The Hong Kong Jockey Club has announced the appointment of Sarena Lin as its new Chief Transformation Officer.
Lin will be a member of the Board of Management and report directly to CEO Winfried Engelbrecht-Bresges.
The executive will lead the club’s newly established Transformation Officer, ‘where she will drive the holistic transformation of the Club and strengthen its capabilities as a customer-centric, agile, efficient and data-driven sports organization that contributes to the betterment of society’.
Lin joins the HKJC after serving as Chief Transformation and Talent Officer at Bayer AG and as a member of its Board of Management. She also previously served as President of Elanco USA and EVP of Strategy and Marketing.
Lin holds an MBA and Masters degree from Yale and a Bachelor from Harvard.
Indian gaming stocks took a plunge on Monday after news that the government would be ramping up its ‘sin tax’ to 40 percent.
The move encompasses a restructuring of the current four-tier structure into two rates.
The changes encompass a 5 percent tax on essentials and daily-use goods, an 18 percent Merit Rate for most other goods and services, the elimination of the 28 percent tier and a 40 percent tax rate for ‘sin and luxury goods’, including gambling.
While this is likely to push down the overall price of household goods and medicines, shocks were already felt in the stock market as reports effectively confirmed what the industry had been dreading.
Delta Corp had already registered its dissatisfaction with the 28 percent GST, implemented in October of 2023, with the new increase likely to have a significant effect on its results.
The company saw a slight increase in gaming revenue in 2Q25, up by 3.8 percent yearly.
Macau gaming operator Sands China’s dividend increase timing depends on the company hitting a $2.7 billion EBITDA target, according to analysis by Goldman Sachs.
On August 15th, Sands China announced an interim dividend per share (DPS) of HK$0.25 ($0.032), unchanged from its fiscal year 2024 final DPS, despite a higher payout ratio of 63 percent on reported earnings per share of HK$0.40 ($0.051), up from 50 percent previously. This decision reflects ongoing competitive pressures and a strategic focus on boosting gaming volumes to achieve an EBITDA range of $2.6 billion to $2.7 billion, which analysts project may not be reached until next year.
Goldman Sachs noted that the unchanged dividend may disappoint some investors, particularly in light of Galaxy Entertainment Group’s recent dividend increase. However, the firm views Sands China’s approach as consistent with its strategy of maintaining a stable absolute DPS, as evidenced during the 2014-15 anti-grafting campaigns when it sustained a total DPS of HK$1.99 ($0.255).
The company faces challenges, including a ‘choppy GGR market share trend’ and increased promotional spending to counter competition, as highlighted during its July 24th results call. Management emphasized driving gaming volume to lift EBITDA from the current annualized run-rate of $2.2 billion to $2.3 billion in the second quarter of 2025 toward the target range.
Looking ahead, Goldman Sachs anticipates potential DPS increases as capital expenditure pressures ease.
Sands China has already invested significantly in projects like the Londoner under its $4.5 billion 10-year commitment, and overseas investments, such as potential Thailand integrated resorts, are expected to be managed by its parent company. However, risks include additional capital expenditure for upgrading older properties, such as Venetian Macao, Parisian, or Sands Macao.
Analysts project the final DPS will remain at HK$0.25 ($0.032), totaling HK$0.50 ($0.064) for the full year, before rising to HK$0.80 ($0.102) in fiscal year 2026 and HK$1.00 ($0.128) in fiscal year 2027, implying payout ratios of 57 percent and 62 percent, respectively. Distributing 100 percent of free cash flow could enable up to HK$1.70 ($0.218) per share by fiscal year 2027.
In a separate note, Morgan Stanley noted that Sands China’s first-half 2025 payout implies a 60 percent ratio, matching Galaxy’s and the highest in Macau, but below expectations of HK$0.30 ($0.038). The annualized DPS of HK$0.50 ($0.064) yields 2.5 percent, compared to Galaxy’s 3.5 percent, MGM China’s 3.9 percent, and Wynn Macau’s 6.0 percent.
Melco Resorts and SJM Holdings pay no dividends due to high leverage. Analysts expect industry-wide dividend growth alongside earnings, making the sector attractive for long-term investors.
Philippine Senator Sherwin Gatchalian on August 18th urged regulators to take swift action against online gambling operators allegedly embedding their platforms in widely used digital applications, including messaging apps like Viber and Telegram and e-commerce sites such as Lazada.
The call follows a directive issued last week by the Bangko Sentral ng Pilipinas (BSP), prompting major Philippine e-wallet providers GCash and Maya to sever ties with online gambling platforms.
According to the Philippine News Agency, Gatchalian expressed deep concern over what he called a “malicious and predatory practice” infiltrating some of the Philippines’ most popular digital platforms. He urged the Philippine Amusement and Gaming Corporation (PAGCOR), the Department of Trade and Industry (DTI), and the Department of Information and Communications Technology (DICT) to immediately order the removal of online gambling sites from messaging and e-commerce platforms operating in the country.
Gatchalian stressed the urgency of government intervention, noting that these gambling sites are proliferating rapidly. He warned that authorities must act quickly to prevent mobile phones and online applications from becoming gambling hubs, emphasizing that these technologies were designed to enhance convenience for Filipinos, not to enable exploitation by gambling operators.
The senator cautioned that a total ban alone may not deter online gambling operations, pointing to e-sabong, which continues to thrive despite a government ban. He advocated for stricter regulations with robust enforcement mechanisms, warning that without them, operators could move underground, complicating regulation and increasing risks for vulnerable Filipinos, particularly youth.
Gatchalian has previously filed legislation to impose tighter regulations on online gambling, addressing the growing addiction among Filipinos. He linked the rise in online gambling to social issues, including higher crime rates and mental health challenges, which he said are ruining lives and dreams.
Meanwhile, Senator Erwin Tulfo proposed limiting online gambling payments to bank transactions only. He argued that setting minimum deposit and withdrawal requirements would discourage low-income Filipinos, many of whom lack bank accounts, from betting. Tulfo highlighted that drivers, workers, and students are falling into debt due to online gambling.
The Senate plans to summon e-wallet firms, banks, telecommunications companies, and the BSP to explain how gambling payments persist despite efforts to remove platform links.
Citigroup has moderately raised its forecast for Macau’s gross gaming revenue (GGR) in August 2025 to MOP21.75 billion ($2.70 billion), up from its previous estimate of MOP21.50 billion ($2.67 billion), citing sustained player demand despite adverse weather conditions.
The revised forecast represents a 10 percent year-on-year increase and reflects approximately 90 percent of August 2019 levels.
According to Citigroup analysts George Choi and Timothy Chau, who cited industry sources, Macau’s GGR for the first 17 days of August likely reached MOP12.1 billion ($1.5 billion). The daily run-rate during August 11th–17th averaged MOP729 million ($90.6 million), up 4 percent compared with the first 10 days of the month, when the daily average was around MOP700 million ($87 million). This also represented a 14 percent improvement over the August 2024 average of MOP637 million ($79.2 million) per day.
The upward revision is notable given the challenging weather conditions mid-month. Despite a “black” rain event in Macau last week—when multiple roads were flooded and social media videos showed water streaming onto a major Cotai IR’s gaming floor—gaming activity remained robust. Citigroup said this resilience “attests to players’ passion for gaming.”
Performance was supported by mixed sector dynamics. While VIP volumes declined 2–4 percent month-on-month, mass-market GGR grew 1–2 percent. Additionally, VIP hold rates appeared higher than those recorded in early August, contributing to overall revenue strength.
Choi and Chau attributed the past week’s figures to stronger mass-market volumes and an improved VIP hold rate.
The updated forecast implies that GGR must average MOP689 million ($85.6 million) per day for the remainder of August to meet Citigroup’s revised target. This would place August 2025 at roughly 90 percent of pre-pandemic August 2019 levels, underscoring Macau’s ongoing recovery.
Macau’s gaming sector has demonstrated resilience throughout 2025, with several months outperforming initial forecasts. The sustained performance despite external challenges such as extreme weather highlights strong demand across both the mass and VIP segments.
According to the Statistics and Census Service (DSEC), Macau’s gaming services revenue increased 9.9 percent year-on-year in the second quarter of 2025. Overall, Macau returned to positive economic growth in 2Q25, fueled by surging visitor arrivals under government-led tourism initiatives and steady private consumption. GDP expanded 5.1 percent year-on-year in real terms to MOP100.39 billion ($12.5 billion), equivalent to 88.8 percent of the same period in 2019.
Maybank Investment Bank expressed positive surprise over Empire Resorts’ strategic restructuring proposal, which could significantly strengthen Genting Malaysia’s financial performance.
In its latest investment memo, Maybank analyst Samuel Yin Shao Yang noted that Empire’s plan to sell non-gaming assets, purchase land, reduce debt, and cut expenses could boost Genting Malaysia Berhad’s fiscal year 2026 earnings by 24 percent.
The proposal involves selling non-gaming assets — the 332-room Resorts World Catskills hotel, 99-room Alder Hotel, 18-hole Monster Golf Course, 2,500-seat RWC Epicenter, and multiple restaurants — to Sullivan County Resort Facilities Local Development Corp (SCRFLDC) for $525 million in cash.
Proceeds from the sale will allow Empire to acquire 1,554.6 acres of land from EPR Properties for $201.3 million and redeem its $300 million 7.75 percent Senior Unsecured Notes due November 1st, 2026.
According to Maybank, Empire will also enter a land lease agreement with SCRFLDC until February 15th, 2066, for the land under the non-gaming assets, alongside a 20+10-year management agreement to continue operating them.
‘The restructuring will enable Empire to cease lease payments to EPR, which we estimate at approximately $10 million per annum, and extinguish the interest expense on the SUN of $23.3 million per annum,’ Maybank wrote. ‘These two factors combined will boost Genting Malaysia’s earnings by $33.2 million (MYR140 million), or 24 percent of FY26E earnings.’
Enhanced asset position
After the transaction, Empire will retain 1,134.6 acres of vacant land for future development. Maybank, which currently assigns no valuation to Empire, noted that the deal could increase its sum-of-the-parts target price by 15 percent.
The disposal marks a significant turnaround for Empire, which has been loss-making since Genting Malaysia invested $765.4 million in the subsidiary. Fully redeeming the bond would leave Empire debt-free, allowing management to focus on operations.
Cautious optimism from analyst
Despite the positive outlook, Maybank maintained its MYR1.95 sum-of-the-parts target price but downgraded Genting Malaysia to ‘Hold’ from ‘Buy’, citing less than 10 percent upside including dividend yield. The bank said it would maintain earnings estimates and its target price pending the deal’s completion and Genting Malaysia’s upcoming second-quarter 2025 results.
Genting Malaysia operates Resorts World Genting in Malaysia, as well as gaming facilities in the UK, Egypt, and the Bahamas. It completed the acquisition of Empire Resorts in June this year.
The proposal highlights ‘Genting Malaysia’s long-term commitment to improve its competitive position within the New York State gaming market and the broader northeastern U.S. region,’ according to the company. Genting Malaysia has also submitted a $5.5 billion proposal for a downstate casino licence in New York.
Empire currently operates three businesses in New York State: Resorts World Catskills, Resorts World Hudson offering video lottery terminals, and the mobile sports betting platform Resorts World Bet. The transaction is also expected to generate about $10 million in surplus cash for working capital while strengthening Empire’s asset base and long-term control of strategic land holdings.
Genting Malaysia has announced that its U.S. subsidiary, Empire Resorts, will sell a portfolio of non-gaming assets at its Resorts World Catskills property to the Sullivan County Resort Facilities Local Development Corporation for $525 million. This strategic move aims to strengthen Empire’s balance sheet by using the proceeds to acquire 1,554 acres of land, redeem $300 million in senior unsecured notes, and provide surplus working capital. Empire will lease back the assets and operate them under a long-term management agreement, allowing it to become debt-free and enhance its competitive position in the New York gaming market.
Winning Trust, Stopping Fraud. Asia Pacific’s iGaming market is expanding extremely fast, and a new wave of digital-savvy players is pushing demand through the roof. But the rise in adoption has outpaced regulation in many markets, and fraudsters have taken notice.
QTech Games, the leading game aggregator for all emerging markets, has recruited Agatha Wanjugu for the new role of Sales Manager for East Africa, as it continues its concerted push into the African market.
Based in Kenya, Agatha joins QTech Games after successful stints at iGaming Afrika, where she served with distinction as Business Development Manager – and, more recently, Pragmatic Play where she spent several years as Account Manager for Africa.
In this previous position, she routinely proved herself in both account management and business development capacities, building and maintaining enduring client relationships, collaborating with sales forces and technical departments to optimise the overall customer experience.
This experience has seen Agatha establish a reputation as a natural leader with a communicative and consultative approach. Her igaming insights and recommendations for the region have helped deliver on revenue targets and inform strategic guidance, advancing the sales cycle and populating its pipeline with new leads.
Now Agatha brings those transferable skills to bear at the sector’s leading aggregator for developing markets, where she will be responsible for managing and growing QTech’s existing partners in East Africa.
QTech Games CEO, Philip Doftvik, said: “We’re thrilled that Agatha is already underway in her new role at QTech Games, as we train our sights and broaden our scope across East Africa. She is a precocious and natural sales lead and account manager, with the ability to develop client growth or retention strategies.
“She’ll be a true asset to both QTech Games and all our clients, as we grow in Africa to make it a substantial part of our total revenue mix. We have high growth ambitions here in the coming years. Ultimately, we want to dominate and build a stellar and agile brand in the region.”
Agatha Wanjugu added: “I’m excited to be starting at QTech Games, and really feel they have given me the support to put my shoulder to the wheel for expansion in this bubbling and evolving marketplace.
“I’ll be responsible for managing QTech’s existing East African partners, alongside stewarding our expansion into neighbouring local territories. I’ve always based my business relationships on the ability to add value. Working with QTech, I’ve not only found a string of products that complement the different igaming verticals but also a strong, experienced team who are client-focused and always eager to make it work for the client.”
Genting Malaysia Bhd (GENM) announced its U.S. subsidiary Empire Resorts will sell a portfolio of non-gaming assets at its Resorts World Catskills property to a local development authority for $525 million as part of a sweeping plan to strengthen its balance sheet.
The assets – including the 332-room Resorts World Catskills hotel, the 99-room Alder Hotel, the Monster Golf Course, the RWC Epicenter entertainment venue and several restaurants – will be acquired by the Sullivan County Resort Facilities Local Development Corporation (SCRFLDC), a dispatch issued on Thursday informs.
Proceeds from the sale will be used to buy 1,554 acres of land from real estate trust EPR Properties for $201.3 million, redeem Empire’s outstanding $300 million senior unsecured notes due 2026, and provide about $10 million in surplus working capital, Genting said in a stock exchange filing.
Empire will then lease back the non-gaming assets from SCRFLDC until 2066 and operate them under a 20-year management agreement, renewable for two five-year terms.
The company said the restructuring will leave Empire debt-free, improve its cost structure by eliminating bond interest and lease payments, and give it long-term control over more than 1,500 acres of land in New York’s Catskills region, including 1,134 acres earmarked for future development.
SCRFLDC, backed by Sullivan County authorities, will operate the facilities as government-owned assets aimed at boosting local jobs and economic development.
“The proposal will reinforce Genting Malaysia’s long-term commitment to improving its competitive position within the New York State gaming market and the broader northeastern U.S. region”, the company said.
In its first quarter of FY25, GENM reported a core net profit of RM52 million ($12.2 million), marking a 78 percent decline year-on-year, with several brokerages have downgrading their estimates for the operator due to significant earnings pressure from weaker-than-expected performance in domestic and international operations.
BC.GAMEBC.GAME has announced it will be the main sponsor of the St. Kitts & Nevis Patriots, the professional cricket team representing the Caribbean nation of St. Kitts and Nevis and winners of the 2021 Caribbean Premier League (CPL) championship.
Under the agreement, the BC.GAME logo will appear on the front of the Patriots’ playing jerseys, supported by in-stadium branding, official digital channel integration, and fan engagement initiatives.
Founded in 2015, the St. Kitts & Nevis Patriots play their home matches at Warner Park in Basseterre. The team claimed the CPL championship in 2021 and won the inaugural men’s The 6ixty tournament in 2022. Warner Park has a regular seating capacity of approximately 8,000, which can be expanded to around 10,000 for major events. With consistent results and strong home support, the Patriots remain one of the league’s most competitive teams.
BC.GAME stated that the decision to become the Patriots’ Main Sponsor was based on three key considerations:
Team influence: The Patriots have delivered strong performances in the CPL and built a large, loyal fan base, aligning closely with BC.GAME’s brand positioning.
Season focus: The CPL’s compact schedule ensures concentrated and measurable brand exposure, with the front-of-shirt position guaranteeing visibility in key broadcast moments.
Community connection: The team enjoys strong support both locally and among diaspora communities, making it an ideal platform to pair in-stadium excitement with digital engagement and global fan interaction.
The partnership includes: Main Sponsor status for the 2025 season, front-of-shirt placement on both home and away jerseys (as confirmed by the club), in-stadium and broadcast-visible assets (including perimeter boards and interview backdrops), integration with the club’s official website and social media channels, and a series of fan engagement and reward activities around matchdays and player content.
Jack Dorset, CEO of BC.GAME, said: “Becoming the Patriots’ Main Sponsor puts BC.GAME at the heart of the CPL action. The front-of-shirt position ensures our brand appears at the most important moments of the season. We will pair this visibility with interactive products and experiences that bring the matchday energy to our global online community.”
“We are excited to welcome BC.GAME as our Main Sponsor for the 2025 season. From jerseys to the stadium, from broadcast to social media, this partnership will deepen fan engagement and bring the energy of Caribbean cricket to a wider audience.” said Navneet Ganapathi – Sponsorship head of St Kitts and Nevis Patriots
About BC.GAME
BC.GAME is a global online igaming platform that supports multiple cryptocurrency payment options and emphasizes fair, transparent, and mobile-first experiences. The brand continues to expand its international presence through sports sponsorships and community-driven initiatives, serving players worldwide.
About St. Kitts & Nevis Patriots
Founded in 2015, the St. Kitts & Nevis Patriots compete in the Caribbean Premier League. The team won the 2021 CPL championship and the men’s 2022 The 6ixty title. Home matches are played at Warner Park in Basseterre.
