre-opening activities.

Macau Chief Executive Sam Hou Fai offered a more cautious view despite the generally optimistic outlook. Speaking after delivering the 2026 Policy Address, Sam declined to provide a GGR forecast for next year, emphasizing that the industry continues to face significant internal and external uncertainties.

He noted that although the sector has shown signs of phased recovery, its performance remains highly sensitive to external conditions. Sam recalled that GGR underperformed expectations in the early months of 2025 due to domestic and global factors.

However, he said that since April, steadying international economic conditions and rising visitor arrivals have helped stabilize the sector. He also pointed to recent highs in Hong Kong and mainland Chinese stock markets, which have created a “wealth effect” and boosted mass-market gaming consumption in recent months.

Daily Asia Gaming eBrief: Macau GGR predicted to rise 16% in 4Q25

What you need to know

On the radar

AGB Intelligence

MACAU

GGR predicted to rise 16% in 4Q25: analysts

Industry Updates

Corporate Spotlight

90-Day Playbook for Winning Asia’s Gaming Market | GR8 Tech

Table of Contents

High-profile Myanmar military raid nets over 300 at Thai-border scam centre

Myanmar’s military has detained nearly 350 people after raiding a major online scam compound near the Thai border, according to AFP reports citing state media.

Table of Contents

Slotegrator partners with BEON to expand in India, Africa, and Latin America markets

The online casino gaming content aggregator and software developer Slotegrator has announced a new partnership agreement with BEON, a young but promising game development studio.

Table of Contents

Moon Intelligence targets US prediction market growth with two senior appointments

Moon Intelligence, a UK-based provider of bespoke solutions for market makers and betting syndicates worldwide, has reinforced its leadership ranks with two C-suite appointments as it advances into the growing US prediction markets.

Table of Contents

Kambi Group and FDJ UNITED strengthen collaboration with enhanced Odds Feed+ agreement

Kambi Group, a leading sports betting powerhouse, has signed an expanded Odds Feed+ agreement with FDJ UNITED, granting the operator full access to Kambi’s extensive library of pre-match and live sports odds.

Altenar announces three new appointments to bolster Brazil presence

Altenar has strengthened its position in Brazil with the appointment of Luana Monje as Sales Executive, Beatriz De Freitas Lorenção as Legal and Regulatory Affairs Associate, and Maria Silvia Sparapan Moral as Contracts and Customer Success Associate.

Table of Contents

PAGCOR endorses WSL Challenger Series for sports tourism growth

The Philippine Amusement and Gaming Corporation (PAGCOR) has extended its full support for the ongoing World Surf League (WSL) Challenger Series in Baler, Aurora, aiming to boost sports tourism and the country’s position as a premier surfing destination.

Table of Contents

QTech Games appoints Rocío Moitino as Sales Director for Latin America

The game aggregator platform QTech Games has announced the appointment of Rocío Moitino as Sales Director for Latin America, strengthening its presence across this high-growth iGaming region.

Table of Contents

Kangwon Land reports full achievement of 2024 Value-up goals

Kangwon Land Inc. said all of its 2024 Value-up Plan targets were fully met, highlighting record earnings, expanded shareholder returns, and progress on long-term growth projects, according to a filing submitted to the Korea Stock Exchange on Tuesday.

Table of Contents

Macau GGR to grow 16% in 4Q25, double-digit pace to extend into 2026: Morgan Stanley

Macau’s gross gaming revenue (GGR) is forecast to rise 16 percent yearly in the fourth quarter of 2025, with growth expected to stay above 10 percent through April 2026, according to investment bank Morgan Stanley.

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