PAGCOR contributes Php90M for an advanced dialysis center in Pampanga

Philippines

AGBrief Editorial

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April 13, 2025

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PAGCOR contributes Php90M for an advanced dialysis center in Pampanga

On April 11, the Philippine Amusement and Gaming Corporation (PAGCOR) partnered with the Provincial Government of Pampanga to inaugurate the Pampanga Provincial Dialysis Center I, marking a significant step forward in enhancing accessible healthcare services for the province’s residents.

PAGCOR donated over Php90 million for the project to procure 40 dialysis machines and a CT scan unit. The center is expected to serve thousands of patients who otherwise would have to travel far or incur big expenses for dialysis sessions.

During the inauguration, PAGCOR Chairman Alejandro H. Tengco emphasized that the center is not just a response to the medical needs of dialysis patients but is a symbol of government care and compassion.

“We know how expensive and exhausting dialysis treatment can be – not just financially but physically, mentally and emotionally, kung kaya’t ang pagkakaroon ng ganitong pasilidad sa lalawigan ay napakahalaga,”… “Ang mga kagamitang ito ay simbolo ng malasakit ng ating pamahalaan sa mga pasyenteng lumalaban sa hamon ng karamdaman araw-araw,” mentioned Chairman Tengco.

Mr. Tengco also lauded the medical staff who will run the facility, calling them the “nation’s true heroes” for their dedication and compassion. “This is what nation-building looks like—projects that directly touch lives and strengthen communities,” noting that the center aligns with President Ferdinand R. Marcos Jr.’s push for better health services, especially in underserved areas.

Pampanga Governor Dennis Pineda, meanwhile, expressed gratitude to PAGCOR and other partners who supported the initiative.

“We will make sure na lahat ng mahihirap na Kapampangan na magpapagamot po rito, walang kahit anong pera na ilalabas—kahit isang kusing po,” Pineda said. “Kaya lubos po kaming nagpapasalamat sa lahat ng ahensya ng gobyerno na katuwang namin sa pagsasakatuparan nito.”

The Pampanga Provincial Dialysis Center I is a stand-alone clinic developed under a public-private partnership. In addition to dialysis services, it will also offer nutritional counseling, social work support, and patient education to meet the broader needs of patients and their families.

The new regulatory framework overhaul that was implemented through reforms in 2022 and 2024 led to “major corrections” in the Macau casino industry rather than routine updates, aimed at fixing what had become a dangerously unbalanced system after two decades of breakneck expansion, gaming law expert Jorge Godinho argues in a recent study.

“There were too many gaming promoters and VIP rooms, too much credit for gaming, and too much money moving out of China,” Godinho writes in his study, The Macau SAR Regulation of Casino Gaming: Structural Features After the Reforms of 2022–2024.

“Numerous casinos were built, but not that many non-gaming services were developed.”

The reforms come after years of unsustainable growth, followed by sharp decline during the COVID-19 pandemic. The gaming industry peaked in 2013/14 but entered what Godinho describes as “a bumpy ride that became a freefall.”

Macau’s reliance on high-rolling VIP gamblers—many from mainland China—exposed vulnerabilities that the pandemic brought into sharp relief.

The post-2022 model is rooted in 10 core features, all of which are now formally embedded in law and practice.

First, the private sector continues to operate casino gaming, but only under concession contracts concluded with the Macau SAR Government. “The operation of gaming services is not a free or open economic activity,” Godinho notes. “It is reserved for the Macau SAR,” though never operated directly by the public sector.

These contracts are always temporary, a key structural principle. While past concessions lasted up to 25 years, the current term is limited to ten, with extensions allowed only in narrowly defined circumstances. “Since 1849, no company has ever held an open-ended authorization to operate games of chance,” Godinho emphasizes.

Macau maintains tight control over market entry through public tenders—rare but decisive moments that determine who can operate in the sector. “There is always a deadline for the expiry of a gaming concession, after which a new concession process must take place,” he writes. Only three tenders have occurred in the last 60 years.

Taxation, too, has evolved. In 1976, Macau shifted to a system based on gross gaming revenue (GGR), which enabled more transparent government oversight. Today, total taxation on GGR stands at 40 percent—a historic high. “The taxation of the GGR is 40 percent—which, of course, is an all-time high,” Godinho points out.

Casinos are now permitted to offer a wide array of games, but Baccarat remains dominant. “Baccarat is by very far the most important and popular since 1976,” Godinho says, noting that it is “the only game played in the VIP market.”

Since 1962, concessionaires have also been required to make significant investments. These obligations have now shifted toward non-gaming projects, such as entertainment, cultural facilities, and health services. “At the time of writing, the investment must be in an extremely broad range of non-gaming activities,” Godinho explains.

The competitive landscape has also matured. From a long-standing monopoly under STDM, the market opened in 2002 to three concessionaires, and later to six. That structure continues today, with six active concessionaires.

The VIP gaming promoter downturn

Gaming promoters—once a powerful force in Macau’s casino economy—have faced tighter regulations.

“The number of licensed gaming promoters is quite low at the moment,” writes Godinho, noting that since 2024, they can no longer grant credit independently, only on behalf of concessionaires. This is a dramatic reversal from earlier years when promoters played a central role in driving VIP traffic.

Another notable change is the integration of national and regional security concerns into gaming regulation.

“Since 2022, national security of the PRC and regional security of the Macau SAR are important objectives that gaming regulation must protect.”
Jorge Godinho

As the industry recovers from pandemic lows, Macau’s government is signaling a shift away from old growth models. The focus now is on a mass-market, tourism-driven model with diversified offerings—a vision long proposed, but only now materializing. “In 2004, it was thought that the mass market would grow fast and reduce the dependence on VIP gaming,” Godinho writes. “But only now that is happening.”

Looking ahead, regulatory enforcement may take center stage. A new gaming crimes law passed in October 2024 introduces criminal penalties for illicit financial movements, suggesting an increasingly strict approach. “There are strong signs of a stricter approach,” says Godinho.

Friday’s investment memo shows that from April 2nd to 4th—immediately after the tariff announcement—investment-grade bonds issued by Sands China saw spreads widen by 19 to 25 basis points, while high-yield Macau credits widened by 37 to 77 basis points. The trend continued the following week, with further widening of 76 to 137 basis points for Sands China and 110 to 258 basis points for high-yield issuers, excluding bonds maturing in 2025.

Commenting on the broader impacts, analysts view the Macau gaming sector as primarily domestically oriented, with 73 percent of visitors in February 2025 coming from mainland China.

In this context, CreditSights believes the market reaction reflects wider concerns about geopolitical instability and weakened global sentiment. These risks—particularly following Trump’s “Liberation Day” remarks and related headlines—could weigh on consumer confidence and spending behavior.

Despite current market volatility, CreditSights maintains a stable view of the sector’s fundamentals, projecting China’s GDP growth at 4.7 percent in 2025, above the consensus of 4.5 percent. However, the firm cautions that downside risks to this outlook have increased amid the broader global economic slowdown.

2024 wrap

Macau’s gaming operators recorded solid year-over-year revenue growth in fiscal year 2024, though this topline expansion generally outpaced EBITDA growth, leading to margin compression across much of the sector.

Analysts identified MGM China as a standout, becoming the only operator to exceed pre-pandemic 2019 levels in both total revenue and EBITDA.

In 4Q24, most operators—including Sands China, MGM China, Wynn Macau, and Melco—posted higher revenues compared to the same period in the prior year. Sands China was an exception, impacted by ongoing Phase II renovations at The Londoner.

Despite revenue gains, all operators reported year-over-year declines in EBITDA in 4Q24. Weaker performances at properties such as MGM Cotai, Wynn Macau, Altira Macau, City of Dreams Macau, and Mocha Clubs, along with increased staffing costs and continued asset upgrades—particularly at The Londoner—contributed to the EBITDA decline and sector-wide margin contraction.

On a full-year basis, all six operators reported growth in both revenue and EBITDA. High-yield names saw double-digit increases, while Sands China delivered more modest mid- to high-single-digit gains. However, analysts noted that the pace of growth in 2024 moderated compared to the strong rebound in 2023, following the lifting of pandemic-related restrictions in Macau.

2025 outlook

CreditSights expects modest topline growth for most Macau operators, driven by steady GGR, stable market share, and new non-gaming offerings. However, the pace will likely be more moderate than in FY2024.

EBITDA margin outlooks vary: Sands China may improve as renovations wrap up, while MGM China is expected to hold steady with possible upside. Melco may post low- to mid-single-digit EBITDA growth, though margins could remain pressured. Wynn Macau may see slight declines as it prioritizes profitability.

EBITDA likely to have fallen 6% in 1Q25

In a separate investment memo from Citigroup, with 1Q25 earnings approaching, analysts expect Macau’s gaming operators to report a 6 percent year-on-year decline in combined industry EBITDA to around $1.92 billion. Analysts George Choi and Timothy Chau attribute the drop to higher operating expenses, particularly from new supply additions such as Sands China’s The Londoner Macao, and less favorable hold for some operators.

This comes despite steady GGR at MOP57.7 billion ($7.2 billion) and stable player reinvestment levels. Citi also noted that 1Q24 had a high EBITDA base, supported by early-stage renovations and major events like a Bruno Mars concert.

The bank forecasts a slight decline in industry EBITDA margin to 26 percent, down from 28 percent in 1Q24. Only Melco and MGM China are expected to post year-on-year EBITDA growth. Sands China is projected to see the largest drop, down 13 percent to $530 million.

Market share shifts are expected to be minimal, with Melco gaining 0.7 percentage points and Sands losing 0.5.

Revenue for FY2024 reached SG$2.53 billion ($1.89 billion), up 5 percent year-on-year from the SG$2.4 billion ($1.8 billion) reported in the same period a year ago. Gross profit for FY2024 fell by 5 percent year-on-year to SG$836.1 million ($625.6 million), compared to SG$882.8 million ($660.5 million) in FY2023.

Pace noted that “VISA is a world-known multi-national card and digital payments corporation. Their participation in this committee brings a wealth of knowledge and input from the ‘brand’ side of the payments process. We look forward to announcing more companies in the Payments space joining this important committee, as we continue down the path of producing Payments Standards and Best Practices for the industry, with the industry.”

The IGSA currently has 11 committees, focusing on a range of issues from artificial intelligence, regulation, online gaming, cyber resiliency and more.

The Payments Standards Committee ‘is charged with identifying and developing standards designed to create a payments framework whereby the security of payments transactions is protected, and traceability of payments transactions is enhanced, in the Global Gaming Industry,’ indicates the IGSA.

The IGSA identifies itself as the ‘largest technical standards development organization dedicated to the creation and evolution of Standards and protocols to the betterment of the global gaming industry’, with membership in over 20 countries and input from regulators, operators and suppliers from over 30 countries.

SJM debuts Macau’s premier integrated tourism & leisure enterprise at CICPE

Macau

AGBrief Editorial

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April 13, 2025

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SJM debuts Macau’s premier integrated tourism & leisure enterprise at CICPE

SJM Resorts, S.A. (SJM) has announced its highly anticipated debut at the 5th China International Consumer Products Expo (CICPE) in Hainan, April 13-18. As the first Macau-based integrated tourism and leisure enterprise to participate, SJM will utilize CICPE’s global reach and national influence to advance its ‘go global’ and ‘attract investment’ strategies, leveraging Macau’s strategic position as a Greater Bay Area gateway.

SJM aims to strengthen partnerships with leading Mainland and international brands and explore collaborations in high-end tourism, retail and brand managements. This engagement will further broaden SJM’s business network and cross-sector synergies, while unlocking shared opportunities across areas such as “Tourism+”, “MICE+” and “Culture+”.

Ms. Daisy Ho, Managing Director of SJM, remarked: “As the only integrated tourism and leisure enterprise from Macau at this year’s CICPE, SJM is proud to represent the city and showcase its distinct urban appeal. The Expo plays a vital role in stimulating domestic demand and supporting high-quality development, with this year’s focus on key sectors including health, wellness, cultural tourism and sports—areas that are highly aligned with SJM’s strong commitment to integrated development. We look forward to joining hands with Mainland and global brands to explore new markets, inject momentum into Macau’s ‘1+4’ diversification, and further enhance China’s consumer appeal on the world stage.”

Located in Fashion Lifestyle Hall, SJM’s showcase celebrates its legacy of over six decades, featuring iconic Macau landmarks—Hotel Lisboa Macau and Grand Lisboa Macau—serving as prominent visual elements. Grand Lisboa Palace Resort Macau, SJM’s latest flagship project, takes centre stage with three large displays highlighting its three distinct hotel towers.

SJM Resorts debuts Macau's premier integrated tourism & leisure enterprise at CICPE — _{Hotel Lisboa Macau}

These include Macau’s only two designer-branded luxury hotels: THE KARL LAGERFELD MACAU—designed by the late fashion icon Karl Lagerfeld—and the first Palazzo Versace Macau in Asia. Complementing these is the Grand Lisboa Palace Macau, which blends Eastern and Western architectural elegance.

The booth reflects SJM’s visionary approach to integrating tourism, culture and fashion as core pillars of its brand. The lotus flower pattern—Macau’s emblem—artfully crafted in traditional Portuguese mosaic on the booth floor, embodies the city’s unique East-meets-West character and its role as “One Platform, One Base.”

SJM’s booth also highlights its diverse and vibrant tourism offerings, featuring 13 Forbes Travel Guide Five-Star properties across hotels, dining and spas—the highest number of Five-Star restaurants and spas awards globally for an integrated tourism and leisure enterprise—a testament to SJM’s exceptional hospitality standards. A video presentation showcases SJM’s acclaimed gastronomy, including the three-MICHELIN-star Robuchon au Dôme for 17 consecutive years, the two-MICHELIN-star Cantonese restaurant The Eight, and the recently crowned one-MICHELIN-starred refined Japanese restaurant Zuicho.

The presentation also features the dynamic Kam Pek Market at San Ma Lo, offering an enticing array of global casual dining options that create a complete culinary spectrum catering to every taste preference.

SJM Resorts revamps Kam Pek Market into a culinary landmark in San Ma Lo

The booth will also feature some of SJM’s year-round “Tourism+” initiatives which integrate sports, arts and culture elements – embodying SJM’s commitment to the philosophy of “shaping tourism with cultural activities and promoting culture through tourism.” At Grand Lisboa Palace, visitors can explore two themed experience zones: AI Wonderland, showcasing advanced AI technology with “edu-tainment” approach and the Martial Arts Arena, allowing guests to experience the joy of martial arts in the 21-st century.

Furthermore, SJM’s long-standing support of the Macau Grand Prix and organisation of the Macau Open demonstrate its dedication to fostering synergies between tourism and culture, reinforcing SJM’s significant contribution in Macau’s development as a “World Centre of Tourism and Leisure.”

SJM’s mascot, “Sam the Rooster”, will also make special appearances at the booth, delighting visitors with souvenirs. To mark the occasion, SJM is launching exclusive, limited-time hotel and MICE packages, enabling guests to experience its Forbes Travel Guide Five-Star hospitality and the diversified convention and exhibition services.

Under Singapore’s regulations, the GRA may specify a license term of three years or less. Marina Bay Sands being granted a three-year license renewal is of particular importance to the company given, that in November of 2024, the Gambling Regulatory Authority decided to only renew the casino license of MBS rival Resorts World Sentosa for a period of two years. The license renewal came into effect on February 6th.

At the time the GRA indicated that following an assessment of RWS’s tourism performance from 2021 to the end of 2023, it was found to be ‘unsatisfactory’. The GRA indicated that there were a number of areas that ‘require rectification and substantial improvement’. RWS can be subject to another evaluation in 2026.

Right Marina Bay Sands’ casino license renewal is also of particular importance to the company given the recent $9 billion loan it secured for its expansion plan. The loan is expected to aid the integrated resort expansion project going towards development and construction, covering costs expenses and fees.

The expansion project will add a fourth hotel tower, featuring 570 luxury suites, a 15,000-seat arena, and 110,000 square feet of MICE space. Construction is expected to begin by June 2025, with a target opening date of January 1st, 2031.

Once the project is complete, and yes is expecting a 40 percent increase in adjusted property EBITDA. The expansion is also aimed at creating the most valuable tourism development in the world.

Silk has been pivotal in guiding Crown Melbourne through a significant period of transformation and remediation over the past two and a half years. Under his leadership, the Melbourne venue successfully regained its operational license from the Victorian Gambling and Casino Control Commission, a critical milestone in the company’s recovery. To ensure a smooth transition, Mr. Silk will retain his role until the end of June 2025.

Martin Pakula, who brings a wealth of experience from his roles as Attorney-General and Minister for Tourism, Sport, and Major Events in the Victorian government, is currently serving as Chair of the Australian Grand Prix Corporation. His industry knowledge is expected to facilitate continued growth at Crown Melbourne.

Crown Resorts CEO, David Tsai, expressed his enthusiasm for Pakula’s appointment, stating, “I look forward to Crown benefiting from Martin’s extensive industry and leadership experience.” Mr. Silk echoed these sentiments, reflecting on his tenure and the achievements made.

Pakula expressed his commitment to the operator, adding, “I am delighted to accept the role of Chair at Crown Melbourne and to play a role in its exciting future.” His appointment is pending necessary regulatory approvals.

PAGCOR contributes Php90M for an advanced dialysis center in Pampanga

On April 11, the Philippine Amusement and Gaming Corporation (PAGCOR) partnered with the Provincial Government of Pampanga to inaugurate the Pampanga Provincial Dialysis Center I, marking a significant step forward in enhancing accessible healthcare services for the province’s residents.

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