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Ainsworth sees net profit plunge 65% in 1H25 despite revenue surge

Viviana Chan
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Ainsworth sees net profit plunge 65% in 1H25 despite revenue surge

Australian gaming machine manufacturer Ainsworth Game Technology (AGT) reported a sharp 65 percent decline in net profit attributable to members for the first half of 2025, dropping to AU$4.9 million ($3.2 million) from AU$14 million ($9.1 million) in 1H24. 

This downturn occurred even as revenue rose 25 percent to AU$152.1 million ($98.9 million) from AU$121.4 million ($78.9 million). The results, released on August 19th, 2025, highlight challenges from foreign currency fluctuations and one-off costs amid growth in land-based sales.

The profit drop was primarily driven by foreign exchange losses of AU$8.6 million ($5.6 million). These losses stemmed from balance sheet translations related to investments in the Americas, due to a weaker US dollar against the Australian dollar at the reporting date. 

Additionally, statutory profit before tax was impacted by NOVOMATIC transaction costs of AU$1.6 million ($1 million). Novomatic on Wednesday announced an updated unconditional takeover bid for the shares of Ainsworth it doesn’t already own.

Despite the economic headwinds, underlying profit before tax remained largely flat at AU$13.9 million ($9 million), compared to AU$14.3 million ($9.3 million) in 1H24.

Revenue growth was fueled by increased land-based sales across key regions, particularly in North America and Asia Pacific. In Australia, improved contributions followed the February 2025 release of the RaptorTM cabinet. However, the gross margin fell to 56 percent from 67 percent in 1H24, affected by the product sales mix in North America and Latin America, as well as a decline in high-margin online revenue.

On the revenue side, participation and lease revenue slightly decreased to AU$32.2 million ($20.9 million) from AU$33.3 million ($21.7 million), representing 21 percent of total revenue compared to 27 percent previously. Positively, recurring connection fees from Ainsworth’s Historical Horse Racing (HHR) products and systems rose to AU$20.9 million ($13.6 million) from AU$15.9 million ($10.3 million), reflecting growing contributions to results.

Underlying EBITDA held steady at AU$26.9 million ($17.5 million), similar to 1H24, though the underlying margin slipped to 18 percent from 22 percent, reflecting pressures from the revenue mix and competitive conditions.

Financially, AGT’s balance sheet showed resilience, with a net cash position of AU$1.4 million ($0.9 million) at June 30th, 2025, improving from a net debt position of AU$11.1 million ($7.2 million) a year earlier but down from AU$9.7 million ($6.3 million) at December 31st, 2024.

Macau MICE events grow 29.3% in 1H25, but attendance falls 11.2%

Viviana Chan
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Macau MICE events grow 29.3% in 1H25, but attendance falls 11.2%

In the first half of 2025, Macau’s MICE (Meetings, Incentives, Conferences, and Exhibitions) sector saw a robust 29.3 percent year-on-year increase in events, reaching 918, according to the Statistics and Census Service (DSEC). 

However, attendance declined by 11.2 percent to 428,000, primarily due to fewer non-local general exhibition attendees amid global economic uncertainties and shifting visitor consumption patterns. This drop in attendance led to a 26.5 percent decrease in MICE-driven receipts for non-gaming industries, totaling MOP1.65 billion, equivalent to $205 million.

The surge in MICE events was driven by a 29.6 percent rise in meetings and conferences, which totaled 863 events and attracted 82,000 participants, up 6.7 percent. Exhibitions grew modestly by 3.8 percent to 27, drawing 2,822 exhibitors and 24,690 professional visitors. 

International exhibitors and professional visitors increased by 19.8 percent and 20.9 percent, respectively. Incentive events saw the strongest growth, rising 55.6 percent to 28. Events themed around Commerce and Management led the sector, accounting for 39 percent or 358 of total events, followed by Tourism with 114 events and Information Technology with 113 events, the latter two categories growing by 91 and 36 events, respectively.

In the second quarter of 2025, MICE events rose by 28.3 percent to 480, but attendance fell sharply by 24.1 percent to 228,000. Meetings and conferences reached 451 events, exhibitions totaled 15, and incentive events numbered 14, increasing by 102, 1, and 3 events, respectively, compared to the same period in 2024.

The decline in attendance and spending reflects broader challenges, including global economic headwinds and evolving visitor behaviors, which have impacted Macau’s non-gaming sector. It is also worth noting that, according to previously released data, Macau recorded a 12.8 percent year-on-year decline in per-capita visitor spending in the first half of 2025, despite a 14.9 percent surge in visitor arrivals to 19.2 million.

Donaco International to exit ASX on August 20th post-takeover

Viviana Chan
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Donaco International to exit ASX on August 20th post-takeover

Donaco International Limited, a gaming and hospitality company operating two border casinos in Cambodia and Vietnam, will be delisted from the Australian Securities Exchange (ASX) effective at the close of trading on Wednesday, August 20th, 2025. 

This follows the completion of a AU$35.2 million ($22 million) takeover by Hong Kong-based On Nut Road Limited (ONR), a special purpose vehicle managed by Argyle Street Management. The deal, approved by the Supreme Court of New South Wales on August 14th, 2025, saw ONR acquire 100 percent of Donaco’s shares it did not already own.

According to the latest filing to the ASX, the scheme of arrangement was implemented on August 19th, with shareholders receiving AU$0.045 ($0.03) per share in cash, paid to those holding Donaco shares as of 5:00 pm (AEST) on August 12th, 2025. Trading of Donaco shares on the ASX was suspended on August 8th, 2025, after the company lodged court orders with the Australian Securities and Investments Commission (ASIC). The delisting marks the final step in the acquisition process, which received overwhelming shareholder approval during a vote on August 11th, 2025.

Donaco’s portfolio includes the DNA Star Vegas resort in Poipet, Cambodia, and the Aristo International Hotel in Lao Cai, Vietnam. The takeover by ONR signals a strategic shift for the company, which has operated these properties as key assets in the regional gaming market. 

PointsBet hails improved disclosure from Betr over unsolicited takeover bid

Nelson Moura
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PointsBet hails improved disclosure from Betr over unsolicited takeover bid

Australian bookmaker PointsBet on Tuesday welcomed stronger disclosure requirements imposed on rival Betr Entertainment after its unsolicited all-scrip takeover offer, saying the revisions would give shareholders greater clarity.

The move follows undertakings given by Betr to Australia’s Government Takeovers Panel, which prompted the withdrawal of an earlier shareholder meeting on a selective buy-back and the release of a replacement bidder’s statement with the corporate watchdog Australian Securities and Investments Commission (ASIC).

The Takeovers Panel said it had declined to conduct proceedings on an application from Betr, which had argued that PointsBet’s backing of a rival cash offer from MIXI Australia was unacceptable.

The panel found shareholders had the opportunity to assess both proposals and rejected Betr’s concerns over a confidentiality deed between PointsBet and MIXI.

Betr recently raised its offer—an unsolicited, conditional, all-scrip bid valuing PointsBet at approximately AU$1.35 ($0.84) per share—PointsBet’s board continues to unanimously recommend the rival AU$1.20 ($0.75) per share all-cash offer from MIXI.

PointsBet now states that the revised filing provided more detail on the risks and uncertainties of Betr’s offer, and made clear there was no certainty that the buy-back would proceed.

‘The Replacement Bidder’s Statement more clearly outlines the details of the unsolicited offer and makes it clear that shareholders should not place reliance on the proposed buy-back’, PointsBet said.

The company added it would shortly publish its formal response, urging shareholders to take no action until then.

PointsBet’s board continues to back a rival takeover bid from Japanese tech group MIXI, which already holds a 36.7 percent stake in the bookmaker.

Each director has accepted the MIXI offer, which the board recommends shareholders support in the absence of a superior proposal.

Crown Melbourne censured over gambling breaches

Nelson Moura
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Crown Melbourne censured over gambling breaches

Crown Melbourne has been formally censured by Victoria’s gambling regulator for failing to uphold mandatory harm minimization rules on poker machines.

The Victorian Gambling and Casino Control Commission (VGCCC) found the casino breached pre-commitment requirements by allowing customers to continue gambling after exceeding their nominated limits, and in some cases to play using cards not registered in their legal names.

“Poker machines are a high-risk, high-harm product,” VGCCC chair Chris O’Neill said in a statement. “Pre-commitment programs empower people to manage their gambling by setting time and money limits in advance. It is imperative, both legally and ethically, that the casino meets these obligations.”

Authorities said that between December 2023, when mandatory carded play and pre-commitment were introduced, and July this year, at least 22 customers were able to gamble beyond their declared limits. Another 10 used accounts not in their legal names to access poker machines.

The government’s YourPlay pre-commitment system is installed on all machines across the state, and is compulsory at the Melbourne casino.

The regulator said Crown had cooperated with the investigation and taken remedial steps, including strengthening staff training and monitoring, but stressed that the censure would remain on record.

“This reprimand is now on Crown’s record, and we will not hesitate to take more serious disciplinary action in the future should similar or further breaches occur”, O’Neill said.

Daily Asia Gaming eBrief: Genting’s sale and leaseback plan for Empire cuts debt

AGBrief Editorial
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Daily Asia Gaming eBrief: Genting’s sale and leaseback plan for Empire cuts debt

Good Morning. Why own an empire when you could lease one? Genting is again making money moves through its sale and leaseback plan for its New York property, helping to cut away unneeded debt and expenditure by offloading its non-gaming assets, a smart move according to analysts. Meanwhile, in Macau August is looking up, with Citigroup predicting a 10 percent GGR increase yearly, despite the crappy weather. And in the Philippines, politicians push for even more restrictions on online gambling access, now going after messaging and e-commerce apps.

What you need to know

On the radar

AGB Intelligence

GENTING

Genting Malaysia

Sale and leaseback plan to cut debt, boost efficiency

Genting Malaysia has been making plenty of strategic moves recently. The most recent, the $525 million sale and leaseback plan for its Empire Resorts property, near New York, aims to reduce its debt load, while also boosting the parent company’s financial performance. Analysts note that the non-gaming asset sale and restructuring can help it cut down on lease payments and interest expenses, with a possible 24 percent boost in earnings for FY26.

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

Kambi Group plc signs on-property sportsbook partnership with the Oneida Indian Nation’s Turning Stone Enterprises

Kelsey Wilhelm
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Kambi Group plc signs on-property sportsbook partnership with the Oneida Indian Nation’s Turning Stone Enterprises

Kambi Group plc (“Kambi”), the home of premium sports betting solutions, has agreed a long-term partnership with the Oneida Indian Nation to provide its leading retail sportsbook solution to Turning Stone Enterprises’ three sportsbooks in Upstate New York.

Under the terms of the agreement, Oneida will replace its current third-party sports betting supplier with Kambi’s flexible Turnkey Sportsbook, which includes cutting-edge technology such as kiosks, point-of-sale terminals, Bring Your Own Device technology and an award-winning Bet Builder.

Turning Stone Enterprises is the parent organization for all business operations of the Oneida Indian Nation. The premier gaming destination in New York state, Turning Stone Enterprises’ portfolio of gaming venues includes – Turning Stone Resort Casino, YBR Casino & Sports Book and Point Place Casino.

Werner Becher, CEO of Kambi, said: “We are thrilled to announce our partnership with the Oneida Indian Nation, further strengthening our tribal partner network and expanding our footprint in one of the largest sports betting markets in the US. Oneida has a proven track record of offering best-in-class gaming experiences, and we look forward to working with them to ensure they have an unparalleled sportsbook offering for years to come.”

Ray Halbritter, Oneida Indian Nation Representative and Turning Stone Enterprises CEO, said: “Our collaboration with Kambi marks a major step forward for our sportsbooks. This new partnership will give our guests faster, more intuitive ways to place bets and add an all-new level of excitement to our sports betting experience.”

Live88 cements foothold with Winz.io partnership

Kelsey Wilhelm
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Live88 cements foothold with Winz.io partnership

Live88 has significantly extended the reach of its award-winning product portfolio after signing a deal with popular crypto casino Winz.io.

The operator will gain access to the provider’s full offering of classic live casino games, including Blackjack, Baccarat, Roulette, Teen Patti and Andar Bahar.

Underwater adventure Triton Multiplier Roulette, where up to four multipliers can be applied to straight up win bets, will also become available, taking players to an immersive deep-sea environment where submerged statues stand guard.

Through the partnership with Winz.io, Live88’s content will reach a new global audience, offering players a fun and engaging casino experience.

Established in 2020, Winz.io, is now a renowned cryptocurrency casino known for transparent gaming practices and zero-wager bonuses, The operator was awarded the accolade of Best Casino by AskGamblers in 2025.

Live88 was launched in 2020 to shake up the live casino market, delivering premium titles to operators through dedicated tables that can be fully branded and tailored to suit specific needs.

Natasha Giorgio, Head of Sales and Business Development at Live88, said: “Partnering with Winz.io is a significant deal for Live88 as we look to further grow our presence globally, providing even more players with a premium live casino experience.

“Winz.io is an established player in the market and we look forward to offering their customers our unmatched game variety with both classic and innovative content.”

The Winz.io team said: “We are always on the lookout for content that can enhance our online casino and with Live88’s portfolio, we strengthen our live proposition with a high-quality product.

“We look forward to working together to bring the best gaming experiences to our customers.”

LET Group and Summit Ascent being delisted from the Hong Kong Stock Exchange

Kelsey Wilhelm
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LET Group and Summit Ascent being delisted from the Hong Kong Stock Exchange

Hong Kong Stock Exchange-listed LET Group and its partner company Summit Ascent have announced that they are not going to contest a mandate to delist from the bourse, with their last day of trading to take place on August 29th.

According to filings from both companies, their shares will be cancelled on the exchange with effect from September 1st.

Following the delisting there will be ‘no public market for the trading of the shares’ in either company, however the ‘share certificates for the shares will remain valid and continue to represent legal ownership’.

This comes after the Listing Committee of the Stock Exchange ‘resolved to cancel the Company’s listing’, given that it did not fully satisfy the requisite rules to remain on the exchange and resume trading by July 10th.

The move comes amidst recent infighting at the company, after the group’s Chairman moved to unilaterally sell off the group’s assets in the Tigre de Cristal integrated resort in Russia, which prompted a board exodus, putting it in breach of the bourse rules.

According to the group in mid-July, there is a going concern for the group’s ability to continue due to its current assets and liabilities.

The LET Group has been divesting its assets to focus solely on the Westside City project in the Philippines.

Sun Group officially selected as Van Don $2B casino developer

Kelsey Wilhelm
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Sun Group officially selected as Van Don $2B casino developer

Vietnam giant conglomerate Sun Group has been officially selected by the Quang Ninh province authorities to develop a $2 billion integrated resort in Van Don that is likely to allow locals to gamble.

According to a report by The Investor, the provincial authorities ‘recently issued a document approving Van Don Sun Joint Stock Company’ as the investor.

This comes after the project received in-principal approval from the nation’s prime minister towards the end of June.

The project, spanning over 224 hectares, is set to include a casino, hotels, apartments, shopping, offices and conference centers.

The casino will likely allow locals as part of a pilot plan.

While the project overall has an operating period of 70 years, it is expected to be put into operation nine years from the date of the allocation of the land lease.

The Sun Group is also the primary developer of Vietnam’s only privately-owned airport – Van Don International Airport.

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