Gaming equipment and services group Light & Wonder announced on Monday that it had completed the acquisition of Grover Gaming’s charitable gaming assets.The deal encompasses $850 million in cash and a four-year revenue-based earn-out of up to $200 million in cash.
Expectations are for L&W to operate the business with a combination of Grover Gaming and L&W employees after the acquisition.
The move allows L&W access to an installed base of over 10,000 leased electronic pull-tab units across five states in the US, operating under a recurring revenue model.
As previously stated, under the agreement, the founder of Grover Gaming will ‘collaborate with Light & Wonder to help drive the continued success of the business over the next three years’.
In the latest update, Matt Wilson, President and CEO of Light & Wonder noted that “This addition enhances our position as the leading global cross-platform games company and opens new opportunities to deliver our world-class content to even more players.”
Grover Gaming’s CEO Brian Brown noted that “We’re proud of what we’ve built in the charitable gaming space, and we see tremendous opportunity to grow even further as part of Light & Wonder”.
Wynn Resorts, the parent company of Wynn Macau, has announced that it is abandoning its plans for a casino license in the US state of New York.
In a release, the company said that it made the decision after pondering the ‘years of persistent opposition’.
This potentially frees up the Hudson Yards neighborhood plot in Manhattan for a new developer aiming to capitalize on the space.
It also follows a similar move by Las Vegas Sands to drop its New York bid, cancelling its proposed project at the Nassau Coliseum in Long Island.
The significant delays in the bidding process have tempered interest in the once promising investment, but have not stopped other contenders from holding their ground.
MGM and Genting continue to stay the course in their bids, while other American operators are each pushing for one of the five potential licenses.
Multiple venues have been proposed, each with their own unique selling points, with operators aiming to woo not only the public, but the political sphere to push the licenses through.
Macau. Philippines. Singapore. The three main Asian markets for large-scale gaming machine suppliers are unlikely to see a shift any time soon, even as new properties are being built elsewhere and new legislation tries to overcome the hurdles. But for Aristocrat – in its Asian land-based gaming focus – the ongoing long-term delivery from these markets is indisputable.
For Kurt Gissane, Chief Revenue Officer of Gaming for Aristocrat Gaming, the three represent vastly differing opportunities and evolutionary timelines.
Kurt Gissane, CRO, Aristocrat Gaming
Having spoken to Gissane at the G2E Asia in Macau, it seems most pertinent to start there.
“We have a 12,000-machine cap,” laments the executive about the Macau market; something that is unlikely to change, unless the SAR government decides to alter legislation.
“Slots are strong in terms of their performance basis compared to other parts of the world, but relative to the game of baccarat – I don’t think so”.
Baccarat has always dominated Macau. Official data from the regulator show that in 1Q25 the trend, obviously, continued – with VIP baccarat gross gaming revenue totaling MOP14.45 billion ($1.8 billion) and mass baccarat GGR bringing in MOP34.32 billion ($4.26 billion).
Comparatively, slots GGR was MOP3.27 billion ($405.9 million), while that from LMGs was MOP1.21 billion ($150 million).
But that doesn’t mean that there isn’t room for growth, especially if the cap were to be opened up.
“I do see slots as a potential growing space, but under the current environment, we are where we are. So, it’s about making sure we optimize and that we build the best games to have the best optimization and utilization on their floor,” notes the CRO.
A partial boost to this is the EGM Technical Standards 2.0, introduced in late 2021 in Macau.
“There’s refreshment rates, and that’s been worked over this four-year period. So that gives us an opportunity”. Slots are also showing a comparative boost due to the refocus of Macau’s market away from VIP, and Gissane does indicate that there has been an improvement to slots “from what we were in 2019, just pre-COVID”.
Having spent a significant amount of time in Macau over the years, Gissane knows the market, and the clientele, very well. And lauds Aristocrat’s team on the ground for their work – not in only in world’s largest gaming hub but throughout Asia. “The energy that I see in this team, I would love to bottle it and bring it around the world,” notes the executive.
But Macau can be a bit boring, so where is the excitement coming from?
Philippines and beyond
Solaire North Resort casino floor
“I see the Philippines as being a great opportunity,” notes Gissane – speaking not only of Entertainment City and Manila, but also of the strong potential of the Clark market – particularly with Hann and Solaire North.
“The Philippines has been a big growth market for us the last few years, and continues to be,” notes the executive.
Both in the Philippines and throughout Asia, Aristocrat is focusing on the long game.
“We’re not a transactional supplier, we’re looking at long-term partnerships […] It’s about working with everybody on growing their business and what’s important to them”.
And not every game matches every market.
“We’ve definitely done a heavy focus internally on making sure we’re curating the product for Asia”. This caused the group to bring six game studios to G2E Asia, and ensure “they can see the focus, they can see the growth for the region, and they’re taking time to spend time in the region to make sure we’re curating the right games”.
Staying on the forefront
The success of diverse products, opines Gissane, also keeps it on the forefront of “new trends, new game mechanics”. The launch of Dragon Link “has really helped put us back on the map in this region”.
“We made sure we curated and fine-tuned that product to suit these players”.
So, how do you keep yourself relevant, especially amongst strong competition?
“It’s trying to see what is that next trend. And sometimes that’s a bit of luck. And that’s why we’re fortunate at Aristocrat, because of our percentage of topline D&D (design and development) investment. We do about 12 percent in revenue topline into development, we have about 13 studios globally, we have about nine that look after Asia,” notes Gissane.
Every time a company can find that next leading game or mechanic “it can change the industry. And that’s what we’ve seen”.
New frontiers
Gissane classifies Aristocrat as number one amongst global gaming machine manufacturers “not from an arrogant standpoint. I say it because of our reinvestment. We reinvest more than any of our competitors and that’s the key”.
Acknowledging that the Australian-founded company is not the leader in every one of its markets, he hopes for that to change, even as the company seeks out new horizons.
Thailand, while being highly publicized recently, is not yet a sure thing.
“As a manufacturer, we wait until the gaming regulator is in place, we have regulations around what the gaming looks like and who the license holders are. Before any of that happens, we can’t really engage,” notes GIssane.
“Things are dynamic. I think it’s got enormous potential. I personally think it will happen, but [regarding a possible] timeframe – it’s a little unsure at the moment”.
Japan, however, is much more certain, with MGM Osaka set to open by 2030. And the group has hit the ground running.
“It’s exciting because we’ve been talking about Japan for a long time, and I think that could be a spectacular property and opportunity for that whole landscape”.
But the UAE is also rearing its head, with Wynn Al Marjan Island growing quickly – even visible from Gissane’s hotel room on a recent trip he says.
“There’s still a bit of time but we’ve been in discussions with them for quite some time now. They’re great partners for us on a global basis, obviously here in Macau and in the US”.
The group’s long relationship with Wynn is a positive but doesn’t mean they automatically get the ticket – as many other parties circle trying to get a piece of the pie.
But the UAE still begs many questions, namely “what the player base is […] and what product they’ll gravitate towards,” questions the executive, noting, however, “we should be able to utilize our global product portfolio towards that market”.
No matter what, the newer jurisdictions always undergo growing pains, and no company or operator has a direct ticket to success.
“From a manufacturer’s perspective, I expect us to show commitment to the local jurisdictions, to local development and infrastructure, and whatever that becomes. It’s not necessarily a shoe-in unless you’re showing these operators you’re dedicated to what that market is going to be”.
What’s the overall solution for success?
“The key is to not rest on your laurels, [EG] “we’ve got a big hit and that will do”. It’s to continue to reinvest and then make sure that we can fulfil portfolios all around the world”.
Even the tariffs by the United States have not inhibited Aristocrat, improving manufacturing diversification to different parts of Asia, with other bases in Mexico and Australia.
“We’re well positioned to supply to the globe from different avenues”.
Alejandro H. Tengco, Chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR), urged for enhanced collaboration among stakeholders in the gaming industry to combat the risks associated with problem gambling and addiction.
Speaking at the 2nd International Conference on Responsible Gambling and Addiction, Tengco highlighted the importance of a comprehensive approach to address the negative consequences of gambling, including financial devastation.
“As regulators, policymakers, industry operators, healthcare professionals, and academicians, we must not only share knowledge but also act as partners in understanding, preventing, and reducing the threats posed by problem gambling”, he stated according to a release, emphasizing the need for unity among various sectors.
The conference theme, “Empowering Pathways: Problem Gambling and Gaming Prevention, Treatment, and Recovery,” resonates with PAGCOR’s initiatives aimed at promoting responsible gaming.
Tengco reaffirmed the agency’s commitment to minimizing gambling-related harm through several key policies, including the automatic exclusion of minors, students, and active government employees from gaming venues.
He also highlighted PAGCOR’s Responsible Gaming Program, which allows for self-exclusion or family-initiated exclusion from gaming activities, regulation of gaming advertisements, and partnerships with rehabilitation centers to support affected individuals and families.
“Gaming has inherent social risks, but with the right safeguards and collaboration among all sectors, we can ensure the safety and well-being of our players”, Tengco concluded, calling for a collective effort to tackle gambling addiction.
Melco Resorts & Entertainment is expected to accelerate its de-leveraging trajectory throughout 2025, supported by EBITDA growth and strategic capital moves, according to a recent investment memo by CBRE Credit Research.
The report highlights Melco as the most compelling de-leveraging story in Macau’s gaming sector, underscoring the company’s ongoing efforts to reduce debt across its organizational structure.
In a note released after Melco announced its 1Q25 results, CBRE points to the company’s first-quarter 2025 performance, during which both Melco and its subsidiary, Studio City, continued progress—primarily through EBITDA gains. This trend is expected to continue, with the potential for accelerated debt reduction through incremental repayments.
Lawrence Ho, CEO, Melco Resorts
‘Melco continues to prioritize debt paydown as a means of de-leveraging,’ the memo states, citing not only internal cash flow improvements but also recent financial actions, such as the parent company’s April rights offering. A portion of the proceeds—between 50 percent and 60 percent—was used to repay credit facility debt at Melco International Development Ltd, the parent holding company controlled by Lawrence Ho.
CBRE notes that this rights offering, worth approximately $100 million, was backstopped by a shareholder loan agreement and came at a steep discount. This suggests urgency in managing upcoming maturities, notably the $600 million facility debt due in June 2026 at the parent HoldCo. Given the parent’s lack of standalone cash-generating assets, the report indicates a possibility that Melco could be called upon to support refinancing efforts.
Additionally, Melco’s path to deleveraging may be strengthened by the ongoing strategic review of City of Dreams Manila. Several prospective buyers have reportedly signed nondisclosure agreements and are conducting due diligence ahead of a formal bidding process. Proceeds from a potential sale could be redirected toward further debt reduction.
Despite higher bond yields relative to peers like MGM China and Wynn Macau, CBRE maintains an ‘Outperform’ rating on Melco and Studio City bonds. The firm sees Melco’s clearer de-leveraging strategy as a key reason for this positioning, especially as spreads have widened by nearly 100 basis points over the past three months—outpacing the 50–75 basis point increase observed among competitors.
Liquidity conditions remain solid, according to the report. The company has sufficient cash and revolver availability to manage the $1 billion in Melco notes and $222 million in Studio City notes maturing this year. Melco management has indicated a preference for utilizing internal liquidity levers over accessing the high-yield bond market in the near term.
Elsewhere in its portfolio, Melco’s Cyprus operations showed good topline growth, though EBITDA contribution was modest. Regional headwinds are expected to ease as summer travel picks up. Meanwhile, construction in Sri Lanka remains on schedule, with the new casino set to open in the third quarter of 2025. Financial contributions from this project are expected to begin appearing in results from August, excluding pre-opening expenses.
Macau’s gross gaming revenue (GGR) has reached MOP12.7 billion ($1.58 billion) in the first 18 days of May, according to a Citigroup investment memo released on Monday.
Analysts George Choi and Timothy Chau maintain their May 2025 GGR forecast unchanged at MOP21 billion ($2.61 billion). If realized, May’s GGR could be the highest month this year, and also the only month to top the MOP20 billion ($2.5 billion) threshold that Macau’s budget plan has projected.
The gaming revenue figures suggest a daily run rate of approximately MOP706 million ($87.6 million) during the first 18 days, with the week of May 12th-18th averaging roughly MOP593 million ($73.6 million) per day. Citigroup notes this performance aligns with typical seasonal patterns following the Labor Day holidays in early May.
Industry sources indicate both VIP and mass market segments showed positive momentum. VIP volumes expanded 10 to 12 percent month-on-month, while mass market GGR grew 6 to 8 percent sequentially. Additionally, VIP hold rates appeared higher compared to the previous week, contributing to the overall revenue performance.
Macau’s entertainment calendar features several high-profile concerts for the remainder of May. Singer Sammi Cheng will perform two additional shows on May 24th and 25th, followed by Show Lo’s concert on May 31st. Leon Lai will also begin his 10-show series with the first performance on May 31st.
The current GGR trajectory positions May 2025 revenue at approximately 81 percent of May 2019 levels, representing a 4 percent yearly increase. This performance reflects the continued recovery of Macau’s gaming sector following the challenges of recent years.
It is worth noting that the first week of the month showed robust performance, with strong GGR growth and visitation figures that exceeded expectations. According to channel data, Macau’s GGR reached MOP5.1 billion ($633 million) during the first five days of May – the May Day Golden Week in mainland China – averaging MOP1.02 billion ($127 million) per day. This represented strong year-over-year growth of 12 percent despite a higher 2024 base, reaching more than 90 percent of pre-pandemic levels for the same period.
Macau recorded 850,000 visitor arrivals during mainland China’s 5-day Labor Day holiday, averaging 170,000 daily. This represented a 40.7 percent increase from last year, breaking post-pandemic records, according to the Macau Government Tourism Office.
With just two weeks remaining before the 19th Congress concludes, Philippine Senator Sherwin Gatchalian is ramping up efforts to pass legislation that would permanently ban Philippine offshore gaming operators (POGOs) in the country.
According to local media outlet PhilStar, the senator emphasized that the measure already enjoys strong support within the Senate.
While an executive order currently prohibits POGOs, Gatchalian stressed that codifying the ban into law is essential to eliminate enforcement ambiguities. He has been one of the most vocal critics of POGOs in the chamber, consistently highlighting their links to criminal activity, corruption, and regulatory challenges.
Senate inquiries have revealed connections between POGO operations and serious crimes, including money laundering and human trafficking.
Gatchalian first introduced Senate Bill 2868, known as the proposed Anti-POGO Act of 2024, which was brought to the Senate plenary in December last year. The bill aims to ensure the prohibition remains effective beyond the current administration, providing a permanent legislative framework ceasing any future POGO operations in the Philippines.
BMM Testlabs, the world’s original gaming test lab, has announced that Marzia Turrini, President of iGaming and Cybersecurity, has been honored as ‘Leader of the Year (LATAM)’ at the SBC Awards Americas.
Turrini was selected for this award by a 94-person judging panel representing the industry’s best. This award comes just a few months after BMM was awarded the prestigious Vixio Global Regulatory Award for ‘Testing Service or Solution Provider of the Year’.
Marzia Turrini said, “This award is a testament to the incredible work of our teams across Latin America, with great support from our Spanish colleagues, who are committed to raising industry standards and supporting regulators, suppliers, and operators with integrity and innovation. I am deeply honored to be recognized among such inspiring leaders and grateful to represent BMM Testlabs in our mission to transform gaming industry performance and protect all who gamble.”
With over two decades of gaming industry experience, Turrini was recognized for her key role in driving BMM Testlabs’ growth across Latin America. Since joining BMM in 2013, she has strategically expanded BMM’s presence, successfully navigating complex regulatory landscapes and building strong partnerships with suppliers, operators, and regulators. Her leadership has been pivotal in establishing BMM as the trusted partner for compliance, cybersecurity, and responsible gaming education in emerging markets such as Brazil and Peru.
Under Turrini’s guidance, BMM recently opened a new test laboratory in Brazil, enhancing the Company’s capacity to deliver world-class product compliance testing and certification. Turrini’s commitment to fostering education and supporting industry standards has also led to the expansion of BMM’s iGaming Center of Excellence in Barcelona, Spain, growing it to 120 professionals focused on compliance, security services, and quality assurance for the LATAM and European markets.
Martin Storm, CEO, Testlabs
BMM Testlabs CEO Martin Storm added, “Marzia’s leadership and vision have been transformative not only for BMM but for the entire global gaming market. Her dedication to compliance, cybersecurity, and responsible gaming has set new benchmarks for excellence. We are incredibly proud of her well-deserved recognition.”
The SBC Awards Americas honored the outstanding companies representing the gaming and betting industry in North America and Latin America. In addition to Turrini being recognized as Leader of the Year, BMM Testlabs was shortlisted for Compliance Solution of the Year, and RG24seven Virtual Training was shortlisted for Socially Responsible Initiative of the Year.
International Game Technology (IGT) has announced that the Judging Commission has completed its analysis of the technical and economic offers for the Italy Lotto License.
The commission will propose LottoItalia—a consortium led by IGT and comprising Allwyn, Arianna 2001, and Novomatic Italia—to the Agenzia delle Dogane e dei Monopoli (ADM), which is expected to issue the award notice within the next 35 days.
“The Italian Lotto concession is one of the world’s most important lottery contracts. IGT and its predecessor companies have successfully managed the license for 30+ years through constant innovation and the introduction of cutting-edge technology,” said Marco Sala, IGT Executive Chair of the Board. “The award is very gratifying, and we are honored and excited to continue working with the ADM for nine more years.”
“The €2,230 million investments in upfront fees reflect the significant value of the new license and IGT is confident that the investment will enhance our revenue and profit potential,” said Vince Sadusky, IGT CEO. “The exciting innovation pipeline with fresh launches planned for commencement of the new license will drive Lotto wager growth. In addition, we plan to significantly grow our iLottery sales and leverage that momentum to expand into the Italian B2C iCasino, sports betting, and other digital gaming business.”
The consortium’s bid was comprised of a €2,230 million upfront license fee payable in three installments between the time of award and April 2026. IGT currently expects the first two installments of €500 million and €300 million to be made in 2025, with the balance made in 2026.
The 9-year license term secures the business until November 2034. The concession rate collected from total wagers is 6 percent, and an additional 8 percent gross fee is collected through the digital channel as a distributor fee. IGT maintains operational control of the business. Allwyn Entertainment is committed to the consortium and contributes a pro-rata share of license fees and capital expenditure.
Conference call registration: Participants are encouraged to pre-register for the conference call by clicking this link. Upon registering, participants will receive a dial-in number and unique PIN.
Webcast registration: A live, listen-only webcast is available under “Events Calendar” on IGT’s Investor Relations website. A replay will also be available on the website following the call.
Macau gaming operator Sands China has announced the return of the Sands Shopping Carnival at The Venetian Macao from July 17-20, 2025, marking its sixth consecutive year.
Kicking off with an invitation-only preview session on the first day, the free-admission carnival will be open from 12 pm to 10 pm daily. Complimentary shuttle buses and free parking are available for attendees.
The Sands Shopping Carnival is Macau’s largest sale event, transforming Cotai Expo into a four-day summer shopping and leisure destination. This year’s event features over 580 booths across nine exhibition zones, including a Play and Fun Zone for children.
Organised by Sands China Ltd. and co-organised by the Macao Chamber of Commerce, the carnival aims to create synergy between local small and medium-sized enterprises (SMEs), Sands retailers, local NGOs, and the arts and culture community, in a bid to attract local residents and consumers from the Greater Bay Area and Hong Kong.
Dr. Wilfred Wong, executive vice chairman of Sands China Ltd., said: “Since we debuted the Sands Shopping Carnival in 2020, it has attracted more than 540,000 visits and generated substantial praise, becoming one of Macau’s signature summertime events. We are pleased to once again offer a free business platform for local SMEs and Sands retailers, while injecting fresh elements into the carnival to cater to the latest spending patterns of local residents and tourists, providing them with exclusive shopping and leisure experiences.”
“This year, we have also included a diverse series of free activities and competitions for people in the Greater Bay Area to join, making the carnival a significant event for cities in the region. We hope that the carnival helps create synergy between local SMEs and Sands retailers, generating spending while boosting Macau’s diversified economic development in support of the Macau government’s ‘tourism+’ initiative.:
The family-friendly Sands Shopping Carnival offers enormous discounts of up to 90 percent for a wide array of goods, and includes an international-cuisine food court area, activities and exciting games for children, competitions, and other attractions.
More information about the carnival and its attractions will be announced in due course, including sneak peeks of activities such as the Little Master Chef Workshop, as well as the Karaoke King Singing Competition and the new Kids Top Model Contest, both open to contestants from the Greater Bay Area.
Sands China believes in prioritising local procurement and actively supports the development of local SMEs. The company’s support to local SMEs has remained consistent since the launch of Sands China’s Local Small, Medium and Micro Suppliers Support Programme with the Macao Chamber of Commerce in July 2015.
The programme is in line with the Macau SAR government’s initiative to “buy local” and demonstrates Sands China’s commitment to supporting local enterprises as part of the company’s corporate social responsibility efforts.
