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Macau is on track to receive between 38 and 39 million visitors in 2025, according to Maria Helena de Senna Fernandes, director of the Macao Government Tourism Office (MGTO). The official said authorities remain confident about reaching the target as the city continues to attract strong regional tourism flows.
Official data show that Macau recorded a total of 29.67 million visitor arrivals in the first three quarters of 2025, representing a 14.5 percent year-on-year increase. If total arrivals reach 39 million or more, Macau will have fully recovered from the impact of COVID-19, as the city’s historical peak was nearly 39.4 million visitors in 2019.
Speaking ahead of the Macau Grand Prix, which will take place from November 13th to 16th, Senna Fernandes said hotel occupancy rates during the four-day event are expected to exceed 90 percent, similar to previous years.
However, she also noted a growing trend of visitors traveling in organized groups that stay in nearby Hengqin before crossing into Macau for sightseeing. “This pattern helps stimulate tourism cooperation and economic integration between Macau and its neighboring regions,” she said.
Senna Fernandes acknowledged that the number of group travelers has not yet returned to pre-pandemic levels, attributing this to changing travel behaviors. “Post-pandemic, tourists increasingly rely on social media and online platforms to gather information, compare prices, and plan trips independently,” she said.
Nonetheless, she emphasized that this does not indicate a decline in the travel agency sector. Instead, it represents an opportunity for industry players to adapt by offering smaller, family-style, or customized tour options to meet evolving market preferences.
The United Arab Emirates’ General Commercial Gaming Regulatory Authority (GCGRA) has announced a leadership transition, confirming that Chief Executive Officer Kevin Mullally has stepped down from his position for personal reasons. The Authority’s Chairman, Jim Murren, has been appointed Interim Chief Executive Officer, effective immediately.
Kevin Mullally
Established in September 2023, the GCGRA serves as the UAE’s federal body responsible for regulating the commercial gaming sector. Mullally, who was appointed as the Authority’s inaugural CEO at its founding, played a key role in developing its foundational regulatory framework and aligning its governance with international best practices.
In a social media post, Mullaly noted that “Together, we built an efficient, modern regulatory framework that upholds the highest standards of integrity and consumer protection while encouraging and enabling innovative gaming technology. By creating an agile, predictable, and forward-looking regulatory environment, we laid the foundation for responsible innovation and a dynamic future for the industry. I am tremendously proud of this work and confident that it positions the GCGRA well as it advances toward operational maturity.”
In a statement, Murren praised Mullally’s contributions, saying, “Kevin has played a significant role in the Authority’s early development, helping to establish its core governance and regulatory structure. We thank him for his contribution and wish him continued success in his future endeavors.”
Jim Murren
Murren, who previously served as Chairman and CEO of MGM Resorts International and is now Chairman of Resorts World Las Vegas, will oversee the Authority’s ongoing operations and strategic direction during the transition. He emphasized that the UAE remains committed to regulatory excellence, responsible gaming, and maintaining confidence in its emerging commercial gaming framework.
The Authority confirmed that its operations, licensing programs, and stakeholder engagements will continue without interruption under the Executive Leadership Team’s guidance, as the GCGRA advances its mandate to support the UAE’s economic diversification and tourism growth.
Currently, the GCGRA has issued one land-based casino license to Wynn Resorts, which will launch the country’s first integrated resort in 2027. MGM Resorts has also applied for a casino license, which remains under review.
The Philippines’ regulatory clampdown is weighing on the country’s online gambling sector, as DigiPlus Interactive Corp.—the Philippines’ largest online gaming platform and operator of BingoPlus, ArenaPlus, and GameZone—reported a 59 percent decline in third-quarter net income to PHP1.71 billion ($29.1 million).
The sharp quarterly drop comes despite a 16 percent increase in profit for the first nine months of 2025, when consolidated net income reached PHP10.11 billion ($172.5 million). DigiPlus said the slowdown reflected regulatory headwinds and operational disruptions following the central bank’s directive to cut e-wallet links to gambling platforms.
Third-quarter revenue contracted 23 percent year-on-year to PHP19.05 billion ($325 million), while EBITDA fell 55 percent to PHP2 billion ($34.1 million). The company attributed the declines to ‘temporary disruptions in player activity and transaction volumes’, after the Bangko Sentral ng Pilipinas (BSP) ordered e-wallet providers in August to delink in-app access to licensed gaming sites.
The BSP’s move formed part of broader efforts to mitigate financial risks associated with online gambling. Preliminary data from the Philippine Amusement and Gaming Corp. (PAGCOR) indicated a 50 percent decline in online gaming transactions between August 17th and 19th, though the long-term impact remains uncertain.
The moderation in DigiPlus’ performance followed a period of rapid expansion—its net income surged 61 percent in the first half of 2025 and 207 percent in 2024.
Despite the quarterly setback, DigiPlus emphasized that its overall nine-month results remained solid, driven by product innovation and operational efficiencies. Total revenue rose 30 percent year-on-year to PHP66.83 billion ($1.14 billion), while EBITDA increased 19 percent to PHP11.13 billion ($189.9 million).
During the same period, DigiPlus paid PHP25.59 billion ($437 million) in government taxes and regulatory fees, up 9 percent from PHP23.4 billion ($400 million) in 2024. On a quarterly basis, the company paid PHP7.17 billion ($122.5 million), a 26 percent decline due to the e-wallet delinking directive.
DigiPlus Chairman Eusebio H. Tanco
Chairman Eusebio Tanco said the company remains focused on sustainable growth. “This period demonstrates DigiPlus’ resilience amid temporary setbacks,” he said. “We continue to focus on digital innovation, player protection, and good governance as we expand responsibly into new markets.”
Strategic responses
In response to the tighter regulatory environment, DigiPlus introduced several measures to strengthen compliance, enhance player protection, and diversify payment options. It launched the Philippines’ first surety bond program for online players in partnership with Philippine First Insurance Co. Inc., offering financial protection of up to PHP1 million ($17,000) per verified player wallet.
The company also expanded its payment network through a partnership with CIS Bayad Center Inc., enabling over-the-counter transactions nationwide. These initiatives complement DigiPlus’ 24/7 customer service operations and more than 130 BingoPlus retail outlets.
The Philippine Amusement and Gaming Corporation (PAGCOR) will kick off its “Big Time Bingo Milyonaryo” linked games on Sunday, December 7, offering Php13 million in tax-free prizes to players across the country.
Hosted by Casino Filipino–Angeles, the much-anticipated simultaneous event will begin at 2 p.m. in participating Casino Filipino branches in Bacolod, Cebu, Fuente, Grand Regal, Ilocos Norte, Iloilo, Mactan, Malabon Grand, Olongapo, and Tagaytay, as well as in Okada Manila and Winford Resorts & Casino.
Casino Filipino – Angeles
Each Php3,000 ticket entitles players to four bingo cards per game, valid for 10 games. Games 1 to 9 will award each Php1 million while Game 10 will feature a guaranteed Php3 million “must-go” jackpot prize.
For added excitement, a total of Php1 million in cash prizes will be given away during an additional local game to be held at participating sites.
PAGCOR said the linked bingo event aims to spread holiday cheers and give players a chance to win big while enjoying a fun, secure, and entertaining gaming experience.
The Association of Gaming Equipment Manufacturers (AGEM) Index saw a small increase in October from the month before, rising by just 0.6 percent. However, compared to one year ago, the index was up by 27.6 percent.
During the month, only two of the 10 AGEM Index companies reported stock price increases, which resulted in two positive contributions and eight negative contributions to the AGEM Index.
The largest positive contribution to the monthly index was Konami Corp, whose 20.6 percent increase in stock price led to a 106.09-point gain for the index.
The group notes that the growth of the company’s stock price ‘was largely fueled by the recently released earnings report that showed revenue for first half of this fiscal year was up 22.1 percent from one year ago’.
Meanwhile, Agilysys saw its stock price increase by 19.2 percent, leading to a 19.97-point gain for the index.
The largest negative contribution to the index was Aristocrat Leisure, whose 9.6 percent decrease in stock price resulted in a 79.52-point loss to the AGEM Index.
In August, all three major US stock indices increased from the prior month for the third consecutive period. The NASDAQ rose by 4.7 percent month-on-month, while the S&P 500 increased 2.3 percent. Meanwhile, the Dow Jones Industrial Average rose by 2.5 percent from the prior month.
Gaming equipment and services group Light & Wonder has announced a 78.12 percent increase in net income for the third quarter of the year, hitting $114 million, amongst revenue increases in its Gaming and iGaming segments.
According to results released on Wednesday, revenue group-wide was up by 2.93 percent yearly, to $841 million, with revenue from its Gaming segment totaling $558 million – a yearly increase of 4 percent. Gaming operations was up by 38 percent, ‘benefiting from an increase in our North American installed base of 2,834 units, or 9 percent year-over-year, to 35,985 units,’ the company notes.
The group’s North American premium installed base (excluding contributions from its charitable gaming segment Grover) grew for the 21st consecutive period. A 6 percent growth in Table products revenue also helped to offset a 21 percent decrease in Gaming machine sales – ‘due to the timing of game sales’.
Looking to its relatively new acquisition of Grover, the group indicates it contributed $40 million to Gaming operations revenue and ‘had over 11,250 active devices included as a part of the installed base as of the end of the third quarter of 2025’- a rise of 229 units sequentially and over 850 units since the February acquisition of the group.
Gaming AEBITDA totaled $305 million, up 14 percent yearly ‘primarily due to revenue growth and margin expansion of 500 basis points, inclusive of Grover contributions’.
SciPlay and iGaming
While Gaming was the main contributor, the group’s SciPlay segment also contributed, albeit seeing a 4 percent slowdown on a yearly basis, contributing $197 million in revenue. The group highlights that this was ‘due to a decline in average monthly papers’ primarily attributable to its Jackpot Party Casino product.
‘The social casino business continued to deliver quality player monetization, leveraging game content and dynamic Live Ops through the SciPlay Engine,’ indicated the company. AEBITDA from the segment rose by 8 percent, to $71 million.
Looking to iGaming, revenue was up – by 16 percent, to $86 million, with AEBITDA increasing by 42 percent to $34 million – both new records. ‘Revenue growth for the period reflected continued momentum in North America underpinned by first-party content proliferation and the expansion of our partner network’. The number of wagers processed through the iGaming platform reached a new quarterly record of $28 billion in 3Q25.
Executives weigh in
Matt Wilson, CEO, Light & Wonder
Speaking of the results, Matt Wilson – President and CEO of Light & Wonder – highlighted the group’s delisting from the NASDAQ to focus on a sole listing on the Australian Securities Exchange.
The executive furthered that “Our R&D engine continues to deliver world-class content, reflected in another strong quarter for Gaming operations and record iGaming performance. We are reinvesting in the business to drive long-term sustained growth, as evidenced by the number and quality of new games and hardware showcased at this year’s G2E”.
Wilson also furthered that the integration of Grover Gaming into its omni-channel strategy is “progressing well”.
The group has also focused heavily on share repurchases to return value to investors, with CFO Oliver Chow noting “we have now completed approximately 51 percent of our expanded share buyback program, underscoring our confidence in the business, balance sheet flexibility and our ongoing commitment to returning value to shareholders.”
In total, some $765 million of the authorized $1.5 billion share repurchase program had been completed by the end of the third quarter.
The group is maintaining its financial outlook for FY25, with estimates to consolidated AEBITDA of between $1.43 billion and $1.47 billion, while that of adjusted NPATA remains between $550 million and $575 million.
Galaxy Entertainment Group saw healthy increases in its financial results for the third quarter, despite being affected by Typhoon Ragasa, which resulted in a 33-hour closure of all Macau casinos.
According to results published on Thursday, the operator saw net revenue increase by approximately 14 percent yearly and 1 percent quarterly, to HK$12.16 billion ($1.56 billion).
This was strongly boosted by a gross gaming revenue (GGR) increase of 21 percent yearly and 2 percent sequentially, reaching HK$12.2 billion ($1.57 billion).
Mass GGR continued to be the strongest contributor, totaling HK$9.5 billion ($1.22 billion) – a yearly increase of 13 percent and a quarterly rise of 7 percent.
VIP GGR saw an impressive jump, up by 86 percent yearly, but down 15 percent sequentially, topping out at HK$2 billion ($257.24 million). Meanwhile electronic GGR rose 11 percent yearly, while dropping 6 percent from 2Q25, to HK$738 million ($94.92 million).
The results contributed to an adjusted EBITDA increase to HK$3.3 billion ($424.44 million), a 14 percent yearly rise, but a 6 percent sequential fall.
Cotai driving growth
Galaxy Macau contributed some HK$10.09 billion ($1.3 billion) in net revenue for the operator, up by 20 percent yearly and 1 percent sequentially.
Of this, some HK$8.54 billion ($1.09 billion) was contributed from gaming, a 23.27 percent yearly rise but a slight drop from the HK$8.56 billion ($1.1 billion) registered in 2Q25.
The rolling chip volume rose both yearly and sequentially in 3Q25, hitting HK$64.03 billion ($8.24 billion) – a 49.3 percent yearly rise and a 16.72 percent rise from the previous quarter.
Mass table drop saw a slight rise from 2Q25, up by almost 2 percent sequentially but rising by 13.6 percent yearly.
Looking to the group’s peninsula property StarWorld, net gaming revenues were up slightly from 2Q25 but down on a yearly basis, totaling HK$1.14 billion ($146.6 million).
Total net revenue from StarWorld amounted to HK$1.26 billion ($162.06 million), a 5.5 percent yearly fall but a 7.85 percent quarterly increase.
The electronic gaming volume at StarWorld was its main highlight, totaling HK$9.63 billion ($1.24 billion) – a 13.2 percent yearly rise and a 3.8 percent sequential increase. This was boosted by the completion of its upgrade to Level 3, with StarWorld now hosting ‘one of the largest scale LTG terminals in Macau’ as part of its bid ‘to transition StarWorld from a VIP-centric property to a more competitive mass market property’. This is aimed for completion within this year.
The group saw a relatively small contribution from its Broadway Macau property – with net revenue of HK$62 million ($7.97 million) – flat year-on-year but rising by 22 percent from 2Q25. Adjusted EBITDA from the property took a tumble, however, to just HK$1 million ($128,620), from HK$11 million ($1.41 million) in 3Q24 and HK$4 million ($514, 470) in 2Q25.
This was also the last full quarter of contributions from the group’s satellite casino operation at Waldo Casino – which ceased operating on October 31st.
Typhoon effect
GEG Chairman Francis Lui made particular note of the government-mandated closure of casinos during Typhoon Ragasa, noting not only the immediate impact but also the knock-on effect on visitation.
In a statement, the executive noted that “33 hours may not seem an extended period of time, however potential visitors canceled their visits in advance over concerns of the potential impact of Typhoon Ragasa and after the typhoon it takes a few days before people commence to plan their next trip”.
Focus on entertainment
The group’s Chairman also highlighted how focused the group has been on entertainment, hosting approximately 260 “entertainment, sports, arts and culture, and MICE events, which contributed to a 41 percent year-on-year increase in the foot traffic at Galaxy Macau and contributed significantly to our business”.
Aside from the current support of the National Games, via the Table Tennis Competition at Galaxy Area, Lui highlighted its four-year strategic partnership with the Ultimate Fighting. Championship (UFC), to bring UFC Fight Nights to Galaxy Arena. He also mentioned the renewal of the three-year strategic partnership with Tencent Music’s TMElive “to co-host multifaceted popular music events”.
The executive noted that “we remain optimistic about mega events tourism in the future”.
The next chapter for Cotai
Capella at Galaxy Macau
The group continues the ramp-up of its ultra-luxury Capella and Horizon Plus, noting that ‘both facilities have been extremely well received by our gets and have set a new level of luxury opulence and service levels in Macau’. It highlights that ‘currently the vast majority of both facilities are opened,’ but did indicate that ‘we are still fitting out some additional enhancement facilities including a signature restaurant’, anticipating that ‘the facilities will be fully opened by early next year’.
Meanwhile, Phase 4 construction ‘is progressing well’, with a targeting completion in 2027. The expansion will include a 5,000-seat theater, F&B, retail, non-gaming, a water resort deck and a casino.
Further abroad, the group notes that its Thailand aspirations may be permanently on hold noting ‘during Q3 there was a change of government within Thailand, and it appears that the new government’s immediate priorities lie elsewhere’.
Looking ahead
‘The post-Golden Week gaming momentum has continued and we anticipate a solid Q4,’ the group indicates in the filing.
‘We remain positive for the outlook of Macau despite the competition and remain confident in the medium to longer term prospect for Macau’.
This is boosted by marketing efforts in offices in Tokyo, Seoul and Bangkok, alongside a recently opened office in Singapore.
Good Morning. A brighter future. Sportradar has raised its FY25 outlook after Q3 2025 results showed increases in adjusted EBITDA, with strong contributions from its Betting & Gaming Content and US market segments. CEO Carsten Koerl highlighted that the company’s growth momentum is fueled by its premium content, technology, and AI capabilities. In South Korea, Kangwon Land reported an 83.5 percent increase in net income to $77.5 million, despite a drop in operating income. Meanwhile, Thailand’s government will establish a special task force to investigate suspicious financial flows linked to online gambling, scam networks, and other illicit transactions.
Global sports technology company Sportradar has revised its FY25 outlook upward after reporting solid growth across its business segments in Q3 2025, despite a decline in profit to $25.28 million from $42.52 million year-over-year. CEO Carsten Koerl highlighted that the company’s growth momentum is fueled by its premium content, technology, and AI capabilities. Revenue increased by 14 percent to $335.54 million, driven by an 8 percent rise in its Betting & Gaming Content segment, which benefited from strong customer uptake and US market growth.
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JCM Global announced the rollout of its pioneering FUZION system and the upgrade of the entire casino floor with the award‑winning iVIZION at Black Oak Casino in Tuolumne, California.
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Dave Kubajak, JCM SVP – Sales, Marketing & Operations, added, “We are thrilled to upgrade Black Oak Casino with the newest JCM solutions, marking the latest execution of our technology road map for the property. The combination of iVIZION and FUZION boosts security and further empowers the Black Oak Casino staff to provide outstanding customer service by maximizing machine uptimes.”
JCM’s award-winning FUZION technology is built with a double-encrypted data superhighway that connects the slot, its iVIZION bill validator, and its GEN5® thermal printer to the casino’s backend. FUZION offers dozens of groundbreaking benefits for casinos, including real-time peripheral performance data; proactive alerts for drops, e-drops, and fills; real-time asset monitoring and tracking; and dispute resolution with high resolution banknote/TITO images.
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