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Melco continues recovery as net income rises to $32.5M in 1Q25

Melco Resorts & Entertainment Limited reported its unaudited financial results for 1Q25 on May 8th, showing significant growth compared to the previous year.

The company posted a net income of $32.5 million for 1Q25, representing an 114 percent increase from $15.2 million in the same period of 2024., highlighting Melco’s continued recovery and expansion in the global gaming market.

Total operating revenues reached $1.23 billion, up approximately 11 percent from $1.11 billion for the comparable period in 2024. The improvement was primarily driven by enhanced performance across all gaming operations and overall non-gaming activities.

Operating income for the first quarter stood at $144.9 million, compared with $125.4 million in the first quarter of 2024, marking a 15.5 percent increase. Meanwhile, Melco’s Adjusted Property EBITDA rose to $341 million, up from $298.8 million in the prior-year period, showing a 14.1 percent improvement.

Lawrence Ho, Melco Resorts

The net loss attributable to non-controlling interests was $4.8 million during 1Q25, compared to $14.6 million in 1Q24, with the majority related to Studio City and City of Dreams Mediterranean and Other factors.

Lawrence Ho, Chairman and Chief Executive Officer of Melco, commenting on the results, noted: “Macau Property EBITDA grew 32 percent quarter-over-quarter, demonstrating our strength and growth potential in Macau. Mass drop increased each month during the quarter, and we recorded our highest daily mass drop ever.”

He added, “The ongoing strength that we are seeing in our business momentum is a direct result of the combined efforts of our teams, and the quality of our product offerings, and we will continue to build on this momentum.”

City of Dreams Macau, Melco Resorts

City of Dreams Macau leads revenue growth

City of Dreams, Melco’s flagship property in Macau, generated total operating revenues of $658.1 million for 1Q25, compared with $550.9 million in 1Q24, representing a 19.5 percent increase.

The property’s Adjusted EBITDA reached $195.9 million, up from $153.6 million in the same period last year, primarily due to improved performance across all gaming operations. Total non-gaming revenue at City of Dreams was $84.1 million, slightly higher than the $80.6 million recorded in 1Q24.

Studio City Epic Tower, Melco Resorts, Macau

Studio City shows steady improvement

Studio City reported total operating revenues of $354.5 million for 1Q25, compared with $331.4 million in the first quarter of 2024. Adjusted EBITDA increased to $97.3 million from $87.9 million in the prior-year period, driven largely by better mass market performance.

As previously reported, Studio City has strategically repositioned itself to focus on the premium mass and mass segments, with VIP rolling chip operations transferred to City of Dreams in late October 2024. Total non-gaming revenue remained stable at $70.7 million in both periods.

Mixed results from international properties

City of Dreams Manila experienced softer performance, with total operating revenues of $101.6 million, down from $110.7 million in Q1 2024. Its Adjusted EBITDA decreased to $30.1 million from $37.8 million, primarily due to weaker mass market performance.

Rolling chip volume declined to $351.9 million from $527.7 million, though the win rate improved to 2.98 percent from 2.20 percent. Mass market table games drop decreased to $145.5 million from $180.6 million in the comparable period.

City of Dreams Mediterranean, Melco Resorts

Meanwhile, City of Dreams Mediterranean and Other, which includes three satellite casinos in Cyprus, showed improvement with total operating revenues reaching $58.5 million, up from $52.4 million. Adjusted EBITDA increased to $11.6 million from $10.5 million year-over-year.

Ho also noted progress on the company’s expansion plans, highlighting Sri Lanka.

“The fit-out of the casino at City of Dreams Sri Lanka is progressing well and we continue to expect to commence casino operations in the third quarter of 2025,” indicated the executive.

Galaxy Entertainment reports 6% revenue growth in strong 1Q25

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Macau gaming operator Galaxy Entertainment Group (GEG) reported strong performance for the first quarter of 2025, with net revenue reaching HK$11.2 billion ($1.46 billion). This represents a 6 percent increase year-on-year, despite a slight 1 percent decline compared to the previous quarter.

According to unaudited results released on Thursday, the group’s adjusted EBITDA stood at HK$3.3 billion ($429 million), reflecting a notable 16 percent increase year-on-year and 2 percent growth quarter-on-quarter.

The group’s total gross gaming revenue (GGR) for 1Q25 was HK$10.9 billion ($1.42 billion), up 14 percent year-on-year. Mass GGR reached HK$8.2 billion ($1.07 billion), increasing six percent year-on-year, while VIP GGR saw a substantial 52 percent year-on-year surge to HK$2 billion ($260 million). Electronic GGR also performed well at HK$729 million ($94.8 million), up 22 percent compared to the previous year.

Francis Lui, Chairman of GEG, attributed the solid results to the Group’s focus on driving every segment of the business, particularly the premium mass market through products and services offerings, ongoing property enhancements, and diverse entertainment. He noted satisfactory casino performance during the Chinese New Year period, which experienced a longer tail than in previous years.

The group maintains a healthy financial position with cash and liquid investments increasing to HK$33 billion ($4.29 billion). After deducting debt of HK$4 billion ($520 million), the net position stood at HK$29 billion ($3.77 billion).

This financial strength enables GEG to fund its development pipeline, explore overseas opportunities, and return capital to shareholders. The Board has recommended a final dividend of HK$0.5 ($0.064) per share payable in June 2025.

Despite overall positive results, Lui acknowledged challenges in the market, including geopolitical turbulence and continued economic slowdown. The Macau market showed resilience, with 1Q25 GGR of HK$56 billion ($7.28 billion), recovering to 76 percent of 2019 levels.

Galaxy Entertainment, Macau, Capella Hotel
Capella at Galaxy Macau

Capella boost

Capella at Galaxy Macau, the 10th hotel brand in GEG’s portfolio, soft-launched on May 7th, 2025, and the company anticipates having the property fully opened over the next few months, adding a significant boost to its portfolio.

The 17-storey property comprises approximately 100 high-end sky villas and suites. Each Sky Villa includes a balcony with an infinity-edge pool, outdoor lounge, sunroom, and a concealed winter garden, among other amenities.

According to an investment memo, Citigroup noted a positive impression of the Premium Mass room during an initial visit.

Named “Horizon Plus”—building on the “Horizon” rooms at both Galaxy Macau and StarWorld—this new Premium Mass area is positioned close to hotel elevators, allowing convenient access from guest suites to the gaming floor.

Near the entrance, there is an open gaming space with 16 baccarat tables, where minimum bets typically range from HK$5,000 to HK$10,000, as well as a dining area. Toward the back, six private salons are available, each with 2–3 baccarat tables, and some include KTV systems. The memo suggests “Horizon Plus” at Capella could emerge as a leading premium mass venue in Macau.

GEG is also progressing with the construction of Phase 4, which has a strong focus on non-gaming facilities primarily targeting entertainment and family activities. The 600,000-square-meter development will include multiple high-end hotel brands new to Macau, a 5,000-seat theater, extensive F&B outlets, retail spaces, and a water resort deck.

Phase 4 is scheduled for completion in 2027.

Casinos betting on smart tables for efficiency and better ROI: Panel

The casino floor of the future is taking shape, and it’s not just about glitzy lights and high-stakes bets — it’s about smart tables, AI-driven analytics, and a data-first mindset that’s poised to transform how casinos operate, are marketed, and ensure compliance.

That was the message delivered during a lively panel at G2E Asia’s 2025 conference at The Venetian Macau, where industry leaders unpacked the accelerating role of table game technology under the banner “Revolutionizing Casino Operations: Navigating the Future of Table Games Technology.”

The session featured insights from Bryan Jenkins, Managing Director of Angel Australasia, and Clayton Peister, Managing Director & Analyst at Differential Labs, both of whom are at the forefront of deploying and analyzing smart table systems across Asia-Pacific casinos.

Responding to concerns that cutting-edge technology might overwhelm frontline casino staff, Jenkins said one of the key principles behind the smart table design was making the tech as “unobtrusive as possible.” For dealers, he emphasized, the changes are minimal — mostly encompassing the removal of manual tasks — designed to let them operate “as they always have.”

“It’s not just about the table,” said Jenkins. “You’re dealing with an ecosystem that touches surveillance, training, and player engagement. But for the dealer, it’s not a disruption — it’s a simplification.”

A new era of real-time player insight

Peister, whose firm specializes in data analytics, argued that smart tables are giving casinos a far more granular view of player behavior than ever before — and challenging long-held assumptions.

“We used to think we understood how players engaged based on post-game reports,” said Peister. “But now, we can look at every round — win rates, hold percentages, and bet dynamics — at the transactional level. We’re learning, for example, that most players lose quickly and walk away, which changes how we think about loyalty, marketing, and floor layout.”

This real-time data isn’t just for internal optimization. It’s opening the door to dynamic marketing, tailored incentives, and personalized player engagement.

“Think of it as moving toward an e-commerce model,” Peister said. “You’re understanding the player in the moment and responding accordingly.”

Regulation and privacy

But with great data comes great regulatory responsibility.

Both speakers acknowledged the sensitivity around artificial intelligence in the gambling space, especially when it comes to surveillance, player tracking, and marketing. Jenkins said the industry’s approach with regulators must be step-by-step, focused on education and transparency.

“It’s about showing that technology actually enhances game integrity,” Jenkins noted. “You can prove the layout is correct, you can detect anomalies, and yes — you can increase table yield.”

Peister added that ethical AI was top of mind for many operators and developers, particularly regarding data privacy and responsible marketing.

“There’s a line between personalization and intrusion,” he said. “The challenge is building safeguards and making sure regulators are part of the conversation.”

Indeed, smart tables may help regulators do their jobs better, offering real-time insights into AML compliance, KYC tracking, and the performance of approved games.

When it comes to convincing operators to invest in smart table technology, Jenkins said the conversation is moving beyond theoretical.

“Yes, there are intangibles — faster game play, fewer manual errors — but we’re starting to see tangible returns,” he said. “One customer saw a significant increase in hold percentage after implementation. We estimate payback within two years, based on feedback.”

Peister noted that once transactional data is properly integrated, it becomes a platform for predictive modeling, giving properties the ability to test promotions, assess game changes, and forecast high-value customer behavior.

Continent 8 powers Sportingtech’s transition to Nutanix, cutting virtualisation costs

Continent 8 Technologies, the leading provider of global managed hosting, connectivity, cloud, and cybersecurity solutions to the iGaming industry, has announced an expanded partnership with multi-award-winning global betting and gaming provider, Sportingtech.

In a strategic collaboration to optimise its virtualisation environment, Sportingtech entrusted Continent 8 to successfully oversee and implement its VMware-to-Nutanix cloud migration initiatives. 

In the wake of Broadcom’s acquisition of VMware, Sportingtech encountered an unexpected increase in costs, rising by as much as 42% due to licensing changes. This development significantly impacted the cost structure of their VMware-based virtualised enterprise private cloud architecture.

To mitigate against these cost fluctuations, Sportingtech chose Continent 8, a Nutanix Authorised Service Provider and their current cloud infrastructure and cybersecurity services partner, to provide professional and managed services for a VMware-to-Nutanix migration.

Continent 8 executed a comprehensive assessment, prioritisation plan and migration journey of hundreds of virtual appliances. The significant efforts led by Continent 8, in close collaboration with Sportingtech, ensured no disruptions in operations or to users and were completed well within the originally anticipated target date. As a result, Sportingtech now benefits from a more predictable, manageable and cost-efficient virtualisation platform and environment.

Michael Jack, Chief Technology Officer at Sportingtech, said: “We are always looking for ways to enhance the solution we build for our customers and to keep costs down. Working with Continent 8, who constantly push to provide efficiencies, cost reductions and value-added expertise, made good sense to us. They continue to be a valued partner and managed to deliver the project on time with no service interruption for us or our customers, which is critical.”

Justin Cosnett, Chief Product Officer at Continent 8, added: “Continent 8 is able to use its experience with VMware, Nutanix, private and public clouds to provide professional as well as managed services to customers, enabling them to focus on core revenue-generating operations. Being able to demonstrate such a significant saving and ROI will be of interest to many enterprises in today’s market. It’s thanks to the experienced and highly qualified project and cloud engineering staff at Continent 8 that we were able to successfully complete this project, while earning Sportingtech’s trust to manage their critical operational infrastructure.”

Lightning Box strikes big with Thundering Box Keno: A fusion of Keno, Slots & Jackpots

Light & Wonder has announced its latest release, Thundering Box Keno, the new addition to the fan-favourite series from in-house studio Lightning Box.

Blending the classic entertainment of Keno, the lottery-style product, with the high-energy excitement of the Thundering series, Thundering Box Keno is a hybrid title featuring Linked Progressive Jackpots and powerful Respins across an 80-number Keno grid.

Players pick between 3 to 10 numbers, and these are required to match the numbers drawn based on your choice and the amount of hits required to award a win.

Further excitement continues when Lightning Bolts land. Landing six or more Lightning Bolts triggers the Respin bonus, where scattered Lightning bolts with prizes can land across five different reels. Each Scattered Lightning Bolt that lands in the active area resets the spin count to three, while Colossal Bolts can also appear, breaking into smaller bolts for even more chances to win.

Lightning Bolts can also charge the Thunder Cloud, a perceived persistence meter that, once filled, strikes with energy to activate the Upgraded Respin. This supercharged feature adds a second reel screen, doubling the opportunity for Lightning Bolts and jackpot wins.

Both bonus features allow players to win the Linked Progressive Jackpots which shares its pool with the Thundering slot games. The Major Jackpot starts at $1000, while the Grand Jackpot starts at a massive $8000, both growing with every spin, regardless of bet level.

Thundering Box Keno is a Light & Wonder title available exclusively for online players at DraftKings in New Jersey, Pennsylvania, and Ontario.

Michael Maokhamphiou, Studio Director at Lightning Box, said: “Thundering Box Keno is a true hybrid, merging the familiar feel of Keno with the high voltage power of our Thundering series. The addition of Linked Progressive Jackpots and dual screen Upgraded Respins makes this one of the most exciting titles we have ever produced.”

City of Dreams Macau debuts the stunning new ‘House of Dancing Water’

City of Dreams Macau welcomed back the beloved ‘House of Dancing Water’ on May 7th, debuting an exciting new chapter that elevates the city’s commitment to ‘Tourism+’ innovation.

A grand premiere celebration brought together government officials, celebrities, influencers, and media from around the world for an exclusive first look at the reimagined experience. A glamorous water-themed red carpet gala heightened anticipation, while a global livestream invited audiences to witness the magic of the event in real time.

City of Dreams Macau debuts the stunning New 'House of Dancing Water'
The attendance of government officials highlights Macau S.A.R.’s ongoing efforts to support artistic innovation and enrich its tourism sector.

Following the red carpet, ‘House of Dancing Water’ performance was unveiled to a sold-out audience introducing beautiful stunning visuals, benefiting from a completely renewed and uniquely cohesive storytelling approach. Set in a fantastical world where love, courage, and destiny transcend time, the show invites audiences on an unforgettable journey of beauty, romance and heroism.

A newly introduced character, the Sailor, brings a playful charm and humor that adds dimension to the story. Stunning new scenes and visual elements, including the Magic Garden, Aquarium Cage, and Future City, immerse audiences in surreal, dreamlike worlds. At the emotional core lies the Heart of the Ocean, a poetic motif that elevates the narrative into a timeless romantic epic.

Behind the spectacle lies extraordinary stagecraft, a massive pool that is equivalent to more than five Olympic-sized swimming pools, dynamic lifts, water curtains, and 13 blending new design elements such as a human chandelier and laser grids seamlessly blend technology with imagination. Enhanced by a new orchestration and 24 custom-designed costumes, the performance delivers an immersive sensory experience.

City of Dreams Macau debuts the stunning New 'House of Dancing Water'

The production is brought to life by a world-class team of nearly 300 casts and crew from over 30 countries, including former Olympic athletes, whose talent and dedication ensure each moment is executed with passion and precision. With superior seating and two exclusive VVIP boxes, the theatre offers elevated comfort and intimacy, while advanced backstage systems support every breathtaking feat, from aerial ballet to 25-meter-high dives.

City of Dreams Macau debuts the stunning New 'House of Dancing Water'
Mr. Lawrence Ho, Chairman and CEO of Melco Resorts & Entertainment

Mr. Lawrence Ho, Chairman and CEO of Melco Resorts & Entertainment, said, “The new ‘House of Dancing Water’ is more than a reimagined and recreated show; it is part of our ongoing effort to support the Macau S.A.R.’s vision as a world center of tourism and leisure. Through this spectacular experience, we are proud to showcase the creativity and potential of the city’s cultural tourism to the world. I would also like to thank Mr. Giuliano Peparini and Our Legacy Creations, our casts and crew for their exceptional artistry and dedication in bringing this new chapter to life.”

City of Dreams Macau debuts the stunning New 'House of Dancing Water'
Mr. Giuliano Peparini, Artistic Director, House of Dancing Water

Mr. Giuliano Peparini, Artistic Director of Peparini Studios, added, “It has been an extraordinary journey to reimagine ‘House of Dancing Water’, a show that holds such a special place in the hearts of many. This new chapter is not only a visual spectacle but a heartfelt story of love and courage. I’m deeply grateful to our amazing team from over 30 countries, whose talent and dedication made this possible. My sincere thanks to Melco and Mr. Lawrence Ho for their vision and support. It is an honor to bring this show to life together.”

‘House of Dancing Water’ has been a cultural icon and a cornerstone of Macau’s international tourism appeal. With this bold new chapter, the show once again sets a new standard, blending imagination, storytelling, and technology to shine a spotlight on Macau’s evolving cultural landscape. The new show debuts from May 9th onwards, inviting guests to enjoy a truly once-in-a-lifetime experience.

Evoplay strengthens global expansion with 2 strategic internal promotions

Evoplay has announced two internal promotions in its key account management team, reinforcing its commitment to cultivating talent and supporting long-term commercial growth.

Anton Gyria has been promoted to Director of Business Operations, transitioning from his previous role as Head of Account Management. With a deep understanding of Evoplay’s commercial landscape, Anton will now oversee the studio’s broader operational strategy, and driving strategic growth across global markets.

Olga Pronak, formerly Team Lead, steps into the role of Head of Key Account Management. Having played a vital role in developing client relationships and leading high-performing teams, Olga’s promotion reflects her continued contribution to strengthening collaboration and driving business growth between Evoplay and its partners.

The promotions come as Evoplay continues to scale its commercial operations, with a growing global footprint and a strong focus on strengthening internal teams to support new and existing partnerships.

Ihor Zarechnyi, CCO at Evoplay, said: “These promotions represent more than just career milestones; they reflect the incredible value Anton and Olga have brought to the business over time. Both have been crucial in shaping how we collaborate with partners and deliver value through our products and services. Their leadership will play an important role in supporting our future goals as we continue to grow across regulated markets.”

FBM enhances Solaire Casino Resort gaming experience with Jin Qián Link

The Jin Qián Link launch at Solaire Entertainment City further solidifies FBM Philippines’ position in the market and provides Solaire Entertainment City patrons with a new and exciting gaming adventure.

As the leading e-bingo games provider in the Philippines, FBM continues delivering innovation with four captivating slot titles inspired by Asian mystique, featuring stunning graphics and exciting gameplay, at one of the country’s premier gaming destinations.

​Jin Qián Link comprises four distinct slot themes – Eternal Fènghuáng, Golden Lóng, Great Bái , and Lucky Guī – each transporting players to a mystical universe. Players will be attracted and engaged by captivating visuals and an immersive soundscape, while Jin Qián Link also offers a rewarding and strategic gaming experience.

FBM Gaming

Players can chase Mini, Minor, Major, and Grand jackpots within the Jin Qián Link bonus, accessed by incrementing the pagoda. The bonus mode culminates in a double prize when all positions on the five reels are covered. The attractive feature set of this product line includes Luck Has Arrived as a shared feature, anticipating a rewarding round.

  • Wild Multiplier – available on Great Bái and Eternal Fènghuáng, this feature has a multiplying effect. On the second reel, it multiplies by two. On the third reel, it multiplies by three. On the fourth reel, it multiplies by five. The combined effect of Wild Multiplier can award prizes up to x30 the bet value.
  • Triple Wild – available on Golden Lóng and Lucky Guī, this feature can happen on reels 2, 3 and 4. It randomly fills in an entire reel with its winning power and replaces all symbols apart from Scatter and Link.
FBM Champion's Night, bingo, Philippines
Pepe Costa, FBM’s Country Manager for the Philippines

Pepe Costa, Country Manager of FBM Philippines, highlighted the relevance of this installation for the brand’s operation in the country. “FBM is committed to delivering exceptional gaming experiences that resonate with players. Jin Qián Link is a testament to this commitment, combining compelling themes with innovative features and the quality and excellence that FBM is known for.”, stated the FBM representative.

About the expectations around the game and FBM’s intents for the short-term future, Pepe Costa shared: “We are confident that Jin Qián Link will be a major success at Solaire Entertainment City. It’s also important to note that Jin Qian Link is just the first in a series of new slot games that FBM will be launching for the Philippine market”.

Push Gaming elevates gameplay with Olympus Unleashed

B2B supplier Push Gaming has announced the release of Olympus Unleashed, a futuristic take on a mythological-themed slot that combines the timeless appeal of classic slots with bold, modern gameplay.

Created for players who enjoy the familiar rhythm of traditional titles but crave something fresh, Olympus Unleashed delivers a compelling blend of nostalgia and innovation. 

Central to the experience is the Power-Up Symbol, a dynamic feature that can activate a range of game-enhancing mechanics in both the base game and the high-energy Unleashed feature.

At the game’s core is the distinctive Unleashed mechanic, where players encounter three legendary figures: Ares, Poseidon and Athena. Each god hero triggers their unique Unleashed feature, introducing varying volatility and gameplay intensity that deepen the player experience.

With its bold visual style, rich theme, and wide-ranging appeal, Olympus Unleashed by Push Gaming is a valuable addition to any operator’s portfolio. Its fast-paced, accessible design ensures a consistently engaging experience for players across the board.

Ihor Lozinskiy, Head of Studio at Push Gaming, said: “Our aim with Olympus Unleashed was to craft a game that resonates with fans of classic slots while delivering something refreshingly different.” With striking visuals and engaging mechanics, we’re confident that players will enjoy everything this mythological adventure has to offer.”

Daily Asia Gaming eBrief: Emerging markets rise, but Macau to continue reign

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Good Morning. There will only ever be one Macau. And experts concur that it will retain its throne for at least 10 years. That being said, emerging markets are vying for the spots below it, dividing expert opinions on where markets like Japan and Thailand will sit in relation to veterans like Singapore. Meanwhile, Asian IRs are struggling to figure out how to make happy customers return, turning their eyes to tech. And in the Philippines, GGR hit $1.88 billion in the first quarter, with E-gaming taking a front seat, proving demand and potential.

What you need to know


On the radar


AGB Intelligence

MACAU

Regional reshuffle but Macau to retain its crown

There are new contenders, but Macau is going to retain its crown as the top gaming jurisdiction in Asia (and the world) for the distant future. A top group of experts noted that new markets are presenting exciting opportunities, despite throwing some cold water on Thailand’s potential for legalized casinos. But Macau will still need to deal with its restructuring growing pains, as it flails to attract a diversified consumer base.


Industry Updates


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