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Daily Asia Gaming eBrief: SJM posts profit for 1Q25, reversing losses

AGBrief Editorial
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Daily Asia Gaming eBrief: SJM posts profit for 1Q25, reversing losses
Good Morning. Macau is undergoing its phoenix moment, with operators pulling in profits that hadn’t been seen for some sad time. Looking at one of the particular underdogs, SJM finally shifted into the black in the first quarter, posting strong profit and finally leveraging its potential. What can happen in the future remains to be seen. Meanwhile, from South Korea, visitation is keen for the SAR, with tourism numbers booming as the jurisdiction aims to find foreign markets.

In observance of the Labor Day holiday, AGB will return to its normal publishing on Friday, May 2nd.

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MACAU

SJM, Macau, Grand Lisboa Hotel, SJM Holdings, SJM resorts

SJM comes back into the black

SJM, one of Macau’s laggard gaming operators, has finally seen the sunlight, as it pushes back into the black after a long period of downturn. The new results highlight how the operator has been pushing its flagship property, hopefully now achieving the results the operator is looking for. But headwinds still blow, as expectations for the rest of the year weigh on the conscience. 

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Kangwon Land reports mixed business performance for 1Q25

Nelson Moura
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Kangwon Land reports mixed business performance for 1Q25

Kangwon Land, a casino and resort company in South Korea, has released its interim report on business performance for the first quarter of 2025, which indicates a blend of positive growth in sales and operating income, juxtaposed with declines in net income.

In the current period, Kangwon Land, known for being the only casino in South Korea where locals are permitted to gamble, reported sales of KRW365.8 billion ($254.9 million), marking a 6.2 percent increase from the previous quarter’s sales of KRW344.3 billion ($238.6 million).

However, this figure reflects a slight decline of 0.6 percent compared to the same period last year, when sales totaled KRW368.2 billion ($256.5 million). Cumulatively, year-to-date sales reached KRW365.8 billion ($254.9 million), amounting to a total of KRW1.4 trillion ($963.5 million) for the previous year.

Operating income demonstrated remarkable growth, soaring by 75.4 percent to KRW77.7 billion ($53.4 million) in the first quarter, up from KRW44.3 billion ($30.5 million) in the previous quarter.

This figure also represents a modest increase of 2.5 percent compared to the same quarter last year, where operating income stood at KRW75.8 billion ($52.2 million).

Despite the positive trends in sales and operating income, the company faced challenges in net income.

The net income from continuing operations before tax fell sharply by 26.5 percent to KRW101.2 billion ($69.8 million), down from KRW137.7 billion ($94.4 million) in the previous quarter and down 17.8 percent from KRW123.1 billion ($84.9 million) in Q1 of the previous year.

Kangwon Land’s net income for the current period also saw a significant decline, dropping by 31.1 percent to KRW78.0 billion ($54.0 million), compared to KRW113.3 billion ($77.9 million) in the previous quarter.

This figure also represents a decrease of 16.9 percent from the same period last year, when net income reached KRW93.9 billion ($64.6 million).

SJM Holdings posts $4M profit amid revenue growth in 1Q25

Viviana Chan
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SJM Holdings posts $4M profit amid revenue growth in 1Q25

Macau gaming operator SJM Holdings returned to profitability in the first quarter of 2025, recording a profit of HK$31 million ($4 million), compared to a loss of HK$74 million ($9.5 million) in the same period last year.

Net gaming revenue rose 7.5 percent year-on-year to HK$6.95 billion ($890 million). Gaming revenue, net of commissions and incentives of HK$602 million ($77 million), earned by SJM Resorts, S.A., a subsidiary of the company, totaled HK$6.95 billion ($890 million) in 1Q25.

According to the financial results, the group’s syndicated banking facilities comprise a HK$9 billion ($1.16 billion) term loan and a HK$10 billion ($1.29 billion) revolving credit facility, of which HK$3.8 billion ($490 million) remained undrawn as of 31st March 2025.

Total net revenue increased 8.1 percent to HK$7.48 billion ($958 million) for the quarter. Adjusted EBITDA rose 10.9 percent year-on-year to HK$958 million ($123 million), with the Adjusted EBITDA margin improving by 0.3 percentage points to 12.8 percent.

Grand Lisboa Palace, SJM Resorts, Macau

The company’s flagship Cotai property, Grand Lisboa Palace, has surpassed Grand Lisboa in performance, driven by a gradual ramp-up. The resort generated total revenue of HK$1.93 billion ($247 million) in 1Q25, up 36.2 percent year-on-year. Gross gaming revenue (GGR) rose 41.1 percent to HK$1.57 billion ($201 million).

Meanwhile, Grand Lisboa Hotel, located on the Macau Peninsula, reported a 3.6 percent decline in total revenue to HK$1.89 billion ($242 million), with GGR falling 4.4 percent to HK$1.79 billion ($229 million).

Other self-promoted casinos, including Jai Alai Hotel, Kam Pek Market, and Sofitel at Ponte 16, reported total revenue of HK$1.42 billion ($182 million), up 6.8 percent. GGR in this segment grew 6.6 percent to HK$1.34 billion ($172 million).

In the satellite casino segment, GGR improved 7.6 percent year-on-year, rising from HK$2.64 billion ($338 million) to HK$2.85 billion ($365 million).

Notably, nine satellite casinos currently operate under SJM’s license. The transitional period for these operations is scheduled to end on 31st December 2025. As of now, no official decision has been announced regarding their future.

Entain reports strong 1Q25 results, appoints new CEO

Nelson Moura
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Entain reports strong 1Q25 results, appoints new CEO

Global sports betting and gaming group Entain, has announced its trading results for the first quarter of 2025, showing an operational performance that exceeded its expectations across various metrics.

The group also appointed Stella David as its new CEO, ensuring continuity and momentum for the group’s strategic initiatives.

David remarked on the results, stating, “We have made a strong start to 2025. Our improving operational execution has allowed us to maintain momentum from 2024 into Q1. Our strategy is clear, and today’s results are evidence of its successful implementation.”

Entain’s total Group Net Gaming Revenue (NGR), which includes a 50 percent share of BetMGM, rose by 9 percent overall and by 11 percent on a constant currency basis. 

In a dispatch that only disclosed the percentage changes and not the specific amounts, the group states that its Q1 Online NGR, including the U.S. market, has increased by 12 percent, with a 15 percent rise when adjusted for currency fluctuations. 

Excluding the U.S. market, Q1 Online NGR grew by 6 percent and 10 percent on a constant currency basis, primarily driven by strong volumes in the UK and favorable results in sports betting.

In the UK and Ireland, Online NGR surged by 23 percent on a constant currency basis, while Brazil experienced a significant increase of 31 percent, both surpassing expectations.

BetMGM also reported positive results, with NGR rising by 34 percent on a constant currency basis year-on-year, positioning the company on track to achieve EBITDA positivity in FY25.

Looking ahead, Entain remains confident in achieving mid-single-digit constant currency growth in Online NGR for FY25, supported by its strong positions in attractive and regulated markets.

During Q1, Group NGR (excluding the U.S.) increased by 8 percent on a constant currency basis, with Online NGR rising by 10 percent, benefiting from strong performance in both volumes and sports margins. 

Retail NGR rose by 2 percent, albeit partially offset by softer gaming volumes in the UK. Within the UK and Ireland, NGR grew by 10 percent, driven by Online performance which increased by 23 percent, while Retail saw a slight decline of 1 percent. International NGR also increased by 5 percent, with Online NGR up 4 percent and Retail NGR up 11 percent. 

Brazil’s performance remained strong, with NGR up by 31 percent, while Australia experienced a decline of 8 percent due to customer-friendly sports results. 

Notably, BetMGM’s Q1 NGR also exceeded expectations at +34 percent, driven by its leading iGaming offerings and enhanced player engagement.

Entain reported a Q1 EBITDA of $22 million, attributed to positive contributions from both iGaming and Online Sports.

In conclusion, Entain expressed optimism regarding its year-to-date trading, highlighting strong Online volume growth and favorable sports margins. It also reaffirmed its expectations for mid-single-digit growth in Online NGR for 2025 and remained confident in aligning with market expectations for FY2025 EBITDA. 

With ongoing operational and strategic progress, Entain believes it is well-positioned to generate over £500 million ($670.7 million) in annual cash flow in the medium term.

Macau relaunches free cross-border transport for international visitors

Viviana Chan
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Macau relaunches free cross-border transport for international visitors

The Macao Government Tourism Office (MGTO) is once again partnering with cross-border bus and ferry operators to offer free direct bus and ferry tickets to international visitors arriving via Hong Kong, from May 1st to December 31st, 2025.

According to a press release, the initiative aims to encourage more international travelers to extend their trips to Macau, thereby expanding the city’s international visitor base.

MGTO first launched a similar campaign in 2023 and reintroduced the promotion for international visitors to Hong Kong from February to December 2024. The plan excludes travelers from the so-called Greater China region—namely, visitors from mainland China, Hong Kong, and Taiwan.

MGTO noted that the 11-month program was considered a success, generating over 310,000 visitor trips to Macau for tourism and related spending.

The campaign involves cooperation with transportation providers such as Hong Kong Airport Passenger Services, ferry operator TurboJET, and Cotai Water Jet. These operators will provide complimentary one-way tickets to eligible international visitors traveling from Hong Kong to Macau.

South Korean tour visitors to Macau surge by 43.5% in 1Q25

Viviana Chan
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South Korean tour visitors to Macau surge by 43.5% in 1Q25

South Korean package tour visitors to Macau surged 43.5 percent year-on-year to 33,000 in 1Q25, according to data released by the Statistics and Census Service (DSEC).

The total number of inbound package tour visitors reached 550,000 in the first quarter, representing a 9.1 percent increase compared to the same period last year. While mainland China remained the dominant source market with 477,000 visitors, up 6.3 percent, international tour visitors showed stronger growth, rising by 19.8 percent to 60,000.

March 2025 data revealed continued momentum, with South Korean tour visitors increasing by 41.9 percent year-on-year to 11,000. This helped drive the overall international tour visitor count up by 21.5 percent to 24,000 for the month. Total inbound package tour visitors in March stood at 244,000, reflecting a 5.6 percent growth compared to March 2024.

Hotel statistics further confirmed the strong South Korean presence, with guests from South Korea rising by 16.1 percent to 92,000 in the first quarter. This made South Koreans the largest international guest segment in Macau’s hotels, significantly outpacing other international markets such as Japan, 26,000, up 9.8 percent, and Malaysia, 22,000, up 14.7 percent.

The surge in South Korean visitors comes amid an overall positive period for Macau’s tourism sector, with hotel occupancy rates climbing 5.2 percentage points to 90.1 percent in the first quarter. Five-star establishments performed particularly well with a 93.2 percent occupancy rate, up 6.1 percentage points year-on-year.

Despite the increase in tourism from South Korea and other markets, total hotel guests decreased by 5.4 percent to 3,574,000 in 1Q25, primarily due to a 3.4 percent decline in mainland Chinese guests, 2,721,000. However, the trend for international guests remained positive with an 8.1 percent increase to 292,000.

For March alone, hotel occupancy rates reached 88.8 percent, up 5.1 percentage points year-on-year, though total guest numbers decreased slightly by 2.7 percent to 1,203,000. The average length of stay remained stable at 1.6 nights.

Play’n GO releases Bucking Rider, a new generation Crashback game

AGBrief Editorial
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Play’n GO releases Bucking Rider, a new generation Crashback game

Play’n GO has announced the launch of Bucking Rider, the latest arcade-style crash game to feature the studio’s proprietary Crashback™ mechanic.

Designed to bring excitement and simplicity to all players, Bucking Rider by Play’n GO is a calculated buck from the norm – inviting players to test their nerve on a wild bull ride that can soar up to 5000x the bet.

Bucking Rider swaps traditional slot reels for fast-paced decision-making. As the multiplier ticks up from 1x to a potential 5000x, players must choose the perfect moment to cash out – or risk getting thrown as the bull bucks the rider. And with the Crashback™ feature now making a return, there’s a second shot on the line. If players cash out, the ride keeps going allowing them to hop back in for a shot at an even bigger multiplier.

The game’s dusty rodeo aesthetic and snappy animations bring the tension of a live arena to players. There’s no need to chase symbols or paylines – Bucking Rider is about pure risk versus reward, putting the reins directly in the player’s hands.

This release builds on the foundations laid by Miner Donkey Rider, and looks to be yet another fantastic release featuring an innovative new mechanic continuing Play’n GO’s drive to push genre boundaries, as with games like Legacy of Gems Blitzways™. Fans of arcade-style titles and casino newcomers alike will find Bucking Rider a striking mix of skill, timing and spectacle.

George Olekszy, Head of Game Retention at Play’n GO, said: “Bucking Rider is designed to shake things up. With the Crashback™ feature, players aren’t just watching – they’re making split-second decisions that can turn into serious rewards. It’s a bold format that expands what a casino game can be.”

Habanero discovers hidden riches in Love and Riches: Eldorado

AGBrief Editorial
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Habanero discovers hidden riches in Love and Riches: Eldorado

Habanero, a premium slots and table games provider, embarks on an adventure to the legendary City of Gold with its latest release, Love and Riches: Eldorado.

Set between waterfalls in a glorious tropical valley, the 5×3 slot combines classic gameplay with Expanding Wilds to deliver a maximum win of 2,525x the total bet.

Landing five of the top-paying symbols on a single line delivers wins of up to 2,500x, while Scatter symbols pay anywhere on the reels, unlocking rewards of up to 500x, creating epic win potential with every spin.

Habanero unveils golden treasures in Love and Riches Eldorado

The golden path to unknown treasures begins with the Free Games feature, where players can trigger up to 30 spins by landing five Scatter symbols. Expanding Wilds lock into place across all Free Game rounds, with low-paying symbols upgrading to deliver even bigger wins in the high volatility slot.

Love and Riches: Eldorado is the latest addition to Habanero’s high-energy slot portfolio, following recent successful launches Hyper Hues and Super Fruit Blast.

Toni Karapetrov, Head of Corporate Communications at Habanero, said: “With Love and Riches: Eldorado, we wanted to offer players a bold and immersive slot packed with engaging features and an interesting narrative. From the beautiful design to the Expanding Wilds and symbol upgrades, something exciting is revealed behind every spin, and we cannot wait for players to experience the treasure hunt.”

SJM Resorts hosts 2025 Cyber Security workshop & Business Matching for MSMEs

AGBrief Editorial
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SJM Resorts hosts 2025 Cyber Security workshop & Business Matching for MSMEs

SJM Resorts (SJM), in collaboration with The Federal General Commercial Association of Macau Small and Medium Enterprises, hosted the ‘SJM SME Institution Cyber Security Workshop and Business Matching 2025’ at the Grand Ballroom of Grand Lisboa Macau.

The event drew over 100 representatives from 80 micro, small, and medium-sized enterprises (“MSME”). With this event, SJM aimed to maintain a close connection with local MSMEs for synergistic growth and collaboration, contributing to a more dynamic and inclusive business ecosystem to foster Macau’s economic diversification.

  • The event was honoured by the presence of the distinguished guests, including: Mr. Yau Yun Wah, Director of the DSEDT;
  • Ms. Victoria Kuan, Director-General of the CPTTM;
  • Dr. Paul Hung, President – Security, Surveillance & Environmental, Social and Governance of SJM;
  • Mr. Andy Wu, President of Board of Director of The Federal General Commercial Association of Macau Small and Medium Enterprises;
  • Mr. Wong Kin Chong, President of the Industry and Commerce Association of Macau Northern District;
  • Mr. Lei Cheok Kuan, Chairman of the Industry and Commerce Federation of Macau Central and Southern District;
  • Mr. Yeong King Hoi, Chairman of the Industry and Commerce Federation of Islands of Macao;
  • Mr. Wu Tat Chong and the President of the Industry and Commerce Association of Macau ZAPE. 
SJM Resorts hosts 2025 Cyber Security workshop & Business Matching for MSMEs
Guests of honour officiated the activation ceremony of the “SJM SME Institution Cyber Security Workshop & Business Matching 2025”.

Dr. Paul Hung, President – Security, Surveillance & Environmental, Social and Governance of SJM, remarked during his speech, “SMEs are the backbone of Macau’s economy, and SJM remains firmly committed to supporting their development by upholding our ‘local first’ procurement policy. Collaborating with local suppliers not only enhances the agility and reliability of our supply chain but also allows us to work with potential and excellent enterprises.”

“We believe that building a mutually beneficial and resource-sharing platform is key to establishing sustainable, long-term partnerships. Through such partnerships, we can truly embody the spirit of ‘big enterprises supporting small businesses’ while shaping a uniquely Macau business ecosystem.”

The business matching session brought together MSME representatives from a diverse range of sectors: travel services, cultural and creative products, event planning, media production, cleaning services, information technology, logistics, medical and pharmaceutical supplies, security services, skincare, and food and beverage, many were young, entrepreneurial ventures or “Made in Macau” brands.

Direct meetings between MSME representatives and SJM’s procurement team enabled businesses to detail their products and services, understand SJM’s procurement requirements, and receive tailored professional feedback. This improved their product positioning and competitiveness, paving the way for potential collaborations. The event also featured a cybersecurity workshop hosted by the “SJM SME Institution.” A speaker from CPTTM delivered a keynote on how to balance technology application and data security awareness in the rapidly evolving world of e-commerce, empowering local enterprises to promote business resilience.

SJM is committed to supporting MSME development and strengthen through its “local first” strategy. The “SJM SME Institution” established last year, will continue to provide valuable resources—business seminars, industry lectures, and workshops—to promote the sustainable growth of MSMEs and contribute to Macau’s economic prosperity. 

BetGames expands its Asian journey with Lotus Wealth Wonders Deluxe

AGBrief Editorial
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BetGames expands its Asian journey with Lotus Wealth Wonders Deluxe

Leading games provider BetGames embarks on a captivating journey to the heart of Asia in Lotus Wealth Wonders Deluxe, the highly anticipated sequel to its player-favourite original.

Boasting an extra reel and new features, the title guides players through a gameplay experience through the East to even greater win potential.

Building upon the beloved features of its predecessor, Lotus Wealth Wonders Deluxe by BetGames introduces an expanded 6×3 grid, offering more ways to land incredible wins. Players will once again be immersed in a world of serene beauty and thrilling opportunities enhanced by familiar mechanics.

The popular Hold & Win mechanic returns with expanding wilds in the base game, teasing big wins. Instant Mini, Major, Mega, and Ultra Bonuses keep anticipation alive with their tendency to drop at any point during play, further enhanced by an optional gamble feature and the chance to buy into the bonus round.

Designed for seamless play on both mobile and desktop, the game adheres to BetGames’ operator flexibility options of customisable branding and variable RTP levels.

Ian Catchick, Chief Product and Business Development Officer at BetGames, said: “Lotus Wealth Wonders Deluxe is poised to be another smash hit, delivering a refined and more rewarding experience for players who loved the original and newcomers alike. The addition of the extra reel and the retention of popular features, combined with flexible options for operators, make this a must-have addition to any game portfolio.”

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