Genting Singapore posted a first-quarter net profit after tax of SG$145.0 million ($111.7 million), representing a 41.4 percent decline from the same period last year, though Maybank analysts maintain their optimistic outlook for the casino operator.
In a recent investment memo, Maybank reiterated its “BUY” recommendation with a target price of SG$1.01 ($0.78), highlighting that VIP volume and mass market segments showed meaningful quarter-on-quarter recovery despite the year-on-year decline.
The Singapore-based casino operator reported aggregate revenue of SG$626.2 million ($482.2 million) for the first three months of 2025, down 20.2 percent year-on-year but showing a slight 2.3 percent sequential increase from the previous quarter.
Gaming revenue for the first quarter stood at SG$437.5 million ($336.9 million), representing a 24.0 percent decrease from a year earlier, while non-gaming revenue declined 9.5 percent year-on-year to SG$188.5 million ($145.1 million). The company’s first-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 37.3 percent year-on-year to SG$230.5 million ($177.5 million) but improved 2.8 percent sequentially.
According to Maybank’s analysis, VIP volume recovered 26 percent quarter-on-quarter to SG$8.7 billion ($6.7 billion) as Resorts World Sentosa regained 5 percentage points of VIP volume share to 44 percent. Additionally, first-quarter mass market gross gaming revenue reached a post-COVID high of SG$414 million ($318.8 million).
Maybank expects operations to be ‘seasonally slower’ in the second quarter following the Chinese New Year period but anticipates stronger performance from the third quarter of 2025. This projected improvement is largely attributed to the opening of The Laurus hotel, which will provide 183 suites aimed at accommodating more VIP and premium mass players.
The investment firm also noted that the ‘short-lived trade war between the United States and China’ did not appear to have a significant impact on VIP volumes in the second quarter of 2025.
Maybank maintains its earnings estimates and notes that at Genting Singapore’s last price, the market is discounting the company’s substantial net cash reserves.
Slot machine manufacturers and gaming suppliers targeting the Philippines market are reporting an apparent slowdown in business since the beginning of 2025, with industry insiders attributing the decline primarily to the closure of Philippine Offshore Gaming Operators (POGOs) that took effect December 31st last year.
Chang Nam, Deputy General Manager of South Korea’s Kangwon Land, Inc.
Chang Nam, Deputy General Manager of South Korea’s Kangwon Land, Inc., told AGB at G2E Asia that the Philippines market has softened considerably this year.
“The Philippine market is our main target, but this year the market is not good from the beginning of the year,” said Nam, whose company manufactures the KL Saberi slot machine brand.
When asked about the factors behind the slowdown, Nam pointed directly to the government’s decision to shut down the POGO industry. “I think they close down the online gaming, POGO, that’s one of the reasons,” he explained.
According to Nam, many POGO operators were significant players in land-based casinos. “They are VIPs of the casinos because they’re making a lot of money from POGO. They play a lot on the games,” he said.
The revelation adds a new dimension to understanding the current challenges facing Philippine casinos. Despite an initial post-COVID recovery in gaming revenues, 2024 has presented significant headwinds. While the wider gaming sector benefited from the growth of E-Games, licensed casinos struggled, often experiencing substantial year-over-year declines in gross gaming revenue that contrasted sharply with the overall expansion.
VIP segment suffering across major operators
The main reason Philippine casinos are earning less is a drop in VIP gambling. All casinos are reporting ongoing problems with their high-roller business.
For example, Okada Manila’s operator reported a net loss of JPY7.56 billion in 1Q25. This was partly because VIP gambling at their Manila casino went down, and they had fewer foreign guests. Their total sales also fell by 20.8 percent.
Another big casino, Solaire at the Entertainment City, saw their total gaming earnings (GGR) fall by 18 percent. Their VIP gambling also decreased by 18 percent, reaching PHP87.7 billion.
Chinese tourism decline compounds the problem
Most operators have attributed these declines to a broader slowdown in Chinese visitation to the Philippines. Department of Tourism statistics confirm this trend, showing that China has dropped from second place on the Philippines’ list of tourism source markets in 2019, with almost 1.75 million visitors, to fourth place in 2024, with just 312,222.
From January to April this year, Chinese tourists ranked only sixth among international visitors, with 92,659 arrivals — a 34.4 percent year-on-year decrease. Meanwhile, South Korea continues to top the list with 468,337 visitors, although this also represents an 18 percent decline.
However, Nam’s comments suggest that the ban on POGOs implemented by President Ferdinand Marcos Jr. late last year has had a more direct impact on casino revenues than previously acknowledged publicly. Since the ban was first announced in July, authorities have been dismantling POGO operations and expelling foreign nationals involved – many of whom were Chinese.
Nam pointed out that suppliers like Kangwon Land were drawn to the Philippine market due to its openness to a diverse range of gaming products. “The Philippine market offers a wide variety of games, featuring suppliers like Aristocrat, Light & Wonder, Jumbo, and others. While Kangwon Land is a smaller company, this openness gives us an opportunity to enter the market,” he explained.
From the perspective of Korean visitors, Nam noted that the Philippines presents a cost-effective option. He elaborated, saying that even with a betting limit of, for example, $10,000, Philippine casinos tend to offer substantial rewards, including room accommodations and other perks. In contrast, spending the same amount in Macau might yield no such benefits.
Macau collected MOP29.84 billion ($3.71 billion) in gaming tax revenue during the first four months of 2025, showing no growth compared to the same period last year, according to figures released Wednesday by the Financial Services Bureau.
April saw a monthly decline, with authorities reporting MOP7.64 billion ($950 million) in gambling taxes—down 3.9 percent from March.
The year-to-date figure represents 32 percent of the government’s annual target of MOP93.12 billion ($11.58 billion), as outlined in its 2025 fiscal plan.
Gaming taxation remains the cornerstone of Macau’s public finances, accounting for 87.7 percent of the government’s total revenue of MOP34.04 billion ($4.24 billion) as of April 30.
Total casino gross gaming revenue (GGR) reached MOP76.51 billion ($9.52 billion) between January and April, reflecting a modest 0.8 percent increase year-on-year. This marks 31.9 percent of the government’s full-year GGR forecast of MOP240 billion ($29.84 billion).
Chief Executive Sam Hou Fai indicated in his mid-April Policy Address for Fiscal Year 2025 that budget revisions might be necessary later this year, citing uncertainties in gaming revenue projections and pending expenditures not yet factored into the current financial framework.
The Asian betting market is often described in sweeping generalizations: “complex,” “fragmented,” “mobile-first,” and “bonus-driven.” While there is some truth in all of that, those narratives rarely reflect my conversations with experienced regional operators.
Here’s the reality: operators aren’t asking for more features. They have had enough of cluttered platforms with a thousand tools they didn’t request and don’t need. They want control—the ability to fine-tune their product, adjust in real-time, and respond to the market on their own terms. But most tech they use still forces them to choose either control or convenience. Rarely both, and almost never without trade-offs.
That’s exactly why we built the ULTIM8 Sportsbook iFrame—not as just another shiny add-on but as a strategic answer to a persistent problem. It is about giving operators back the keys to the solution they use, without the added operational overhead.
From working with some of the most ambitious brands across Asia and talking to the broad circle of potential partners, we have learned a few things about what makes an impact. Here is how ULTIM8 is helping solve the popular challenges that most providers haven’t even begun to address.
Table of Contents
“We want to differentiate, but every change takes so long.”
One of the most common frustrations we hear from operators is simple: “We want to stand out.” But too often, even the smallest updates require ticketing systems, development cycles, and long waits. At the same time, many providers still prioritize desktop while mobile is the only channel in many Asian markets. However, clunky interfaces, poor responsiveness, and outdated layouts still dominate the industry.
ULTIM8 changes that. Its mobile-first, real-time, customizable sportsbook front end is built for operators who want control and speed without sacrificing performance. Themes, layouts, widgets, and content can all be adjusted instantly—no dev team is required. It supports multi-language and multi-currency setups, localized content layouts, and rich visuals like player photos and team icons.
The result is a front end that’s not only fast and clean but also distinct. Because when your brand needs to stand out on mobile, it should feel like yours.
“We want to be in control of risk, not chasing problems.”
Risk management is more than just avoiding loss; it protects margins and stays ahead of threats. Too often, platforms force operators into a reactive stance, identifying issues only after the impact has already hit. Proper risk management is proactive, predictive, and built to safeguard both revenue and reputation in real time.
ULTIM8 gives that control back, without adding operational burden. Real-Time Bet Scoring evaluates every single wager instantly, before it’s accepted or settled. 24/7 security monitoring and AI-powered fraud detection monitors for threats in real time, flagging suspicious activity as it happens, not after the damage is done.
“We’re drowning in manual content management.”
For operators, keeping up with player demand in Asia, where sports culture is intense, can feel like a never-ending battle. It requires constant updates to events, odds, and markets. It’s a constant scramble; for some, managing the sheer volume of content that needs tracking, sorting, and updating can feel like a full-time job.
ULTIM8 Sportsbook iFrame steps in here too. Rather than forcing operators to spend countless hours managing every detail, we handle the complexity behind the scenes. With 50+ sports and esports, 25,000+ daily events, and over 180,000 in-play events each month, ULTIM8’s AI-driven recommendations ensure there’s always something for players to bet on and that it’s always the right content for them. No need to track every single market or odds update manually.
What sets ULTIM8 apart is our geo-specific approach to content. Our trading team designs local schedules based on what’s trending in each market. In Asia, for example, cricket is a dominant force, niche markets are essential, and timing is critical. Operators can rest easy, knowing that they’re offering players the best possible content without constantly diving into the details themselves. When operators do want to go in-depth, they can, but it’s no longer a prerequisite.
“Promotions should be easier to manage.”
Many platforms talk a big game about promotions, but when it’s time to build and deploy them, it’s slow and frustrating. We’ve heard from operators who wait days just to launch a simple Free Bet.
ULTIM8 takes the friction out of engagement with a built-in CRM that handles the heavy lifting: powered by AI, real-time recommendations, and smart segmentation. The iFrame also includes a fully integrated bonus engine with Free Bets, quests, loot boxes, predictive promotions, and gamification tools—all easy to launch and manage through a drag-and-drop Journey Builder. Operators we work with have seen up to 80% player retention simply because engagement strategies became fast and flexible again.
“We want to drive more revenue—without overhauling everything”
As we started listening closely to what operators needed, it became clear: they wanted results, fast. But they didn’t want to tear everything down and start from scratch. They needed to achieve growth with what they already had. That’s when we began exploring deeper, more sophisticated ways to generate meaningful revenue without disruption.
One area we focused on was odds personalization. At first, small tweaks in the odds might seem trivial to players. But for operators, we discovered that these adjustments could be a goldmine. By tailoring odds to match player behavior, we saw GGR increase by over 40%. No new marketing campaigns or drastic system changes were needed—just smarter use of the data you already have.
We also saw that boosting multi-bet turnover didn’t require a big campaign. Even small increases in parlay betting can significantly drive revenue. Simple features to encourage more multi-bets resulted in operators seeing up to 5% more profit. We gave players an easy, intuitive way to engage more, without overcomplicating things.
Then, we looked at cashout. Initially seen just as a player-friendly feature, we recognized its potential as a revenue driver too. By integrating flexible cashout options with smart commission models, operators could increase their profitability by another 2-5%, while giving players more control over their wagers.
None of these changes requires operators to rebuild their platform. ULTIM8 slots right into your current setup—no downtime, no major disruptions. We focus on unlocking the potential you already have with just a few thoughtful adjustments, giving you bigger results with minimal effort.
“We want to move fast, not spend six months integrating.”
This one comes up a lot: “We’d love to upgrade, but we just can’t afford the disruption.”
That’s the myth we love proving wrong. ULTIM8 Sportsbook iFrame is a plug-and-play solution. Most integrations take 2–3 weeks, but ULTIM8 can be ready in seven days. You get full documentation, dedicated support, and structured onboarding, so you can start seeing results immediately.
The Big Shift: Control Without Complexity
For Asian operators, ULTIM8 delivers more control: from a fully brandable front end to localized content, AI-driven recommendations, and real-time risk tools, without the delays or development drag.
There’s a deeper layer of relevance too: the ‘8’ in ULTIM8 is a symbol of wealth, success, and prosperity across many Asian cultures. Its performance has meaning and is built for those who expect more.
QTech Games, a premier game aggregator for emerging markets, has announced its latest provider partnership with PG Soft (Pocket Games Soft), enabling its platform customers to access this revered supplier’s multi-faceted catalogue, which spans video slots and table games.
PG Soft, an emerging force in the igaming domain, draws from a deep well of slot games, including popular titles such as Wild Bandito, Candy Burst and Medusa. These hits often feature fresh twists on classic game themes, coupled with a mix of engaging cascades and reel layouts, packed with bonus games, multipliers, Turbo and Autoplay features. Accordingly, this progressive gaming suite now forms part of a wider market-leading portfolio made available by QTech Games to its clients.
By deploying the state-of-the-art technology from traditional tables to creative 3D video slots, PG Soft games are fully optimised for mobile as well as desktop to ensure the best gaming experience for all types of players. With a global-market approach, these games cater for every taste, from the more conventional Vegas-style to modern casual themes. Their well-balanced gameplay mechanics, varied volatility and maths models are already attracting new cohorts of players across the planet.
Founded and based in Valletta in 2015, PG Soft has subsequently broadened its international influence with offices in Riga and London. This new agreement organically broadens PG Soft’s geographic footprint even further, targeting emerging markets from Asia and Eastern Europe to Latin America, and creating new revenue streams. As the fastest-growing distributor in Asia over the past few years, QTech’s platform offers the most expansive gaming portfolio around, localised for each region, with native mobile apps, powerful reporting and marketing tools, and 24/7 local-language support.
QTech Games’ CEO, Philip Doftvik, said: “It’s another ringing endorsement for our platform to have integrated more premium content from PG Soft. Theirs is a constantly growing and innovating library, delivering consistent support to the growth of our broad gaming-vertical spread, courtesy of some high-quality graphics, gameplay and unique features.
“PG Soft are a creative and fast-growing igaming content provider, fusing a passion for gaming with extensive expertise in the industry. Together, we will continue to raise the bar and shape a localised experience for global players. We can’t wait to witness how these games perform across a range of untapped markets which, in many cases, represent new territory for PG Soft.”
A PG Soft spokesperson added: “QTech Games is a hotbed for superior online casino games and player-engagement tools, so we were keen to put our shoulders to their impressive distributional wheel. As we look to expand across developing regions, their market-leading platform provides a flexible gateway to some previously overlooked territories.”
“PG Soft continues to create top-tier slot games with well-balanced gameplay and unique features, framed by engaging visuals and immersive soundscapes. Needless to say, entering into this QTech agreement tracks our core strategy to fully leverage our reach, and we look forward to seeing how new players embrace our games.”
Leading esports entertainment company BLAST has renewed and expanded its partnership with Shikenso Analytics, strengthening its commitment to delivering world-class sponsorship measurement solutions for brands across its global tournament ecosystem.
Having worked together since 2023, BLAST and Shikenso have built a strong foundation for data driven brand evaluation and fan engagement insights. Through this new multi-year agreement, Shikenso Analytics will continue to track and analyze brand visibility across BLAST’s flagship events, including BLAST Premier, RLCS, FNCS, BLAST Slam, BLAST R6, and the BLAST.tv Austin Major.
By integrating Shikenso’s AI-powered video and social analysis tools, BLAST will deliver richer performance metrics to partners, unlock deeper fan engagement insights, and maximize brand sponsorship value.
James Brown, Commercial Director at BLAST, said: “Since partnering with Shikenso in 2023, we’ve seen firsthand the impact of deeper sponsorship data and faster insights. Expanding the scope of our collaboration was a natural step as we look to provide even greater value to our partners across more of our events. 2025 is a blockbuster year for BLAST — branching across four continents and with multiple partners onboard, we’re looking forward to providing our partners with extensive data.”
Arwin Fallah Shiraz, Co-CEO & Co-Founder at Shikenso Analytics, added: “Our work with BLAST continues to set a high benchmark for sponsorship analytics in esports. We’re proud to expand this partnership and to deliver even more actionable insights that help drive measurable growth for BLAST and its partners.”
The Prosperity, Fortune, and Strength trees are set to bring big wins to the United States as FBM introduces Xing Fú Fortune™ Money Trees to the market with a fresh installation at the Border Casino of the Chickasaw Nation in Oklahoma.
The global gaming brand consolidates its presence in Oklahoma and diversifies its game library by introducing this thrilling theme to American players for the first time.
After seeding wealth through Mexican casinos, the Xing Fú Fortune Money Trees expands to the US and promises to cultivate fortune among players with Prosperity, Strength, and Fortune bonsais. This new theme, inspired by Asian culture, joined the Jí Hǎo Link™ game suite for the installation of 10 Galaxy II cabinets at the Border Casino, completing FBM’s second installation in Oklahoma during the last few weeks, strengthening its footprint in the US land-based gaming scene and adding a new option to its game portfolio.
FBM’s Xing Fú Fortune Money Trees have arrived at the Border Casino of the Chickasaw Nation in OklahomaFBM’s Ji Hao Link games are now live at Border Casino
What’s unique about the Xing Fú Fortune gaming experience?
Xing Fú Fortune Money Trees delivers unpredictable and entertaining gaming sessions with a new “twist” in the game based on three accumulators: Prosperity, Strength, and Fortune. The blue, red and green coins associated with these bonsais can trigger a link bonus, opening with one, two or three accumulators active, offering up to seven thrilling combinations.
Inside the bonus mode, players can experience the rewarding effect of each one of the accumulators. The blue Prosperity coins grant players a random prize to collect, while the red Strength coins multiply the prizes of all coins on the reels before awarding a numeric prize. The green coins of Fortune collect the value of all coins displayed on the reels.
But that is not the only rewarding potential of the Xing Fú Fortune Money Trees bonus. This game mode is also the gateway to winning a Mini, Minor, Major or Grand jackpot.
Ultimately, Xing Fú Fortune Money Trees combines appealing aesthetics, high payouts, and an engaging game mechanic to enhance the casino operators’ slots portfolio and provide enjoyable gaming experiences for their players.
Asian inspiration to diversify Border Casino’s offer
From now on, the players at Border Casino will have the opportunity to seed their wealth with Xing Fú Fortune Money Trees and to explore new universes through the golden pagoda and the mythical creatures of the Jí Hǎo Link slot adventures – Golden Lóng™, Fortunate Héping™, Eternal Fènghuáng™ and Great Weiyan.
Following this significant achievement for FBM’s operations in the US, Mike Medlin (Sales and Operations Manager at FBM) expressed his gratitude to Danny Davis (President of Delta Gaming Solutions), Emily Snow (Sales Director at Delta Gaming Solutions), and the entire technical teams from Border Casino and Delta. Their cooperation and hard work were instrumental in ensuring a successful installation for FBM.
Evolution Group has unveiled Super Color Game, a vibrant, quickfire live casino dice game that offers as many as 18 guaranteed multipliers of up to 1,000x in every game round.
Super Color Game joins a new wave of ultra-fast live presenter games alongside titles such as Marble Race and Race Track, designed for a generation brought up on fast-paced digital experiences, from video games to social media. What’s more, the live host and the competitive element give all of these games a ‘social’ feel.
In the easy-to-play game, the host launches three six-sided supersize dice with different coloured sides down a chute towards a platform below. The final combination of upward-facing colours when the three dice come to rest determines the winning outcome.
Players can bet on Single, Double or Triple, so there are numerous ways for them to try their luck. Single requires at least one die landing with the player’s chosen colour face up, Double requires two dice with the same colour face up, and Triple all three dice with the same colour face up. Betting can be as simple as picking your favourite colour – yellow, white, pink, blue, red, or green – or as sophisticated as using the colourful on-screen visual history of previous rolls to try to predict the next outcomes.
Todd Haushalter, Evolution’s Chief Product Officer, said: “I love the purity and celebration of colours of this classic Filipino game. We wanted to honour its history and do something special, which we thought players would love, by adding multipliers randomly every round that allow players the chance to win big. It is so incredibly visual and such a pure playing experience, and I think players are going to love it!”
That purity of play, paired with surprise multiplier moments, offers a powerful mix of simplicity and excitement. Super Color Game delivers entertainment for everyone, from those who simply pick their favourite colour to data-driven players looking to analyse the rhythm of the rolls.
Super Color Game blends cultural heritage with cutting-edge design to deliver an experience that’s both instantly accessible and visually unforgettable. As part of Evolution’s growing lineup of dynamic live games, it reflects the company’s ongoing focus on creativity, entertainment value, and global resonance.
Good Morning. Inspiration comes in many forms, most of them monetary. And for INSPIRE, the leadership change has done little to change the outlook towards propelling the property to be a must-see destination in Asia. A focus on non-gaming and luxury is aimed at grabbing the top-tier clientele, as it navigates its room to grow. Looking to the Philippines, Bloomberry saw a strong increase in gross gaming revenue in the first quarter, boosted by Solaire North, as it explores the new market amongst a downtrend in Entertainment City.
Where the paycheck is coming from matters little to South Korea’s INSPIRE employees, as they forge ahead with making the property into the must-see destination in the country. A strong emphasis on non-gaming offerings and a personalized experience has elevated it to the upper echelons of gaming destinations in Asia. Additionally, a particular focus on Chinese and Japanese customers is driving revenue growth in the foreigner-only market.
With over 30% of global gaming revenue projected to come from Asia soon, the window of opportunity is wide open. Bettorify’s white-label and turnkey solutions deliver what most platforms miss: sharp execution backed by real local expertise.
