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

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

Macau’s gross gaming revenue (GGR) saw a mild moderation in the first half of November, a trend Citigroup attributes to hotel rooms being temporarily occupied by athletes participating in the National Games.

The bank said the arrangement briefly reduced the average length of stay — and play — among gaming patrons, resulting in a small dip in gaming activity.

Macau is co-hosting the 15th National Games in 2025 together with Guangdong and Hong Kong, marking the first time the city has taken part as an organizer of China’s largest multi-sport event. The games are expected to bring thousands of athletes, officials, and support staff to Macau, placing short-term pressure on hotel capacity while showcasing the city’s ability to stage large-scale international sporting events.

It is also worth noting that over the past weekend, Macau hosted four days of Grand Prix races, which brought in additional event participants who are not typically gaming customers, adding further pressure on hotel inventory.

Macau, Mass Table Gaming, Venetian Casino Floor, Macau GGR, croupiers

According to industry sources cited by Citigroup, GGR for the first 16 days of November is estimated to have reached MOP11.1 billion ($1.39 billion), translating to a daily run rate of about MOP671 million ($83.9 million). This represents roughly a 6 percent decline compared with the average daily GGR of MOP711 million ($88.9 million) recorded during the first nine days of the month.

Citigroup noted that VIP volumes eased by 6 to 8 percent month-on-month, while mass-market GGR fell by about 8 to 10 percent. The VIP hold rate, however, appeared largely unchanged.

The bank is maintaining its full-month GGR forecast of MOP20.5 billion ($2.56 billion) for November, equivalent to 90 percent of the level recorded in November 2019 and an 11 percent year-on-year increase. This assumes the market will continue to average around MOP671 million ($83.9 million) per day for the remainder of the month.

The moderation follows a strong performance in October, when Macau posted its highest monthly GGR since the onset of the pandemic. Revenue reached MOP24.09 billion ($3.01 billion), up 15.9 percent year-on-year and surpassing the previous post-pandemic high of MOP22.16 billion ($2.77 billion) set in August by approximately MOP1.9 billion ($237.5 million).

Macau’s robust visitation recovery is also reinforcing confidence in the broader tourism outlook. Maria Helena de Senna Fernandes, director of the Macao Government Tourism Office, said the city is on track to attract between 38 million and 39 million visitors in 2025.

Official data show Macau welcomed 29.67 million arrivals in the first three quarters of 2025, a 14.5 percent year-on-year increase. Should total arrivals reach 39 million or more next year, the city would effectively return to its 2019 peak of nearly 39.4 million visitors.

Okura placing new shares to purchase new pachinko/pachislot machines and update halls

Kelsey Wilhelm
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Okura placing new shares to purchase new pachinko/pachislot machines and update halls

Japanese pachinko operator Okura Holdings has announced that it is updating the share price on the 120 million new shares it is placing and has extended the placing agreement to December 1st.

According to a company filing with the Hong Kong Stock Exchange, the company has adjusted the share price to HK$0.196 ($0.025) from HK$0.18 ($0.023).

The gross proceeds from the placing are expected to amount to HK$23.52 million ($3.03 million), with net proceeds expected to amount to approximately HK$21 million ($2.7 million).

The company notes that it intends to use 50 percent of the funds for the purchase of pachinko and pachislot machines and 30 percent of the proceeds on the ‘renovation or enhancement of the Group’s existing pachinko halls and marketing expenses’.

The remainder will be used as general working capital of the group.

On Monday at 9am the group halted trading on the HKEX before the announcement. Trading was resumed at 1pm on Monday.

For the group’s fiscal 2025, ending September 30th, Okura recorded a 1.3 percent decrease in revenue, to JPY6.39 billion ($41.29 million), while seeing a 32.5 percent drop in profit before income tax – to JPY1.28 billion ($8.27 million). In its annual report, the group noted that the introduction of new machines in the group’s halls are expected to ‘generate more revenue […] in the future’.

PAGCOR delivers ₱32.85M relief support to typhoon‑hit communities

AGBrief Editorial
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PAGCOR delivers ₱32.85M relief support to typhoon‑hit communities

The Philippine Amusement and Gaming Corporation (PAGCOR) has allocated Php32.85 million in assistance to families affected by Typhoon Tino and Super Typhoon Uwan, which left widespread devastation in various parts of the country.

PAGCOR Chairman and CEO Alejandro H. Tengco stated that the agency utilized the amount to procure 31,500 relief packs containing food and non-food essentials for distribution to the hard-hit provinces.

PAGCOR delivers ₱32.85M relief support to typhoon‑hit communities
Office of Civil Defense Region 6 Director Raul Fernandez (left) receives from PAGCOR Senior Community Development Officer Ferdinand Marcos Amador 12,000 relief packs.

“Following the onslaught of Typhoon Tino in early November, we already turned over 15,000 relief packs worth Php14.78 million to the Office of Civil Defense (OCD) in Regions 6 and 7 to help affected communities in those regions,” he said.

Another batch of 16,500 relief packs worth Php18.07 million meanwhile are currently being dispatched to communities impacted by Super Typhoon Uwan in Camarines Sur, Catanduanes, Aurora, Batangas, Bulacan, and Negros Occidental.

The Senate of the Philippines also received relief packs from the latter batch for its outreach initiative.

Each relief pack contains rice, bottled water, canned goods, and coffee, along with non-food necessities such as blankets, mosquito nets, and toiletries.

“In times of calamities, PAGCOR will always be ready to step in and extend support to our fellow Filipinos,” Mr. Tengco said. “Part of our nation-building mission is to help our kababayans rebuild their lives.”

President Ferdinand Marcos Jr. earlier placed the entire country under a state of national calamity after the subsequent typhoons claimed hundreds of lives and affected over 2.5 million families nationwide in less than two weeks.

In addition to the relief drive, PAGCOR also donated 2,000 computer tablets worth Php17.54 million to cities in the Visayas that host its Casino Filipino branches to support learners in the wake of recent disasters. 

Of the total, 1,000 tablets will go to the Cebu City government, while Iloilo and Bacolod will each receive 500 units for distribution to public schools.

“Through this donation, we hope to help learners continue their studies despite the challenges brought by the recent calamities,” Mr. Tengco added. “Education is key to building a better future, and PAGCOR will always be a partner in making that possible.”

Daily Asia Gaming eBrief: Wynn Al Marjan: A game-changer for UAE’s tourism

AGBrief Editorial
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Daily Asia Gaming eBrief: Wynn Al Marjan: A game-changer for UAE’s tourism
Good Morning. Building anticipation. Wynn Resorts’ upcoming integrated resort in Ras Al Khaimah, opening in 2027, is drawing favorable credit market attention for its potential to diversify revenue, enhance cash-flow resilience, Kyle Owusu, Director of Credit Research at Octus, told AGB. Meanwhile, advisors have rejected Genting Bhd’s $0.50 per-share offer to privatize the casino operator, deeming it “not fair” or “reasonable,” as it significantly undervalues Genting Malaysia‘s estimated price range. As for Macau Legend, it has now called an extraordinary general meeting to seek shareholder approval for a sweeping corporate overhaul.

What you need to know

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AGB Intelligence

UAE

Wynn Al Marjan Island, Wynn Resorts, Ras Al Khaimah, UAE

Wynn’s Ras Al Khaimah project gains credit market confidence

Wynn Resorts is set to open the Middle East’s first integrated resort with gaming in Ras Al Khaimah in 2027, attracting positive attention from credit markets due to the UAE’s growing significance as a diversification opportunity for global operators. Kyle Owusu, Director of Credit Research at Octus, highlighted the project’s advantageous location, market potential, and financing structure, which enhance Wynn’s cash flow resilience beyond its existing bases in Macau and the U.S. Credit investors appreciate this move as it adds stability to Wynn’s portfolio.

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

GR8 Tech, Kate Pozdnysheva

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.

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Macau Legend seeks shareholder approval to shift domicile to Bermuda, overhaul capital structure

Nelson Moura
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Macau Legend seeks shareholder approval to shift domicile to Bermuda, overhaul capital structure

Macau Legend Development has called an extraordinary general meeting (EGM) for December 2nd to seek shareholder approval for a sweeping corporate overhaul, including a change of domicile from the Cayman Islands to Bermuda and a major capital reorganisation.

The casino and tourism group said the proposed move to Bermuda would allow it to implement a planned capital reduction and other restructuring measures without requiring court approval, speeding up the process and reducing uncertainty.

Under the plan, Macau Legend intends to adopt a new memorandum of continuance and new bye-laws compliant with Bermuda law. The company will also cancel its entire share premium account — amounting to roughly HK$4.16 billion ($535.2 million) — with the balance transferred to contributed surplus.

If approved, the capital reorganisation will cut the par value of each issued share from HK$1.00 to HK$0.01, followed by a subdivision of unissued shares. The company said the restructuring would improve financial flexibility and support a previously announced rights issue aimed at easing liquidity pressures.

The group has cited tightened cash flow and increasing operational strain in its 2025 interim report, saying fresh capital is needed to stabilise operations and fund future initiatives.

The EGM will be held at Macau Fisherman’s Wharf on December 2 at 11:00 am. Shareholders will vote on four special resolutions covering the change of domicile, adoption of the new constitutional documents, cancellation of the share premium account and the capital reorganisation.

Macau Legend, which runs the Legend Palace casino under a services agreement with SJM Holdings, as well as the waterfront Fisherman’s Wharf complex, has been grappling with heavy losses.

The firm reported a net loss of HK$1.42 billion ($182.7 million) in the first half of 2025, after a HK$622 million ($80 million) loss last year.

Light & Wonder now solely listed on the Australian Securities Exchange

Kelsey Wilhelm
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Light & Wonder now solely listed on the Australian Securities Exchange

Gaming equipment and services group Light & Wonder has finalized its delisting from the Nasdaq Stock Market and transitioned to its sole listing on the Australian Securities Exchange (ASX).

The announcement about the transition was made earlier in mid-October, with the company highlighting a suspension of trading from November 12th.

Ahead of the transition, stock prices saw a sharp increase, which tailed off over the course of November 14th.

Results from the company for the third quarter helped prop up investor sentiment, with a 78 percent rise in net income – hitting $114 million. Revenue for the company was up to $841 million, a slight increase from the same period last year.

The group, and its leadership, has continually expressed confidence in the transition to a single listing – with strong potential for benefit.

Credit markets back Wynn’s UAE expansion as diversification accelerates: Firm 

Viviana Chan
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Credit markets back Wynn’s UAE expansion as diversification accelerates: Firm 

Wynn Resorts’ integrated resort in Ras Al Khaimah, slated to open in 2027 as the Middle East’s first integrated resort with gaming, is drawing positive attention from credit markets, which view the UAE as an increasingly relevant diversification opportunity for global operators. 

Kyle Owusu, Director of Credit Research at Octus, told AGB that the project’s location, market potential, and financing structure position Wynn to expand its cash-flow resilience beyond its existing geographic concentration.

Owusu said credit investors value the company’s move into the Middle East because it adds scale and stability while broadening Wynn’s portfolio beyond Macau and the United States.

“I think credit markets appreciate the capability that operators like MGM and Wynn have to potentially diversify cash flow by expanding to the Middle East,” he said, noting that credit markets prioritize resilience factors such as diversification and stability.

“Credit markets, especially the rating agencies, will be more appreciative of the diversification and increased scale offered by Middle East expansion,” noted the expert.

Wynn Al Marjan, UAE, Wynn Resorts
View from the poolscape at Wynn Al Marjan Island: Mock-up

Wynn is currently preparing for the 2027 opening by hiring staff for its Ras Al Khaimah property, which includes gaming facilities subject to UAE regulatory approval. The company has already arranged a substantial portion of its financing.

According to Owusu, Wynn Al Marjan Island FZ-LLC—the project subsidiary—is party to a $2.4 billion delayed-draw secured term loan. The remaining equity requirement, estimated at $600 million to $675 million, leaves Wynn with what he describes as “flexibility to finance the project.”

Owusu added that operators of Wynn’s scale have various financing channels available. “As long as the capital markets are functioning, operators like Wynn should have options to finance large-scale projects, through investments like syndicated banks or US real estate investment trusts,” he noted.

Looking ahead to project returns, Owusu said a new-build resort of this scale could reasonably break even within about three years after opening.

“In terms of actual return, I think investors are probably targeting at least mid-teens percent, but that is speculative,” he said. His comments reflect current investor expectations surrounding resorts that enter new, high-growth markets with a controlled gaming footprint.

Recent reports suggest Wynn has secured a second site in the UAE for a potential phase-two expansion. Owusu said any additional commitment should depend on whether incremental capital can generate attractive returns.

“Wynn should evaluate capital commitments in the UAE based on how they see return on incremental invested capital,” he said. 

Key considerations include forecast visits, spending per visit, margins, and additional capital needed to maintain or grow the development. From a credit standpoint, he added, “the company will try to seek the cheapest form of capital available.”

Market potential is another factor supporting credit market enthusiasm. Wynn expects the UAE to generate $3 billion to $5 billion in gross gaming revenue annually once the market matures.

“The question would be what percent of that revenue can Wynn capture, and at what cost,” Owusu said, noting that Las Vegas GGR reached $15.6 billion in 2024 for comparison.

Wynn Al Marjan, UAE, Wynn Resorts
Hotel arrival at Wynn Al Marjan Island: Mock-up

Owusu also highlighted the UAE’s growing tourism base and demographic scale. “In terms of size and growth, Macau gets the most visitors, but UAE is growing in popularity and has around 10 million people versus Macau’s 700,000 and Singapore’s 6 million,” he said.

Asked whether institutional investors are already positioning for Middle East expansion, Owusu said equity markets are clearly responding. “I think equity markets are definitely pricing in the Middle East as a new growth region,” he said.

However, the outlook is not without risks. The speed of regulatory approvals—including the UAE’s phased approach to gaming permissions—will shape near-term development.

Over the next three to five years, Owusu expects tourism growth to be the main credit catalyst if the market opens gradually. But he also warned that “the state of the global economy is a key risk since any asset in UAE will be heavily reliant on international tourism.”

Beyond macroeconomic conditions, he added, “given the reliance on international tourism, the UAE’s reputation is another key factor.”

Slotegrator highlights the role of technology in driving iGaming growth

AGBrief Editorial
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Slotegrator highlights the role of technology in driving iGaming growth

In a recent interview, Slotegrator’s Senior Sales Manager Andrii Lipovyi emphasized that the combination of technological innovation, regulatory compliance, and rapid time-to-market provides iGaming operators with a competitive edge in emerging markets across Latin America, Africa, and Asia.

These findings emerge as leading iGaming companies continue to explore strategies for expanding into these fast-growing regions.

Slotegrator’s turnkey solution powers 5-week casino launch in Georgia

When it comes to one of the most important solutions for the clients – platform – it’s essential to mention that it should operate seamlessly, handle high traffic, and remain flexible for customization and scaling. A longer launch timeline means higher expenses. That’s why it’s fundamentally important to keep launch timelines as short as possible, to get your clients up and running quickly

“Slotegrator’s clients primarily appreciate the technological complexity and reliability of our solutions,” said Andrii Lipovyi, Senior Sales Manager at Slotegrator. “Speed to market has become one of the defining factors of success for online casino and sportsbook operators. Just like in every other business, time is money.”

This year, Slotegrator introduced a special offer with reduced setup costs and lower monthly fees during the first year of operation – a unique opportunity for new operators looking to enter the market efficiently and affordably. The offer is valid until the end of 2025.

Slotegrator highlights Latin America, Africa, and Asia as the most promising regions for 2026. Rapid regulation, growing smartphone adoption, and diverse technological ecosystems make these markets highly attractive.

At the same time, compliance remains crucial when entering new markets. Licenses and certifications build trust and credibility among partners and players.

MGM Grand completes $300M remodel, elevating guest experience at the Las Vegas resort

AGBrief Editorial
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MGM Grand completes $300M remodel, elevating guest experience at the Las Vegas resort

MGM Grand Hotel & Casino ushers in a bold new era of Las Vegas hospitality with 3,969 reimagined rooms and suites in its main tower, uniting modern design with unmatched comfort.

The $300 million transformation features sophisticated interiors inspired by the glamour and energy of the disco era, embracing the hotel’s vibrant legacy as an icon of entertainment. Guests can now book the remodeled accommodations, which complement MGM Grand’s innovative lineup of new dining and entertainment offerings.

MGM Grand completes $300M remodel, elevating guest experience at the Las Vegas Resort
MGM Grand – Terrace Suite – Bar

Designed by global architecture firm Gensler in partnership with MGM Resorts Design & Development, the remodeled rooms and suites were crafted with the modern traveler in mind. The remodel evokes the charm of the disco era with bold artwork and patterns, creating a space that is both playful and refined.

Mike Neubecker, President & COO of MGM Grand
Mike Neubecker, President & COO of MGM Grand

An additional 111 suites were added to the hotel’s collection, bringing the total to 753. Ranging from 675 to 1,784 square feet, these elevated accommodations offer refined finishes, bright open layouts and inviting sectionals, with reconfigured floor plans that provide greater privacy and versatile spaces for both work and relaxation.

“MGM Grand has long stood out as one of the most iconic resorts on The Strip, and this remodel marks an ambitious step forward in the resort’s evolution,” said Mike Neubecker, President & COO of MGM Grand. “Inspired by our guests’ feedback, we’ve designed rooms that deliver what both business and leisure travelers value most, providing a thoughtful balance of style, comfort and functionality.”

Along with the room remodel, MGM Grand recently debuted several new experiences, including NETFLIX BITES, a first-of-its-kind dining venue inspired by hit Netflix shows; Palm Tree Beach Club, a tropical-inspired day club by DJ Kygo’s Palm Tree Crew; and The FRIENDS™ Experience, an attraction that invites fans of the iconic television series FRIENDS™ to step into the world of the show through a fully interactive, photo-ready environment.

The resort also introduced FREQNCY, a brand-new, high-energy, immersive residency from the world-famous dance crew Jabbawockeez, while Morimoto, MGM Grand’s contemporary Japanese restaurant, is undergoing an exciting design and menu refresh slated to debut in late November.

SA Gaming partners with EGT Digital to elevate the gaming experience

AGBrief Editorial
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SA Gaming partners with EGT Digital to elevate the gaming experience

The leading live game solution provider SA Gaming has unveiled a new partnership with EGT Digital, one of Europe’s largest gaming platforms.

Through this agreement, SA Gaming’s games will be accessible to players on EGT Digital’s platform.

This collaboration marks a significant milestone for both companies, as it reinforces SA Gaming’s brand visibility and enables the group to reach a broader audience. This alliance is also bringing an enhanced gaming experience to players on the EGT Digital platform.

As one of Europe’s fastest-growing brands, EGT Digital boasts an extensive network and a comprehensive product portfolio that draws a diverse player base from markets worldwide. These players will now gain access to SA Gaming’s wide range of Live Games, expanding engagement while supporting the business objectives of both companies.

EGT Digital’s spokesperson commented, “For us at EGT Digital, the priority number 1 is always to give our customers the best gaming experience. That is why we are very pleased to have the opportunity to offer them SA Gaming’s titles, standing out with great thematic diversity, highly engaging mechanics and captivating bonuses. We believe that this partnership will both enrich our platform and enhance the game developer’s reach, while providing players with access to the high-quality gaming content they are looking for.”

SA Gaming continues to deliver top-notch entertainment, and this agreement opens new opportunities for both parties to grow and flourish. SA Gaming is eager to embark on this journey with EGT Digital and looks forward to the limitless possibilities that will bring exceptional value to players.

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