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Macau GGR to dip 7-9% in July, no relief expected on reinvestment costs: Seaport

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Macau’s gross gaming revenue is expected to fall between 7 and 9 percent year-on-year in July, weighed down by the World Cup, before returning to low single-digit growth in the second half of 2026, according to a Wednesday note from Seaport Research.

The brokerage forecasts a rebound of about 5 percent year-on-year in August, with third-quarter GGR estimated to rise around 2 percent and the fourth quarter around 4 percent. Full-year 2026 revenue is projected to grow approximately 4.8 percent, with growth accelerating to 6.5 percent in 2027.

Macau GGR falls 12.1% in June as World Cup weighs on demand

Seaport estimates average daily GGR of about MOP658 million ($81.5 million) in July, up 6 percent month-on-month but equivalent to only 83 percent of July 2019 levels.

The forecast follows a weaker-than-expected June, when GGR fell 11.9 percent year-on-year to MOP18.55 billion ($2.29 billion), the lowest monthly figure since September, which was severely affected by weather. Analyst Vitaly Umansky attributed the decline to the World Cup’s impact on visitation, adding that ‘noise around money flows may limit some player activity’.

Second quarter GGR slipped 0.1 percent year-on-year, the first quarterly decline since 2019 excluding the COVID years. The softness was partly driven by low hold, with VIP hold estimated at below 2.8 percent, compared with 3.5 percent in the same period last year and a normal level of around 3.3 percent.

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

On profitability, the analyst said operators’ margins are set to remain under pressure, although cost increases in 2026 should be more muted than in 2025, with operating expense growth in the 6 percent to 7 percent range. Player reinvestment and agent commissions remain high, and Seaport does not foresee ‘any improvement in the market in the near/medium term’.

While there has been some hope that the government may step in to limit commissions or player reinvestment, the brokerage said it does not expect this to happen in the foreseeable future. ‘Margins will remain pressured while opex continues to rise, revenue growth remains tepid and player reinvestment sees no sign of retrenchment,’ Umansky wrote.

Marina Bay Sands (MBS), Las Vegas Sands, Singapore

Singapore strength continues

In Singapore, Seaport described Marina Bay Sands as ‘the preeminent high-end Asia gaming destination’, benefiting from liquidity inflows, ease of transport, and a high-quality product and service offering. 

The brokerage cautioned that any disruption to cryptocurrency transaction capability, stablecoin impairment, or a clampdown on money flows from China would negatively impact revenues.

Asia Gaming eBrief: World Cup drags Macau June GGR lower, soft July outlook ahead

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Good morning. Macau is waiting for the rebound pass. June GGR slipped 12.1 percent to $2.29 billion, broadly matching expectations but showing a steeper-than-usual decline from May as the World Cup squeezed gaming demand. Analysts expect the drag to spill into early July, before concerts and post-tournament travel help test the market’s recovery legs. In South Korea, Jeju Dream Tower kept the growth story alive, with June casino sales up 36 percent to $31 million and visitor numbers rising nearly 19 percent.

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Macau

World Cup drag weighs on Macau June GGR, July outlook soft

Macau’s June GGR fell 12.1 percent year-on-year to MOP18.52 billion ($2.29 billion), as the FIFA World Cup weighed on gaming demand. Analysts said the result was broadly in line with expectations, but the sequential decline from May was weaker than normal seasonal trends. Citigroup and Deutsche Bank expect the tournament to continue affecting demand in early July, before a possible recovery later in the month.

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How Crypto Adoption in Asia is Changing iGaming Payments

Yevhen Krazhan, CSO for GR8 Tech

Yevhen Krazhan, CSO at GR8 Tech, explores how surging crypto adoption across Asia is revolutionizing iGaming payments, stating: “When I look at what’s changing fastest in Asia, it’s payment behavior,” as wallets, stablecoins, and seamless cross-border transfers become deeply ingrained in player habits. The winning operators will be those that offer fast, reliable, and local deposits and withdrawals. To make sense of it, Yevhen breaks Asia into two crypto realities.


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Aristocrat powers Southern Nevada facilities with 100% renewable energy

Aristocrat Technologies (ASX: ALL) has reached a major sustainability milestone, successfully transitioning all of its Southern Nevada operations to 100% renewable energy.

By participating in NV Energy’s GreenEnergy Rider program, the company has solidified its commitment to responsible global operations and local community investment.

Landmark Sustainability Achievement

As one of only four companies participating in the program in 2026, Aristocrat stands out as the sole slot manufacturer and the only Southern Nevada–based participant. This early enrollment allows the company to secure clean energy amid rising regional demand from AI growth and data center expansion.

“Reaching 100% renewable energy for our Southern Nevada operations is an important milestone in Aristocrat’s sustainability journey,” said Harry Ashton, Group General Manager of Sustainability for Aristocrat. “By partnering with NV Energy through the GreenEnergy Rider program, we are able to accelerate our progress toward our carbon reduction goals while supporting the growth of renewable infrastructure in Nevada. This achievement reflects our commitment to operating responsibly globally and in the communities in which we operate and creating long-term value for our stakeholders.”

Strategic Partnership with NV Energy

Through the program, Aristocrat has secured 4,954 megawatt-hours (MWh) of renewable energy to power its Summerlin North American headquarters and the Las Vegas Integration Center in Henderson.

The transition is facilitated by the Renewable Resource Rate (RRR), a structured model that allows Aristocrat to achieve its green targets while maintaining full, reliable utility service. NV Energy manages the procurement and delivery, ensuring that all Renewable Energy Credits (RECs) are verified and exclusively attributed to Aristocrat.

“Our goal is to provide clean energy programs to the community while also strengthening our Renewable Portfolio goals,” added NV Energy’s Program Development Director, Jared Bilberry. “Ultimately, programs like the GreenEnergy Rider give companies like Aristocrat the ability to achieve 100% renewable energy, while we continue to invest in and grow Nevada’s clean energy future.”

Global Vision

This Nevada-based achievement is a key component of Aristocrat’s broader sustainability strategy. It complements existing renewable energy contracts covering the company’s Australian operations in Sydney and its local Integration Center, further driving progress toward its long-term carbon reduction goals.

Asia EGM market forecast to grow 3% annually through 2030: Aristocrat

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The Asia and Middle East electronic gaming machine market is forecast to grow at a compound annual rate of 3 percent from 2025 to 2030, marking a return to growth after years of contraction, according to market data presented by Aristocrat Leisure at its 2026 Investor Briefing.

The Australian gaming supplier said the region’s EGM market contracted at a 4 percent annual rate between 2019 and 2025, making it the only major region in Aristocrat’s market table to decline over the period. The projected 3 percent annual growth through 2030 would put Asia and the Middle East in line with North America and ahead of ANZ and Europe.

The figures, sourced from H2 Gaming Capital, were included in materials presented at Aristocrat’s 2026 Investor Briefing in Sydney and lodged with the Australian Securities Exchange. Aristocrat sized the global EGM market at $174 billion in gross gaming revenue (GGR) for 2025, within a broader $301 billion global land-based gambling market.

Aristocrat identified new openings and expansions across Asia, the UAE and Europe as growth and share gain opportunities for its land-based gaming business. The company said it typically receives a higher share in openings and expansions than its portfolio average.

The group also cited forecast new and expansionary unit sales of around 16,000 in North America in 2026 and just over 14,000 annually through 2028, based on Eilers Slot & Table Demand Forecast data.

Aristocrat holds a 38 percent share of Gaming Operations and a 27 percent outright sales ship share in North America, according to Eilers Gaming Supplier data cited in the presentation. It also reported a 48 percent ship share in ANZ.

Presenting Australia as a case study, Aristocrat said its ANZ market share recovered from 30 percent to 49 percent in the 12 months to the March 2026 quarter, supported by 43 new titles, more than 4,800 Multilink units in New South Wales and Queensland, and over 12,000 Baron cabinet installs. New title Phoenix Link is set to launch in New South Wales, with further releases to be showcased at the Australasian Gaming Expo in August.

Aristocrat reaffirmed its expectation for NPATA growth in the year to September 30th, 2026 on a constant currency basis. The company said Gaming Operations net unit growth is expected at the upper end of its 4,000 to 5,000 target range, while Aristocrat Interactive continues to target $1 billion in revenue by FY29.

Sands China recognized for ESG excellence in latest Dow Jones indices

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Sands China Ltd. has been named to the prestigious Dow Jones Best-in-Class (DJBIC) Indices, marking the fifth consecutive year it has been included in the World Index and the sixth consecutive year in the Asia Pacific Index.

This achievement makes Sands China the only integrated resort operator globally to be concurrently listed in both benchmarks, underscoring the effectiveness of its “People, Community, and Planet” ESG pillars.

In this year’s assessment, only Sands China and its parent company, Las Vegas Sands Corp., were selected for the World Index out of 16 participating integrated resort operators. Sands China was also one of only two operators to secure a spot on the Asia Pacific Index, while Las Vegas Sands Corp. maintained its position in the World and North America indices for the seventh consecutive year.

Sands China says Macau diversification could enter new phase over next decade
Grant Chum

Grant Chum, Chief Executive Officer and Executive Director of Sands China Ltd., stated that the company is deeply honoured by this international endorsement. He emphasized that sustainable development remains a fundamental cornerstone of the business.

“For over two decades, we have embedded ESG principles into our daily operations—driving local talent development, fostering community inclusion, and supporting SMEs, generating broader and lasting social benefits for Macao,” Chum said. “Moving forward, we will continue to uphold our sustainability philosophy and practices, working closely with the Macao SAR government and all sectors of society to co-create a greener, better, and more diversified future for Macao.”

Key ESG Performance Highlights:

  • People: The Sands China Academy provided 1.8 million training hours to local employees in 2025, with total training exceeding 22.6 million hours since 2004.
  • Community: The Sands Cares Ambassador Programme, established in 2009 as Macao’s first integrated resort volunteer team, has contributed over 362,000 service hours. The company also continues to support district revitalization through its Community Revitalization Programme for Rua das Estalagens.
  • Planet: Sands China has achieved a 61 percent reduction in Scope 1 and Scope 2 greenhouse gas emissions compared to a 2018 baseline. Recent environmental milestones include the renewal of ISO 14001 certification, the recycling of 100 percent of playing cards, a transition to eco-friendly water packaging, and the expansion of green procurement strategies.

Launched in 1999 and conducted annually by S&P Global, the Dow Jones Best-in-Class Indices are considered a leading global benchmark for corporate sustainability, evaluating the ESG performance of over 12,000 companies worldwide.

Australia’s gambling ad reform bill called “half-arsed” by coalition critics

Australia’s federal government is facing renewed pressure from both sides of parliament over its gambling advertising reform bill, with Coalition and Greens MPs arguing the proposed restrictions do not go far enough.

The criticism comes three years after the parliamentary inquiry led by the late Labor MP Peta Murphy recommended a full, phased ban on gambling advertising. The government’s Interactive Gambling Amendment (Gambling Reform) Bill 2026, introduced this week, instead proposes a cap of three gambling ads per hour on television between 6:00 a.m. and 8:30 p.m., a ban during live sports broadcasts, and restrictions on online advertising for users under 18. The measures are scheduled to take effect from January 1, 2027.

At least half a dozen Liberal MPs raised objections to the bill’s scope during a Tuesday party room meeting, according to Guardian Australia. Simon Kennedy, the member for Cook, told the outlet that gambling “has shifted from entertainment to industrial-scale harm for too many Australians,” calling the legislation “a capitulation to the gambling lobby” that falls short on advertising restrictions, inducements, and protections for young people. Kennedy has previously spoken about a personal connection to gambling harm, recounting that a former teacher struggled with wagering addiction and that he accompanied the teacher to Gamblers Anonymous meetings.

Andrew Wallace, another Liberal MP pushing for tougher measures, argued that former opposition leader Peter Dutton’s proposal to ban television ads for an hour before and after sporting matches would have been stronger than the government’s plan.

Wallace described the bill as having “so many holes through it” and said the legislation amounted to a “half-arsed way of dealing with some of the damage that gambling causes Australians.”
The pushback follows an open letter published in newspapers several weeks earlier, signed by 17 Coalition MPs along with former prime minister John Howard and former state premiers Jeff Kennett and Nick Greiner, calling for stronger federal action on gambling advertising.

Communications Minister Anika Wells has defended the bill as a substantive reform package, telling ABC Radio that revisions made since the exposure draft were minor rather than substantive, and that she wants the legislation passed quickly to meet the January 2027 start date. Independent MP Monique Ryan has separately criticized the bill as a “milksop,” saying the government “listened more to the gambling industry, sports broadcasters and the sponsors than it has to what Australians want.” Greens senator Sarah Hanson-Young has said her party will push to refer the legislation to a Senate committee for further scrutiny.

With the Coalition, Greens, and several crossbenchers all signaling dissatisfaction with the bill as drafted, its path through the Senate remains uncertain. A further Senate inquiry is expected during parliament’s winter recess, following concerns from both gambling industry stakeholders and harm-reduction advocates that the consultation process was rushed.

PopOK Gaming secures Portugal certification, expanding European market footprint

PopOK Gaming has officially obtained certification for the Portuguese market, marking another important milestone in the company’s continued expansion across regulated iGaming jurisdictions in Europe.

This achievement underscores PopOK Gaming’s ongoing commitment to meeting strict regulatory and technical standards required by local authorities, while delivering fully compliant and high-quality gaming content to licensed operators.

As global iGaming regulation continues to evolve, certification has become a key driver of sustainable market growth. With Portugal now added to its certified jurisdictions, PopOK Gaming strengthens its ability to support operator partners with content aligned to local compliance frameworks and industry best practices.

The certification further reinforces the company’s international growth strategy, which focuses on innovation, operational excellence, and responsible expansion into regulated markets. PopOK Gaming continues to invest in product development and certification initiatives, while building long-term partnerships with operators worldwide.

With this latest approval, PopOK Gaming further solidifies its position as a trusted supplier within the regulated iGaming sector and remains committed to expanding its certified portfolio across additional jurisdictions in the future.

IAGR welcomes Gaming Associates as Titanium Sponsor

Gaming Associates has partnered with the International Association of Gaming Regulators (IAGR) as a Titanium Sponsor, supporting the organization’s mission to promote effective regulatory frameworks and international knowledge sharing.

IAGR-International Association of Gaming Regulators

As a Titanium Sponsor, Gaming Associates provides annual funding to support the full scope of the International Association of Gaming Regulators (IAGR)’s yearly agenda. This commitment directly bolsters key workstreams, including the newly established Technology Working Group, the Model Rules Committee, and the Illegal Gambling Working Group—all of which are focused on fostering practical, action-oriented collaboration to tackle the global illegal gambling market.

A leader in the online gaming sector, Gaming Associates is an accredited conformity assessment body delivering comprehensive testing, certification, and regulatory advisory services. Its portfolio includes platform, RNG, and sports betting systems testing, alongside game certification, source code review, geolocation, and information security audits. With a footprint spanning Europe, North America, Latin America, Australia, and Asia, the company supports operators and regulators across major global markets.

“We are proud to support IAGR as a Titanium Sponsor,” said Dr. Aftab Rizvi, CEO of Gaming Associates. “Gaming Associates has long been committed to compliance, independence, and technical excellence in regulated gaming markets. IAGR’s growing programme of work, including its Technology Working Group, Model Rules Committee, and Illegal Gambling Working Group, aligns closely with our belief that strong regulation depends on practical expertise, collaboration, and a shared commitment to integrity.”

Through its sponsorship, Gaming Associates will support IAGR’s broader efforts to provide high-quality educational content for regulators, promote greater consistency in regulatory processes, and create forums that help regulators align policy approaches across jurisdictions. These efforts will culminate at the IAGR Annual Conference in Lima, Peru, from 19 to 22 October 2026.

“We are grateful to Gaming Associates for supporting IAGR’s expanding year-round programme,” added Ben Haden, President of IAGR. “Their sponsorship will help strengthen our educational initiatives, support our new committees and working groups, and contribute to the collaborative forums that allow regulators to address emerging issues more effectively.”

Zitro accelerates European growth strategy at iconic Casino de Monte-Carlo

Spanish gaming supplier Zitro has announced the installation of its FANTASY and CONCEPT cabinets at the Casino de Monte-Carlo, operated by Monte-Carlo Société des Bains de Mer.

For Zitro, this installation is a clear reflection of the company’s growing momentum in Europe and its drive to place its products in the continent’s most emblematic venues.

The deployment features Zitro’s latest titles, ‘Brave Dragon’ on the FANTASY cabinet and ‘River Gold Wealth’ on the CONCEPT cabinet, further enhancing the premium gaming experience at this renowned venue.

‘Brave Dragon’ draws players into a mystical world of dragons and legendary fortune, while ‘River Gold Wealth’ evokes the atmosphere of a classic riverboat adventure. Together, these titles expand Casino de Monte-Carlo’s entertainment offering and reinforce the proven performance and success of both cabinets across key markets worldwide.

“We are extremely proud to introduce its latest products at Casino de Monte-Carlo,” said Sebastian Salat, President-International at Zitro. “The Monte-Carlo Société des Bains de Mer Group is a key player in the gaming and hospitality sectors in the Principality of Monaco, and this installation is a meaningful milestone for the company as we continue expanding into the world’s most exclusive casino destinations.”

FIFA World Cup weighs on Macau June GGR, July outlook soft: analysts

Macau’s gross gaming revenue (GGR) reached MOP18.52 billion ($2.29 billion) in June, according to official data released by the Gaming Inspection and Coordination Bureau (DICJ).

Macau GGR falls 12.1% in June as World Cup weighs on demand

The figure was down 12.1 percent from a year earlier and 18.1 percent lower than in May.

The June result was equivalent to around MOP617 million ($76.4 million) per day, according to Citigroup. The brokerage said Macau’s June GGR came in at around 78 percent of its June 2019 level and was ‘largely in line’ with its estimate and market consensus.

Deutsche Bank said the June result was consistent with recent channel checks, which had pointed to a year-on-year decline of between 10 percent and 13 percent, ‘driven by the World Cup’.

The bank noted that June’s daily GGR run-rate was down 15.4 percent from May, weaker than historical seasonal trends. It said the average sequential decline in June compared with May was 8.6 percent during the 2013 to 2019 period, meaning the latest monthly drop was around 675 basis points worse than the pre-pandemic trend.

June GGR was also 22.2 percent below the level recorded in June 2019. This compared with declines of 12.9 percent in May, 15.7 percent in April and 12.5 percent in March against the same months in 2019, according to Deutsche Bank.

Macau

Analysts expect the World Cup to continue affecting demand in early July. Citigroup forecasts Macau GGR to recover to MOP21.0 billion ($2.60 billion) in July, or about MOP677 million ($83.8 million) per day, but still implying a 5 percent year-on-year decline.

The brokerage said it expects the tournament to ‘continue to drag GGR’ until the final match on July 19th.

Deutsche Bank is slightly more cautious, forecasting July GGR at around MOP20.6 billion ($2.55 billion), down 7.9 percent year-on-year.

However, Citigroup said Macau’s event calendar could help offset part of the weakness. Concerts and entertainment events scheduled in early July include performances by Anson Lo, Gareth.T, Rosy Zhao and NCT JNJM, while post-tournament events featuring Eason Chan, Joey Yung and Hins Cheung could ‘kick-start Macau gaming recovery’.

Despite the near-term pressure, Deutsche Bank maintained a positive full-year view. The bank forecasts Macau GGR of MOP64.6 billion ($8.0 billion) in the third quarter, up 2.2 percent year-on-year, and MOP263.4 billion ($32.6 billion) for 2026, representing a 5.2 percent increase from 2025.