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Philippine licensed casino GGR falls 9.64% in 1Q26 on Entertainment City softness 

AGBrief Editorial
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Philippine licensed casino GGR falls 9.64% in 1Q26 on Entertainment City softness 

The Philippines’ licensed casino sector generated gross gaming revenues (GGR) of PHP44.53 billion ($721.6 million) in the first quarter of 2026, down 9.64 percent from PHP49.28 billion ($798.7 million) a year earlier.

According to data released by the Philippine Amusement and Gaming Corporation (PAGCOR), the decline was driven by weaker performance in Entertainment City.

Philippine gaming GGR falls 16% in 1Q26 on weaker e-games performance

Entertainment City in Metro Manila, home to the country’s integrated resorts, recorded GGR of PHP35.47 billion ($574.8 million) during the January-to-March period, down 11.06 percent from PHP39.88 billion ($646.3 million) in the same period of 2025. The segment accounted for the largest share of licensed casino revenues and posted the steepest decline among the licensed casino sub-sectors.

Despite the decline, licensed casinos remained the largest contributor to the Philippine gaming industry in the quarter, accounting for 50.83 percent of the industry’s total GGR of PHP87.60 billion ($1.42 billion). The broader industry figure was down 15.87 percent year-on-year, according to PAGCOR data previously reported by AGB.

Among the other licensed casino segments, Clark-based casinos generated PHP6.68 billion ($108.3 million), down 6.10 percent from PHP7.12 billion ($115.4 million) a year earlier. Fiesta casinos contributed PHP298.13 million ($4.83 million), down 6.75 percent from PHP319.73 million ($5.18 million).

The Greenfield Zone was the only licensed casino segment to post year-on-year growth, with GGR rising 5.97 percent to PHP2.07 billion ($33.6 million) from PHP1.96 billion ($31.8 million) in the prior-year period.

Outside the licensed casino sector, PAGCOR-operated gaming venues recorded GGR of PHP3.18 billion ($51.5 million), down 6.85 percent year-on-year. The ‘other licensees’ category, which includes electronic games, bingo and poker operations, posted the sharpest decline among the industry’s major segments, falling 22.42 percent to PHP39.90 billion ($646.6 million) from PHP51.43 billion ($833.2 million) a year earlier.

Daily Asia Gaming eBrief: Weak e-games push Philippine GGR down 16% in 1Q26

AGBrief Editorial
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Daily Asia Gaming eBrief: Weak e-games push Philippine GGR down 16% in 1Q26
Good morning. When wallets tighten, gaming feels it first. Philippine gaming revenue dropped 16 percent in 1Q26 as e-games – once a major growth driver – lost traction amid inflationary pressure and geopolitical uncertainty. PAGCOR struck an optimistic tone, but the strain is already showing across operators. Meanwhile, Solaire operator Bloomberry tipped into a $2 million quarterly loss as VIP and Premium Mass kept shrinking at Entertainment City. Turning to Macau, Moody’s sees SJM’s EBITDA climbing to $523.6 million in 2026 on Casino L’Arc earnings – though the agency still cut its rating, citing only gradual deleveraging ahead.

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Philippine gaming GGR falls 16% in 1Q26 on weaker e-games performance

PAGCOR reports 1Q26 GGR at $1.42 billion, down 16% 

The Philippine gaming industry generated $1.42 billion in gross gaming revenues in 1Q26, down 15.87 percent year-on-year, according to PAGCOR. The decline was driven by a 22.43 percent drop in the electronic gaming segment, which includes e-games, e-bingo, bingo, and poker. Licensed casinos remained the top contributor with $722.6 million, while PAGCOR Chairman Alejandro H. Tengco cited softer spending and geopolitical tensions.

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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.

INTELLIGENCE | ASEAN | AWARDS | CAREERS | EVENTS

INSPIRE turns to interns to curb fixed labor costs amid visitor surge: report

Viviana Chan
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INSPIRE turns to interns to curb fixed labor costs amid visitor surge: report


INSPIRE Entertainment Resort, the foreigner-only integrated resort near Incheon International Airport, has opened its first large-scale internship program since launching operations in March 2024, as visitor numbers rise and operating losses narrow, according to local media outlet Asia Business Daily.

The report cited an industry insider as saying the initiative reflects a cost-management strategy aimed at reducing fixed labor costs after the resort initially built its workforce through experienced industry hires. 

Salary expenses surged more than sixfold to KRW90.9 billion ($61.8 million) in the first year of operations from KRW14.9 billion ($10.1 million), but rose only 13.4 percent to KRW103.1 billion ($70.1 million) in the second year.

The company is recruiting approximately 100 interns across three divisions – casino gaming, hotel, and management support – with applications open through May 27th. Until now, staffing needs had been filled through experienced hires and new recruits.

An INSPIRE representative said the program aims to meet growing staffing demand driven by rising casino and hotel guest numbers, while giving students in related fields hands-on industry experience.

Cumulative visitors to the resort surpassed 10 million by the end of last year. In April, foreign visitor numbers rose 20 percent year-on-year, driven by demand from China, Japan, Taiwan, and the United States, while foreign guests consistently account for about 50 percent of hotel stays.

The recruitment drive coincides with improving financial performance. For the fiscal year ended September 30th, 2025, INSPIRE posted revenue of KRW416 billion ($283 million), up 89.6 percent year-on-year, while operating losses narrowed to KRW46.1 billion ($31.3 million) from KRW156.4 billion ($106.3 million). Foreigner-only casino revenue reached KRW267.2 billion ($181.6 million), a 147.6 percent increase.

In December, INSPIRE refinanced a maturing KRW1.04 trillion ($707 million) project finance loan into a KRW1.27 trillion ($863 million) secured facility, easing short-term repayment pressure, though interest rates of up to 11.25 percent remain a profitability challenge.

Galaxy Gaming & Hasbro bring MONOPOLY Table Games Progressive to Pechanga Resort Casino

AGBrief Editorial
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Galaxy Gaming & Hasbro bring MONOPOLY Table Games Progressive to Pechanga Resort Casino

Galaxy Gaming has unveiled its engaging MONOPOLY® Table Games Progressive with a ribbon-cutting ceremony at Pechanga Resort Casino in Temecula, California.

The installation brings the globally recognised MONOPOLY® brand to life across Pechanga’s 151 table games. As the exclusive licensee for MONOPOLY table games under agreement with Hasbro, Galaxy Gaming introduces a fresh dimension to classic gameplay through this dynamic offering.

Galaxy Gaming & Hasbro Bring MONOPOLY® Table Games Progressive to Pechanga Resort Casino

MONOPOLY Table Games Progressive enhances traditional table games with a compelling twist, featuring appearances from Mr. MONOPOLY® and randomly selecting qualifying hands to award multipliers of up to 10x. The result is an immersive experience designed to captivate both experienced players and new audiences alike.

“We’re thrilled to see MONOPOLY Poker Progressive debut at the stunning Pechanga Resort Casino,” said Loreal Gates, Director of Sales for Galaxy Gaming. “Pechanga has been an incredible partner, and we look forward to delivering more world-class experiences together in the future.”

“Introducing themed table games to Pechanga Resort Casino with the esteemed and universally recognized MONOPOLY brand is an exciting first for us. It’s a first-to-market product we know our guests are going to love,” shared Paul Mollo, Vice President of Table Operations at Pechanga Resort Casino. “Guests know us for our gaming innovation and the thrill of winning. The MONOPOLY multipliers are such a fun way to inject even more excitement for them.”

Aristocrat Gaming debuts Class 2 Crown Bartop across Oklahoma casino floors

AGBrief Editorial
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Aristocrat Gaming debuts Class 2 Crown Bartop across Oklahoma casino floors

Aristocrat Gaming sets a new benchmark in gaming excellence with the launch of the all-new Class II Crown Bartop, showcasing two powerhouse titles from The Hunt family, where players can enjoy classic Red Screen Free Spins and elevated rewards via Frenzy Jackpots.

“The launch of the Class 2 Crown Bartop represents a significant first for Aristocrat Gaming, bringing Class 2 gameplay to our bartop category for the very first time,” said Ryan Johnson, general manager of Oklahoma. “By pairing proven VGT mechanics and iconic titles in The Hunt for Neptune’s Gold and The Hunt for Aztec Riches with Crown Bartop hardware, we’re giving Class 2 operators a powerful new way to elevate the bartop experience for players across Oklahoma.”
 
The Hunt for Neptune’s Gold and The Hunt for Aztec Riches bring the same action and gameplay, but now on the Crown Bartop’s top-curved 24” LCD. The Hunt for Neptune’s Gold is an underwater adventure-themed game with comic-style graphics and player-favorite bonuses like Diamond Hunt, Mine Field, and Red Screen Free Spins.

The Hunt for Aztec Riches takes players on a journey for ancient gold and riches with bonus features like the Calendar Wheel, Gold Coin Hunt, and Red Screen Free Spins.
 
The Class 2 Crown Bartop is connected to the Frenzy Jackpots link, now with jackpot start-ups at $10,000 for low-denomination, and $25,000 for mid-denomination and higher configurations.
 

Philippine gaming GGR falls 16% in 1Q26 on weaker e-games performance

AGBrief Editorial
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Philippine gaming GGR falls 16% in 1Q26 on weaker e-games performance

The Philippine gaming industry generated gross gaming revenues (GGR) of PHP87.60 billion ($1.42 billion) in the first quarter of 2026, down 15.87 percent from the PHP104.12 billion ($1.69 billion) recorded in the same period last year, according to the Philippine Amusement and Gaming Corporation (PAGCOR).

The decline was largely driven by the weaker performance of the electronic gaming sector, which includes E-Games, E-Bingo, bingo, and poker. The segment posted a combined 22.43 percent year-on-year decline in GGR during the January-to-March period.

Philippine gaming GGR falls 16% in 1Q26 on weaker e-games performance

PAGCOR Chairman and CEO Alejandro H. Tengco said the first quarter performance reflected the impact of economic headwinds and evolving market conditions.

“We attribute the first quarter dip to several factors, including softer discretionary spending amid geopolitical tensions in the Middle East, and rising inflationary pressures,” Tengco said.

Licensed casinos emerged as the industry’s largest revenue contributor during the period, generating PHP44.52 billion ($722.6 million), or 50.83 percent of total GGR.

The electronic gaming sector brought in PHP39.90 billion ($647.6 million) in gross gaming revenues during the quarter, accounting for 45.55 percent of the GGR pie. PAGCOR-operated Casino Filipino contributed PHP3.17 billion ($51.5 million), accounting for 3.62 percent of total GGR.

Tengco said he remains optimistic about the future of the local gaming industry as operators continue to invest in integrated resort developments, digital innovation, and responsible gaming initiatives.

“We remain hopeful that once the geopolitical tensions stabilize, consumer confidence and discretionary spending will also gradually recover, which should help support improved industry performance,” he said.

He added that PAGCOR’s PHP5.67 billion ($92 million) dividend remittance makes available fiscal resources that will enable the national government to mitigate the effects of the global oil crisis and pursue programs geared toward economic and social transformation.

S&P says NagaCorp unlikely to return to 2019 earnings levels soon

Viviana Chan
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S&P says NagaCorp unlikely to return to 2019 earnings levels soon

S&P Global Ratings said Cambodia-focused casino operator NagaCorp is unlikely to return to its pre-pandemic earnings levels ‘for the time being,‘ despite forecasting modest earnings growth and upgrading the company’s credit rating.

The ratings agency raised NagaCorp’s long-term issuer credit rating to ‘B+’ from ‘B’ while assigning a stable outlook, citing the company’s strengthened balance sheet, low leverage and sizable cash reserves. S&P said it expects NagaCorp’s earnings to grow at an annual rate of 5 percent to 6 percent across 2026 and 2027, supported by steady operations in Cambodia’s gaming market.

‘Despite a notable turnaround in 2025, operations still lag pre-pandemic levels, with a full recovery likely to be protracted,‘ S&P said.

According to the agency, NagaCorp reported revenue of $713 million and EBITDA of $404 million in 2025, representing around 40 percent and 60 percent, respectively, of 2019 levels. In 2019, the company generated revenue of $1.8 billion and EBITDA of $667 million, supported largely by the referral VIP segment, which contributed around 70 percent of gross gaming revenue at the time. S&P said that segment, primarily driven by junkets, is ‘unlikely to return.’

S&P said NagaCorp’s ‘stronger financial position provides a downside cushion,‘ highlighting the company’s low leverage and cash balance of approximately $372 million at the end of 2025. The company also had only a $70 million shareholder loan outstanding, due in May 2026, with S&P forecasting debt-to-EBITDA of around 0.3 times through 2026 and 2027.

The agency nevertheless warned that future capital spending and shareholder returns remain key risks. S&P estimated capital expenditure at about $170 million in 2026, rising to around $380 million in 2027 as development of the proposed Naga3 project progresses. It also estimated annual shareholder returns of between $100 million and $120 million.

S&P said the stable outlook reflects expectations that NagaCorp’s operations will remain steady over the next 12 months due to its ‘entrenched position in the Cambodian gaming industry.‘ It added that aggressive capital spending or shareholder distributions that weaken liquidity or push debt-to-EBITDA above 3 times could pressure the rating.

Cambodia’s gambling regulator inspects sealed Koh Kong casinos to verify closures

AGBrief Editorial
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Cambodia’s gambling regulator inspects sealed Koh Kong casinos to verify closures

Cambodia’s General Secretariat of the Commercial Gambling Management Commission (CGMC) conducted on-site inspections at two previously sealed casino locations in Koh Kong province on Friday, May 15th, to verify compliance with government enforcement measures, according to the Khmer Times.

Koh Kong is a coastal province in southwestern Cambodia, bordering Thailand and facing the Gulf of Thailand. The province has historically been a hub for casino operations catering largely to foreign visitors, given its proximity to the Thai border.

Yeth Vinel, Secretary General of the CGMC, led the working group to Koh Kong International and Long Bay Entertainment — both part of a broader crackdown that has resulted in the sealing of multiple casino venues across the country. The inspections aimed to confirm the disconnection of water, electricity, and internet services at the premises, as well as the installation of security cameras at the locations.

Earlier the same day, Vinel co-chaired a meeting with Koh Kong Province Governor ChhiVa, where officials discussed joint inspections and assessments of the sealed casino premises.

The meeting also addressed the preparation of agreements with casino owners to ensure that the venues, either wholly or partially, would not be made available for online scam activities or any other criminal offenses.

According to the CGMC, the inspections reflect Cambodia’s broader efforts to strengthen governance and transparency in the commercial gambling sector while maintaining investor confidence and supporting a secure business environment.

Macau 1Q26 MICE attendees fall 8.7% to 181,000 despite stable event count

AGBrief Editorial
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Macau 1Q26 MICE attendees fall 8.7% to 181,000 despite stable event count

Macau recorded 425 meetings, incentives, conferences, and exhibitions (MICE) events in the first quarter of 2026, unchanged from a year earlier, though total participants and attendees fell 8.7 percent year-on-year to 181,000, according to data released by the Statistics and Census Service (DSEC).

The decline came as the number of exhibitions dropped by one event year-on-year to 11, leading exhibition attendance to fall 20.0 percent to 128,000 attendees.

Despite the lower overall attendance, MICE-driven receipts for Macau’s non-gaming industries rose 29.4 percent year-on-year to MOP841 million ($104.4 million) in the first quarter, supported by growth in non-local participants and attendees.

DSEC said Macau hosted 399 meetings and conferences during the quarter, unchanged from the same period last year, while participant numbers increased 33.3 percent to 49,000. Corporate meetings rose 11.6 percent year-on-year, with participant numbers surging 75.1 percent to 29,000.

The city also recorded 15 incentive events, up by one event year-on-year, with participant numbers jumping 273.0 percent to 3,435.

Genting Singapore acknowledges RWS market share slide as shareholders press board

Viviana Chan
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Genting Singapore acknowledges RWS market share slide as shareholders press board

Genting Singapore‘s management acknowledged that Resorts World Sentosa (RWS) has seen its share of Singapore’s gaming market decline significantly since opening, as shareholders pressed the board on the integrated resort’s competitive position relative to Marina Bay Sands (MBS) at the company’s 41st Annual General Meeting, according to minutes released on Thursday.

During the meeting held on April 15th, a long-time shareholder cited historical data showing that RWS held a larger share of gross gaming revenue at the time of opening but had since lost ground, despite operating a casino floor comparable in size to its competitor. The shareholder attributed the decline to qualitative rather than physical capacity factors and asked what measures were being taken to reverse the trend.

Executive Chairman and Acting CEO Lim Kok Thay told shareholders that management and the team ‘remained focused on narrowing the gap in market share for the gaming business,‘ while cautioning that RWS’s ‘inherent disadvantage due to its location would remain.‘ He said competitive gaps in the gaming segment would be addressed through the SG$6.8 billion ($5.32 billion) RWS 2.0 redevelopment, with particular focus on the casino’s design, marketing and operations.

The acknowledgment comes against the backdrop of RWS’s 1Q26 results, which were dragged down by elevated transformation costs and what analysts described as a record-low VIP contribution. Revenue fell 3 percent year-on-year to SG$607.6 million ($478 million), with adjusted EBITDA down 24 percent to SG$179.0 million ($141 million) and net profit dropping 55 percent to SG$65.2 million ($51.2 million). Gaming revenue declined 8 percent to SG$403.4 million ($317 million).

Lee Shi Ruh, Resorts World Sentosa CEO, Genting Singapore
Lee Shi Ruh, COO at Genting Singapore

President and Chief Operating Officer Lee Shi Ruh told shareholders that a new leadership team had been assembled, drawing members from different industries and a younger generation, as part of a deliberate effort to reposition RWS as an ‘experience-led resort.‘ She said management was focused on internal alignment to optimise the property’s facilities across gaming and non-gaming segments.

Lim also pointed to structural differences between the two Singapore integrated resorts, noting that the Singapore Government had intended for RWS and MBS to be ‘distinct in their offerings‘ from the outset. RWS was designed as a tourism-led integrated resort with significant non-gaming obligations, including Universal Studios Singapore and the Singapore Oceanarium, while MBS was positioned to serve the business and convention segment in the central business district.

Non-gaming revenue accounted for approximately 35 percent of the group’s total revenue in 2025, with attractions contributing around SG$476 million ($374 million).

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