Daily Asia Gaming eBrief: MGM China sees strong 4Q24 results

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AGBrief Editorial

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February 13, 2025

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Daily Asia Gaming eBrief: MGM China sees strong 4Q24 results

Good morning. It was a good year for MGM China, as Macau continued to accelerate its way out of the post-pandemic slump. Revenues topped $1 billion, despite a slight slowdown in Cotai and major drops in VIP spend. Looking ahead, the company is optimistic for continued growth in 2025. Meanwhile, in Thailand news, China’s president has expressed concern over the nation’s casino aspirations, asking for more information and warning of potential social problems they could create.

What you need to know

MGM China 4Q24 results drive record year, despite drops in revenue from its Cotai property. Executives confident for 2025.
China’s President expresses concern over the proposed casino-entertainment complex in Thailand, advising caution on potential social risks.

On the radar

Bloomberry Resorts secures $688M syndicated refinancing facility.
RGB eyes record growth, backed by expansions in the Philippines and Cambodia.
Paradise Co. total casino sales jump 7.8% Y-on-Y in 4Q24.
Thai entertainment complex success depends on attracting major international operators.
Light & Wonder opens a new showroom in Clark, Philippines.

AGB Intelligence

MACAU

MGM China delivers strong year, boosted by 4Q24 results

MGM China saw strong revenue results in 2024, boosted by a 3 percent uptick in the fourth quarter, year-on-year. The company brought in some $1.01 billion in revenue during the quarter, despite a minor drop from its Cotai property, mitigated by improved results on the peninsula. However, VIP and mass table games drop were down. Executives are confident for 2025, based on the record contributions seen last year.

Industry Updates

MGM secures seven 5-Star Awards from the Forbes Travel Guide 2025.
BMM Innovation celebrates record-breaking financial performance in 2024.
SpinOn and Yggdrasil begin a legendary journey with 9 Arrows of Odysseus.

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

In 2024, the BIG Group celebrated its eighth straight year of record growth, with a significant year-over-year revenue increase. The results were driven by strong demand for BMM Testlabs’ compliance testing services, the expansion of its global footprint, and growth in the Company’s BIG Cyber services and RG24seven Virtual Training business.

BMM Innovation Group reports record-breaking financial performance in 2024

A year of growth and investment

As part of its growth strategy, BIG expanded its global employee base by 22 percent year over year, adding new talent to support service delivery operations. The new team members, including mathematicians, testers, engineers, project managers, and quality assurance experts, will support the Company’s mission of transforming gambling industry performance.

Driving innovation in gaming gompliance

Through its BMM Testlabs business, BIG continues to lead in product testing and compliance by embracing emerging technologies such as AI and advanced automation. These innovations enable the Company to provide cutting-edge services that ensure the integrity, fairness, quality, and security of gaming products worldwide.

Storm added, “2024 was pivotal for BIG as we leveraged technology to set new industry standards. We look forward to growing in new markets like Brazil, UAE, Thailand, Nigeria, and Ghana, to name a few, and are now positioned to complete with GLI in all gaming markets for the first time in 23 years.”

Looking Ahead: A focus on cybersecurity and responsible gaming training

BIG is positioned to continue growth in 2025 and beyond. BMM Testlabs will expand its global presence, enhance its technological capabilities, and strengthen partnerships with regulators, manufacturers, and operators worldwide.

For BIG Cyber services, BMM will fortify operators and suppliers with a robust suite of managed cybersecurity solutions. Through RG24seven Virtual Training, the Company will continue growing its learner base and adding new expert-led content on responsible gaming, anti-money laundering, and other important topics.

The casino bill has already been submitted for discussion in the Council of State and the House of Representatives, and will later be submitted to Parliament this year. It is anticipated to be enacted in early 2026, according to Julapun Amornvivat, Deputy Minister of Finance. The country’s first casino is expected to open as early as 2029.

Retired Colonel Phantat Sangchot, a secretary general of the Royal Turf Club of Thailand, told Reuters the horse racing club is interested and ready to put in a bid, with plans to invest up to $10 billion for resorts that include casinos and horse-racing venues across three cities.

Meanwhile, Pasu Liptapanlop, a director of Proud Group, which owns two InterContinental hotels in Thailand, told Reuters the group was also keen to partner with international gaming companies.

Former Thai Prime Minister Thaksin Shinawatra has publicly supported the push to legalize online gambling in mid-January, which he said could generate up to THB100 billion ($2.89 billion) in annual government revenue.

Despite Thailand’s appeal as a tourist destination—seeing 35.55 million foreign visitors in 2024—public support for the casino initiative remains limited. A recent poll indicated that nearly 60 percent of respondents oppose the plan, reflecting concerns about gambling addiction and its potential impact on household debt.

Political opposition is also emerging, particularly from the pro-military Palang Pracharat party, which fears the social consequences of expanded gambling.

However, the size of Thailand’s population presents a significant opportunity for investors. Estimates suggest that about half of Thais aged 20 and older could be potential casino patrons, far exceeding the number of Singapore citizens who visited their casinos in 2023.

The company is expected to report core earnings of RM51 million ($11.4 million) for 4Q24, pushing its total earnings for the year to RM108 million — a remarkable 91 percent year-on-year increase. The growth is attributed to the delivery of 1,968 electronic gaming machines (EGMs) to the Philippine Amusement and Gaming Corporation (PAGCOR), valued at $81 million.

This order, completed in the fourth quarter, was a major contributor to RGB’s strong profits.

Philip Capital has projected a compound annual growth rate (CAGR) of 32 percent in profits from 2023 to 2026 for the company.

In addition to strong earnings growth, RGB’s improving profit margins, solid balance sheet, and an expected 10 percent dividend yield for 2024 make it a compelling investment opportunity.

RGB’s dominant position in the Philippines, where it is expected to capture 60 percent to 70 percent of new EGM orders, will drive its continued growth. Furthermore, global market expansions in the UAE and Japan, where gambling has recently been legalized, are expected to increase the total addressable market for EGMs by 17,000 units over the next few years.

The company’s projected sales of 4,500 to 5,500 units from 2024 to 2026 reflect strong demand in these growing markets.

In Thailand, RGB is positioning itself to benefit from the government’s approval of new casinos, with plans to establish a subsidiary in the country. In Cambodia, RGB has secured an exclusive agreement with FIRM 614, the only licensed EGM importer. The country’s new regulations, requiring casinos to upgrade outdated gaming equipment by the end of 2024, present a promising growth opportunity for RGB.

With exclusive distribution rights in the Philippines and participation in the country’s expanding integrated resorts, RGB is well-positioned to capitalize on the expected growth in the Philippines’ gross gaming revenue (GGR), which is projected to surpass $6 billion.

Looking further ahead, Philip Capital noted that the privatization of PAGCOR’s casino operations, scheduled to begin in 2026, could result in a higher valuation for RGB’s interests in the Philippine market, ranging from $1 billion to $1.4 billion.

China’s President cautions Thailand over casino plans

Viviana Chan

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February 13, 2025

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China’s President cautions Thailand over casino plans

China’s President Xi Jinping has expressed concerns over Thailand’s plan to legalize casinos, according to Thailand’s Prime Minister, Paetongtarn Shinawatra.

The official confirmation came during a press conference at the Government House on Tuesday, as reported by the Bangkok Post. Paetongtarn mentioned that Xi had cautioned that legalizing casinos could lead to various social problems.

This marks the first time that China’s top official has commented on Thailand’s plans to legalize casinos.

During her visit to China last week, Paetongtarn met with President Xi to discuss the government’s proposed casino-entertainment complex—a project that could significantly reshape Thailand’s tourism landscape. Paetongtarn mentioned that Xi sought more information about the project during the meeting.

Xi’s input is significant not only because of China’s longstanding influence on regional tourism but also due to its strict policies on gambling. The country has consistently cracked down on illegal gambling operations, including cross-border gaming activities. Currently, Macau is the only region in China where casinos are legal, and it remains a critical hub for Chinese gamblers.

Xi’s comment carries substantial weight, particularly as Chinese tourists have long been one of the largest sources of visitors to Thailand. With the Thai government now relying on tourism to revive its post-pandemic economy, the proposed casino project is seen as a crucial element in these efforts.

Thailand is expecting a surge in visitors in the coming years, with projections estimating that the country will welcome between 39 and 40 million tourists in 2025, including up to 9 million from China. Given the strong ties between the two countries, the issue of casino legalization is particularly sensitive.

Currently, China and Thailand have a visa-free agreement, allowing Chinese tourists to visit Thailand freely.

During the meeting, Paetongtarn defended the casino plan, emphasizing that Thailand’s proposed entertainment complex, which would feature a casino occupying less than 10 percent of its total area, has generated significant attention both domestically and abroad.

Thailand with the potential to become the world's third-largest gaming market

Family-friendly destination

Prime Minister Paetongtarn also clarified that the entertainment complex would not be focused on gambling. Instead, it would be a family-friendly destination offering a variety of entertainment and leisure options, aiming to attract international tourists while providing employment opportunities and benefiting local communities.

The Thai government has argued that legalizing casinos within special economic zones could help curb the influence of illegal gambling dens that already operate in the country. These underground establishments, which contribute nothing to public welfare, could be replaced by properly regulated casinos that would generate tax revenue for national development, including education and infrastructure.

However, despite the potential benefits and Xi’s warning about social problems, Paetongtarn assured Xi that the government would carefully consider these risks, taking China’s perspective into account.

She emphasized that further studies were underway to evaluate the full impact of the project before it moves forward. This cautious approach reflects Thailand’s desire to balance the economic benefits of legalized gambling with the social and political risks associated with it.

Thailand’s cabinet approved a bill in principle on January 13th, which would pave the way for the establishment of such complexes. The government has given the Council of State, its legal body, 50 days to review the bill before it is sent to the House for further deliberation.

According to local media outlets, Pakorn Nilprapunt, the Council’s secretary-general, stated on Tuesday that revisions to the bill are expected to be completed by early next month, with the deadline set for March 6th. He noted that the revised version differs from the original, though the key points remain unchanged.

According to a filing with the Philippine Stock Exchange on Wednesday, the new facility—signed by Bloomberry’s subsidiaries, Bloomberry Resorts and Hotels, Inc. (BRHI) and Sureste Properties Inc. (SPI), with a group of banks—is documented as the sixth amendment to an existing syndicated term loan facility obtained in February 2019. The original loan was used to help finance the construction of Solaire Resort North.

This marks Bloomberry’s second refinancing initiative in just four months, following a PHP72 billion ($1.24 billion) refinancing secured in October of the previous year.

The PHP40 billion ($688 million) syndicated facility carries a 10-year term, extending until February 2035. While the loan’s principal repayment schedule remains front-loaded, with heavier payments due in the last three years, the facility brings several improvements to Bloomberry’s financial position.

Notably, the interest margin has been reduced by 75 basis points compared to the original facility, enabling the company to benefit from anticipated interest rate cuts in the near future. Additionally, the new facility provides the option for Bloomberry to fix the interest rate for the next 12 months, further enhancing its cash flow management capabilities.

Bloomberry is one of the Philippines’ leading land-based gaming operators, with its flagship property, Solaire Resort & Casino, located in Manila’s Entertainment City. Its footprint expanded to Quezon City with the launch of Solaire Resort North in May 2024.

Enrique K. Razon Jr., Chairman and CEO of Bloomberry, emphasized the strategic nature of this refinancing effort: “Our recent refinancing activities optimize our cash flow by reducing annual interest and principal payments. The timely refinancing of our PHP40 billion facility demonstrates our proactive financial management stance and our commitment to providing a consistent return of capital to our shareholders.”

The syndicated loan facility was arranged with the backing of several key banks, including BDO Unibank, Inc., Bank of Commerce, Bank of the Philippine Islands, China Banking Corporation, Metropolitan Bank and Trust Co., Philippine National Bank, and Union Bank of the Philippines. BDO Capital & Investment Corporation acted as the lead arranger and sole bookrunner, while BDO Unibank, Inc. – Trust and Investments Group served as the security trustee, facility agent, and paying agent for the transaction.

MGM secures seven 5-Star Awards from the Forbes Travel Guide 2025

Macau

AGBrief Editorial

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February 13, 2025

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MGM secures seven 5-Star Awards from the Forbes Travel Guide 2025

Macau gaming operator MGM has announced that it has been recognized with 7 Forbes Travel Guide’s 5-Star Awards, highlighting the MGM team’s unwavering commitment to providing outstanding experiences.

While MGM MACAU achieved its tenth consecutive Five-Star rating, Tria spas at both MGM MACAU and MGM COTAI earned a distinction for the sixth consecutive year. The Company continues its prestigious status with four Five-Star Awards across both properties for the fourth consecutive year: the Emerald Tower, the Skylofts and Sichuanese restaurant Five Foot Road at MGM COTAI, alongside the newly renovated Chinese Lingnan restaurant Imperial Court at MGM MACAU.

Mr. Hubert Wang, President and Chief Operating Officer of MGM China Holdings Limited, said, “As MGM MACAU celebrates its tenth consecutive Forbes Travel Guide Five-Star award, this milestone reflects our commitment in delivering world-class experiences. The fresh new look of our award-winning Imperial Court restaurant and Tria spa at MGM MACAU, featuring exclusive therapies, treatments and facilities, demonstrates our continuous innovation. These achievements not only reinforce our leading position in Macau’s luxury hospitality sector but also strengthen Macau’s appeal as a premier global destination for international travelers.”

Skylofts at MGM COTAI, now a four-time Five-Star Award winner, continues to epitomize luxury with its distinctive loft-style accommodations atop the resort’s M Tower. Its one-of-a-kind design elements, inspired by New York City’s lofts, reimagines exceptional moments for discerning guests through unique facilities, impeccable services, and multi-sensory experiences. The Emerald Tower with its Five-Star recognition, showcases its perfect blend of modern luxury with east-meets-west cultural elements across its 547 guest rooms, suites and villas.

Another Forbes Travel Guide’s Five-Star Award winner in MGM COTAI, Five Foot Road continues to embrace refined Sichuanese culinary craftsmanship while honoring century-old traditional recipes from Chengdu. Meanwhile, the Forbes Five-Star Imperial Court at MGM MACAU offers an elevated interpretation of Lingnan cuisine that celebrates the culinary heritage of Guangdong, Guangxi, Hainan, and Hakka regions.

Having earned the Forbes Travel Guide’s Five-Star honor for the tenth consecutive year, MGM MACAU boasts distinguished features and world-class facilities including the iconic European-inspired Grande Praça, seven signature restaurants and bars, and the newly opened POLY MGM MUSEUM spanning almost 2,000 square meters which is constructed in accordance with Chinese national standards for the exhibition of Grade-One cultural relics.

The two spas at both MGM properties – Tria at MGM MACAU and MGM COTAI – have secured their Five-Star ratings for the sixth consecutive year. Following its recent transformation, Tria at MGM MACAU now exclusively offers Macau’s only Hyperbaric Hydrogen Oxygen Capsule therapy, holistic WATSU Pool therapy treatment and Experience Pool, setting new benchmarks in wellness care.

MGM received the following 2025 Forbes Travel Guide’s Five-Star Awards:

MGM MACAU		MGM COTAI
MGM MACAU Imperial Court Tria		Emerald TowerSkyloftsFive Foot Road Tria

For a detailed explanation of how Forbes Travel Guide compiles its Star ratings, follow the link: www.forbestravelguide.com/about.

As part of the sponsorship, the 1xBet team will actively participate in all conference events and welcome guests at booth B850. There, they will discuss unique business opportunities with the brand’s affiliate program. The company has also prepared delicious designer cocktails and exciting activities, including Giant Buzz Wire, and will host a giveaway featuring a MacBook Pro and an iPhone 16. The prize draw will be held on February 26 and 27 at 3:00 PM.

1xBet is a global leader in the betting and gambling industry, offering a localized product for players in Latin America. The company is actively expanding partnerships with leading regional sports organizations, including the Brazil national football team during the 2026 World Cup qualifiers, Brazil’s Serie A and Serie B football leagues, WTA tennis tournaments, and much more.

One of the key topics of the exhibition will be the regulation of the gambling market in Brazil. 1xBet was among the first companies to apply for a license under the new legal framework. Additionally, this year, the bookmaker completed the licensing process in Peru, reaffirming its commitment to operating within the law.

A representative at 1xBet said: “1xBet is an iGaming giant, so we couldn’t miss SBC Summit Rio 2025. Our Premium Sponsor role in this major event will help strengthen our position as a key market player. We’re sure the forum will be a great platform for ideas exchange and a boost for industry growth. Our team plans to showcase our product at the highest level and kick off new fruitful collaborations.”

Daily Asia Gaming eBrief: MGM China sees strong 4Q24 results

What you need to know

On the radar