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MGM Resorts’ equity commitment for Osaka resort rises to $3B

Viviana Chan
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MGM Resorts’ equity commitment for Osaka resort rises to $3B

US gaming operator MGM Resorts International has increased its equity commitment for the upcoming integrated resort in Osaka, Japan to JPY428 billion ($2.96 billion) as the project moves forward following a groundbreaking ceremony held on April 24th, 2025.

Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts International, revealed the updated investment figures during the company’s first quarter 2025 financial results conference call.

“In Japan, MGM’s equity commitment has increased to JPY428 billion of which we now have remaining about JPY392 billion to invest for our future 43.5 percent ownership stake,” Halkyard stated. “Despite the increase driven by updated spend estimates as we finalized our negotiations with contractors, we still have a high conviction and a high teens percentage return on this project and remain on time to open in 2030.”

The increased commitment represents MGM’s confidence in the Japanese market despite rising costs. According to Halkyard, the company expects to contribute approximately $600 million to $700 million per year over the next four years through 2028.

The Osaka integrated resort represents a significant expansion of MGM’s international footprint. The company is partnering with Japanese financial services group ORIX, with various minority shareholders comprising the remainder of the ownership structure.

Financing for the development includes a JPY530 billion ($3.53 billion) credit facility that will support construction.

The Osaka integrated resort, slated to open in 2030, comes after years of careful planning and negotiations following Japan’s legalization of casino gambling in 2018. According to planning documents, the facility will feature 2,500 hotel rooms, a shopping mall, a 3,500-seat theater, spa and fitness center, convention facilities, and diverse dining and entertainment options. Japanese law limits the gaming floor to 3 percent of the total indoor space.

PAGCOR posts $502M in 1Q25 revenues, net income up 23%

AGBrief Editorial
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PAGCOR posts $502M in 1Q25 revenues, net income up 23%

The Philippine Amusement and Gaming Corporation (PAGCOR) reported robust financial results for the first quarter of 2025, with revenues reaching PHP28.07 billion ($502 million), an 11.2 percent increase from PHP25.24 billion ($452 million) in the same period last year.

Gaming operations remained the primary revenue source, generating PHP25.52 billion ($457 million). Electronic Games and E-Bingo led the segment, contributing PHP14.32 billion ($256 million), or 56 percent of total gaming revenue.

Licensed casinos followed with PHP8.32 billion ($149 million), accounting for 32.6 percent, while PAGCOR-operated casinos contributed PHP2.88 billion ($52 million), or 11.31 percent.

The agency also reported improved cost efficiency, with operating expenses reduced by 15.54 percent to PHP6.21 billion ($111 million), down from PHP7.36 billion ($132 million) in the first quarter of 2024. As a result, PAGCOR recorded a net income of PHP4.22 billion ($76 million), marking a 23 percent increase from PHP3.43 billion ($62 million) in the same period last year.

PAGCOR, Philippines

PAGCOR Chairman and CEO Alejandro H. Tengco attributed the strong performance to operational efficiency and strategic reforms. “This solid performance reflects PAGCOR’s commitment to responsible governance and fiscal discipline,” he stated. “The gains we have made in the first quarter will allow us to contribute even more to nation-building for the rest of the year.”

Tengco affirmed that the state gaming agency will continue to innovate and enhance regulatory oversight, ensuring that revenues directly benefit Filipino citizens through nation-building and corporate social responsibility initiatives.

PAGCOR’s contributions to nation-building during the period reached PHP18.9 billion ($338 million), representing a 21.5 percent increase from the PHP15.56 billion ($279 million) recorded in the first quarter of 2024.

MGM China reports 3% revenue decline in first quarter

Viviana Chan
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MGM China reports 3% revenue decline in first quarter

Macau gaming operator MGM China experienced a 3 percent decline in consolidated net revenues, reaching $1.03 billion during the first quarter of 2025.

This decrease was primarily attributed to lower mass floor table drop during the period.

Casino revenue also fell by 3 percent to $896 million across both MGM Macau and MGM Cotai properties. Main floor table games drop decreased by 5 percent year-on-year to $3.63 billion, although the main floor win rate showed a slight improvement at 25.2 percent compared to 24.9 percent in the previous year.

The company’s Adjusted Segment EBITDAR declined by 5 percent year-on-year to $285.6 million, with the EBITDAR margin dropping from 28.5 percent to 27.8 percent. Despite these decreases, MGM pointed out that its Segment EBITDAR in Macau remained 46 percent higher in 1Q25 than during the same period in 2019.

During the conference call, Bill Hornbuckle, CEO and President of MGM Resorts International, highlighted that “MGM China is maintaining mid-teen market share, ending the quarter at 15.7 percent even with new supply ramping up in the market.”

He also announced the debut of 10 new villas at MGM Macau, with another 18 scheduled to open by year-end. Additionally, MGM Cotai is adding 16 new suites targeting a first quarter 2026 opening, which will support demand from premium gaming customers.

Jonathan Halkyard, CFO of MGM Resorts, noted that margins remained stable at 28 percent due to strong operating expense control and efforts to maximize asset efficiency. This performance was achieved despite several successful tourism initiatives, including the “Macau 2049” residency show at Cotai and the Poly Art Museum at MGM Macau.

In a significant development, MGM China increased its dividend payout policy to 50 percent of distributable profits, up from 35 percent. The company also secured a new revolving credit facility providing approximately $3 billion of liquidity, representing about a billion dollars of increased capacity with maturities extended to February 2030.

MGM Resorts maintains approximately 56 percent controlling interest in MGM China Holdings Limited.

Aristocrat Gaming introduces The Baron Portrait to elevate casino experience

AGBrief Editorial
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Aristocrat Gaming introduces The Baron Portrait to elevate casino experience

Aristocrat Gaming has unveiled The Baron Portrait, the latest addition to its hardware family, now available on casino floors across North America. This launch follows the highly successful debut of The Baron Upright cabinet last fall, which made a significant impact on the global gaming industry.

Aristocrat Gaming

The Baron Portrait takes on the same basic shape as The Baron Upright with one clear difference: a sleek 43” curved ultra hi-def 4K monitor. While new to The Baron family, the curved monitor on The Baron Portrait was carefully designed to emulate similar curvature as the famed MarsX™ Portrait for proven player comfort and ergonomics with an improved visual display.
 
Continuing the legacy of technological excellence, The Baron Portrait cabinet features advanced technological innovations, including dynamic lighting, advanced display monitors, and sleek design elements to enhance casino floors.
 
The innovative lighting system and full-length backlit chimney deliver unparalleled curb appeal. A newly optimized 27” LCD high-definition topper maintains a low profile, integrating fluidly with the cabinet’s form factor. An integrated candle further reduces the profile, improving sightlines and supporting its contemporary design. A discreet soundbar, two top monitor speakers, and a subwoofer in-cabinet make for a new and improved premium sound experience. 
 
Finally, a player-friendly floating virtual button deck includes a field-replaceable bash button, enhanced 2.85MM Gorilla Glass for added durability, and a Qi 1.2.4-compliant wireless charger for added player convenience.
 
The Baron Portrait launch game families include Coin Trio™ Buffalo™, Spooky Link™, and Fa Fa Fa™.

coin-trio-buffalo_by-Aristocrat-Gaming
Aristocrat Gaming
Aristocrat Gaming


 
Coin Trio Buffalo takes the player-favorites features from the hit Coin Trio™ and combines them with the iconic Buffalo™ brand. Spooky Link™ is an extension of the Mo’ Mummy™ game family and introduces two new characters alongside everyone’s favorite mummy, Yo Yeti™ and Go Ghost™, with each character having their own cash collection feature. Fa Fa Fa™ Blessings and Fa Fa Fa™ Festival have proven features like Cash on Reels, Triple Metamorphic, and repeat wins. Endearing Lion, Monkey and Panda characters each provide their own fun and interaction with overlapping bonus features, like expand, repeat, and random chance.

Continent 8 named Rising Digital’s strategic cybersecurity partner for US iGaming operations

AGBrief Editorial
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Continent 8 named Rising Digital’s strategic cybersecurity partner for US iGaming operations

Continent 8 Technologies, a global leader in managed hosting, connectivity, cloud, and cybersecurity solutions for the iGaming and online sports betting industry, has announced an expanded partnership with Rising Digital Corporation, a premier Asian game developer.

This strengthened collaboration allows Rising Digital to utilize Continent 8’s complete suite of regulatory cybersecurity services, ensuring full compliance within each US state it operates.

Rising Digital has successfully launched its cybersecurity program across multiple states, including Connecticut, Delaware, Michigan, New Jersey, Pennsylvania and West Virginia, as well as the Canadian province of Ontario, to comply with the specific regulatory requirements of each jurisdiction.

In collaboration with Continent 8 and its cybersecurity specialist division, C8 Secure, Rising Digital has successfully completed Compliance Audit, Vulnerability Assessment and Penetration Testing (VAPT) and Vulnerability Scan (V-Scan) services. These comprehensive regulatory cybersecurity services ensure compliance with local regulatory standards and identify potential vulnerabilities, providing actionable insights to strengthen the organization’s overall cybersecurity posture. 

Aimin Cong, CEO of Rising Digital, said: “We are delighted to formalize our relationship with Continent 8 for our growing iGaming operations business. With the utmost importance being placed upon compliance, performance and security, we believe Continent 8 is an excellent infrastructure and cybersecurity services partner.”

Patrick Gardner, Chief Security Officer at Continent 8, said: “We are honored that Rising Digital has placed its trust in Continent 8 as its infrastructure and cybersecurity partner as they expand their operations across the United States.”

“At Continent 8, we pride ourselves on being a one-stop shop provider of infrastructure, cloud, regulatory, and cybersecurity solutions. Our services enable iGaming companies like Rising Digital to swiftly meet multi-state regulatory requirements, safeguarding their operations while providing peace of mind. We stand committed to setting the highest standards and value for cybersecurity and compliance services within the ever-growing iGaming and online sports betting sector.”

This agreement underscores Continent 8’s commitment to expanding its presence in the US market, following its recent cybersecurity partnership with Tachi Palace Casino Resort, where the company will oversee and enhance the resort’s Security Operations Center (SOC) and Security Incident and Event Management (SIEM) cybersecurity systems.

Continent 8 will be at SBC Summit Americas, from May 13-15 at Booth D750. Schedule a show meeting to learn more about the best practices and strategies for your organization’s regulatory cybersecurity requirements. 

Macau April GGR totals $2.35B, down 4.1% month-on-month 

Viviana Chan
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Macau April GGR totals $2.35B, down 4.1% month-on-month 

A softening trend continues in Macau’s gross gaming revenue, which reached MOP18.86 billion ($2.35 billion) in April, showing a modest 4.1 percent month-on-month decrease.

Despite a modest decrease, data from the Gaming Inspection and Coordination Bureau (DICJ) indicates the April figure represents a 1.7 percent improvement compared to April 2024.

Macau April GGR totals $2.35B, down 4.1% month-on-month 

April performance was anticipated to be resilient due to the Easter holiday period from April 18th to 21st. According to the Public Security Police, Macau received 520,065 visitors during this four-day period, averaging approximately 130 thousand daily arrivals.

For the first four months of 2025, Macau’s casino GGR reached MOP76.51 billion ($9.54 billion), up 0.8 percent from last year. However, this figure remains 23.3 percent lower than the same period of 2019, which was MOP99.74 billion ($12.44 billion).

Analysts from Citigroup had predicted that yearly GGR growth for 2025 would rest anywhere between 4 percent and 9 percent.

Hub88 supercharges platform with G.Games’ thrilling casino content

AGBrief Editorial
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Hub88 supercharges platform with G.Games’ thrilling casino content

Hub88 continues to expand its platform with the addition of G.Games’ high-definition titles, broadening the reach of the studio’s trendsetting content across its vast operator network.

Through its latest partnership, Hub88 will add G.Games’ extensive library of more than 200 titles, spanning slot, scratch, table, and crash games, to its platform, entrusted to elevate the provider’s market position ahead of the launch of its multiplayer function.

G.Games, founded in 2013, seeks to shape the future of iGaming with innovative player-favourites such as Cheeky Fruits Deluxe, CashCubes and TNT Extravaganza. Many of its titles are inspired by the competitive nature of video gaming and the excitement of slots.

By collaborating with Hub88, G.Games will reach more players than ever with its real-money games, entrusting the aggregator platform to help it drive further growth ahead of a key launch.

Hub88 continues to onboard studios that offer truly standout and memorable player experiences, with its content resonating with audiences of varied preferences.

Ollie Castleman, Managing Director of Hub88, said: “We’re delighted to add G.Games’ wide-ranging portfolio to our platform. Through this strategic partnership, we are proud to help the studio reach a wider operator base and delight even more players. G.Games’ approach to blending video game elements with classic casino experiences is exactly the kind of innovation we look for, and we’re confident their upcoming multiplayer features will set new industry standards.”

Helen Walton, CCO and G.Games, said: “We love working with the Hub88 team. It’s been fantastic to see how explosive some games have been with the players here. But if players love what we’ve released so far, we can’t wait to see what they think of the titles coming out this year. Innovative features, graphics at a whole new level, and mashing up favourites to provide the perfect mix of familiar and exciting is to be expected. As for the competitive multiplayer content we have coming, the word game-changing is overused, but honestly, on this occasion, the term is justified.”

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.

What you need to know

On the radar

AGB Intelligence

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.

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