Good Morning. Macau’s Chief Executive took full advantage of his first Policy Address in the role, taking aim at operators and saying they, rather than the government, hold the future of satellite casino properties in their hands. The top official also addressed economic uncertainties, indicating a budget revision may be necessary, while also pushing gaming concessionaires to up their non-gaming diversification spend. Meanwhile, the US-China tensions have yet to discourage high-spending Chinese players in the gaming hub, while mass play showed a lagging trend.
Macau’s gaming concessionaires hold the fate of the SAR’s satellite casinos in their hands, not the government, says the Chief Executive. In a press conference following his first Policy Address in the role, the top official stated that the law was clear, despite pressure for government intervention by stakeholders. Sam Hou Fai also expressed a possible need to adjust the SAR’s budget for 2025, given uncertain economic headwinds, including US tariffs.
Okada Manila operator Tiger Resort, Leisure and Entertainment (TRLEI) saw an 11 percent drop in its 1Q25 gross gaming revenue (GGR) results, falling to PHP7.8 billion ($136.8 million), with drops in both gaming machine revenue and VIP table games.
On a sequential basis, GGR fell by 13 percent.
VIP rolling chip volume saw significant deterioration in the first quarter, tumbling by 43 percent yearly and 30.97 percent sequentially, to PHP53.07 ($930.26 million). Total revenue from the VIP segment amounted to PHP1.77 billion ($31.08 million) during the first quarter, down by 31.4 percent yearly and 43.8 percent quarter-to-quarter.
Gaming machine revenue was down by 7.43 percent yearly and 8.28 percent quarterly, topping out at just PHP2.99 billion ($52.44 million) in 1Q25.
Mass market table games actually saw improvement, up by 3.05 percent yearly and 19.2 percent quarterly, totaling PHP3.04 billion ($53.28 million).
Non-gaming revenue – encompassing hotel, F&B, retail, entertainment, and others – fell significantly from the previous quarter – down by 21.84 percent but a drop of only 3.1 percent yearly, hitting PHP941 million ($16.49 million).
The group saw adjusted property EBITDA in 1Q25 amount to PHP1.77 billion ($31.16 million), a yearly descent or 24 percent and a quarterly drop of 15.3 percent.
Hotel occupancy during the first quarter of 2025 was relatively stable, coming in at 82.9 percent, compared to 83.2 percent in 1Q25 and 84 percent in 4Q24.
Thailand has rolled out a tough new emergency decree, effective April 13th, 2025, compelling financial institutions, telecom operators, and social media platforms to step up their game in combating scams.
The move, announced by Digital Economy and Society Minister Prasert Jantararuangtong, aims to shield citizens from the growing menace of tech-driven fraud, particularly those exploiting digital and phone channels.
Under the decree, banks and businesses are now mandated to disclose details of accounts and transactions flagged for potential scam activity, with immediate freezes on suspicious operations. Telecom providers face pressure to filter out dubious SMS messages, while the National Broadcasting and Telecommunications Commission is tasked with halting scam-linked services outright.
Failure to comply comes with steep penalties: companies could face fines of up to THB500,000 ($15,000), and individuals responsible for lapses might see up to a year in prison, a THB100,000 ($3,000) fine, or both. The law also cracks down on unregistered mobile subscribers and the misuse of deceased individuals’ data for scams, with similar penalties in place.
In a parallel development, Thailand has tightened its grip on digital asset exchanges. Foreign platforms must now secure licenses to operate locally, aligning with the decree’s effective date.
This step mirrors global trends, with countries like Singapore implementing shared responsibility frameworks. Thailand’s authorities are signaling zero tolerance for negligence in the fight against cybercrime, putting the onus on key industries to protect consumers or face the consequences.
Stretch Network, a premier B2B poker software provider, has officially announced the Spring Poker Championship—an electrifying tournament set to take place from May 2 to June 1, 2025. With an impressive €888,000 prize pool up for grabs, players can expect high-stakes action and intense competition.
As part of Stretch Network’s commitment to delivering high-quality tournament experiences, this series is designed to increase engagement, player activity, and liquidity for operators.
Operators on the network will benefit from a diverse tournament schedule featuring:
✔ Main Event – €50,000 GTD ✔ MAIN MYSTERY BOUNTY – €35,000 GTD ✔ Mini Main Event – €10,000 GTD each ✔ Omaha Main Events – €5,000 GTD ✔ Daily Headliners – Up to €20,000 GTD ✔ Mini ELITE & Mini MASTER – €10 buy-in, €5,000 GTD ✔ MEGA CENTROLLs – €0.01 buy-in, €5,000 GTD
To further enhance competition, the series includes tournament leaderboards with a €5,000 prize pool. This presents an excellent opportunity for operators to retain players, increase tournament participation, and drive consistent traffic.
With Stretch Network’s industry-leading poker software, this championship is a valuable addition to any operator’s tournament offerings.
Macau Chief Executive Sam Hou Fai has made it clear that the future of the city’s satellite casinos is now in the hands of the gaming concessionaires, reiterating that the government has already fulfilled its role by enshrining the relevant regulations in the amended gaming law.
This statement contrasts with the stance of satellite casino operators and gaming concessionaires, who have repeatedly stated that they are awaiting the government to initiate discussions.
During the Q&A session following the 2025 Policy Address on Monday, the official emphasized that concessionaires must assume their social responsibilities in addressing the issues surrounding satellite casinos, including the preparation of contingency plans.
Sam dismissed suggestions of further government intervention, stating that the legal framework is already well established and that any remaining uncertainties must be resolved by the gaming operators themselves. “Satellite casinos are not a new issue,” he said.
“Everything was addressed clearly in the law three years ago, point by point.” Under the new legal regime, all casinos must be located within properties owned by the gaming concessionaires. This provision effectively excludes the traditional satellite casino model, in which independent property owners operated casinos under the license of one of the six gaming concessionaires.
Meanwhile, the law also stipulates that satellite casino operators can no longer share in gaming revenue. Instead, they must shift their role to that of a management company, receiving only a management fee.
The law includes a three-year transition period, ending on December 31st, 2025, allowing existing satellite casinos to continue operating temporarily. However, it clearly stipulates that this buffer period is intended for concessionaires and satellite operators to determine the future of these venues.
The gaming law outlines several potential paths forward for satellite casinos. One option is for the gaming concessionaire to acquire the property or equity, converting the satellite casino into a self-operated venue under its own management. Another possibility is that, following the acquisition or merger, the original operator may continue running the venue, but must do so under a management company model in accordance with the new gaming law. In some cases, satellite casinos may need to shut down and transition into entirely different industries.
Macau’s top official also acknowledged growing concerns about satellite casino employees. He admitted that public opinion on the issue has been diverse and, at times, conflicting. Nevertheless, he stressed that existing regulations provide sufficient guidance for managing employee allocations and transitions.
“We are willing to further evaluate how to better apply these guidelines to the employment issues being raised,” Sam said. Nonetheless, he reiterated that it is up to the concessionaires to proactively manage the situation and ensure social stability.
Currently, Macau has 11 operating satellite casinos, the majority of which—nine—are affiliated with SJM Holdings. The remaining two fall under Galaxy Entertainment Group and Melco Resorts, respectively. All are operating under the 10-year gaming concessions that commenced in January 2023.
As previously reported by AGB, the eventual closure of Macau’s satellite casinos could lead to a significant decline in property values, with valuations potentially dropping by more than 60 percent in severe cases. This could also affect the debt and credit positions of the investors involved, according to Savills Macau.
Economic headwinds threaten significant impact on gaming sector
During the media conference following the policy address, the Chief Executive voiced concern over the potential impact of the escalating US-China tariff conflict on Macau’s economy.
“The rapid changes in internal and external environments are unexpected,” Sam said. He admitted that these changes could have a significant impact on Macau, citing the spending power of tourists.
“No one can say with certainty what the impact will be next week, but we know it will be significant—both directly and indirectly.” Critically, the city’s leader mentioned that Macau’s economy is highly dependent on tourism and gaming. Mainland Chinese tourists constitute the overwhelming majority of tourist arrivals.
The official noted that if the renminbi continues to weaken against the Hong Kong dollar, the currency used for gambling in Macau, the spending power of mainland Chinese tourists may decline, making Macau more expensive and less attractive as a destination.
Sam pointed out that the city’s gross gaming revenue for the first quarter of 2025 has already missed projections. With an annual gaming tax revenue target of MOP93.1 billion ($11.6 billion)—based on an assumed monthly gross gaming revenue (GGR) of around MOP20 billion—any sustained shortfall could impact the city’s fiscal health. Macau’s fixed annual expenditures stand at approximately MOP115 billion ($14.4 billion), making gaming tax revenue a critical pillar of the local budget.
“We may have to adjust our budget plan depending on the extent of this external impact,” Sam stated, underscoring the city’s vulnerability to global economic shifts.
Macau gaming operator MGM remains dedicated to supporting those in need within Macau’s local community, continuing its long-standing tradition of philanthropy. Since the launch of the Macau Holy House of Mercy (SCMM) Welfare Shop project in 2013, MGM has made annual donations for 13 consecutive years.
This year, MGM donated MOP300,000 to support the project’s daily operations, contributing a total of MOP3.8 million to date. As part of this year’s initiative, MGM provided reusable handcarts filled with food hampers for over 370 underprivileged households in Macau. Through the donations, MGM continues to fulfil its corporate social responsibility vision to “Create a Better Tomorrow Today”.
MGM’s portable, reusable handcarts are designed to provide beneficiaries with a convenient way to transport daily necessities.
On April 12, MGM’s management team members, including Kenneth Feng, President and Executive Director of MGM China Holdings Limited, together with the Golden Lion Volunteer Team, visited the SCMM’s Welfare Shop, where they were warmly welcomed by António José de Freitas, President of the Board of Trustees of SCMM.
Kenneth Feng presented the MOP300,000 donation cheque to António José de Freitas in the presence of the representatives of beneficiary organizations, including:
José Ricardo das Neves, President of the Supervisor Committee of SCMM;
Ho Ion Sang, Vice President of the General Union of Neighborhood Association of Macao (UGAMM);
Leong Wai Fong, Vice President and Secretary General of the Macau Federation of Trade Unions (FAOM).
MGM has specially prepared portable and reusable handcarts designed by the Company for the food hamper distribution, making it convenient for beneficiaries to transport daily necessities. Each food hamper, which contained rice, noodles, canned food, oatmeal, cooking oil, and other daily necessities, was packed by MGM’s management team members and Golden Lion volunteers.
The handcart and food hampers were distributed to the FAOM, UGAMM, SCMM, and Macau Association of Parents of the Mentally Handicapped, which then delivered the gifts to local families in need.
GosuGamers, a leading global gaming and esports media platform, has announced the expansion of the Gosu Community Series (GCS) Mobile Legends: Bang Bang (MLBB) to Malaysia (MY) in collaboration with MOONTON Games.
Following its successful launch in the Philippines, the GCS MLBB MY Cup will provide players with a new platform to compete, showcase their skills, and rise as the next generation of esports stars.
The GCS MLBB MY Cup will start with its first 1v1 tournament on 20 April 2025, followed by the 5v5 tournament on 26 April 2025. Registration for the 1v1 tournament opened on 9 April 2025, while registration for the 5v5 tournament began on 8 April 2025.
The tournament series, open exclusively to players in Malaysia, will be held monthly over three months and feature both 1v1 and 5v5 formats, providing competitive opportunities for both individual players and teams. Winners will receive Diamonds, MLBB’s in-game currency, and will be highlighted on GosuGamers’ official channels for added recognition. For a detailed breakdown of the prize pool per tournament, refer to the table below:
Placing
Prize (Diamonds)
1v1 Tournament
1st
1,500
2nd
1,000
3rd/4th
250
5v5 Tournament
1st
10,000
2nd
5,000
3rd/4th
2,500
All GCS MLBB MY Cup tournaments are hosted exclusively on GosuBattles, GosuGamers’ proprietary tournament platform, ensuring a seamless and hassle-free experience for participants. GosuBattles simplifies tournament registration and management, making competitive gaming more accessible to fans worldwide.
“We are thrilled to bring GCS MLBB to Malaysia, following its strong reception in the Philippines,” said Bryan Huang, Director of Growth and Strategy at GosuGamers. “With over 72,000 registered players worldwide on GosuBattles, we are confident that GCS MLBB Malaysia will be filled with talented competitors eager to prove themselves. By leveraging GosuBattles as our tournament hub, we aim to provide an accessible and seamless competitive experience for MLBB players, further strengthening the grassroots esports ecosystem in the region.”
“We’re delighted to expand our partnership with GosuGamers to bring the GCS to Malaysia,” added Fikri Rizal Mahruddin, Malaysia Esports Lead at MOONTON Games. “A key factor for MLBB’s global leadership in esports is our long-term strategy to focus on the grassroots. Grassroots tournaments like the GCS continue our efforts by providing talented players with the platforms to compete, grow, and shine. With its accessible format, regular cadence, and high level of competition, the GCS offers a great platform to unearth Malaysia’s next generation of esports stars. After all, grassroots tournaments are exactly where most of MLBB’s household names made their starts!”
MOONTON Games, the publisher of MLBB, continues to invest in community-driven initiatives that foster the growth of the MLBB esports ecosystem. The launch of the GCS MLBB MY Cup is a testament to its commitment to supporting rising talent and strengthening the regional gaming and esports community.
Players who wish to participate may visit GosuBattles and follow GosuGamers’ official channels for the latest updates.
KingMidas Games, a powerhouse in the iGaming industry, has forged a dynamic new partnership with LuckyStreak, a premier B2B live casino software provider and content aggregator.
This collaboration will unlock access to over 100 top-tier KingMidas Games titles—ranging from its renowned Classics and cutting-edge Next-Gen offerings to high-performing Slots and more—now seamlessly integrated into LuckyStreak’s robust aggregator platform, LuckyConnect, starting in Q2 2025.
This integration empowers operators to easily browse, pick, and deploy their preferred KingMidas Games titles all in one place, streamlining access to world-class content through a single integration point.
“Partnering with LuckyStreak marks a significant milestone in our growth journey,” said Alex Mozir, Head of Sales at KingMidas Games. “Their reputation for delivering best-in-class live casino and aggregation solutions makes them a natural fit for our content. We’re confident that our portfolio—designed for engagement, retention, and performance—will add strong value to the LuckyConnect offering. This collaboration reflects our shared commitment to empowering operators with standout gaming experiences, and we’re excited for what’s to come.”
“Growing LuckyConnect with top content is a big focus for us this year, and KingMidas Games is a perfect fit to our strategy. I know the team behind it and have a lot of respect for what they’re building—smart games, solid execution, and real potential,” added Ady Totah, LuckyStreak CEO and Co-founder. “We’re already lining up campaigns with some of our close partners and looking forward to seeing how the games perform. This is just the start.”
Rory Kimber, LuckyStreak Commercial Director said: “Often making decisions for who to bring onto LuckyConnect can be difficult, but with KingMidas Games, that wasn’t the case. Their first-class, diverse and exclusive content ticks all the boxes. More importantly, the team at KingMidas Games understands that successful partnerships are built not just on great content, but on strong support and collaboration—and they’ve been both engaging and knowledgeable at every stage. I’m looking forward to taking their fantastic games to the market, and to our existing customers.”
Macau’s Chief Executive says that the SAR is aiming to improve its transport services, including the introduction of new taxis and even the possibility of online ride hailing services.
In his Policy Address on Monday, the official indicated that the number of taxis will be increased according to the necessities of transport, while a study will be conducted on the viability of introducing the online ride hailing services.
This comes after years of complaints by visitors and locals alike regarding the lack of sufficient transport options, particularly relating to insufficient taxis.
During a short period, ride hailing service Uber even operated within Macau, but was forced out after receiving multiple fines for operating illegally. This came despite overall public support for introducing an online ride hailing service.
Currently only road-hailed taxis and the ‘Radio Taxi’ service (via phone or app) are available in Macau.
The Chief Executive also outlined other methods to improve transport in the city, including better sidewalks and overpasses for pedestrians, increased public bus services – including special routes during particular festivities, in order to improve the flow of visitors and alleviate the pressure on public transport.
Singapore’s Ministry of Trade and Industry (MTI) announced on Monday that they’re expecting the nation’s GDP growth in 2025 to only be between 0 and 2 percent.
The MTI is downgrading the growth forecast which had previously been set in between 1 percent and 3 percent.
This comes after the Singapore economy grew by 3.8 percent year on year in the fourth quarter of 2025. This is slower than the 5 percent growth seen in the previous quarter. The MTI indicates this was due to sequential declines in manufacturing and some outward-oriented services such as finance and insurance, along with slowing external demand.
In February, the MTI had estimated GDP growth of 1 percent to 3 percent for FY25, taking into account an expected easing in the overall growth of Singapore’s key trading partners. The MTI at the time flagged uncertainties and downside risks to the global economy based on the lack of clarity over policies by the new US administration, alongside trade frictions.
After US President Donald Trump decided to impose a baseline tariff of 10 percent on all countries – later rolled back for a 90 day period (except for China), product specific tariffs implemented earlier by the US still remain in place, with the MTI indicating more could be introduced in the coming months.
The MTI now indicates that the external demand outlook for Singapore for the rest of the year has weakened significantly. Aside from the effect on manufacturing and wholesale trade, the transportation and storage sector could also be dampened, while the finance and insurance sector could see weaker trading activity. Capital investment spending is also expected to dampen.
Hopes for future increase in tourism spending
While the short-term outlook is grim, tourism spending in Singapore is projected to reach between SG$47 billion ($35.7 billion) and SG$50 billion ($38 billion) by 2040 – a 1.7-fold increase from 2024’s figure.
This comes after Singapore recorded an all-time high of SG$29.8 billion ($22.64 billion) in tourism receipts in 2024, driven by spend from China, Indonesia and Australia.
During the year international visitor arrivals reached 16.5 million.
Going towards 2040, Singapore is hoping to see an increase in MICE tourism receipts, which previously were around 4 percent of the total, and could increase to 10 percent by 2040.
Expectations for tourism receipts in 2025 are between SG$29 billion ($22 billion) and SG$30.5 billion ($23.17 billion), according to the Singapore Tourism Board.
