Daily Asia Gaming eBrief: L&W records 15th consecutive quarterly revenue growth

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AGBrief Editorial

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February 26, 2025

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Daily Asia Gaming eBrief: L&W records 15th consecutive quarterly revenue growth

Good morning. Results continue to flood in, bringing with them much Light & Wonder. The company saw a strong finish to 2024, marking its 15th consecutive quarter of revenue growth, which topped out at $797 million, boosting its FY24 revenue to nearly $3.2 billion, with strong performance in gaming. Meanwhile, IGT saw a slight contraction in 4Q24 revenue, but still registered its second-highest performance on record. Looking at the Philippines, Moody’s warns that the removal from the FATF grey list doesn’t mean the country has solved all its problems, particularly looking at crypto and online gaming. And in Macau, MGM China is going after a $2 billion loan, as it aims to maintain its growth.

What you need to know

Light & Wonder delivers 15th consecutive quarterly growth in revenue, with FY24 revenue nearing $3.2 billion.
IGT recorded its second-highest quarterly revenue on record in 4Q24, despite seeing a slight yearly contraction.
Moody’s warns online gaming/crypto still pose risks post-Philippines’ FATF exit, requiring sustained regulatory focus.
MGM China is pursuing a $2 billion loan, primarily for refinancing existing debt and maintaining financial flexibility amidst a period of growth.

On the radar

Marina Bay Sands secures $9B loan for the expansion plan.
One-quarter of the $821M lost to scams in Singapore in 2024 involved crypto.
PAGCOR warns that fraudsters are impersonating its Chairman and President.
Sri Lanka cancels casino service counter tender at Colombo Airport.
Ainsworth Game Technology reverses profit loss in 2024, despite drop in revenue.
Reef Casino Trust announces trade halt following ownership change speculation.
Philippine National Police intensifies crackdown on illegal POGOs.
International Gaming Standards Association elects 2025 Board of Directors.

AGB Intelligence

RESULTS

Light & Wonder tallies 15th quarter of consecutive revenue growth

Light & Wonder saw a strong fourth quarter, further boosting its full-year results. The group recorded its 15th consecutive quarter of yearly revenue growth, topping out at $797 million. Gaming revenue was up by 4 percent, despite a slight drop in gaming machine sales. Overall, the year was impressive, with nearly $3.2 billion in revenue, with the group now considering further listings on the Australian Securities Exchange.

Industry Updates

MGM partners with Thailand EM District to enhance Macau’s MICE tourism.
Continent 8 opens Missouri’s data center, boosting online sports betting.
CreedRoomz takes certified live casino games to SBC Summit Rio 2025.

Corporate Spotlight

1xBet’s 2024 Milestones: key achievements & heights of success

1xBet 2024 Milestones Key achievements and new heights of success

In 2024, 1xBet achieved significant breakthroughs and successes, solidifying its position in the iGaming industry. The brand secured major partnership deals, received prestigious awards, and showcased its innovations at the world’s leading forums.

MEMBERSHIP | INTELLIGENCE | ASEAN | CAREERS

The group’s top performing segment was its instant ticket & draw wager-based revenue, which was up by 2 percent yearly, to $511 million in the quarter. US multi-state jackpot wager-based revenue was down by 21 percent yearly, to $26 million, while product sales revenue fell by 32 percent yearly, to $60 million.

Income from continuing operations was up by 60 percent yearly in 4Q24, amounting to $116 million.

FY24 and expectations for 2025

Looking at the full-year results, revenue was down slightly, by 1 percent, to $2.51 billion, while income from continuing operations increased by 2 percent yearly, to $271 million.

The group notes that the revenue was driven by instant ticket and draw game sales in the US & Canada and Italy.

Vincent-Sadusky, IGT — _{Vince Saudsky, CEO, IGT}

Speaking of the results, IGT CEO Vince Saudsky noted that “Our unmatched capabilities in developing world-class Lottery solutions and innovative game content support several important investments to drive long-term growth and shareholder returns. We are well-positioned to continue strengthening our global lottery leadership”.

The executive also commented on the sale of its Gaming & Digital business, noting “2024 was a year of momentous transformation with the conclusion of our strategic review and the announced sale of our Gaming & Digital business for $4.05 billion in cash”.

The sale is expected to close by the end of the third quarter of 2025, with the business segment going to funds managed by affiliates of Apollo Global Management.

Looking ahead to FY25, the group notes it is expecting a revenue increase in the low-mid single digits, estimated to be $2.55 billion to $2.65 billion. This is backed by low-single-digit increases in global same-store sales and higher product sales – ‘driven by sustainable instant ticket services growth’.

The group is expecting adjusted EBITDA of between $1.1 billion and $1.15 billion for FY25.

The group’s gaming operations revenue increased by 4.1 percent yearly, to $175 million, while gaming machine sales revenue fell by 4.87 percent, to $195 million. This comes despite a 25 percent increase in North America shipments year-on-year, ‘driven by replacement units with support from new casino openings and expansions’.

Global unit shipments were down by 21 percent yearly, to 9,589, with a 51 percent drop in international unit shipments – totaling just 3,609.

The group’s SciPlay segment revenue was flat during the period, at $204 million. Revenue from third-party platforms was down by 10 percent yearly, to $177 million, while its direct-to-consumer platforms revenue increased by nearly 286 percent yearly, to $27 million.

Regarding the iGaming segment, revenue was up by 11 percent yearly, to $78 million – a quarterly record, ‘primarily driven by strong performance in North American and European markets, compelling product launches, along with overarching industry growth’. Gross gaming revenue from the group’s Lightning Box product increased by 35 percent yearly in 4Q24. The wagers processed through its OPENGAMING System (OGS) totaled $24 billion, up by 11 percent yearly.

FY24 and expectations for FY25

Overall revenue grew by 10 percent yearly for the group in 2024, nearing $3.2 billion, pushing a 24 percent boost in profit (NPATA) – to $480 million. Consolidated AEBITDA was up by 11 percent yearly, to $1.24 billion.

Gaming revenue increased by 4 percent yearly, to nearly $2.07 billion, with all subsegments recording yearly growth except for table products. Gaming operations revenue increased by 4 percent to $690 million, gaming machine sales revenue by 22 percent, to $895 million, gaming systems revenue was up 13 percent to $302 million. Table products revenue was down 1 percent yearly, to $211 million.

Global unit shipments during the year were up by 16 percent year-on-year, to 43,658. North American unit shipments rose by 21 percent, to 22,320, while international shipments were up 12 percent, to 21,338.

Matt Wilson, Light & Wonder — _{Matt Wilson, President and CEO of Light & Wonder}

Speaking of the results, Matt Wilson – President and CEO of L&W said “We ended a strong 2024 with continued double-digit revenue and earnings growth for the year. This year, the Gaming machine sales share gains in North America and Australiaare a testament to our R&D investment, commercial strategy and robust product roadmap”.

The executive also commented on the recently announced acquisition of Grover Gaming’s charitable business, noting it “enhances our cross-platform strategy and presence in regulated land-based markets, giving us a broader distribution base for our vast content library and accelerating our drive for sustainable future growth”.

The acquisition involves an upfront amount of $850 million cash and a revenue-based earn-out of up to $200 million cash over a four-year period. The transaction is expected to close during the second quarter of 2025.

The group also announced that it had entered into an agreement to pay $72.5 million in February of 2025 to resolve antitrust claims related to its automatic card shuffler business. The antitrust claims are based on alleged conduct beginning in 2009. ‘While the settlement resolves the disputed claims, the Company has not admitted any liability in this matter,’ the company indicates.

Regarding the first quarter of 2025, the group notes that ‘Based on the timing dynamics of Game Sales and high-return investment opportunities, both of which are expected to drive enhanced organic growth as the year progresses, we expect first quarter 2025 year-over-year Consolidated AEBITDA growth to be in the low double-digits’.

ASX listing review

The group further notes that it is considering ‘both a dual primary and a sole listing on the ASX (Australian Securities Exchange)’. This comes as the company nears its second anniversary of its secondary listing on the ASX, which now represents about 30 percent of total ownership.

The company has engaged advisors to ‘evaluate potential strategies to achieve this objective’ and notes it will seek feedback from key stakeholders’.

Speaking of the possible move, L&W’s Chair of the Board of Directors, Jamie Odell noted “The ASX is a premier exchange with a strong history of supporting global gaming companies, offering access to a deep and liquid market of sophisticated investors and industry participants with a comprehensive understanding of the gaming sector. We look forward to engaging with the market and our existing shareholders to further elevate the profile of our ASX listing”.

Continent 8 Technologies, a premier provider of global managed hosting, connectivity, cloud, and cybersecurity solutions for the iGaming and online sports betting industry, has unveiled its ongoing expansion in the US with the launch of its data center and managed and professional services in Missouri.

Following the approval of Missouri Amendment 2 on November 5, 2024, the Missouri Gaming Commission (MGC) is preparing the state for the launch of its regulated online sports betting market, scheduled for December 1, 2025. Continent 8’s first-to-market strategic approach provides Missouri online sports betting operators and suppliers with immediate access to Continent 8’s data center, along with a full suite of best-in-class services that facilitate the rapid deployment of secure, resilient, zero-compromise gaming platforms.

The US continues to be a strategic market for Continent 8, as it remains not only the fastest growing, but only end-to-end solutions provider for the gaming industry in the nation. Continent 8 possesses requisite regulatory licenses, certifications, approvals and registrations across more than 30 states, including Michigan, New Jersey, Pennsylvania and now Missouri. The most recent EGR Power US Rankings underscores Continent 8’s position as the premier service provider in the industry, servicing and supporting 95% of the listed operators.

Michael Tobin, Continent 8 — _{Michael Tobin, CEO & Founder of C8 Technologies}

Michael Tobin, CEO and Founder of Continent 8 Technologies, stated: “The approval of Missouri Amendment 2 highlights the continuous growth of the regulated and highly competitive US online sports betting market. We are thrilled to already be engaged with numerous customers and actively preparing their environments for the soon-to-open market.”

“Our approach, anchored in regulatory compliance, ensures that gaming operators and suppliers are equipped with market-ready solutions to swiftly establish state-compliant, secure and uncompromising infrastructures, while providing ample time to optimize their platforms well in advance of the state’s launch date.”

Continent 8 Technologies is joining NEXT Summit New York 2025 (Booth 7) from March 12-13 and is inviting all attendees to schedule a meeting to learn more about Missouri’s online sports betting market.

The delegation is composed of high-profile figures from financial services, banking, real estate development, hospitality management, and entertainment sectors. The familiarization trip represents a significant milestone in MGM’s ongoing efforts to enhance Macau as a premier international tourism and MICE destination, particularly within the lucrative Southeast Asian market.

This initiative builds upon MGM’s recent collaboration with EM District, launched in January through the “EMDISTRICT THE GOLDEN PROSPEROUS KINGDOM CHINESE NEW YEAR 2025” campaign. The partnership between MGM and EM District—operator of prestigious retail destinations Emporium, Emquartier, and Emsphere—offers exclusive MGM Macau travel experiences to top spenders at their shopping complexes, fostering stronger connections between Macau and Thailand.

This collaboration enabled MGM to expand its brand awareness in Thailand by showcasing Macau 2049, its groundbreaking residency show, on key advertising platforms including digital billboards and high-traffic transit areas. This exposure introduced Thai audiences to Macau’s best-in-class entertainment offerings, further elevating its appeal as a travel destination.

MGM partners with Thailand EM District to enhance Macau’s MICE tourism market — _{MGM hosted the Gala Dinner for the delegation}

A highlight of the program was the Gala Dinner at MGM COTAI’s Vista on February 21^st. The event welcomed distinguished guests including (pictured below):

Maria Helena de Senna Fernandes, Director of Macao Government Tourism Office;
Vincent U, President of Commerce and Investment Promotion Institute;
Vic Lam, Chief of the Division of Tourism, MICE and Commerce of Economic Development Bureau of Guangdong-Macao In-depth Cooperation Zone in Hengqin;
Suthavadee Sirithanachai, Vice President – Marketing of EM District;
Kevin Wang, Assistant to Vice President, Commercial cum Regional General Manager – Greater Bay Area of Air Macau Company Limited;
Iwan Dietschi, Senior Vice President of Hospitality of MGM;
Irene Wong, Senior Vice President of Public & Community Relations of MGM;
Cindy Lui, Assistant Vice President of Resort Sales of MGM.

Speaking at the event, Dr. Iwan Dietschi emphasized the growing significance of the Thai market at MGM: “Thailand has emerged as MGM’s largest source of visitors from Southeast Asia, with a 15% growth last year. Our recent collaboration with EM District exemplifies our commitment to creating unique and luxury experiences that bridge our two cultures.”

Maria Helena de Senna Fernandes also said: “I am enthusiastic to see MGM creating synergies with Thailand’s top-tier shopping complexes and partners to reach out to Thai travelers. An important part of the development of Macao to reinforce its positioning as a world center of tourism and leisure is the expansion of international visitor source markets, and Thailand is one of the markets we hugely value.”

Vincent U added: “We see strong potential to collaborate with Thai businesses, combining strengths to drive mutual growth and innovation. ASEAN, including Thailand, has always been a close trading partner of our territory. We sincerely welcome our Thai friends to explore, connect, and uncover the endless opportunities Macao has to offer.”

MGM Grand Macau, MGM China — _{MGM Macau peninsula}

MGM Cotai, MGM China, Macau — _{MGM Macau peninsula}

The carefully curated program showcases the perfect blend of luxury, entertainment, and cultural experiences at both MGM MACAU and MGM COTAI, while introducing the delegation to Macau’s rich cultural heritage and diverse tourism offerings. This initiative reinforces MGM’s dedication to attracting international visitors and diversifying Macau’s tourism economy.

Ivan Kravchuk, CEO at Evoplay, said: “With Tree of Light: Fabled Fruits, we’ve built on the success of the first title in the series by introducing even more engaging features that enhance both excitement and rewards. The Hold & Win mechanic, combined with multiple jackpots and flexible bonus options, ensure an immersive experience that appeals to a wide range of players worldwide, especially fans of the fantasy genre.”

The series sparks into life with Ramses Book Flaming Link, with more scorching titles on the horizon, including Crystal Ball Flaming Link, Roman Legion Flaming Link, and Fancy Fruits Flaming Link—these are just the beginning. Flaming Link will turn up the dial on a range of GAMOMAT’s most iconic games, with additional titles already in development.

Flaming Link delivers pure entertainment with a straightforward yet high-energy feature. The excitement rises as Fire Orbs unlock the Flaming Link mechanic, while random Multiplier Zones boost wins up to 12,100x the total bet. With no additional bets required and the feature always enabled, Flaming Link offers an engaging and accessible experience for all player types.

The first title, Ramses Book Flaming Link, breathes fire into a legendary classic. With its Ancient Egyptian setting, familiar mechanics, and now the power of Flaming Link, it takes players on an adventure filled with pharaohs, pyramids, and high-stakes returns. The game features five or ten paylines, Free Games, and the signature Book feature, making it a must-play for fans old and new.

Ramses Book Flaming Link will be available to all Bragg operator partners via the Bragg HUB and for social gaming via Whow.

GAMOMAT Distribution GmbH Managing Director Robert Kocher said: “Ramses Book is just the beginning of Flaming Link and we’ll be setting a whole host of epic classics on fire this year—we’re very excited.”

Speaking of the selection and membership growth, IGSA President Mark Pace noted that “The 2025 membership continues to expand, representing the breadth of the gaming industry. Our Board of Directors is similarly growing in diversity with supplier and operator members. Our continued focus on technology, partnering with other gaming organizations and working with regulatory authorities around the world for the benefit of the entire industry is a timely strategic direction”.

The IGSA this year welcomed Okada Manila operator Universal Entertainment as a new member and aims to further increase its membership beyond the 20 member-countries and 30 countries whose regulators, operators and suppliers provide input.

Speaking of new expectations for this year and beyond, IGSA Chair Nimish Purohit noted “Our committees are working on developing Standards and Best Practices in areas that are resonating with members and regulators alike. The participation in our Ethical AI, Cyber Resiliency and Payments committees has been incredible, and their output is already being discussed and used. I look forward to the output from a reinvigorated Responsible Gaming committee and the new Emerging Technology committee in 2025.”

MGM China seeks $2B loan amidst growth spurt: Report

Macau

Viviana Chan

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February 25, 2025

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MGM China seeks $2B loan amidst growth spurt: Report

Macau gaming operator MGM China is in discussions to secure a syndicated loan of approximately $2 billion, according to Bloomberg, citing sources familiar with the matter.

The report indicates that the gaming operator is negotiating with more than a dozen banks for a five-year facility denominated in Hong Kong dollars. If finalized, this would be the group’s first syndicated loan since the beginning of the pandemic, based on Bloomberg’s compiled data.

Sources added that the funds raised are expected to be used primarily for refinancing. However, MGM China remains in active discussions with lenders, and the terms of the deal could change.

An analyst from a top international investment bank, who prefers to remain anonymous, told AGB that the loan facility is unlikely to be used for expansion plans but rather for normal financial operations. He noted that in 2023, MGM extended the maturity date of some notes to mid-2026.

The analyst believes this move is in line with maintaining the company’s financial flexibility and refinancing its upcoming maturing notes.

This comes as MGM has been among the fastest-growing gaming operators in Macau in recent years. According to press releases dated February 13th, MGM China reported an all-time high market share of 15.8 percent in 2024, up from 15.2 percent in 2023 and a significant rise from 9.5 percent in 2019.

The company is reportedly considering upgrading its Macau casino resorts to attract a broader customer base beyond its traditional high-rollers. This strategic move aims to diversify its clientele and capitalize on the region’s post-pandemic recovery.

As AGB confirmed, MGM China’s most recent development, revealed in September of last year, was the conversion of MGM Macau junket areas into villas. This involved creating 28 villa units and turning 200 hotel rooms at its MGM Cotai property into 88 suites.

For FY24, MGM China’s total revenue grew by 27.2 percent to HK$31.4 billion ($3.92 billion), while adjusted EBITDA was up by 25.2 percent to HK$9.06 billion ($1.13 billion).

Daily Asia Gaming eBrief: L&W records 15th consecutive quarterly revenue growth

What you need to know

On the radar