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Macau 3Q casino EBITDA to rise 7% YoY with Wynn gaining most market share: Citigroup

Viviana Chan
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Macau 3Q casino EBITDA to rise 7% YoY with Wynn gaining most market share: Citigroup

Macau’s casino industry is expected to post a 7 percent year-on-year increase in sector EBITDA for the third quarter of 2025, driven by resilient mass-market demand despite temporary disruptions caused by a September typhoon, according to Citigroup’s latest research report.

Analysts George Choi and Timothy Chau estimate industry EBITDA will reach about $2.07 billion, with total gaming revenue (GGR) climbing 12.5 percent year-on-year to MOP62.57 billion ($7.78 billion), the highest quarterly level since the territory reopened in January 2023.

The solid recovery was underpinned by record visitor arrivals in August and steady mass-market play, though margins were ‘shaved by about 80 basis points’ due to lost operating hours and additional wage expenses during the 33-hour storm-related shutdown.

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Wynn and Sands emerge as key market-share gainers

Citigroup projects Wynn Macau and Sands China as the top quarter-on-quarter market-share gainers among the six concessionaires. Wynn’s share is expected to rise from 11.9 percent in 2Q25 to 13.7 percent in 3Q25, benefiting from ‘normalization in mass hold rates’ and a favorable VIP win rate. That momentum helped drive Wynn Macau’s property EBITDA up 17 percent year-on-year to about $306 million, marking the strongest growth in the sector.

Sands China’s market share is projected to improve from 22.8 percent to 23.7 percent, reflecting early benefits from its new player reinvestment strategy. However, the company’s quarterly EBITDA growth remains modest at 1 percent, constrained by an unfavorable VIP hold environment.

By contrast, MGM China and Melco Resorts & Entertainment likely ceded market share, down one and 0.9 percentage points respectively, to 15.6 percent and 14.6 percent. Still, MGM’s property EBITDA is forecast to climb 13 percent year-on-year to about $290 million, maintaining a healthy 27 percent margin consistent with management guidance.

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Sector trading below historical average

Citigroup noted that Macau’s gaming sector is currently trading at roughly 8.5 times FY2026 EBITDA, nearly 1.5 standard deviations below its long-term mean of 11.6 times. The bank maintains a ‘Buy’ rating on most operators, naming Galaxy Entertainment and Sands China as top picks for their diversified mass-market exposure and balance sheet strength.

Wynn Macau was upgraded from Neutral to Buy, with analysts citing upcoming growth catalysts such as the Wynn Palace Chairman’s Club expansion scheduled for early 2026.

The report also placed Wynn Macau and MGM China on a 30-day ‘upside catalyst watch’, expecting both to post the strongest year-on-year EBITDA gains when they report earnings later this month and in early November.

PAGCOR donates 70 patient transport units to improve emergency services nationwide

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PAGCOR donates 70 patient transport units to improve emergency services nationwide

The Philippine Amusement and Gaming Corporation (PAGCOR) has donated PHP141 million ($2.5 million) worth of Patient Transport Vehicles (PTVs) to the Philippine Charity Sweepstakes Office (PCSO) to enhance emergency medical response and healthcare access across the country.

The partnership between the two government agencies was formalized through a Memorandum of Agreement (MOA) signing ceremony held at the PAGCOR Corporate Office in Pasay City on Wednesday, October 15th, 2025. The donation consists of 70 fully equipped PTVs that will be distributed by PCSO to qualified local government units (LGUs), particularly those in remote and underserved communities.

Each vehicle is equipped with a GPS navigation system, stretcher, medical oxygen, wheelchair, and first aid kit to ensure safe and efficient patient transport during emergencies.

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PAGCOR Chairman and CEO Alejandro H. Tengco said the PHP141 million ($2.5 million) donation underscores the agency’s full support for President Ferdinand Marcos Jr.’s call to strengthen the country’s healthcare and emergency response systems. “These vehicles are not mere means of transport – they are lifelines that can spell the difference between life and death for those who need immediate medical attention,” Tengco said.

He added that combining PAGCOR’s resources with PCSO’s long-standing experience in health-related programs allows both agencies to “reach more communities and save more lives.” Tengco also expressed appreciation to PCSO General Manager Melquiades Robles and his team for their cooperation, noting that this partnership marks only the beginning of further joint initiatives to help Filipino citizens in need.

The 70-unit donation is part of PAGCOR’s broader commitment to distribute a total of 246 patient transport vehicles to LGUs, hospitals, and frontline agencies nationwide. Since February 2025, the agency has already turned over 60 units to various beneficiary institutions.

Genting $1.6B takeover bid for Malaysian unit poses credit risks: CreditSights

Nelson Moura
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Genting $1.6B takeover bid for Malaysian unit poses credit risks: CreditSights

Malaysian gaming and leisure giant Genting Berhad (GENT) has launched a $1.6 billion takeover offer for the remaining 50.6 percent of Genting Malaysia (GENM) it does not already own, a move analysts say could strain the parent company’s finances while modestly benefiting its subsidiary.

The conditional offer, priced at MYR2.35 ($0.50) per share and contingent on GENT retaining a majority stake, would be largely funded by debt, with up to MYR6.3 billion ($1.4 billion) borrowed.

If successful, the bid could result in GENM’s delisting from the Bursa Malaysia stock exchange, though analysts at CreditSights say the privatization threshold is unlikely to be met without a higher offer.

‘The deal is a credit negative for Genting Berhad,’ said CreditSights, citing concerns that GENT’s pro-forma net leverage could rise nearly a full turn to 3.8-3.9x, potentially complicating refinancing of a $1.5 billion bond maturing in January 2027.

The analysts also noted GENT may need to sweeten the offer to attract enough shareholders, adding further pressure on cash flows amid ongoing capital expenditures in Singapore and New York.

For GENM, however, the takeover is seen as modestly positive, strengthening ties with its parent and increasing the likelihood of financial support for its planned New York casino expansion. The subsidiary could also benefit from reduced compliance and listing costs if delisting occurs, although analysts caution that governance risks remain.

CreditSights has maintained a Market Perform rating on GENT while upgrading GENM to Outperform, noting that the parent company’s global diversification, potential earnings gains from Singapore, the UK, and Las Vegas operations, and cash-rich Genting Singapore subsidiary mitigate some risks.

Bond markets reacted negatively to the announcement, with GENT and GENM debt spreads widening by roughly 50 basis points. CreditSights said GENM’s bonds now trade 115 basis points wider than Sands China, suggesting that the market currently undervalues the subsidiary given stronger parental support under the takeover bid.

GENT currently holds a 49.4 percent stake in GENM, with remaining shareholders mainly institutions including Vanguard, OCBC, State Street, and AIA, each holding less than 2 percent. The offer is open until November 3rd and requires clearance from the Malaysian Securities Commission.

‘While stronger parental control has benefits, the strategic rationale is questionable given the deal is heavily debt-funded at the parent level,’ CreditSights said. Analysts do not expect immediate rating actions for either company, though credit rating headroom at Moody’s and Fitch could narrow.

The takeover comes as Genting eyes expansion in the US, including a major casino project in downstate New York, part of its broader push to strengthen international operations.

Victoria gambling regulator unveils plan to strengthen industry accountability

Nelson Moura
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Victoria gambling regulator unveils plan to strengthen industry accountability

Victoria’s gambling regulator has outlined an ambitious agenda for 2025–26 aimed at protecting the public, curbing criminal exploitation, and building trust in the state’s casinos and gaming industry.

Australia’s Victorian Gambling and Casino Control Commission (VGCCC), now in its fourth year as a standalone regulator, said its new Annual Plan focuses on harm prevention, industry accountability, and modernized regulatory tools.

“This year’s plan reflects our ambition to be bold, intelligence-led, data-driven, and deeply connected to the communities we serve,” VGCCC CEO Suzy Neilan said in an announcement.

“We’re evolving how we regulate, using smarter tools, stronger partnerships, and a sharper focus on harm minimization to protect Victorians.”

The regulator said its priorities include early detection of risky gambling behavior, protecting minors and excluded individuals, and ensuring responsible advertising. It will also work closely with law enforcement to prevent money laundering and other criminal activity.

The plan aligns with the Victorian Minister’s Statement of Expectations, which calls for regulation that listens to lived experience, supports innovation, and prioritizes community safety.

Key initiatives for 2025–26 include a five-year public awareness campaign on gambling harm, technology upgrades to improve regulatory efficiency, and support for mandatory carded play and pre-commitment reforms designed to help gamblers stay in control.

“We’re not just regulating, we’re modernizing how regulation is done,” Neilan said, adding that the approach will be proactive, transparent, and focused on long-term benefits for the community.

The VGCCC said it will modernize digital infrastructure, enhance intelligence-led regulation, and strengthen harm reduction through education, engagement, and enforcement.

The commission said its plan signals a firm commitment to making gambling safer for all Victorians, whether they participate in gambling, work in the industry, or are indirectly affected.

MGM abandons New York casino bid citing competition concerns

Viviana Chan
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MGM abandons New York casino bid citing competition concerns

MGM Resorts International has withdrawn its application for a commercial casino license in Yonkers, New York, citing significant changes in competitive conditions and licensing terms that have altered the project’s financial viability.

MGM Yonkers Inc., a subsidiary of MGM Resorts International, officially withdrew its commercial casino license application to the New York Gaming Commission and the Gaming Facility Location Board. The decision ends the company’s pursuit of a $2.3 billion project to transform its Empire City Casino site into a full-scale commercial casino and entertainment destination.

“The competitive and economic assumptions underpinning our application have shifted, altering our return expectations on the proposed $2.3 billion investment,” MGM Resorts stated. The company identified two primary factors behind the withdrawal: intensified competition from rival bids clustered in a small geographic area, and a significant reduction in the license term from an expected 30 years to just 15 years based on newly issued state guidance.

The company emphasized that these combined factors “result in a proposition that no longer aligns with our commitment to capital stewardship, nor to that of our real estate partner in Yonkers, VICI.”

The Empire City Casino, which MGM acquired in 2019, currently operates as a slots and electronic gaming facility. Despite withdrawing from the license competition, MGM Resorts confirmed it will continue operating the property in its current format. The site has generated more than $5 billion for New York State education, including $1.6 billion under MGM’s ownership.

MGM’s withdrawal narrows the field in New York’s downstate casino race, which initially attracted eight bidders competing for three available licenses. With MGM now out of the running, three major contenders remain: Genting’s Resorts World New York City expansion in Queens; Bally’s proposed casino at the site of the former Trump Golf Links in the Bronx; and Metropolitan Park, a planned entertainment and casino complex adjacent to Citi Field proposed by a consortium led by New York Mets owner Steve Cohen and Hard Rock International.

Resorts World New York City, RWNYC, Genting

Meanwhile, the Genting group remains a frontrunner for one of the coveted licenses. Genting Malaysia is proposing a US$5.5 billion bid to expand and upgrade its existing Resorts World New York City facility. To support this project, parent company Genting Bhd announced a conditional voluntary takeover offer for Genting Malaysia on Monday, aiming to strengthen the subsidiary’s financial position.

‘If the [New York] bid is successful, significant capital investment is required,’ Genting Bhd stated, adding that majority ownership would enable the group to ‘lend the Genting group’s financial strength and network to support the development of this significant project.’

Genting Malaysia previously revealed that the results of the downstate New York casino licensing process are expected on December 1st.

Entain gaming revenue grows 6% in 3Q25, boosted by BetMGM performance

Viviana Chan
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Entain gaming revenue grows 6% in 3Q25, boosted by BetMGM performance

Global sports betting and gaming group Entain plc reported a 6 percent yearly increase in total net gaming revenue for the third quarter of 2025, driven by strong performance from its US joint venture BetMGM and sustained momentum across its international portfolio.

The FTSE 100-listed company announced total group net gaming revenue, including its 50 percent share of BetMGM, reached 6 percent growth on a reported basis and 7 percent on a constant currency basis for the period from July 1st to September 30th, 2025. Group revenue excluding the US market grew 4 percent, or 5 percent on a constant currency basis.

BetMGM emerged as a standout performer during the quarter, delivering net revenue growth of 23 percent on a constant currency basis, exceeding expectations. The joint venture’s Q3 net revenue totaled $667 million, fueled by ‘its strengthened sports product, leading iGaming offering and refined player engagement strategy,’ according to the company’s trading update. The venture’s iGaming division grew 21 percent while online sports surged 36 percent on a constant currency basis.

“BetMGM’s continued success and strong year to date performance is driven by our strengthened sports product and leading iGaming offering, coupled with refined player engagement,” said Stella David, CEO of Entain. “We are delighted that BetMGM is achieving sustainable profitable growth.”

Following BetMGM’s strong performance, the joint venture upgraded its full-year 2025 guidance to net revenue of at least $2.75 billion with EBITDA of approximately $200 million. The company also announced plans to begin distributing cash to its parent companies, Entain and MGM Resorts, with at least $200 million anticipated for distribution in 2025.

Online net gaming revenue excluding the US grew 5 percent, or 6 percent on a constant currency basis, reflecting “continued underlying momentum despite customer friendly sports margins in September,” the company stated. The UK and Ireland region posted particularly robust growth of 8 percent on a constant currency basis, with online operations surging 15 percent driven by player value growth and market share gains.

Entain reiterated its full-year 2025 guidance, expecting approximately 7 percent online net gaming revenue growth on a constant currency basis and group EBITDA in the range of ￡1.1 billion ($1.43 billion) to ￡1.15 billion ($1.49 billion).

Yggdrasil eyes Brazil for growth with new BETESPECIAL collaboration

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Yggdrasil eyes Brazil for growth with new BETESPECIAL collaboration

Yggdrasil has taken another step forward in one of iGaming’s most dynamic markets after partnering with emerging Brazilian operator BETESPECIAL. 

The agreement will see Yggdrasil bring its complete suite of slot products to the operator’s online offering, including recent hits MexoMax 2 and Scara-Bucks, as well as hugely popular staples such as Raptor DoubleMax and the Valley of the Gods series.  

In addition, select titles from the YGG Masters portfolio, which consists of games from more than 25 dynamic game studios, will be accessible for BETESPECIAL customers.

The partnership with BETESPECIAL in Brazil is the latest firm step taken by Yggdrasil in Latin America, where its products continue to gain traction in one of the most competitive regions in the industry.

Aurora Armaro, Senior Customer Success Manager at Yggdrasil, said: “This BETESPECIAL partnership is the next step in consolidating Yggdrasil’s position in the Brazilian market, and due to the great relationships we have with BETESPECIAL and SOFTSWISS, we will keep pushing to grow our market share.”

Jose Kadala, Chief Commercial Officer at Yggdrasil, shared: “Partnering with BETESPECIAL is a great milestone for us as we continue to keep on growing our market share in Brazil. It is a region that has undergone real transformation in the last year, and we feel like our titles are perfectly suited to the vibrant desires of its players. We can’t wait to work closely with BETESPECIAL to deliver fantastic gaming experiences to their customers.” 

Douglas McRae, Promotions Manager at BETESPECIAL, added: “Yggdrasil is a supplier that has a wealth of history in not just game creation, but in consistently driving innovation in slot development and gamification. They are a great team to work with, and we look forward to continuing to build on our collaboration as we both progress in the region. The calibre of games we can expose our players to is a real selling point in partnering with Yggdrasil, and we’re confident that our customers will absolutely love to immerse themselves in their titles.”

Aristocrat Gaming launches world’s first $1M Phoenix Link slots at Wynn Las Vegas

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Aristocrat Gaming launches world’s first $1M Phoenix Link slots at Wynn Las Vegas
Aristocrat Gaming launches world’s first $1M Phoenix Link slots at Wynn Las Vegas
Aristocrat Gaming launches world’s first $1M Phoenix Link slots at Wynn Las Vegas

The new $1 Million Phoenix Link games can be found in the Wynn Las Vegas High-Limit Slots area.

As the next evolution of the international hit game Dragon Link, Phoenix Link features player-favorite mechanics from top games with all-new themes, features, and bonuses. Players can enjoy the game’s new additional mid-denominations, configurations, and jackpots on each of the game theme titles.

Gameplay features include Hold & Spin, Free Games with multiplier wilds or twin spin reels, Phoenix Mystery trigger, and more new bonus twists. $1 Million Phoenix Link is available on the Neptune Single, MarsX Portrait, and Neptune Double cabinets.

Aristocrat, Kurt Gissane, CRO
Kurt Gissane, Chief Revenue Officer of Aristocrat Gaming

Since its debut late last year, Phoenix Link has quickly burned up the gaming charts and was most recently named “Slot of the Year” at the Global Gaming Awards Americas 2025 at the Global Gaming Expo (G2E Las Vegas).

“Phoenix Link has quickly become a player-favorite, and we’re thrilled to bring even more excitement with the debut of $1 Million Phoenix Link at Wynn Las Vegas,” said Kurt Gissane, Chief Revenue Officer of Aristocrat Gaming. “Offering a jackpot of this size offers players an even more engaging way to play Phoenix Link in the heart of the Las Vegas Strip.”

BETBY reports strong 3Q25 results, sustaining growth momentum

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BETBY reports strong 3Q25 results, sustaining growth momentum

The leading sportsbook supplier BETBY, has reported another strong quarter, with its Q3 2025 performance underlining consistent growth and sustained engagement across its global partner network.

The results highlight the provider’s continued expansion, innovation, and ability to deliver competitive value to operators worldwide.

During the third quarter, BETBY’s sportsbook recorded a 56.07% year-on-year increase in gross gaming revenue (GGR), a 24.92% rise in total bets placed, and a 19.45% increase in active players, aligning with the solid upward trend seen in the company’s H1 results.

Importantly, these results were achieved despite a non-idyllic September, which was marked by uncompetitive margins due to sporting outcomes. This resilience further underscores the company’s ability to maintain growth momentum even in unfavourable market conditions.

This performance further demonstrates the scalability and reliability of BETBY’s sportsbook solution, which continues to attract new partners and drive growth across regulated markets. The supplier’s investment in proprietary trading models, AI-powered tools, and tailored partner support remains central to its strategy.

Betby.Games, BETBY’s proprietary esports feed, also delivered a positive quarter, achieving an 8.43% year-on-year increase in gross gaming revenue (GGR), a 6.18% rise in total bets placed, and an 11.85% growth in active players compared to the same period last year.

Leonid-Pertsovskiy-BETBY
Leonid Pertsovskiy, CEO at BETBY

Leonid Pertsovskiy, CEO at BETBY, commented: “Q3 once again demonstrates the strength of our products and the trust we’ve built with our partners. We continue to deliver solid results across both sportsbook and esports verticals, driven by innovation, user-centric solutions, and our commitment to excellence. As we approach the end of the year, our focus remains on accelerating growth and reinforcing our position as a Tier-1 provider in the iGaming industry.”

To find out more about BETBY’s cutting-edge sportsbook solution visit booth 4045 during SiGMA Central Europe. Attendees will have the opportunity to engage with BETBY’s team, and discover how the company’s solutions and services can be their winning aspect for their iGaming project.

The Pools names ex-LeoVegas Group expert as Director of Customer Success and Operations

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The Pools names ex-LeoVegas Group expert as Director of Customer Success and Operations

The Pools has announced the appointment Joseph Carter-Bell as its new Director of Customer Success and Operations.

Carter-Bell will be responsible for overseeing the iconic British betting brand’s customer service, customer success and operational compliance offerings – and ultimately creating a more cohesive player journey for The Pools customers.

He has 15 years’ experience across the customer service and safer gambling sectors, joining The Pools from MrQ, where he spent three years as Head of Customer Experience and was responsible for player experience and success.

Prior to that, Carter-Bell was at LeoVegas Group for two years, starting initially as Customer Service Manager, before progressing to Head of Safer Gambling and Anti-Money Laundering.

The news follows on from the recent appointment of former Betfred exec Gemma Strath-Billington as The Pools’ Head of Group Marketing, as well as a major rebranding campaign earlier this year.

Joseph Carter-Bell, The Pools Director of Customer Success and Operations, said: “I’m hugely excited to be joining this prestigious brand, with The Pools being such a strong part of the fabric of British betting. Having worked across the sector for 15 years, I’m looking forward to bringing my experience to the role and contributing to enhancing the overall player journey, both for The Pools’ loyal customer base as well as the next generation of players.”

The new hires have been part of a wider restructuring drive for the brand with a number of appointments announced across the last 12 months, including Phillip Donegan as Chief Technology Officer, Chris Williams as Head of Product and Matt Knowles as Head of CRM.

James Arnold, The Pools CEO, added: “It’s been a big 12 months for The Pools following our major rebrand earlier this year, and we welcome Joseph to the team as we look to build upon that success and write the next chapter in our 102-year history. Joseph’s wealth of experience means he knows the industry well and made him the perfect candidate for the position, as we look to upgrade our customer service, customer success and operational compliance offerings for our players, both new and old.”

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