Thai authorities have arrested 200 individuals following a major raid on an illegal gambling operation in Bangkok that generated over THB500 million ($14.6 million) per month, Interior Minister Phumtham Wechayachai announced.
The large-scale gambling den operated nearly around the clock, running from 10am to 6am the following day with only a four-hour break, according to Bangkok Post. Police had been monitoring the site for approximately one month to verify information before executing the operation.
The raid was prompted by complaints from local residents who reported that the illegal gambling hub had caused insecurity and addiction among family members, including teenagers, Phumtham said in his capacity as acting prime minister.
Authorities discovered the venue housed five gambling rooms, including VIP facilities and a large central hall. Each room reportedly generated three to four million baht within just a few hours of daily operation. During the bust, police seized 17 bank passbooks containing records documenting the massive monthly cash flow.
The gambling den was identified as part of a broader criminal network that had previously been raided multiple times but continued operating illegally despite law enforcement efforts. The scale of the operation highlights the persistent challenge Thai authorities face in combating organized illegal gambling activities.
The arrests represent one of the largest gambling busts in recent Bangkok history, demonstrating the government’s commitment to addressing illegal gambling operations that exploit vulnerable community members and generate substantial illicit revenue streams.
The investigation into the network’s broader connections and financial operations continues as authorities work to dismantle what appears to be a sophisticated illegal gambling enterprise operating in the Thai capital.
SJM Holdings reported a widened loss attributable to company owners of HK$182 million ($23.3 million) in the first half of 2025, a 12.3 percent increase from HK$162 million ($20.8 million) in the same period last year.
The Macau gaming operator’s adjusted EBITDA declined 5.1 percent to HK$1.65 billion ($210.8 million), with an adjusted EBITDA margin of 11.2 percent.
According to financial results released on Thursday, August 28th, 2025, the company’s net gaming revenue rose 5.7 percent to HK$13.63 billion ($1.7 billion) year-on-year in 1H25. Total net revenue increased 6.1 percent to HK$14.64 billion ($1.87 billion) from HK$13.8 billion ($1.77 billion). Despite this revenue growth, SJM maintained its dividend policy of not declaring an interim dividend for the reporting period.
SJM held a 12.9 percent share of Macau’s gross gaming revenue in the first half of 2025, including 16.1 percent of mass market table gross gaming revenue and 3.7 percent of VIP gross gaming revenue. The group’s gross gaming revenue (GGR) reached HK$14.8 billion ($1.9 billion), up 7.5 percent from the previous year. However, commissions and incentives surged 33.4 percent to HK$1.19 billion ($152.8 million), impacting profitability.
Higher operating costs drag GLP’s performance
SJM’s flagship property, Grand Lisboa Palace Resort in Cotai, showed robust revenue growth, with gross revenue climbing 22.7 percent to HK$3.63 billion ($464.4 million). This was driven by gross gaming revenue of HK$2.94 billion ($376.1 million) and non-gaming revenue of HK$690 million ($88.5 million), up from HK$2.33 billion and HK$631 million, respectively, in 1H24. However, higher operating costs led to a 57.3 percent drop in adjusted property EBITDA to HK$82 million ($10.5 million) from HK$192 million ($24.6 million).
Gaming performance improved significantly, with rolling chip volume surging 36.7 percent to HK$25.33 billion ($3.2 billion) and non-rolling volume rising 24.4 percent to HK$9.821 billion ($1.3 billion). Hotel operations also strengthened, with occupancy rates reaching 98.1 percent, up 3.3 percentage points from 1H24, and the average daily room rate increasing 5.7 percent to HK$1,221 ($156).
Satellite casino
The satellite casino segment contributed HK$5.647 billion ($723.3 million) in gross gaming revenue, a 6.8 percent increase from HK$5.29 billion ($677.4 million) in the first half of 2024. Adjusted property EBITDA for satellite casinos improved to HK$153 million ($19.6 million) from a loss of HK$29 million ($3.7 million) in the prior year.
As of June 30th, 2025, SJM operated nine satellite casinos. However, the company plans to cease operations at seven satellite casinos by the end of 2025 as part of a strategic restructuring under Macau’s revised gaming law. Casino Grandview already ceased operations at the end of July 2025, ahead of schedule.
The group maintained HK$3.34 billion ($427.3 million) in cash, bank balances, short-term bank deposits, and pledged bank deposits as of June 30th, 2025. Total debt stood at HK$27.26 billion ($3.49 billion). Syndicated banking facilities included a HK$9 billion term loan and a HK$10 billion revolving credit facility, with HK$3.1 billion remaining undrawn.
SJM Holdings has announced plans to expand its flagship Hotel Lisboa property in Macau by acquiring approximately 7,504 square metres of former gaming space from its controlling shareholder, Sociedade de Turismo e Diversões de Macau, S.A. (STDM), for HK$529 million ($67.8 million).
The company stated that the newly acquired space will be integrated into the current operations of Casino Lisboa, with certain gaming tables and slot machines to be redeployed from satellite casinos scheduled to cease operations by the end of 2025. According to SJM, this move aims to ‘consolidate a leadership position on the Macau Peninsula’ and enhance synergies between its two landmark properties, Grand Lisboa and Hotel Lisboa.
The expansion comes as part of the group’s broader strategy to optimize its satellite casino portfolio. Following a comprehensive review aligned with Macau’s revised gaming law, SJM said it will cease operations at seven satellite casinos by year-end, while exploring the potential acquisition of Casino L’Arc Macau and Casino Ponte 16. One of these properties, Casino Grandview, closed ahead of schedule in July.
SJM highlighted that integrating the additional space into Casino Lisboa will allow the group to preserve the ‘geographic loyalty traditionally associated with the Macau Peninsula.’ It added that the enlarged footprint is expected to boost non-gaming spend, extend customer stays, and strengthen its positioning toward VIP and premium-mass segments.
The company emphasized that Grand Lisboa and Hotel Lisboa already form the largest integrated resort on the Peninsula. Strengthening this hub through expanded gaming and ongoing refurbishment is intended to centralize resources, broaden customer reach, and improve earnings quality through ‘enhanced asset productivity and sharper yield management.’
This latest development follows SJM’s continued investment in culinary, MICE, cultural, and sports initiatives across its portfolio. The group recently introduced new dining concepts at Grand Lisboa Palace Resort and completed major MICE facilities now awaiting licensing.
Keihan Electric Railway, a major Osaka railway operator, said it will only be able to complete the extension of its Nakanoshima Line to Yumeshima Island several years after the opening of Japan’s first casino resort in 2030, according to Keihan Holdings President Yoshihiro Hirakawa.
This means the Osaka Metro Chuo Line will remain the only rail service providing direct access to Yumeshima Island for quite some time after the resort opens.
The extension project is designed to capitalize on the expected influx of visitors to the MGM Osaka integrated resort, currently under construction on the artificial island in Osaka Bay.
The expansion will extend the existing Nakanoshima Line, which currently operates between Temmabashi Station and Nakanoshima Station in Osaka, to Kujo Station on Osaka Metro’s Chuo Line.
According to local media outlet Japan Times, Hirakawa acknowledged that the extension will not be completed before the casino resort’s scheduled opening in autumn 2030. “We’d like to finish working out all details of the extension project before the IR opens and have trains running on the extended section several years after the opening,” said the exdecutive in a recent interview.
The timing is not quite aligned with the MGM Osaka integrated resort’s development schedule. The JPY1.27 trillion ($8.61 billion) project, a joint venture between MGM Resorts International and Orix Corporation, broke ground in April 2025 and remains on track for completion by summer 2030. The Japan Tourism Agency confirmed in August 2025 that the detailed design is nearly finalized and that regulatory compliance is progressing as planned.
Beyond the Yumeshima connection, Keihan Holdings has outlined broader expansion strategies to leverage increased tourism from the casino resort. Hirakawa said the company plans to use the existing Keihan network to transport integrated resort visitors to Kyoto, located north of Osaka.
The company also intends to redevelop the street between Kyoto Station square and the Nidec Kyoto Tower into “a green belt where pedestrians can relax.”
To address labor shortages in the railway sector, Keihan is considering partial automation of train operations. “All we have to do is determine when to launch the project,” Hirakawa said, noting that no technical obstacles stand in the way of introducing the semiautomatic system.
The company’s hospitality division is also preparing for growth, with plans to expand hotel operations beyond its current locations in Kyoto, Osaka, and major eastern Japanese cities.
Reef Casino Trust (RCT) said it has agreed to a sweetened takeover offer from property investor Iris, which raised its bid to AU$3.87 ($2.52) per unit in a deal that values the trust at about AU$192.7 million ($125.6 million).
The new terms follow amendments to the takeover implementation agreement between RCT’s responsible entity, Reef Corporate Services, and Iris, lifting the previous AU$3.72 ($2.42) offer. The increase also raises the associated break fee to AU$1.9 million ($1.2 million).
‘The revised proposal will deliver additional value to unitholders’, said Independent Board Committee chair Wendy Morris in a dispatch.
Under the plan, Iris will make an off-market cash bid for all 49.8 million units in RCT, which owns Cairns’ Reef Hotel Casino. The offer represents a 4.3 percent premium to Wednesday’s closing price, and more than 40 percent above levels in February when Iris first approached RCT.
RCT’s board unanimously recommended the deal, subject to regulatory approvals and an independent expert declaring it fair and reasonable. The board members also said they intend to accept the offer for their own holdings.
Based in Sydney and part of Iris Capital, the Iris Hotel Group operates 13 hotels and two casinos, namely Casino Canberra – the first legal casino to open in Australia and formerly operated by Aquis Entertainment – and the Lasseters Hotel Casino in Alice Springs.
The trust’s two largest unitholders — France’s Accor and Casinos Austria International — who together control over 71 percent of units, have signalled support. They plan to accept the bid in the absence of a higher rival proposal.
The offer still faces conditions including an 80 percent acceptance threshold, approvals from casino and liquor regulators in Queensland, and final sign-off on related share purchase agreements.
The bidder’s statement is due to be lodged with regulators on August 29th, with RCT’s formal response expected by late September.
RGB International Bhd recorded a sharp contraction in earnings for the first half of 2025, with both revenue and profit falling significantly year-on-year, the company said in its filing to Bursa Malaysia.
For the six months ended June 30th, 2025, the Malaysian casino equipment supplier and distributor posted revenue of MYR168.5 million ($36.6 million), representing a 46 percent decline from MYR309.7 million ($67.3 million) in the same period last year. Profit attributable to owners of the company fell 36 percent to MYR26.4 million ($5.7 million) compared with MYR41 million ($8.9 million) a year earlier.
Operating profit slipped 39 percent to MYR26.2 million ($5.7 million), while profit before tax dropped 37 percent to MYR28.9 million ($6.3 million). The group’s gross profit narrowed 29 percent year-on-year to MYR49.2 million ($10.7 million).
Segmentally, revenue from the Sales and Marketing (SSM) division, its largest business unit, dropped 47 percent year-on-year to MYR128.1 million ($27.8 million), primarily due to lower product sales in the first quarter. The Technical Support and Management (TSM) segment posted a 39 percent revenue decline to MYR38.9 million ($8.4 million), reflecting weaker performance at key outlets affected by adverse weather conditions, high jackpot payouts, and the temporary closure of several venues in Cambodia’s Poipet region since June.
In the second quarter alone, revenue was MYR94.9 million ($20.6 million), down 5 percent from MYR99.6 million ($21.6 million) in the same period last year. Profit attributable to owners fell 26 percent year-on-year to MYR14.0 million ($3 million) from MYR18.9 million ($4.1 million). Profit before tax dropped 21 percent to MYR16.1 million ($3.5 million).
Despite the weaker results, RGB said it remains confident about its longer-term growth trajectory. In its outlook statement, the company highlighted favourable market conditions in Southeast Asia, particularly in the Philippines, where the state regulator PAGCOR expects gross gaming revenue to reach a record PHP450 billion ($7.9 billion) in 2025. RGB also pointed to its expanding footprint in Cambodia, noting its established role as a key slot machine distributor and a major participant in the machine concession business.
‘Barring unforeseen circumstances, the Group expects to achieve a satisfactory performance in 2025,’ the company said.
Good Morning. Is there a golden number? For Macau, that figure just keeps going up for visitor arrivals. Now 40 million is the main target, despite industry warnings that mass does not equal spend. So, how does this all play out? Looking further abroad, the Isle of Man continues to see an exodus as regulations hit and other jurisdictions call. Back to Macau, satellite casino operations are tapping out, with Paradise noting significant losses, due to the closure of its legacy operation.
Macau has done a lot to improve itself over the COVID lockdown years, with strong changes in infrastructure and healthy promotion of activities outside of its historical center. But is it still possible that the city could reach a saturation point? The massive concentration of people during key holidays and events begs the question of whether mass tourism is beneficial, or essential – for operators, citizens, and the government.
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Stress tests. Night tourism. More improvements to transportation and infrastructure. All of these are needed for Macau to reach its goal of 40 million tourists in 2025 without hitting a saturation point.
“There’s no problem with 40 million tourists,” notes integrated resort expert and University of Macau professor Glenn McCartney.
The academic, who has been based in Macau for over 25 years, notes that the overtourism issue has long been a sticking point, even resulting in the proposal of a tourism tax – which was largely shot down by industry experts even before Macau reached its 39.4 million tourist peak in 2019.
But should Macau try and place a cap on how many people can enter the SAR?
“There’s no issue for Cotai. The big integrated resorts can handle mass numbers because they have such a large footprint. If you can gravitate a lot more people out of the heritage centers to the Cotai Strip, that relieves pressure. The Macau peninsula remains difficult,” notes the expert.
Saturation point
Anyone who has been in Macau during its key holidays – such as the Golden Weeks (huge contributors to gross gaming revenue) and Chinese New Year – know that the city becomes impossible to navigate, at least at key points such as St. Paul’s Ruins and the surrounding UNESCO-classified Heritage Center.
But the mass influx is expanding beyond the main expected dates, and even the improvements made to infrastructure during the three-year-long COVID shutdown that the city experienced can’t yet keep up.
Patrick Lo, lecturer at the Macao University of Tourism (UTM)’s Faculty of Creative Tourism and Intelligent Technologies, notes that “The most important thing is Macau as a travelling destination should always aim at making visitors and residents happy and satisfied with their surrounding environments and facilities.”
UTM’s International Center for Tourism and Hospitality Research (ICTHR) has for years been studying Macau’s tourism carrying capacity, looking at “different service aspects such as transportation (inbound and outbound), retail, hotel, food & beverage, tourism and recreational attraction,” notes Lo. And, instrumentally, this includes feedback from both visitors and residents.
The academic highlights that the way the best solution could lie less in policy and more in tourists understanding Macau’s dynamics.
“Education and promotion are more important and welcome to tackle the issue. Education to visitors that Macau always has worth-visiting activities round the year to enable spreading the visitors number more evenly by non-peak visits. And therefore Macau can explore more diversified activities such as music festivals, concerts and international sports events (both indoor and outdoor), in order to achieve the evenly widespread programmes throughout the calendar”.
Day-trippers
Professor McCartney notes that technology plays a key role in how Macau can evaluate exactly who Macau’s visitors are, what they want to see, where they go, and how to shuttle them around to avoid a city-wide standstill.
This is particularly important for key holidays but not only so. While there has been impressive facilitation of entry into Macau through its borders, and key visa policies which have pushed the influx of mass tourism, off-calendar events – driving up to 15,000 per show – have laid bare not only infrastructure shortcomings but also how few people are actually staying in hotel rooms (despite operators claiming 90+ percent occupancy).
In the first seven months of the year Macau welcomed 13.6 million ‘day-trippers’. With the liberalization of visa policies and its proximity to its main major market Guangdong, the proportion of people choosing to enjoy Macau without spending a night is unlikely to drop.
Sure, overnight visitation was up by 2.6 percent in 2Q25, but same-day visitation rose by 25.8 percent. And Macau wants to continue this drive of mass, as it assumes that non-gaming spend will increase along with it.
But that’s not the case.
Overall per capita spending is down. Visitors are more focused on social media content than consumption. Non-gaming spend by visitors in 2Q25 dropped 12.8 percent yearly, to just MOP1,950, even worse than the first quarter.
Events are the main salvation, with analysts noting a significant uptick in casino spend during periods such as Jacky Cheung’s concerts at Galaxy. But overtourism is truly looming.
Public-private collaboration and night tourism
“When the infrastructure has the issues of overcrowding at attractions, border clearances, transportation hubs and hotels, and if there is increased wear and tear of public facilities and civic places, these are main saturation indicators,” notes Lo.
So, what can be done?
Amongst ongoing calls from experts, Macau has also proposed to improve its ‘night tourism’, something it has objectively failed to follow through on, aside from the efforts by gaming operators in regards to events. Restrictive sound control rules and a harsh stance by the municipal affairs body limit any type of outdoor nighttime activity – even including esplanades for bars and restaurants.
How exactly this coincides with the granting of separate zones for the city’s six concessionaires to develop as non-gaming tourism drivers remains a question.
A potential workaround is the establishment of a “nighttime tourism economy director” – proposes Professor McCartney. This avenue could focus on synergy between venues and entertainment, but also allow for transportation and infrastructure support that would allow the shuttling of potential visitors between venues, something currently only available via the city’s taxi fleet (and select buses).
This could also potentially change ‘day-trippers’ into ‘night-trippers’ (not the best tourism slogan, granted), alleviating stress and offering more spending possibility, particularly as most of the patrons are unlikely to book a hotel room.
Macau may well track 40 million visitors this year and undergo the stress tests that come with it. But while the city may have the capacity, it may relegate itself to one-off visitation, lower spend, and possible pushback from the population who tire of clients who take photos and don’t want to open their wallets.
The mass market strategy may look good on paper, but if nobody’s making money, nobody’s happy.
B2B gaming supplier Push Gaming has partnered with bet365 to launch Razor Returns bet365, the first in a series of co-branded titles featuring the studio’s most iconic IPs.
Building on the success of Razor Returns, this customised version maintains the high-volatility gameplay and engaging mechanics that made the original a fan favourite.
The collaboration marks the debut of Push Gaming’s branded slot initiative, aimed at providing operators with customised content that reflects their brand identity while ensuring consistent performance.
Razor Returns bet365 brings a fresh visual identity to the hit game, with redesigned symbols and a fully reimagined background in signature bet365 colours.
The scatter, mystery, and Razor Reveal symbols now feature branded design elements, and the underwater world has been redesigned to include the operator’s logo throughout, from glowing sea creatures to sunken treasure.
Following this launch, Push Gaming is set to release additional co-branded games throughout H2 2025, further developing its strategy for customised content across regulated markets.
Shanel Cacciatolo, Account Manager at Push Gaming, said: “This launch is the result of a fantastic collaboration between our teams and a clear shared vision for bespoke, high-performing content.
“Razor Returns has already proven itself as one of our most successful titles, and this reimagined version is a great showcase of how we can adapt our strongest IPs for strategic partners.”
Leading iGaming operator BC.GAME has reinforced its African expansion strategy after its subsidiary, Blockdance Africa Limited, obtained dual regulatory approvals from Kenya’s Betting Control and Licensing Board (BCLB).
Kenya: A Strategic Entry Point into Africa
As one of the continent’s most dynamic betting markets, Kenya offers a unique combination of youth-driven demand, digital adoption, and a strong sporting culture. By gaining both a Public Gaming Licence and a Bookmakers Off-the-Course Licence, BC.GAME positions itself to compete in one of Africa’s most competitive regulated environments.
Raising the Bar on Compliance
Kenya’s regulator has introduced stricter measures in recent years, from higher licensing costs to tighter oversight of advertising and financial accountability. BC.GAME’s successful licensing process reflects the company’s ability to adapt to these elevated standards, highlighting its readiness to operate responsibly in fast-evolving jurisdictions.
Local Commitment, Global Roadmap
Beyond compliance, the new approvals signal BC.GAME’s intention to invest in localized offerings that connect with Kenyan players. The company plans to engage with local sports and cultural initiatives as part of its rollout strategy.
“This milestone underlines our long-term commitment to Africa,” a BC.GAME representative said. “Kenya is not just a market—it’s a hub for innovation and opportunity, and we’re proud to be part of its regulated ecosystem.”
