Singapore’s Minister of State for Home Affairs and Social and Family Development has urged the public to “steer clear from cryptocurrencies”.
Minister Sun Xueling noted in a Committee of Supply speech that the amount of money lost in scams in 2024 reached a new high of SG$1.1 billion ($825.2 million), a 70 percent yearly increase
In her address, the official noted that “even crypto savvy individuals have lost heavily by investing in crypto”.
Sun Xueling, Singapore’s Minister of State for Home Affairs and Social and Family Development
Singapore has gone so far as to introduce the Protection from Scam Bills in January, ‘to temporarily restrict banking transactions of these individuals’.
Authorities note, however, that ‘this will only be used as a last resort, after all efforts to convince the individual have failed’.
“The change of you getting a single dollar back is very low,” stated Minister Xueling regarding scams involving crypto.
The Minister indicated that scammers have increasingly targeted victims’ crypto wallets.
A particular focus of the government is social messaging app Telegram, with the Ministry indicating that the number of reported scams on the platform ‘close to doubled in 2024’.
The authority notes that it is ‘monitoring the situation closely’ and may use ‘legislative levers to mandate compliance’.
Prominent crypto trading platform Binance even published the news of the Singaporean Minister’s announcement, highlighting that Singapore ‘has long been know for its crypto-friendly stance’. The crypto giant noted that ‘an uptick in fraudulent activities has led some policymakers to reassess their views’.
Korean foreigner-only casino operator Grand Korea Leisure saw a 5.5 percent monthly fall in its casino sales in February, and a 3.6 percent yearly drop.
According to the most recent data from the company, the February figure amounted to KRW32.45 billion ($22.39 million).
Table games continued to contribute the majority of casino revenue, at KRW29.99 billion ($20.63 million) – a monthly fall of some 4.5 percent and a yearly decrease of 3.8 percent.
Meanwhile, machine gaming revenue declined significantly month-on-month, at KRW2.46 billion ($1.79 million). The figure was a yearly fall of 1.4 percent.
Overall, February’s casino drop was down both monthly and yearly, falling 2.1 percent and 10.4 percent, respectively – totaling KRW261.2 billion ($180.26 million).
GKL operates its casinos under the Seven Luck brand, being a ‘quasi-market-based public corporation’, under the Korea Tourism Organization.
Lawrence Ho, Chairman and CEO of Melco Resorts & Entertainment, stated that Macau is no longer just a “gambling hub,” emphasizing that the city’s gaming operators are contributing to non-gaming diversification.
Lawrence Ho, Chairman and CEO of Melco Resorts & Entertainment
According to a Chinese-language media outlet, Ho mentioned that the city has evolved into a destination for concerts, performances, and exhibitions, with his group’s venues hosting concerts almost every week, featuring artists from Hong Kong and South Korea. He further highlighted that their properties include water parks.
Ho made this statement in Beijing on Wednesday while attending the National People’s Congress and the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) sessions, where he represents a member of the National Committee.
In line with the Macao SAR’s “1+4” economic diversification strategy, the “1” refers to the goal of building a world-class tourism and leisure center, while the “4” focuses on promoting the development of industries such as healthcare, modern finance, high-tech, exhibition and trade, and culture and sports.
The House of Dancing Water
Lawrence Ho explained that Macau’s gaming operators are working hard to diversify beyond gambling. His group aligns with the SAR government’s efforts to attract more international tourists. For instance, he pointed to the return of the famous “The House of Dancing Water” show in May as a key example.
He also mentioned that, with the support of the central government, more mainland Chinese tourists are visiting Macau through the Individual Visit Scheme (IVS). He expressed his hope that Macau will play a key role in the development of the Guangdong-Hong Kong-Macau Greater Bay Area.
Francis Lui, Chairman of Galaxy Entertainment Group
Meanwhile, during the same occasion, Francis Lui, Chairman of Galaxy Entertainment Group and a member of the CPPCC, suggested exploring ways to promote more convenient border-crossing models and take advantage of policies like the Guangdong vehicles heading to Hong Kong and Macau initiative. He believes these measures could inject more vitality into tourism development not only in Hong Kong and Macau but also across the entire Greater Bay Area.
As reported by a Hong Kong media outlet, Lui emphasized the importance of closer cooperation between Macau and Hong Kong to attract more foreign investment. He noted that Macau’s leisure industry has been growing steadily in recent years and expressed strong confidence in its future. He proposed that both Special Administrative Regions (SARs) should collaborate further to expand business opportunities.
Lui highlighted that both Hong Kong and Macau share the common goal of attracting more international investors, visitors, and businesses. He stressed the need for better coordination in infrastructure, services, and resources to create a more attractive environment for foreign investment. Lui also expressed his hope that the central government would introduce supportive measures during the Two Sessions to aid Hong Kong’s economic revitalization.
Australia’s embattled The Star Entertainment Group could be offloading its share in Queen’s Wharf Brisbane to its Hong Kong-listed partners in a desperate bid to salvage the company from bankruptcy.
According to reports, Chow Tai Fook and Far East Consortium have put forward a deal that would allow for an AU$50 million ($31.66 million) injection that could potentially save the company from going into administration.
The deal would allow the two Hong Kong-based conglomerates to take control of the casino, which they are already 50 percent owners in, as well as being investors in The Star itself. Each company holds a 25 percent stake in Queen’s Wharf Brisbane.
According to The Australian, coal baron Chris Wallin has offered The Star a AU$200 million ($127 million) bridging loan until the company can finalize the sale of its QUeen’s Wharf stake.
On Friday, The Star entered a trading halt again, after failing to publish its half-year results, in contradiction of stock exchange rules.
The group noted that it would only publish the results once ‘it has secured a refinancing commitment that would enable The Star to refinance all of the Group’s existing corporate debt, as well as to provide additional liquidity’.
The group’s Chief Executive Steve McCann has been trying to secure some AU$100 million ($62 million) in short-term financing, including AU$60 million ($37.3 million) from the recent sale of its Sydney events center, however this requires approval from the New South Wales government.
The Star indicated that as of December 31st it only had AU$78 million ($48.5 million) in available cash.
However, it has reportedly rejected multiple offers – including from its Hong Kong partners and Oaktree Capital.
Bloomberry Resorts Corp. saw its earnings drop by 73 percent in 2024, falling to PHP2.6 billion ($46 million), as underwhelming performance at Solaire Resort Entertainment City (SEC) and higher costs associated with the newly opened Solaire North (SN) weighed on the company’s financial results.
According to Bloomberry’s financial report released on Thursday, the firm notes the decline was primarily attributed to significantly higher depreciation and interest expenses linked to Solaire North, along with a one-time gross gaming revenue (GGR) tax charge.
Bloomberry’s flagship property, Solaire Resort Entertainment City, experienced a 9 percent decline in GGR, dropping to PHP53.2 billion ($932 million) in 2024. As a result, EBITDA at the property fell by 17 percent to PHP17.2 billion ($301 million).
VIP rolling chip volume declined by 29 percent, leading to a 22 percent drop in VIP GGR to PHP15.2 billion ($266 million). Mass table drop decreased by 20 percent, while mass table GGR dipped by 3 percent to PHP17.6 billion ($308 million). Electronic gaming machine (EGM) coin-in remained stable at PHP356.4 billion ($6.25 billion), though EGM GGR slipped by 1 percent to PHP20.4 billion ($357 million).
Company-wide growth driven by Solaire North
Despite the overall earnings decline, Bloomberry recorded a 6 percent increase in company-wide GGR, reaching PHP61.7 billion ($1.08 billion), up from PHP58.3 billion ($1.02 billion) in 2023. This growth was largely driven by Solaire North, which contributed to the company’s revenue after 221 days of operations in its opening year.
The mass market segment remained the company’s strongest performer, with combined mass table games and electronic gaming machines across both properties posting a 19 percent increase, outperforming the VIP business.
Bloomberry’s consolidated net revenue reached PHP53.1 billion ($930 million), reflecting a 10 percent increase from 2023.
The $1 billion Solaire North, located in Quezon City, opened its doors on May 25th, 2024. The project generated PHP8.4 billion ($147 million) in GGR and PHP1.3 billion ($23 million) in EBITDA in 2024.
CEO’s perspective
Bloomberry Chairman and CEO Enrique K. Razon Jr.
Bloomberry Chairman and CEO Enrique K. Razon Jr. acknowledged the mixed performance, stating: “In 2024 we reported topline growth despite a challenging operating environment in Metro Manila. The newly opened Solaire Resort North contributed to our GGR strength as it vastly expanded our presence in the mass market segment. Our consolidated mass gaming revenue increased by 19 percent, significantly outperforming the VIP segment and pushing consolidated GGR growth to 6 percent. However, our EBITDA and profit for the year were lower as we recognized pre-operating, depreciation, and interest expenses for Solaire North while Solaire in Entertainment City grappled with VIP and premium mass market weakness.”
Looking ahead, Razon remains optimistic about its new property’s potential: “Solaire North continues to gain traction in daily foot traffic and revenue. We believe that our second property’s exceptional world-class offerings are well-suited for the demand environment in the northern portions of the Greater Manila Area and gives us a distinct advantage over the competition within the Integrated Resort space.”
Casino management and electronic gaming equipment company Paradise Entertainment Limited is expecting substantial growth in its profits for 2024, thanks to a higher influx of mainland tourists in Macau.
According to preliminary reviews of the unaudited consolidated management accounts, the company expects to report a profit of HK$381.9 million ($49.1 million), compared to HK$60.9 million ($7.8 million) registered for the previous year.
This rise in profit is attributed to several key factors that have contributed to the Group’s robust performance.
The primary driver of this growth has been a HK$153.5 million ($19.6 million), or 27.2 percent, increase in revenue from casino management services in Macau. Paradise Entertainment, which operates Casino Kam Pek Paradise in Macau, specializes in casino management services and the leasing and sale of electronic gaming equipment.
This surge is largely due to the rising gross gaming revenue at Casino Kam Pek Paradise, the Group’s flagship casino, which has seen a growing number of patrons and heightened interest in its live multi-game (LMG) terminals.
Furthermore, Paradise Entertainment reported a HK$308.5 million ($39.5 million) increase, representing a 543.1 percent jump, in revenue from the sale and leasing of electronic gaming equipment, particularly the LMG terminals and related products. This increase reflects the growing demand among key casino operators in Macau for innovative gaming solutions.
The company noted that the influx of tourists from mainland China has been instrumental in this growth, bolstered by the Macau government’s successful initiatives in organizing international events and enhancing trade exhibitions.
“The expansion of the facilitated individual travel scheme and a solid recovery in the gaming industry have significantly benefited our operations,” said a company spokesperson.
“The increase in tourist arrivals has not only boosted patronage at Casino Kam Pek Paradise but also heightened the appeal of our electronic gaming products to casino operators.”
The Group is still finalizing its audited consolidated financial results for the reporting period, which are expected to be published by the end of this month.
U Io Hung, president of the Macau Professional Association of Gaming Promoters, has criticized Macau’s tax rebate policy on foreign bets, calling it a “failure.” Designed to attract more international gamblers and boost the local gaming economy, the initiative has failed to produce meaningful results, he claims.
Speaking to AGB, U assessed the policy’s effectiveness following confirmation from the Macao Government Tourism Office (MGTO) that total approved tax breaks on gross gaming revenue from international players increased in 2024 compared to the previous year. However, no specific figures were disclosed.
Despite this reported increase, U dismissed the impact as negligible, stating that the amount of gaming tax breaks granted remained “extremely low.”
“To get the tax break, foreign players need to gamble in small, isolated spaces. No one wants that,” U explained.
Under Macau’s gaming law, updated in 2022, operators must pay a 40 percent levy on their gross gaming revenue, including a 35 percent gaming tax and additional contributions of up to 5 percent for public and social initiatives. To encourage international market expansion, the government allows operators to apply for a rebate of up to 5 percent on revenue generated from foreign players.
All six gaming concessionaires have established exclusive betting zones for international visitors. By April 2023, authorities confirmed the existence of 12 such designated areas across Macau.
Similarly, Bill Hornbuckle, chief executive officer and president of MGM Resorts, the parent company of local gaming operator MGM China Holdings, remarked last year that betting zones restricted to foreigners had proven ineffective.
Official data show that Macau recorded 34.93 million visitor arrivals in 2024, a 23.8 percent increase year-on-year. Among them, 2.42 million were international visitors, marking a 66 percent surge. However, despite this rise, international visitors still accounted for only 6.9 percent of total arrivals.
According to the Financial Services Bureau, Macau collected MOP88.13 billion ($11 billion) in gaming tax revenue in 2024, a 35 percent year-on-year increase. This growth aligned with a 23.9 percent rise in gross gaming revenue to MOP226.78 billion ($28.7 billion). The government’s 2025 budget projects gaming tax revenue to climb further to MOP93.12 billion ($11.8 billion).
Good morning. Time to collect. But, apparently, not in Malaysia, as the court has ruled in favor of a top businessman who allegedly has dues to pay to Naga. The ruling sets an interesting precedent, meaning companies aiming to go after their loans should have increased caution. Meanwhile, in Macau, SJM keeps fighting, delivering promising results, but with analysts still concerned over what the future will bring. And, in the Philippines, new rules from the central bank are causing rifts, as they ban gambling-related offerings for digital markets.
A new court ruling in Malaysia has gaming operators concerned over how exactly they can collect their credit lines offered to customers. A top court has determined that, in this particular case, there is no chance of enforceability by the company, meaning the punter can walk away with the borrowed, and lost, cash. This could set an interesting precedent going forward, which might not be healthy for operators.
Seaport Research has highlighted that, while SJM’s Grand Lisboa Palace (GLP) continues to ramp up operations, its return on investment remains disappointingly low and is unlikely to generate any positive value relative to the cost of investment in the near future, if at all.
This assessment follows the release of SJM’s 4Q24 results. Vitaly Umansky, senior analyst at Seaport, noted that the ramp-up at GLP is a critical driver for the stock to show positive momentum. Meanwhile, SJM’s strategy for GLP is still evolving. The company has been strengthening its sales and marketing team in recent quarters, which has led to increased costs.
It is worth noting that GLP’s operating expenses rose by 2 percent quarter-on-quarter in 4Q24. The company introduced an expanded premium play program (VIP and Premium Mass) at both Grand Lisboa and GLP in 3Q24, and Umansky expects the development of marketing and service capabilities for the premium mass segment to take additional time.
Market share
SJM reported a net profit of $101 million in 4Q24, marking its first profit since 4Q19. However, its market share for the quarter declined slightly to 13.5 percent from 13.9 percent in 3Q24, with the share of operated casinos (excluding satellites) decreasing from 8.8 percent in 3Q24 to 8.6 percent.
Seaport estimates that SJM lost market share in January but likely regained some ground in February. However, the firm does not foresee significant market share growth for SJM in the near term.
On the lower end of the market, SJM appears to be gaining some share, particularly among day-trippers, as other operators have focused more heavily on premium play. This may provide short-term benefits for SJM, but Seaport anticipates that other operators will increasingly target the base mass segment in the upcoming quarters.
Dividends not expected to resume until at least 2026
Seaport does not expect dividends to resume until at least 2026, citing that SJM is continuing to reduce debt through free cash flow.
Meanwhile, the company’s operating expenses (OPEX) rose by approximately 7 percent quarter-on-quarter, slightly lower than the 9 percent increase in the previous quarter. OPEX is expected to continue rising over the next few quarters, especially at GLP. However, excess costs at the satellite business are gradually decreasing, and EBITDA profitability in the satellite business should improve, although satellites contributed less than 4 percent of the company’s EBITDA in 4Q24.
Seaports also mentioned that the future of SJM’s satellite operations beyond 2025 remains uncertain due to the current gaming law, with no clarity from either the government or SJM regarding the outcome.
Casino management services and electronic gaming equipment company Paradise Entertainment has announced a strong increase in profit for 2024, totaling HK$381.9 million ($49.1 million), compared to HK$60.9 million ($7.84 million) for 2023.
The group attributed the rise to a 27.2 percent yearly increase in the group’s revenue from its casino management services in Macau at Kam Pek Paradise, under SJM’s satellite casino license. The group also recorded a strong increase in the number of patrons to the casino.
Furthermore, LMG (live multi game) terminals were a strong draw, while sale and leasing of electronic gaming equipment and systems were up by 543.1 percent yearly, to HK$308.5 million ($39.7 million).
The group highlighted the expansion of the ‘facilitated individual travel scheme’, as well as increase MICE and event efforts to drive tourists to Macau as contributors to the success.
The group noted that it has ‘benefited’ from the efforts, ‘boosting the number of patrons at Casino Kam Pek Paradise and enhancing the appeal of the Group’s electronic gaming equipment and systems (including the LMG terminals and related products) to casino operators in Macau’.
