Home Blog Page 329

Suspended Thai PM testifies in court ahead of crucial August 29th verdict

0

Thailand’s suspended Prime Minister Paetongtarn Shinawatra appeared before the Constitutional Court on Thursday, August 21st, to testify in a case seeking her removal from office. The court is scheduled to deliver its verdict on August 29th.

The 39-year-old, daughter of former Prime Minister Thaksin Shinawatra, faces accusations of failing in her constitutional duties during a leaked phone conversation with former Cambodian leader Hun Sen regarding Thailand’s border dispute with Cambodia.

Dressed in a black business suit, Paetongtarn smiled and greeted reporters as she arrived at the court in Bangkok alongside Prommin Lertsuridej, a senior adviser who is also named in the case.

The controversy stems from a June phone call between Paetongtarn and Hun Sen, Cambodia’s longtime ruler and father of the current premier, which was later leaked online. During the conversation, Paetongtarn addressed Hun Sen as “uncle” and referred to a Thai military commander as her “opponent,” remarks that drew sharp criticism within Thailand. Conservative lawmakers accused her of showing deference to Cambodia and undermining the military, a powerful institution in Thai politics.

The leak triggered major political fallout. The main partner in Paetongtarn’s ruling coalition withdrew in protest, nearly collapsing her government. A group of senators subsequently petitioned the Constitutional Court, arguing that she had violated constitutional provisions requiring “evident integrity” and “ethical standards” among ministers.

Paetongtarn, who has defended her conduct and insists she acted in Thailand’s national interest, assumed office less than a year ago after her predecessor was removed by the same court. She was suspended from duty last month while the case proceeds.

If ruled against, she would become the third Shinawatra family member to be forced out of office, following her father Thaksin and her aunt Yingluck, both of whom were ousted in military coups. The case highlights Thailand’s enduring political divide, with two decades of confrontation between the conservative, pro-military, pro-royalist establishment and the Shinawatra camp, seen by critics as a challenge to traditional order.

Adding to the uncertainty, the Thai government on July 9th, 2025, officially withdrew the Entertainment Complex Bill amid strong public opposition. The legislation, which proposed legalizing casinos and developing integrated resorts to spur tourism and spending, faced widespread political and social pushback before being scrapped.

The leaked conversation also strained Thai-Cambodian relations, contributing to their deadliest border clashes in decades in June. The fighting left more than 40 people dead and displaced 300,000 residents along the frontier.

MIXI Australia makes final cash bid for PointsBet, extends offer deadline

0

MIXI Australia on Thursday raised its all-cash takeover offer for bookmaker PointsBet and extended the bid deadline to August 29th, declaring its proposal “last and final” in a move that heightens pressure on rival bidder Betr.

In its latest dispatch today, MIXI Australia, a unit of Japan’s MIXI Inc, said shareholders who accept the offer would receive AU$1.25 ($0.80) per share, or AU$1.30 ($0.84) if MIXI secures more than 90 percent of PointsBet shares. The company stressed that the AU$1.30 ($0.84) price was final and would not be increased.

The cash offer, MIXI argued, provides “certainty” compared with Betr’s all-scrip proposal, which is subject to shareholder approvals and tied to the future value of Betr’s shares. MIXI currently holds 37.1 percent of PointsBet following acceptances from several institutional and long-standing shareholders.

“Betr’s proposal remains conditional, uncertain in value and timing, and depends on synergies that the PointsBet board itself has described as materially overstated,” MIXI said in a statement.

Betr, which is offering 4.219 shares for each PointsBet share, has pledged a potential share buy-back of up to AU$200 million ($128 million).

On Tuesday, PointsBet welcomed stronger disclosure requirements imposed on Betr after its unsolicited scrip-based offer.

The revisions followed undertakings to Australia’s Takeovers Panel, which led to the withdrawal of an earlier shareholder meeting on a selective buy-back and the release of a replacement bidder’s statement lodged with the corporate watchdog ASIC.

PointsBet said the revised filing better outlined the risks of Betr’s bid, including uncertainty around the proposed buy-back, and reiterated its board’s unanimous support for MIXI’s cash offer.

In its latest dispatch, MIXI noted that the buy-back is dependent on an uncommitted debt facility and could be reduced in size and price.

It also highlighted its funding strength, pointing to about AU$942 million ($603 million) in cash reserves at parent company MIXI, pledging to pay PointsBet shareholders within 10 business days of acceptance.

The company said its bid will close on August 29th and will not be extended further, except if required under Australian takeover law.

TikTok gambling ad ban begins August 22nd in Philippines’ safety push

0

The Philippine Department of Information and Communications Technology (DICT) confirmed that video-sharing platform TikTok will stop all Real Money Gambling (RMG) advertisements starting Friday, August 22nd.

The decision marks the latest step in the government’s intensified crackdown on online gambling.

According to the Philippine News Agency, DICT Secretary Henry Aguda announced Wednesday that TikTok voluntarily agreed to halt gambling ads in response to President Ferdinand R. Marcos Jr.’s directive and the administration’s campaign for a safe digital environment. The move is seen as a significant development for regulators seeking to curb the proliferation of online gambling across digital platforms.

“It is significant for global platforms like TikTok to support the government’s digital safety efforts,” Aguda said, stressing that stopping RMG ads will help protect the public, particularly young people.

The announcement follows growing regulatory pressure on digital platforms. On August 18th, Senator Sherwin Gatchalian called on regulators to act swiftly against online gambling operators allegedly embedding their services in widely used digital applications, including messaging apps such as Viber and Telegram, and e-commerce sites like Lazada.

His appeal came shortly after the Bangko Sentral ng Pilipinas (BSP) issued a directive that led major Philippine e-wallet providers GCash and Maya to cut ties with online gambling platforms. Gatchalian criticized what he described as a “malicious and predatory practice” infiltrating some of the country’s most popular digital services.

Online gambling, Philippines, Online gambling ban, gambling addiction, Online gaming ban

The government’s anti-gambling campaign reflects mounting concern over the surge in RMG advertisements on social media, which promote online casinos, betting apps, and related services. These ads have raised particular alarm over their accessibility to minors and other vulnerable groups.

President Marcos has underscored the need to protect Filipino users, especially the youth, from digital risks such as online gambling, scams, misinformation, and data exploitation. His administration’s efforts aim to ensure that internet access in the Philippines is not only fast and affordable but also safe and responsible.

Senator Gatchalian has also filed legislation to strengthen online gambling regulations, linking its growth to social issues including crime and mental health challenges. He warned that authorities must act quickly to prevent mobile phones and online applications from turning into gambling hubs.

The Philippine Senate is preparing to summon e-wallet providers, banks, telecommunications firms, and the BSP to explain why gambling-related payments persist despite ongoing enforcement measures—signaling heightened scrutiny of the country’s digital gambling ecosystem.

Daily Asia Gaming eBrief: SkyCity pushing ahead with equity raise, financials stable

0

Good Morning. Diluting a whiskey can help bring out its textures. That may be the approach SkyCity is taking towards the $140 million equity raise that it’s advancing despite some shareholder trepidation. The group aims to raise funds for ongoing projects expected to deliver strong returns, even as fiscal 2025 results were fairly solid. Moving to the Philippines, Suntrust is reassuring investors that there is no cause for concern, as it aims to reverse its deficit by gains from the completion of its Westside City project. And in the online world, PAGCOR’s Chairman says that online gaming spend has halved since the central bank banned e-wallet providers from allowing gambling-related links.

What you need to know


On the radar


AGB Intelligence

SkyCity Auckland, SkyCity Entertainment, New Zealand

SkyCity pushing ahead with equity raise to improve financial stability

SkyCity Entertainment Group has decided to go ahead with a $140 million equity raise, in order to improve financial stability amongst difficult market conditions. The move comes despite some pushback from shareholders but aims to help finance ongoing projects with strong expected returns. The funding round comes even as its fiscal 2025 results were stable, with strong increases to EBITDA and profit, despite a slight downturn in overall revenue.


Corporate Spotlight

Why Asia’s iGaming operators must rethink risk strategy | SEON

SEON,Winning Trust, Stopping Fraud: Why Asia’s iGaming Operators Must Rethink Risk Strategy

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.


Industry Updates


INTELLIGENCE | ASEAN | CAREERS

PAGCOR Chairman: online gaming transactions down by 50% since e-wallet links ban

0

The head of the Philippines’ gaming regulator says that online gaming transactions dropped by up to 50 percent since the central bank ordered e-wallets to remove links to gambling sites.

That’s according to statements from the Philippine Amusement and Gaming Corporation (PAGCOR), Alejandro H. Tengco, during a House committee hearing on Wednesday, as cited by local media the Inquirer.

Tengco highlighted that the drop in transactions has also been accompanied by a rise in illegal gaming platforms.

On August 14th, the Bangko Sentral ng Pilipinas (BSP) issued the directive to e-wallet operators. This includes banks’ payment apps and websites.

PAGCOR’s Chairman told politicians that he could “assure” that the licensed entities under its jurisdiction “followed the BSP directive”, but lamented that “it’s really hard to go after” illegal sites.

He stated that 60 percent of online gaming industry operators are illegal, noting that “they operate in countries like Russia, Dubai, Abu Dhabi, and Cambodia”.

Tengo noted the higher bonuses being offered by the illegal operators to encourage repeat behavior, noting that some 12,000 illegal gaming sites are in operation, compared to 77 licensed sites under PAGCOR.

“Everything we hear about kids who are addicted, I can assure you that (the illegal unregulated sites) are the cause of this problem now”.

He also highlighted that PAGCOR does not have the direct power to shut down illegal operators, can simply identify them and “hopefully the law enforcement agencies can move to shut them down”.

However, the official did indicate that minimum bet and deposit requirements for digital platforms are being considered, to discourage excessive gambling.

Despite the changes, Tengco is still expecting PAGCOR to generate some PHP116.65 billion ($2.04 billion) in revenue this year, with up to PHP65 billion ($1.14 billion) coming from the online gaming sector.

SkyCity pushes ahead with $140M equity raise, as results improve for fiscal 2025

Despite pushback from major shareholders, SkyCity Entertainment Group is pushing ahead with a NZ$240 million ($140 million) equity raise, even amongst improvements in EBITDA and profit.

In a Thursday release, the company’s CEO Jason Walbridge noted that “Our announcement today, to raise NZ$240m of equity, will improve our financial stability in the current market conditions and provide us with the right foundations to step prudently into the opportunities that are ahead of us. We know what we need to do and we’re leaning into it”.

SkyCity’s largest shareholder had reportedly rejected plans for the equity raise, calling it “ludicrous”.

The new scheme encompasses the issuing of 343 million new shares, amounting to approximately 45.1 percent of the existing shares on issue. The new shares ‘will rank equally in all respects with SkyCity’s existing ordinary shares’.

The equity raising is split between an NZ$81 million ($47.21 million) placement to eligible investors and a NZ$159 million ($92.67 million) entitlement offer.

Aside from the equity raising, SkyCity is also targeting asset monetization, with an expected NZ$200 million ($116.56 million) to be released ‘over the next 12-18 months’. These include the sale of an office building and potentially its Auckland carpark concession.

Financial year results

In results released on Thursday, the group noted that it saw a 5 percent drop in group revenue, to NZ$825.2 million ($480.93 million), due to ‘lower spend per visit and higher VIP customer churn in Adelaide’.

Group EBITDA rose by a significant 56.4 percent yearly to NZ$216.1 million ($125.94 million), in large part due to a NZ$139 million ($81 million) significant one-off item in fiscal 2024.

The group managed to reverse a loss of NZ$143.3 million ($83.52 million) in fiscal 2024 to a profit of NZ$29.2 million ($17 million), despite a AU$27.3 million ($15.9 million) impact due from the settlement related to SkyCity Adelaide.

Speaking of the results, Walbridge noted that “Our financial results reflect the difficult operating environment we’ve navigated in FY25. The delayed economic recovery in New Zealand has led to lower discretionary spend impacting our business and that has come through the same time as a period of elevated investment”.

This investment is expected to pay off however, with the New Zealand International Convention Center (NZICC) ‘on track to open in February 2026’, precluded by a ‘solid pre-opening pipeline of events’.

The group was also highly content to note that its suitability to continue to operate SkyCity Adelaide was confirmed via Independent Review, and that its Carded Play was live across all of its New Zealand sites.

Outlook

Looking ahead, Walbridge notes that “We expect overall market conditions will continue to be challenging in the short term. This continues to be a challenge for us as the ongoing delay in the economic recovery in New Zealand comes at the same time as elevated costs related to upgrading our regulatory systems and B3 program, pre-opening costs for NZICC in February and the expected launch of regulated online casino gaming in winter 2026”.

This places expectations for underlying EBITDA to be within the range of NZ$190-210 million ($110.7-122.4 million), with capex to be about NZ$116 million ($67.7 million) in fiscal 2026.

“Looking to FY27, we expect earnings to improve with NZICC expected to be breakeven on a stand-alone basis and the regulated online gaming business targeted to deliver breakeven in the first year of operation in FY27,” noted the CEO.

Sands China launches NBA ticket sales in major non-gaming push

0

Tickets for October’s NBA China Games in Macau, a central part of Sands China‘s largest non-gaming initiative to date, went on sale on Wednesday, highlighting a key development in the city’s bid to diversify its economy through sports-driven tourism.

According to a check by AGB, the ticket launch has sparked discussion on Chinese social media, with many users sharing tips on how to secure seats. Online travel platform Trip.com has introduced package deals that include accommodation at The Grand Londoner, priced between RMB17,999 and RMB54,999 ($2,470–$7,500) for two people, bundling tickets with sports tourism products.

The Brooklyn Nets and Phoenix Suns will face off at the Venetian Arena from October 10th to 12th, with tickets ranging from MOP488 ($60) for entry-level seating to MOP24,888 ($3,100) for VVIP floor access.

Sands will also host a high-profile “NBA Fan Day” on October 11th featuring four-time NBA champion Shaquille O’Neal, Hong Kong singer Keung To, and US rapper MC Jin, with tickets starting at MOP388 ($48).

The exhibition games form part of a multi-year partnership signed in 2024 between Sands China and the National Basketball Association, aimed at positioning Macau as a hub for global sports tourism. The deal covers not only pre-season games but also community outreach programs and initiatives to nurture young athletes. Sands has confirmed the launch of an NBA Flagship Store at The Londoner Macau to expand retail and fan engagement opportunities.

Analysts estimate that each NBA event at the Venetian Arena could generate between $9.6 million and $16 million in local spending, drawing between 30,000 and 50,000 visitors per event. This aligns with the Macau government’s 2028 target of raising non-gaming contributions to 60 percent of GDP, compared with today’s heavy reliance on gaming revenue, which accounts for about 80 percent of tax income.

The NBA’s return underscores Macau’s adoption of a “sports plus tourism” strategy, similar to models seen in Las Vegas and Singapore, where global sporting events are leveraged to attract high-spending visitors. With the government’s commitment to building the City of Sports, Sands China’s NBA initiative represents the largest private-sector investment in non-gaming activities to date.

Wynn Macau sets progressive dividend policy amid market share concerns

0

Wynn Macau announced an interim dividend of HK$0.185 ($0.024) per share for the six months ended 30th June 2025, significantly exceeding analyst expectations and establishing what Citigroup views as a progressive dividend policy that offers ‘downside risk protection’ despite ongoing market share concerns.

The Macau gaming operator’s board resolved on August 20th to declare the interim dividend, which will be paid on September 17th. The announcement surprised analysts, with Citigroup having forecast HK$0.12 ($0.015) per share, making the actual dividend 54 percent higher than expected.

The dividend matches the company’s final dividend per share for fiscal year 2024, despite the first half 2025 earnings per share of only HK$0.04 ($0.005). Citigroup analysts noted that traditional payout ratios do not apply given the low earnings figure, suggesting the board’s decision reflects confidence in the company’s free cash flow sustainability.

‘We believe the Board’s decision to keep the 1H25 DPS unchanged vs. 2H24 implies that Wynn Macau’s FCF is expected to support this level of dividends in a sustainable manner,’ Citigroup stated in its analysis.

The investment bank expects Wynn Macau to maintain the HK$0.185 ($0.024) dividend per share for the second half of 2025, regardless of earnings projections. This would result in total fiscal year 2025 dividend payments of approximately $250 million, matching the upper range of the company’s estimated project capital expenditure of $200 million to $250 million for the same period.

Citigroup’s forecast implies a sector-high dividend yield of approximately 5.6 percent for fiscal year 2025. However, the bank maintained its Neutral rating with an unchanged target price of HK$6.75 ($0.87), citing concerns about potential near-term market share losses for the casino operator.

Suntrust rules out material uncertainty related to going concern despite $85M deficit

0

Philippine gaming operator Suntrust Resort Holdings Inc. has ruled out material uncertainty regarding its going concern status, despite reporting an accumulated deficit of PHP4.76 billion ($85.2 million) as of June 30th, 2025.

The company, a subsidiary of Hong Kong-listed LET Group, said its financial position remains stable as it continues to work on its $1.1 billion Main Hotel Casino project in Metro Manila. The project is also known as the Westside City development or LETX Resorts.

In its latest quarterly filing to the Philippine Stock Exchange (PSE), management emphasized that the accumulated losses ‘do not raise material uncertainty related to going concern,’ as the company expects to generate revenues once the integrated resort is completed. The deficit rose from PHP4.63 billion ($82.8 million) at the end of 2024, reflecting ongoing development costs.

Suntrust recorded a net loss of PHP131.3 million ($2.35 million) for the first half of 2025 but reiterated its ability to sustain operations and complete the Westside City development. Management cited secured funding arrangements and the project’s proximity to revenue generation as key factors supporting its outlook.

The company noted it had secured additional financing from financial institutions and related parties in 2024, adding that the available funding is sufficient to complete construction. The Main Hotel Casino is now slated to open in the third quarter of 2026.

Westside City, Philippines
Westside City, Philippines. Source: ResortX

Construction activity accelerated during the first half of 2025, with Suntrust investing PHP5.84 billion ($104.5 million) in additional property and equipment. Total construction-in-progress assets reached PHP40.97 billion ($732.8 million), underscoring progress toward completion of the project.

Outstanding capital commitments for the Entertainment City project amount to approximately PHP15.97 billion ($285.7 million). Meanwhile, cash and cash equivalents declined to PHP1.30 billion ($23.2 million) from PHP3.42 billion ($61.3 million) at year-end 2024.

Suntrust’s funding structure includes convertible bonds totaling PHP18.69 billion ($334.5 million), providing capital flexibility as development advances. Bank borrowings of PHP10.61 billion ($189.7 million) also support construction, with interest costs capitalized as part of the project.

As of June 30th, the company’s debt-to-equity ratio stood at 5.91, reflecting the capital-intensive nature of integrated resort development. Current liabilities increased to PHP4.66 billion ($83.4 million), primarily due to construction-related payables.

Generally, integrated resort projects undergo long development phases before achieving profitability. Once operational, such properties are expected to generate strong cash flows from gaming, hospitality, and entertainment, reinforcing management’s confidence in its going concern assessment.

The declaration comes as parent company LET Group Holdings Limited undergoes broader corporate changes. The group recently announced it would not contest a delisting order from the Hong Kong Stock Exchange. Trading in LET Group and partner Summit Ascent Holdings Limited will cease on August 29th, with share cancellations effective September 1st.

BETBY introduces Help Arena, raising the standard for customer support and collaboration

0

BETBY, a leading provider of cutting-edge sportsbook solutions, has announced the launch of Help Arena, a comprehensive customer support platform designed to enhance operational efficiency and streamline communication with its partners.

Help Arena serves as a central hub where BETBY partners can access support, submit and manage tickets, and stay informed with tailored updates, all from one intuitive portal. The platform is built to simplify day-to-day operations by consolidating communication and support tools into a single, easy-to-use interface, whilst ensuring that all customer queries and requests are met in a short timeframe

Through Help Arena, partners can engage in real-time communication with BETBY’s support team via an integrated widget and dedicated email channel. The platform is ideated to also support communication through multiple popular messaging apps, reflecting BETBY’s commitment to accessible and responsive support.

The platform features an efficient ticketing system, enabling users to create, track, and manage support requests with ease. Alongside this, Help Arena includes a robust knowledge base and FAQ section covering key topics such as sportsbook features, risk management, Betby Games, and betting rules. Partners can also access release notes and technical maintenance notifications, ensuring they are always up to date with the latest developments.