MGM China Holdings Limited said Wednesday that its $750 million 6.25 percent senior notes due 2033 are expected to begin trading on the Hong Kong Stock Exchange on May 14th, 2026.
The notes were recently issued by MGM China as part of a refinancing transaction.
As previously reported by AGB, citing a recent CreditSights report, the refinancing transaction is intended to extend the company’s debt maturity profile and preserve liquidity flexibility, rather than prioritize further deleveraging.
CreditSights said proceeds from the issuance are expected to repay borrowings under MGM China’s HK$23.4 billion ($3 billion) revolving credit facility, which matures in April 2030. The research house added that MGM China’s leverage metrics had already recovered to below pre-pandemic levels since the second quarter of 2024.
As of the first quarter of 2026, CreditSights estimated MGM China’s gross leverage at 2.1 times, compared with 2.7 times in 2019, while net leverage stood at 1.35 times.
Deutsche Bank, J.P. Morgan and Bank of China Macau Branch acted as joint global coordinators for the offering.
EvenBet Gaming, a leading online poker and casino software developer, has received a five-year B2B supplier license from Denmark’s Gambling Authority (Spillemyndigheden), reinforcing its presence in one of Europe’s most established regulated markets.
The strategic move into the Danish market aligns with EvenBet’s mission to provide its global client base with seamless access to high-potential regulated jurisdictions. By securing this license, the company enhances its ability to support both new and existing operators in diversifying their market reach through scalable, fully compliant gaming solutions.
The license covers a comprehensive portfolio of products, including EvenBet’s industry-leading poker software, turnkey online casino platform, and extensive content catalogue comprising roulette, baccarat, blackjack, punto banco, bingo and slots.
The approval follows a rigorous assessment process covering RNG certification, platform security, and business procedures, reinforcing EvenBet’s ongoing commitment to compliance, integrity and player protection.
With the Danish iGaming market generating approximately DKK 11 billion (€1.47 billion) in gross gaming revenue during 2024, the license represents a significant commercial opportunity for operators seeking long-term growth within a stable and highly profitable market.
By partnering with EvenBet, operators benefit from a streamlined route to regulated markets and gain access to the company’s world-class poker infrastructure and comprehensive casino suite. This enables them to diversify their offerings and engage high-value player segments within a secure and fully compliant framework.
Dmitry Starostenkov, CEO at EvenBet Gaming, said: “Securing our Danish B2B license is another important milestone in EvenBet’s long-term strategy. Denmark has established itself as one of the most mature and well-regulated gaming markets in Europe, making it an extremely attractive jurisdiction for both suppliers and operators. This approval not only reflects the strength and reliability of our technology, but also allows us to support our existing and future partners with fully compliant access to a highly valuable market.”
Data silos across operator and supplier systems are holding back the gaming industry’s ability to deliver personalized player experiences and smarter floor decisions, panelists said at G2E Asia in Macau.
Speaking on a panel titled “How is technology going to shape gaming’s future?”, Aristocrat Gaming Chief Revenue Officer Kurt Gissane said data has become “the most valuable asset on the balance sheet,” but the industry is struggling to make use of it.
“Both operators and vendors alike have a lot of good data, but we have multiple different systems, so it’s hard to capture and unify that data,” Gissane said. “Tech can get us there, but it’s about removing those data silos and figuring out a way to move forward.”
Light & Wonder International Managing Director Jamie Dorbian agreed, warning that fragmented systems undermine the industry’s ability to understand players. “If all these systems are not talking to each other, they’re not going to get an accurate view of the player, their behaviors, or the predictive analytics,” he said. “There’s really no point unless they can have everything talking and create this one ecosystem.”
Gissane added that the shift from hardware-led to experience-led business models has made data integration even more critical. Operators using analytics to inform decisions, he said, are “separating themselves from the rest,” as the competitive edge no longer lies in property size or machine count, but in optimization and personalization.
Both executives pointed to the convergence of land-based and digital channels as an area where unified data is essential. Dorbian said the future lies in crafting a seamless player journey across both environments, while Gissane predicted a much more customized, frictionless experience between touchpoints.
Gameworkz founder and chairman Shaun McCamley, also on the panel, argued that cross-platform capability is now a foundational requirement, and that loyalty programs — “a key cornerstone of most operators’ bottom lines” — must interact seamlessly with both digital products and the casino floor.
He warned that many land-based operators in the region still fail to grasp how to structure their digital business internally, treating it as an extension of casino operations, IT, or marketing rather than as an independent unit.
BMM Testlabs (BMM), a leading provider of testing, certification, cybersecurity, compliance, and training services, has announced its participation in the SiGMA Asia Summit, taking place May 31–June 3 at the SMX Convention Center Manila, as part of its World Tour 2026.
Attendees can visit BMM Testlabs at Stand No. 2619 to learn how the Company supports suppliers, operators, and regulators across regulated gaming markets worldwide through its comprehensive compliance and product certification services.
BMM will highlight its ability to test and certify gaming products to every regulator’s standard, anywhere in the world.
In the Philippines, BMM Testlabs is licensed to provide testing and certification services for slot machines, table games, electronic table games, iGaming, bingo, retail, and online sports betting, poker, and mobile gaming solutions.
“SiGMA Asia Summit continues to be an important event for the gaming industry across the Asia-Pacific region,” said Jeffrey Fong, VP of Business Development for BMM Testlabs – Asia. “We are proud to support suppliers, operators, and regulators with trusted compliance expertise that helps bring products to market efficiently and responsibly. Our global experience, combined with our strong regional knowledge, allows us to help our customers grow confidently in regulated gaming markets throughout Asia and beyond.”
BMM Testlabs continues to expand its support of regulated gaming markets worldwide through its global network of laboratories and technical experts, helping customers achieve faster market access while maintaining the highest standards of quality, security, and regulatory compliance.
To schedule a meeting with BMM at SiGMA Asia Summit 2026, please visit the BMM World Tour page.
Aristocrat Leisure Ltd reported an 8.4 percent rise in first-half normalized profit and declared a higher interim dividend, supported by continued momentum in its gaming business and market share gains in key regions.
The Australian gaming supplier posted normalized profit after tax and amortization (NPATA) of AU$794.0 million ($574.4 million) for the six months ended March 31st, 2026, up from AU$732.6 million a year earlier, according to a filing to the Australian Securities Exchange. On a constant-currency basis, NPATA increased by 16.3 percent.
Revenue was little changed year-on-year at AU$3.03 billion ($2.19 billion), although constant-currency growth reached 6.4 percent.
Aristocrat also announced an interim unfranked dividend of AU$0.50 per share, up from AU$0.44 a year earlier, representing a total payout of AU$301 million ($217.8 million). The record and payment dates are May 26th and July 1st, respectively.
The company’s gaming division generated revenue of AU$1.96 billion ($1.42 billion), up 4.9 percent year-on-year, while segment profit rose 3.0 percent to AU$1.06 billion ($767.0 million).
Aristocrat said the segment benefited from strong outright sales growth, including market share gains in North America and the ANZ region, as well as continued expansion of its gaming operations installed base.
Social gaming division Product Madness reported revenue of $546.2 million, down 4.1 percent year-on-year, although social casino revenue increased 4.7 percent.
Meanwhile, Aristocrat Interactive recorded revenue growth of 6.5 percent to $230.3 million, though segment profit declined 10.6 percent to $64.3 million due to investment in newly acquired businesses and the company’s exit from the white-label business.
“Aristocrat delivered a strong first half, with clear progress across the business and market share gains in key segments,” chief executive and managing director Trevor Croker said in a statement.
The company also announced a AU$1 billion increase to its on-market share buy-back program, lifting the total authorized amount to AU$2.5 billion and extending the program through May 12th, 2027. Aristocrat said it returned AU$981 million ($709.0 million) to shareholders during the half through dividends and on-market buy-backs.
Genting Singapore‘s first-quarter net profit halved year-on-year, dragged down by elevated transformation costs and a record-low VIP contribution at its Resorts World Sentosa (RWS) integrated resort.
Maybank has flagged that 2026 is shaping up to be ‘another transitional year’ for the operator.
In a research note released following Genting Singapore’s results, analyst Samuel Yin Shao Yang said 1Q26 results came in below expectations once again, with core net profit of SG$69.7 million ($54.9 million) accounting for only 14 percent of Maybank’s full-year forecast. ‘We see no reason to buy GENS until its operations recover more meaningfully,’ Yin wrote, reiterating the brokerage’s cautious stance.
Genting Singapore reported revenue of SG$607.6 million ($478.4 million) for the three months ended March 31, down 3 percent year-on-year but up 3 percent sequentially. Adjusted EBITDA fell 24 percent year-on-year to SG$179.0 million ($140.9 million), while net profit dropped 55 percent to SG$65.2 million ($51.3 million) — a far steeper decline than the top line, reflecting the operating leverage reversal as fixed and transformation-related costs outpaced revenue trends.
Gaming revenue declined 8 percent year-on-year to SG$403.4 million ($317.6 million), though it improved 11 percent quarter-on-quarter. Non-gaming revenue grew 8 percent year-on-year to SG$204.1 million ($160.7 million), supported by higher visitation to Universal Studios Singapore and the new Singapore Oceanarium.
VIP volume hits record low
The most striking data point in the quarter was the collapse in VIP rolling volume, which fell 35 percent year-on-year and 24 percent quarter-on-quarter to SG$5.6 billion ($4.4 billion). According to Maybank, this translates into a VIP volume share of only 19 percent — a new structural low, compared with 30 percent in 4Q25.
Management attributed the weakness to poor player quality, an unusually high VIP win rate of 3.81 percent, and ongoing disruptions from asset refurbishment, rather than any tightening of credit policy. Mass market GGR, by contrast, grew 5 percent quarter-on-quarter, lifting its share of total gaming revenue by two percentage points to 26 percent.
Transformation costs to remain elevated
Maybank attributed the earnings shortfall primarily to costs linked to RWS’s ongoing transformation program, including IT infrastructure upgrades, asset refresh, new attractions ramp-up, enterprise integration, and heavier marketing and promotional spend. These costs are expected to remain elevated through 2026.
In its own quarterly overview, Genting Singapore acknowledged that the conflict in the Middle East and broader geopolitical developments have pushed up energy, freight and logistics expenses, while elevated airfares are weighing on travel demand and consumer sentiment.
Waterfront lifestyle development, Resorts World Sentosa
Recovery pushed further out
New gaming management has begun rolling out a refreshed strategy centred on patron retention, reactivation and acquisition, with renovated gaming areas and an expanded business development team. However, Maybank noted that some key business development hires are only expected to join in the second half of the year, meaning any gaming volume recovery ‘will take time.’
Despite the earnings pressure, Genting Singapore reiterated its commitment to defend the SG$0.04 per share ($0.03) annual dividend, even after the FY25 payout ratio exceeded 100 percent.
Market share gap with MBS continues to widen
Beyond the near-term cost pressures, Maybank also pointed to a longer-term structural concern: RWS continues to cede gross gaming revenue (GGR) market share to its sole competitor in Singapore, Marina Bay Sands (MBS), operated by Las Vegas Sands.
According to Maybank’s data, RWS’s share of total Singapore GGR has trended steadily lower over the past decade — from more than 80 percent in the first half of 2010, when MBS had just opened, to roughly 25 to 30 percent in recent years.
The brokerage flagged this erosion as one of the key negative drivers behind the stock’s underperformance, listing it among the principal risks in its valuation framework. With MBS also benefiting from its own ongoing expansion program, the competitive gap could prove difficult to close in the near term, even as RWS rolls out its SG$6.8 billion ($5.4 billion) RWS 2.0 expansion.
MGM China President and Executive Director Kenneth Feng has acknowledged “a little bit of concern” over recent Chinese social media reports suggesting some key opinion leaders (KOLs) may have crossed the line into promoting gaming, in a candid exchange at the G2E Asia “Asia Gaming Talk: Marketplaces in Motion” panel.
The issue points to a broader structural shift in Macau’s gaming industry. With the junket system effectively dismantled, the traditional buffer between concessionaires and gaming customers has narrowed significantly. Moderator Michael Grimes noted that some KOLs have reportedly been operating as “pseudo-junkets” — introducing players to casinos and capitalising on the referrals — a practice that has triggered pushback in mainland Chinese media.
Feng said MGM follows local Macau law and applicable laws in every jurisdiction where it operates, adding that Beijing has the tools to act when needed. “As long as it’s regarding China’s social stability, China’s central government definitely has a lot of new technologies, new ways to make sure it goes the way that they want,” he said.
He framed the current environment as a maturing of the system rather than a crackdown. The VIP-driven model that defined Macau a decade ago, he argued, reflected an earlier phase of China’s exponential growth. “The country is getting more and more mature, even the governance system,” Feng said, noting that President Xi Jinping has taken action across multiple sectors since 2013, not only on Macau VIP gaming.
Feng pointed to Xi’s December visit to Macau, where the President publicly stated for the first time that he wanted Macau’s gaming industry to grow “healthily and legally.” At the same time, Beijing has tasked the six concessionaires with economic diversification — a mandate that has driven non-gaming investment over the past three to four years, with mixed results.
The sensitivity extends beyond Macau. Walter Power, CEO of The Grand Ho Tram in Vietnam, said his property exercises particular caution when it comes to mainland-facing marketing. “Marketing in China is very sensitive. We want to protect our team and comply with what the Chinese laws are, so we go by that,” Power said.
Feng’s closing message for operators navigating the new environment was direct: “Follow the law, do what we can do, and don’t touch the things that we shouldn’t touch.”
The wave of room-to-suite conversions sweeping Macau’s integrated resorts is less about hospitality and more about gaming yield, according to MGM China President and Executive Director Kenneth Feng, who shared the underlying economics at the G2E Asia “Asia Gaming Talk: Marketplaces in Motion” panel.
“The yield on a two-bay suite is about five times compared to a regular room,” Feng said. “Why? Because the customers who utilise these rooms are gaming customers. We do calculations on who gets the suite based on their performance.”
A two-bay suite — a unit built from the combined footprint of two standard rooms — illustrates the underlying maths driving the conversion trend. Operators give up one rentable room, but the remaining suite generates roughly five times the yield of a standard room, effectively doubling revenue per equivalent floor area while shifting the inventory mix towards premium mass players.
MGM has been among the most active in pursuing this strategy. The operator completed the conversion of standard rooms at MGM Cotai into 63 new suites in the first quarter of 2026, and has flagged plans to renovate around 100 more suites at MGM Macau. The peninsula property has also recently added 28 villa-style units known as “Alpha Villas”.
The five-fold yield differential helps explain why concessionaires across Macau have been reconfiguring inventory, even at the cost of total room count. But Feng stressed that the strategy is not simply about adding more suites — it is about designing the right kind. “These are not typical business hotel suites; they are designed for the premium mass market,” he said. “We want to ensure the customer’s experience flows — from check-in to the room to the casino floor. Everything serves the purpose of having them play more.”
The suite question sits at the heart of a broader pivot. Macau’s gaming market is increasingly defined by the mass segment, and particularly premium mass, a customer base whose preferences are evolving rapidly. Feng said MGM has spent the past four to six years building what he described as a customer-centric operation that extends from senior management to frontline staff. He personally speaks with frontline employees and gaming customers on a regular basis, he added, allowing the company to make decisions quickly when tastes shift.
Technology and data analytics play a role, but Feng framed customer understanding as a broader ecosystem. “We understand the region, not only this industry. We even know what industries our customers work in and how they make money, so we can better issue credit,” he said.
The strategy appears to be flowing through to results. MGM China has delivered EBITDA margins in the mid-to-high 20s over the past several years — a metric Feng argued is a more meaningful gauge of operational effectiveness than the player reinvestment rate calculations that often dominate analyst commentary. The operator has been the standout performer of Macau’s post-pandemic recovery, lifting its market share from below 10 percent before COVID to 18 percent in March 2026 — the highest among the six concessionaires.
“Typically, people do quick calculations on our earnings, but that doesn’t reflect the whole picture,” he said. “It’s not just a reinvestment game; it depends on your products, services, and whether you follow the trends.”
Asked whether the conversion of smaller hotel rooms into larger suites reflected a tacit understanding with the authorities — operators supporting Macau’s non-gaming diversification mandate in exchange for room to premiumise the gaming floor — Feng described the dynamic as a balancing act. “As long as we continue to do our non-gaming efforts, all six of us, meanwhile, in order to do more non-gaming efforts, of course, we need to be more profitable,” he said. “It’s becoming like a balance game. I think everyone understands that.”
Solaire’s balancing act: VIP vs premium mass
The premium mass shift is not confined to Macau. In Manila, Solaire President and COO Greg Hawkins said his team is actively re-evaluating how to allocate floor space between VIP and premium mass, with the VIP segment having come under pressure in the Philippines in recent years. “We are looking at the optimal use of square footage — should we allocate more to VIP or to premium mass?” Hawkins said. “We’re adapting both properties to find that mix.”
Hawkins added that Solaire’s premium positioning — including villas for high-end players and an emphasis on service — has underpinned earnings growth over the past decade, but warned that innovation remains essential. “You must keep thinking of the most innovative ways to stay ahead of an increasingly competitive pack.”
Pragmatic Play has strengthened its reach in the regulated Latin American market through a multi-product deal with platform provider Black Label.
The partnership will see Pragmatic Play’s premium portfolio, including Slots, Live Casino, and Virtual Sports, integrated into the Black Label platform, enabling regulated operators across LatAm to seamlessly access the supplier’s content.
Pragmatic Play titles, including multi-award-winning slots such as Gates of Olympus and Sugar Rush, as well as popular crash games like High Flyer and Spaceman, are now available to Black Label’s partners in the region.
Black Label, a 360‑degree online gaming experience, serves as an end‑to‑end integration platform for launching or scaling online casinos. Built with a deep understanding of Latin American players and offered in Spanish, it provides locally aligned solutions for one of the fastest‑growing regulated markets in the industry.
Victor Arias
Victor Arias, VP of Latin America at ARRISE, a global iGaming software and services leader and a key partner to Pragmatic Play, said: “Latin America remains one of the most dynamic and fast-growing regions in the industry, and partnering with Black Label allows the company to further boost its reach across the market.
“Combining Pragmatic Play’s award‑winning content with Black Label’s locally aligned platform to support operators and players across the region is another positive step, and one that further cements our status in Latin America.”
Roberto González, general manager at Black Label, added: “Pragmatic Play is a globally respected supplier, and integrating its multi-product portfolio is a major milestone for Black Label. Our platform is built specifically for the needs of Latin American operators, and adding Pragmatic’s high‑performing content further strengthens the value we deliver to our partners.”
1xBet brand ambassador, Brazilian fighter Carlos Prates, earned a convincing victory over Jack Della Maddalena in the main event of the UFC tournament in Perth. The bout ended in a technical knockout in the third round at 3:17, securing Prates a place among the top contenders for the UFC welterweight title.
Dominance from the opening minute
Prates fought on his opponent’s home turf – both geographically and competitively. Perth is Della Maddalena’s hometown, and the crowd at RAC Arena was firmly behind the local fighter. Still, that did not stop the Brazilian, nicknamed the Nightmare, from taking control of the bout from the very beginning. In the third round, Prates knocked Della Maddalena to the canvas twice before the referee stopped the contest.
After the victory, Prates stated that he deserves to be the next UFC title challenger: “Nobody beat two former champs in a really good way. They never lost by knockout, and then I come there and make it look easy. All respect to them, they are tough. But against Leon Edwards, against Della Maddalena, I made it look easy, and I’m next.”
Prates’ victory as an example of effective ambassadorship in combat sports
For 1xBet, this victory is more than just a sporting achievement. It is a perfect illustration of how a presence in MMA remains one of the most effective brand-promotion tools in the iGaming industry.
From a B2B communications perspective, sports news stories like this become a valuable asset for the brand’s entire partner network. They create additional marketing value that participants in the 1xPartners affiliate program can leverage. It leads to increased traffic and more opportunities to attract new players, ultimately boosting program participants’ potential profits.
For affiliates and marketing partners, such events significantly simplify communication with target audiences. High brand awareness, reinforced by the real sporting achievements of its ambassadors, makes advertising creatives more effective and promotional offers more convincing.
B2B angle: Opportunities for partners
For affiliates and operators working with 1xPartners, events like this generate an additional traffic boost. Fights involving a brand ambassador are traditionally accompanied by increased platform activity: new registrations, higher betting volumes, and organic discussion across social media. For partners, it creates high-potential conversion windows.
1xPartners provides affiliates with tools to monetize this traffic through transparent terms, flexible collaboration models, and the possibility to incorporate current sporting events into their own campaigns.
Prates has new fights coming up that are expected to attract major public attention. Seize the moment, join 1xPartners, and unlock new growth opportunities!
