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Macau January GGR “weaker than expected” – Seaport

Nelson Moura
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Macau January GGR “weaker than expected” – Seaport

January’s gross gaming revenue (GGR) in Macau “fell short of expectations”, amounting to MOP18.25 billion ($2.27 billion), a decrease of 5.6 percent year-on-year, Seaport Research Partners noted.

The figures reflect a marginal increase of 0.3 percent compared to December, but only 73.1 percent of January 2019 levels.

GGR

According to Seaport Research Partners analyst Vitaly Umansky, the early part of January “showed promise”, but momentum dwindled leading into the Chinese New Year holiday, which began on January 28th.

The average daily GGR for the month was MOP589 million ($73.4 million), consistent with December’s figures. Notably, January 2025 had the same number of weekends as the previous year, with weekends typically generating over 20 percent more GGR than midweek days.

The eight-day Chinese New Year holiday is crucial for Macau’s gaming sector, though past results during the holiday have been mixed. For instance, CNY 2019 contributed only 2 percent of that year’s GGR, while CNY 2024 accounted for 2.7 percent.

Early reports indicate that Macau welcomed 821,000 visitors during the first five days of the holiday, with approximately 74 percent coming from mainland China. This figure is 9 percent lower than the same period in 2024, which saw a high average of nearly 170,000 visitors per day.

Umansky estimates that the 2025 Chinese New Year holiday could yield about MOP800 million ($99.7 million) per day, totaling MOP6.4 billion (nearly $800 million), roughly 2.6 percent of the annual GGR projection for 2025.

Looking ahead, the analyst forecasts February’s GGR to be slightly better than January, estimating MOP18.5 billion ($2.3 billion), reflecting a year-on-year increase of 0.1 percent and a month-on-month rise of 1.3 percent.

Despite the weaker-than-expected January performance and the soft start to the Chinese New Year, Umansky maintains a growth forecast of nearly 7 percent for Macau’s GGR in 2025, supported by favorable policies from the Chinese government and improvements in consumer confidence.

In 2024, China introduced new visa policies aimed at boosting visitation to Macau, including faster processing and multi-entry options for residents of nearby Zhuhai. This policy is expected to enhance visitor numbers from key provinces, particularly Guangdong, which accounts for over 53 percent of mainland visitors to Macau.

As the gaming industry navigates challenges, including a crackdown on illegal money exchange, Seaport remained cautiously optimistic about the recovery of Macau’s gaming sector and its potential for growth in the coming years.

JP Morgan boosts share in The Star

Nelson Moura
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JP Morgan boosts share in The Star

JP Morgan confirmed it has boosted its voting power in Australian casino operator The Star by 6.34 percent, raising its total stake to 7.41 percent.

This increase translates to an uptick in shareholding from around 182 million shares to nearly 213 million.

The backdrop to this development is the troubled status of Star Entertainment, which recently announced the sale of The Star Event Center, as the company acknowledged that ‘there remains material uncertainty as to the group’s ability to continue’.

In its most recent financial report, The Star confirmed that it had available cash amounting to AU$78 million ($48.5 million) as of December 31st, 2024 but outlined concerns it would be unable to meet conditions to raise more funding.

The company’s constitution imposes restrictions that prevent any single individual from holding more than 10 percent voting power within the organization, complicating potential future acquisitions.

Even the recent appearance of Macau-based petrochem mogul Xinchun Wang as the second-largest investor in the group – holding 6.52 percent of voting power, and attempts to negotiate with state governments on reducing the tax burden, have failed to alleviate concerns that The Star might not pull through.

Punter wins record $24.7M jackpot in Hong Kong’s largest ever CNY lottery

Nelson Moura
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Punter wins record $24.7M jackpot in Hong Kong’s largest ever CNY lottery

A fortunate punter has struck gold, winning a staggering jackpot of over HK$193 million ($24.7 million) in the Mark Six Lunar New Year draw held on February 2nd, 2025.

This grand prize for the lottery game organized by the Hong Kong Jockey Club marks the largest in the game’s history.

The winning numbers drawn were 14, 18, 30, 36, 40, and 42, with an extra number of 1. The lucky ticket was purchased for HK$10 ($$1.28) at a betting branch of the Hong Kong Jockey Club.

In addition to the record jackpot, twelve other winners claimed the second prize, each taking home over HK$1.2 million ($153,000). A total of 536.5 winning third prize tickets were also issued, with each winner receiving HK$72,500 ($9,300).

The excitement surrounding the draw was palpable, as hopeful buyers formed long queues outside betting centers.

On February 1st, 2025, a 60-meter line was observed outside the Hong Kong Jockey Club’s Central branch, with staff managing the crowd.

Former occupational safety official appointed as Deputy Director of Macau’s gaming watchdog

Nelson Moura
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Former occupational safety official appointed as Deputy Director of Macau’s gaming watchdog

Macau’s Secretary for Economy and Finance, Tai Kin Ip, has announced the appointment of a former Labor department Occupational Safety official, Lei Seak Chio, as the new Deputy Director of the city’s gaming watchdog.

This commission in the Gaming Inspection and Coordination Bureau (DICJ) will take effect on February 10th, 2025, and will last for one year.

The decision comes in response to a vacancy within the directorate, where Lei Seak Chio’s extensive qualifications and professional background were highlighted as key factors for his selection.

His academic credentials include a Bachelor of Engineering Management from Huaqiao University and a Master of Public Administration from the National Institute of Administration of China.

Lei began his career as a technical assistant at the Directorate of Labor Affairs Services from 2005 to 2008, before progressing to senior technician from 2008 to 2020.

GGR
Lei Seak Chio

He also acted as the functional head of the Occupational Health and Safety Inspection and Serious Work Accident Investigation Group within the Risk Monitoring Division of the Labor Affairs Bureau from 2016 to 2020.

Most recently, he served as the Head of the Risk Monitoring Division of the Directorate of Labor Affairs Services from 2020 to 2023 and is currently the Head of the Occupational Safety and Health Department of the same directorate.

After the recent Chief Executive transition in Macau, the former director of the DICJ Adriano Marques Ho was named as the new Commissioner of Macau Customs, with the then Deputy Director Lio Chi Chong appointed as Acting Director of the city’s gaming regulator for a one year term.

Daily Asia Gaming eBrief: Chinese fugitive linked to $2.3B online betting scheme arrested in Montenegro

AGBrief Editorial
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Daily Asia Gaming eBrief: Chinese fugitive linked to $2.3B online betting scheme arrested in Montenegro
Good morning. The long arm of the law. Wang Shuiming, a 42-year-old Chinese fugitive wanted for a multi-billion-dollar online gambling fraud, was arrested in Montenegro after arriving from the Maldives. His operations, which reportedly laundered billions, came under scrutiny in Singapore, where authorities seized $2.3 billion in assets associated with him last year. Meanwhile, Las Vegas Sands faced softer earnings in Macau and Singapore despite ongoing investments in both markets, as ongoing renovation projects impacted its performance. In the Philippines, PAGCOR announced that its 2024 revenue soared to a record high of $1.92 billion, a near 41 percent increase from the previous year.

What you need to know

  • Chinese national Wang Shuiming, a fugitive wanted across Asia for his role in a multi-billion-dollar online gambling fraud, has been arrested.
  • Renovation projects impacted LVS’s Macau results in 4Q24, but the impact should disappear as projects are concluded.
  • PAGCOR achieved a record $1.92B revenue in 2024, fueled by eGames, while POGOs contributed just 3% before the shutdown.
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Fugitive linked to $2.3B online betting scheme arrested in Montenegro

Wang Shuiming, a 42-year-old Chinese fugitive wanted for a multi-billion-dollar online gambling fraud, was arrested at Tivat Airport in Montenegro after arriving from the Maldives. His capture followed an Interpol Red Notice issued by China, as authorities allege he orchestrated an illegal betting operation that defrauded users of at least $2.3 billion. Montenegro’s border police identified him during routine checks, part of a broader initiative to combat financial crime. 

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Las Vegas Sands reports lower 4Q24 profits as Macau and Singapore show mixed results

Nelson Moura
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Las Vegas Sands reports lower 4Q24 profits as Macau and Singapore show mixed results

Las Vegas Sands (LVS) reported a decline in profits for the fourth quarter of 2024, as the casino giant faced softer earnings in Macau and Singapore despite ongoing investments in both markets.

The company posted net revenue of $2.90 billion for the quarter, down slightly from $2.92 billion in the same period in 2023. Net income fell to $392 million from $469 million, a decline of $77 million. Adjusted property EBITDA stood at $1.11 billion, a 7.5 percent drop year-on-year.

Macau: A Slower Recovery Amid Investments

Macau operations – via the group’s local gaming concessionaire Sands China – generated adjusted property EBITDA of $571 million, down 12.7 percent from $654 million in Q4 2023.

Net revenue for the region also declined 4.9 percent year-on-year to $1.77 billion. The adjusted EBITDA margin dropped to 32.2 percent, down from 35.1 percent in the prior-year quarter.

Despite the downturn, the overall Macau market showed signs of resilience, with total gaming revenue reaching $7.1 billion, up 6 percent from Q4 2023, with mass gaming revenue, which is a key segment for Sands China, increasing by 5 percent year-on-year to $6.2 billion.

However, visitation from mainland China outside Guangdong province remained below pre-pandemic levels, reaching only 92 percent of 2019 figures.

The company attributed part of the weakness to ongoing renovation projects. Around 20 percent of Cotai room inventory was out of service during the quarter as Sands China continued its phased rollout of Londoner Grand suites, which will be fully available by mid-2025.

Some 2,090 additional Londoner Grand suites and rooms will come online in phases through 2Q25, while Londoner Phase II renovation work said to be ‘progressing according to plan’

The Londoner Grand Casino opened in September, with 315 suites and rooms completed and in service throughout 4Q24, while the refurbished Venetian Arena re-opened during the quarter with events commencing in November.

Sand China hotel inventory represents around 42 percent of hotel rooms on Cotai, and represents a $17 billion investment by the group.

Singapore: Record Mass Gaming Revenue but Weaker Margins

At Marina Bay Sands in Singapore, adjusted property EBITDA fell slightly to $537 million, down 1.3 percent from Q4 2023’s $544 million.

Despite this, the property recorded its highest-ever mass gaming revenue at $746 million, marking a 27.7 percent increase from the previous year. Rolling volume also grew by 11.4 percent year-on-year to $8.1 billion.

The resort remains a key investment focus, with a $1.75 billion capital enhancement programme set for completion in Q2 2025. Upgrades include new suites, refurbished rooms, and expanded leisure offerings, aimed at attracting high-value international visitors.

LVS repurchased $450 million worth of stock in Q4 2024 and paid out $145 million in dividends. The company continues to focus on long-term expansion, with further investment in Macau and the upcoming IR2 development in Singapore, which will add an ultra-luxury hotel, an arena, and expanded MICE facilities.

With market conditions still fluctuating, CEO Robert Goldstein reiterated confidence in the company’s recovery strategy, stating that the group “remains committed to delivering premium experiences in both Macau and Singapore”

“Our investments are setting the stage for long-term growth, even as we navigate near-term challenges”, the CEO noted.

Asia’s most wanted gambling kingpin caught in Montenegro

Frank Schuengel
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Asia’s most wanted gambling kingpin caught in Montenegro

Chinese national Wang Shuiming, a fugitive wanted across Asia for his role in a multi-billion-dollar online gambling fraud, has been arrested at Tivat Airport in Montenegro.

Wang, 42, was detained upon arrival from the Maldives following an Interpol Red Notice issued by China. Authorities allege he orchestrated an illegal betting operation that defrauded users of at least $2.3 billion.

Montenegro’s border police confirmed that Wang was flagged through Interpol databases during routine checks on passengers arriving by private jet. The operation was part of the country’s intensified border security measures aimed at cracking down on financial crime and illicit activities. Chinese authorities have been tracking Wang for years over allegations of large-scale money laundering linked to his online gambling network.

According to reports, Wang entered Montenegro using a passport from the Republic of Vanuatu, one of four nationalities he has acquired. In addition to his Chinese citizenship, Wang is believed to hold Turkish, Cambodian, and Vanuatuan passports, raising concerns about his ability to move freely despite ongoing investigations.

wang shuiming

His arrest is the latest development in a transnational crackdown on illicit gambling operations. Singaporean authorities previously flagged Wang’s suspicious financial dealings after he relocated there with his family in 2019. Legal proceedings in Singapore revealed inconsistencies in his statements about his Cambodian passport, with authorities suspecting he had obtained multiple nationalities through donations and questionable means.

Wang and his associates are accused of operating a sophisticated online betting platform that targeted Chinese nationals via mobile apps and digital gambling services. These platforms reportedly lured players into high-stakes wagers while facilitating large-scale money laundering operations across several jurisdictions. Law enforcement agencies believe his network laundered billions in gambling profits through an intricate web of financial and technology firms.

The scale of Wang’s alleged criminal enterprise became apparent last year when Singaporean authorities seized assets worth $2.3 billion from a group linked to him. A total of 10 individuals were arrested in August 2023, and an international search was launched for eight more suspects believed to be involved in the same operation. Wang was among those who managed to evade capture – until his arrest in Montenegro.

GGR

Authorities in Singapore have long linked Wang to Su Weiji, another high-profile Chinese national accused of defrauding investors through digital currencies and other financial schemes. Investigative reports from the Organized Crime and Corruption Reporting Project (OCCRP) suggest that Wang and his close associate Wang Bingang played key roles in Su Weiji’s network, facilitating money laundering through financial entities registered in various offshore jurisdictions.

Court documents indicate that Wang falsified corporate financial records to present a facade of legitimate business activities to banks. By manipulating financial statements, he was able to maintain the illusion of wealth while engaging in large-scale fraud. Reports from Lianhe Zaobao, a leading Singaporean Chinese-language newspaper, suggest that his operations spanned multiple countries, with direct links to organized crime groups involved in digital fraud and online gambling.

Despite being on law enforcement radars for years, Wang remained elusive, frequently changing locations and identities. His arrest in Montenegro marks a significant step in the international effort to dismantle illegal gambling syndicates operating across Asia and beyond. He is expected to be extradited to China, where he faces prosecution for financial crimes and fraud-related offenses.

Macau sees record post-pandemic tourist arrivals during Chinese New Year

Viviana Chan
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Macau sees record post-pandemic tourist arrivals during Chinese New Year

On January 31st, 2025, the third day of the Chinese New Year, Macau reached a post-pandemic tourism milestone, with 219,000 inbound tourists, surpassing the previous record of 217,000 set on the same day in 2024. 

This marks the highest single-day entry since the pandemic.

The Border Gate, Hong Kong-Zhuhai-Macau Bridge Macau Port, and Hengqin Port ranked as the top three entry points, handling over 80 percent of inbound visitors.

According to official data, mainland Chinese visitors made up the largest group, at 76.2 percent, followed by visitors from Hong Kong at 18.1 percent, Taiwan at 1.3 percent, and international tourists at 4.4 percent.

To manage the crowds near the Ruins of St. Paul, the Macau Public Security Police implemented crowd control measures between 2:15pm and 5pm on that day, ensuring smooth movement with strong cooperation from both residents and visitors.

A fireworks display on January 31st likely contributed to the increased visitor numbers.

On February 1st, the fourth day of the Chinese New Year, inbound and outbound traffic remained high, with around 736,000 crossings recorded. The Hong Kong-Zhuhai-Macau Bridge Macau Port alone saw 142,000 crossings, setting a new record. 

The day also saw 218,000 inbound tourists, marking the third-highest single-day entry.

In an official statement, the Macau Public Security Police noted that new visa policies for Macau’s neighboring cities and a range of festive activities contributed to the surge in passenger traffic at Macau’s ports.

The new visa policies, introduced this year, include the “one trip per week” and “multiple entry” schemes for residents of Zhuhai and Hengqin. These policies are seen as a key driver for the near-term growth in visitor arrivals. 

Previously, these residents were restricted to visiting Macau only once every two months under the Individual Visit Scheme (IVS). The new policies now allow them to visit more frequently, enhancing cross-border mobility.

Donaco International’s net revenue up 5.9% year-over-year in 4Q24

Viviana Chan
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Donaco International’s net revenue up 5.9% year-over-year in 4Q24

Cambodian and Vietnamese casino operator Donaco International has announced stabilized growth and operational improvements for the quarter ending 31st December 2024.

The company recorded a slight 0.5 percent quarter-over-quarter increase in net revenue, reaching AU$10.30 million ($6.4 million) in 4Q24, up from AU$10.25 million ($6.4 million) in 3Q24. This represents a 5.9 percent year-over-year increase compared to 4Q23.

Donaco reported EBITDA of AU$5.77 million ($3.6 million) in 4Q24, a 4 percent increase from AU$5.55 million ($3.5 million) in 3Q24, and a 14 percent increase compared to 4Q23.

In 4Q24, DNA Star Vegas, located on the Cambodia-Thailand border, reported higher net revenue of AU$6.57 million and property-level EBITDA of AU$4.22 million ($2.6 million), with average daily visitation reaching 957 players.

Aristo International Hotel, located in Vietnam, delivered steady performance during the quarter, generating net revenue of AU$3.73 million ($2.3 million), compared to AU$3.95 million ($2.5 million) in the previous quarter.

The slight decrease in revenue is also reflected in daily visitation. The press release mentions that the property’s average daily visitation remained consistent at 300 players, slightly down from 306 players in the previous quarter. The group also reported a modest decline in property-level EBITDA to AU$2.31 million ($1.4 million), down from AU$2.52 million ($1.6 million) in 3Q24.

Australia-listed Donaco ended the quarter with a stronger cash position of AU$36.26 million ($22.6 million), up from AU$33.02 million ($20.6 million), showcasing its financial resilience.

Non-Executive Chairman Porntat Amatavivadhana commented that the December quarter allowed Donaco to strengthen its cash position, reflecting a 10 percent increase over the previous quarter.

“This increase is attributable to steady performance across our operations, combined with the ongoing execution of stringent cost-control measures,” he said.

Star Vegas remains a key asset for the company. Donaco has committed to actively monitoring developments in Southeast Asia’s evolving gaming industry landscape, including the Thai government’s proposed Draft Entertainment Complex Business Act. The company will continue to assess the potential impact of these developments on its Star Vegas operations.

PAGCOR 2024 revenue hit new record of $1.92B, driven by domestic eGames 

AGBrief Editorial
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PAGCOR 2024 revenue hit new record of $1.92B, driven by domestic eGames 

The Philippine Amusement and Gaming Corporation (PAGCOR) announced that its 2024 revenue soared to a record high of PHP112 billion ($1.92 billion), marking a nearly 41 percent increase from the PHP79 billion ($1.35 billion) recorded in 2023.

Alejandro H. Tengco, Chairman of PAGCOR
PAGCOR Chairman and CEO Alejandro H. Tengco

This remarkable achievement was primarily driven by the sustained robust performance of the Electronic Games (E-Games) sector, which has become a key contributor to the agency’s financial success.

According to a press release dated January 30th, net operating income reached PHP84.97 billion ($1.45 billion), a 51 percent increase compared to the previous year’s PHP56.38 billion ($965 million). After contributing PHP68.21 billion ($1.17 billion) to nation-building initiatives, PAGCOR’s net income stood at PHP16.77 billion ($287 million).

“We are proud to announce that our 2024 financial performance is the best in PAGCOR’s history, and we thank our employees and stakeholders for making this achievement possible,” said PAGCOR Chairman and CEO Alejandro H. Tengco.

GGR
GGR

Before 2024, PAGCOR’s highest recorded gross operating revenue was PHP81.98 billion ($1.40 billion) in 2019, before the pandemic. Gaming operations and license fees remained the primary revenue sources, contributing PHP97.52 billion ($1.67 billion), while other revenue streams, including business income and service fees, added PHP14.18 billion ($243 million).

Net income more than doubled, rising from PHP6.81 billion ($117 million) in 2023 to PHP16.77 billion ($287 million) in 2024. Tengco attributed this exceptional performance to the E-Games and E-Bingo sectors, which contributed PHP48.79 billion ($835 million), or 50.03 percent of the 2024 gaming revenues.

GGR

“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance,” Tengco emphasized. “It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”

The licensed casino sector contributed 33.91 percent, or PHP33.07 billion ($566 million), to PAGCOR’s 2024 revenue, while the agency’s Casino Filipino venues contributed 12.99 percent, or PHP12.67 billion ($217 million).

Manila pogo philippines

POGO revenue represents only 3%

The Philippine Offshore Gaming Operations (POGOs) ceased operations in December 2024 following the President’s orders, with minimal impact on the country’s gaming sector.

According to the official statement, POGOs contributed PHP2.99 billion ($51 million) in 2024, representing just 3.07 percent of the total gaming revenue.

With higher revenues, PAGCOR noted a significant 37.61 percent increase in its contributions to nation-building (CNB), reaching PHP68.20 billion ($1,17 billion) compared to PHP49.56 billion ($848 million) in 2023. 

“Our 2024 revenues allowed us to support more government programs and other nation-building initiatives,” Tengco said.

Remittances to the National Treasury reached PHP46.32 billion, a 33.39 percent increase from the 2023 remittance of PHP34.72 billion. PAGCOR also remitted PHP4.87 billion in franchise taxes and PHP1.09 billion in corporate income taxes to the Bureau of Internal Revenue.

GGR

Additionally, the Philippine Sports Commission received PHP2.31 billion, while PHP91.88 million was allocated as cash incentives for athletes and coaches who won in international competitions, including the 2024 Paris Olympic and Paralympic Games.

PAGCOR also released PHP12.37 billion to fund socio-civic programs under the Office of the President.

Other mandated beneficiaries of PAGCOR’s 2024 revenues included cities hosting Casino Filipino branches, which received PHP698.60 million; the Board of Claims under the Department of Justice, which was allocated PHP178.80 million; and the Renewable Energy Trust Fund, which received PHP248.01 million.

PAGCOR had previously surpassed the PHP100 billion ($1.71 billion) revenue mark only once, in 2018, when it recorded PHP104.12 billion ($1.78 billion), including a one-time sale of property worth PHP32.71 billion ($560 million).

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