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Expectation for 7% Macau GGR growth in 2025 : Seaport Research

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Seaport Research Partners is projecting 7 percent growth in gross gaming revenue (GGR) for Macau in 2025, with larger operators to benefit most in the long term. 

The projection takes into account the potential for an upside surprise if there is a turnaround in the Chinese economy and improvement in consumer sentiment.

This anticipated growth in GGR is expected to drive an approximately 9 percent increase in EBITDA across the industry, according to the firm’s latest gaming analysis.

Looking at the longer term (2025-2027), Seaport expects similar levels of GGR growth. The report suggests market share shifts will primarily benefit larger gaming operators, such as Sands China and Galaxy Entertainment Group (GEG), while smaller operators are expected to lose ground. This trend could be amplified if the recovery in Macau’s base mass market is stronger than Seaport’s current forecast.

In Macau, Seaport notes that Sands China struggled during the quarter, impacted by softer play and bad hold—both of which the firm views as temporary. Melco Resorts and SJM likely saw a slight decline in market share, although the firm estimates their losses were less than 100 basis points.

Conversely, other operators in Macau are expected to gain 70-90 basis points in market share. Despite some cost increases and fierce competition, particularly in player reinvestment, the Macau market remains highly competitive, and Seaport expects this trend to persist.

Vitaly Umansky, Seaport
Vitaly Umansky, Senior Analysts – Global Gaming, Seaport Research Partners

Meanwhile, SJM is the only gaming operator ranked with a “Sell” rating. Senior analyst Vitaly Umansky mentions that SJM remains poorly positioned in an increasingly competitive Macau market.

‘We expect SJM to show quarter-over-quarter share loss in Q4 (estimated at -80bps). We expect SJM to struggle to gain share in 2025 and beyond, likely losing share due to an inferior product offering, poor location on Cotai, and potential loss of satellite casinos,’ Umansky notes.

‘The company faces significant headwinds due to its weak positioning—over-reliance on the Peninsula, continued lack of premium mass expertise, slow ramp-up of Grand Lisboa Palace (GLP)—and very high leverage. We have concerns around SJM’s debt levels, especially given the slow ramp-up at GLP. Additionally, SJM has no ability to restart its dividend in the foreseeable future,’ he adds.

Las Vegas, hard rock mgm mirage

US market 

Looking towards the home base of a number of Macau operators, Umansky remains optimistic about the long-term outlook for Las Vegas. However, Seaport takes a more cautious view of the regional US casino market, anticipating challenges in 2025.

The firm notes that 4Q24 comparisons for Las Vegas were expected to be tough due to the impact of the Formula 1 event, although results were likely not as negative as initially feared. Meanwhile, US regional markets showed steady performance in 4Q24, with MGM benefiting from easier year-over-year comparisons following the Detroit strike and cyber-attack in 4Q23.

Daily Asia Gaming eBrief: How Macau regulations changed the VIP market 

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Good morning. Cause and effect. The shift in the weight held by the mass-market gaming versus VIP gaming in Macau was the intended cause of regulatory changes implemented since 2021, University of Macau researchers posited. Looking to the future, analysts from CreditSights believe Macau’s GGR should reach $30.6 billion in 2025. Meanwhile, the Bangkok Port, also known as the Khlong Toei Terminal on the Chao Phraya River in Bangkok has been designated as a possible location for an entertainment complex.

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Macau’s mass-market tourism shift driven by junket reform

A study by researchers at the University of Macau highlights the shift in the region’s gaming industry from a VIP junket-driven model to one focused on mass-market tourism as a collaborative regulatory effort between China and Macau since 2021. Stricter regulations on deposits and limitations on gaming promoters’ activities have been introduced to enhance accountability and oversight, particularly regarding joint liability for casinos in disputes involving junket operators. The Gaming Law of 2022 marked a significant regulatory shift, prohibiting junkets from independently offering deposit services and imposing joint liability on casinos unless they demonstrate proper oversight.


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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.


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Goa blocks 61 gambling websites

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The cybercrime cell of Goa police has blocked 61 gambling websites, as authorities continue to crackdown in illegal online operations.

According to The Times of India, the Cyber Crime Police Station has urged the public to report any instances of illegal online gambling to the relevant authorities to facilitate prompt action.

This current effort follows a previous operation in which the Cyber Cell blocked 96 websites, social media posts, and accounts under the same legal framework. Since November 2024, the cumulative total of blocked websites and accounts has risen to 157.

Online gambling has emerged as a significant concern, often leading to cases of fraud and financial exploitation.Investigations into the operations of these websites are already underway.

Authorities continue to emphasize the importance of vigilance in the online space, encouraging citizens to remain aware of illegal activities and to report them for further investigation.

Slight reduction in Macau’s gaming employment in 4Q24

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Macau’s gaming labor force saw a slight decline in the final quarter of 2024 on a sequential basis, albeit a smaller drop than that recorded in the hospitality and retail sectors.

According to the most recent data from Macau’s Statistics and Census Service (DSEC), employment in the gaming sector fell by 0.2 percent quarterly, amounting to about 71,600 – about 18.6 percent of the total employed population in the SAR.

Overall employment fell in line with the reduction seen in the gaming workforce, down by 0.3 percent quarterly, to about 378,300.

Macau’s unemployment rate remained unchanged quarter-to-quarter, at 1.7 percent, despite the labor participation rate falling by 0.3 percentage points to 67.7 percent in the October-December quarter.

But the rising costs in Macau for tourists continued to impact employment in the wholesale and retail trade, as well as in hospitality, with a drop of 2.7 percent in employment for the former and 0.7 percent for the latter. Wholesale and retail employed some 41,200 people, while hospitality employed 30,400, approximately.

Construction employment saw a sharper drop, down by 4 percent yearly, despite ongoing expansion and redevelopment projects by Macau gaming operators.

However, the restaurant sector saw a slight quarterly rise in employment, up by 0.4 percent, to 21,600.

MGM welcomes the Lunar New Year delivering Warmth and Care

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In anticipation of the Lunar New Year, the Macau gaming operator MGM maintains its tradition of supporting the community by organizing a range of activities for the elderly and those in need, including the “Spring Clean for Love,” “Intergenerational Calligraphy Workshop,” and “Songs for Spring Festival” programs, along with providing free haircut services for senior citizens.

In addition, over 2,500 scarves hand-knitted by MGM Golden Lion Volunteer Team members, other MGM team members, and local students were distributed to 14 social welfare organizations. These activities, organized by MGM, have benefited over 3,100 people, including seniors, students, and people with disabilities.

Cleaning Housefor Lunar New Year

Celebrating the 11th anniversary of the “Spring Clean for Love” program, MGM continues its custom of helping senior citizens clean their homes before the Lunar New Year to drive away bad luck and bring in good fortune. This year, 220 MGM team members, including over 50 management team members, joined hands to clean the homes of 220 elderly residents at Fai Fu Building in Fai Chi Kei Social Housing. They also helped the seniors decorate their homes with customized festive couplets.

To add a festive touch, the Golden Lion Volunteer Team distributed gift packs to each senior citizen containing staple and nutritious food, as well as daily necessities. Every elderly participant also received a hand-knitted scarf. During the visit, MGM’s mascot, Leo, made an appearance as the God of Fortune to greet the elderly and bring them joy with lively lion dance performances.

Fostering Intergenerational Bonds Through Art and Music

To promote intergenerational harmony, MGM invited 11 students from Macao Tung Sin Tong Secondary School to visit the senior citizens at Tung Sin Tong Elderly Activity Center and write over 100 festive couplets for them. The visit also featured captivating performances, with the Golden Lion Volunteer Team singing classic hits and the MGM Lion Dance Team wowing the audience with an energetic lion dance. 

MGM delivers warmth and care in welcoming the Lunar New Year

To make the event more memorable, MGM invited the members of a local calligraphy and painting association to join the visit and create Chinese paintings for the elderly. The Golden Lion Volunteer Team has also visited over 100 seniors at the Mong Ha Elderly Center of the Macau Federation of Trade Unions. The team members sang classic songs, played games with the elderly, and gave each of the elderly a New Year gift bag filled with staple food and household goods.

Community Haircuts for a Fresh Start

MGM organized five charity haircut events in January, offering free haircuts to more than 150 seniors from Lok I Elderly Care Center, Mong Ha Elderly Center of FOAM, Seac Pai Van Family Support and Community Service Complex of the General Union of Neighbourhood Associations of Macau, Brilho da Vida Elderly Center of Macau Caritas, and Northern District Family Services Center of the Women’s General Association of Macau. These haircut sessions, led by MGM Golden Lion Hairdressing Team and Teenagers Hairdressing Team, gave the seniors a fresh look to welcome the Year of the Snake. 

MGM delivers warmth and care in welcoming the Lunar New Year

Established in 2015, the MGM Golden Lion Hairdressing Team has been offering free haircuts every month, receiving positive feedback from all sectors of the society. This year, MGM invited 73 students from three local schools to form the Teenagers Hairdressing Team and work with MGM team members to provide haircut services to seniors, aiming to foster a sense of social responsibility among the youth and encourage them to respect and care for the elderly.

Majority opposes Thailand’s casino and online gambling plans: Survey 

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A recent survey by Thailand’s National Institute of Development Administration (NIDA) reveals that most respondents are against the government’s proposed casino entertainment complex and suggestions to legalize online gambling.

According to the Bangkok Post, when asked about the development of entertainment complexes with casinos, 59.19 percent of respondents said they opposed both the complex and the casino elements.

Meanwhile, 28.93 percent supported both the complex and the casino, 8.63 percent supported the complex but not the casino, 1.68 percent had no opinion, and 1.6 percent supported the casino but not the complex.

On the topic of legalizing online gambling, 58.32 percent of respondents strongly disagreed with the idea. Only 19.92 percent strongly agreed with it, 11.45 percent somewhat agreed, and 10.31 percent somewhat disagreed.

As for the idea of holding public referendums on the casino-entertainment complex and online gambling, 51.07 percent of respondents opposed holding referendums for both. In contrast, 37.86 percent supported holding referendums on both issues, 5.11 percent supported a referendum only for the casino complex, and 3.89 percent backed a referendum only for online gambling legalization. A total of 1.99 percent of respondents had no opinion, and 0.08 percent did not answer.

The survey was conducted via telephone interviews on January 20th-21st with 1,310 people over the age of 18 from various educational, income, and occupational backgrounds.

Thailand’s cabinet approved the draft “Entertainment Complex Business Act” earlier this month, marking a significant step toward legalized land-based casinos.

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.

Meanwhile, 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.

Although he holds no formal government position, Thaksin remains one of the most influential figures in Thai politics and is widely regarded as a central power behind the premiership of his 38-year-old daughter, Paetongtarn Shinawatra.

SOFTSWISS Marketing Campaign and Customer Service honored as Best in iGaming

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SOFTSWISS, a leading tech provider in iGaming software, has announced its recognition in the Best Advertising and Marketing Campaign and Best Customer Service categories at the European iGaming Awards 2025.

The ceremony, held in Barcelona, ​​recognises excellent companies in the online gaming sector. SOFTSWISS was honoured for its commitment to innovations at all levels, from products and customer support to marketing promotion. The forward-thinking approach has established the company’s reputation in the European iGaming landscape.

Introduced in October 2023 in Malta, the award-winning ‘Grab Success’ campaign once again captured experts’ attention after its triumph at the EGR Marketing & Innovation Awards 2024. With the aim to enhance brand recognition, the campaign featured the Maltese crab as a powerful symbol of determination, complemented by key visuals with the company’s C-level executives to foster audience trust. The integration of AR technology brought this concept to life, captivating iGaming professionals worldwide. 

Valentina Bagniya, Chief Marketing Officer at SOFTSWISS, shares: “We are proud to see our marketing efforts honoured by the industry. The ‘Grab Success’ campaign showed outstanding results not only through a strong visual impact but also in terms of figures demonstrating high engagement with our target audience both online and offline. Our goal is to craft campaigns that speak to our audience’s aspirations and reflect the SOFTSWISS creative spirit and innovative technologies.”

The Best Customer Service award honours SOFTSWISS Managed Services, which provides a full range of tailored solutions ensuring players have the best possible experience. These services, including First Line Support, Anti-Fraud Support, VIP Player Support, Player Retention and Reactivation, and Content Management, provide operators with the tools to maintain an engaging yet safe gaming environment.

“This recognition is incredibly meaningful for our team,” says Artyom Rudakov, Head of SOFTSWISS Managed Services. “It celebrates the dedication, knowledge, and passion we bring to each project. We believe in building genuine connections with our partners and players, and this award inspires us to keep improving our approach and ensures we keep delivering top-tier support to our clients.”

With its success at the European iGaming Awards 2025, SOFTSWISS continues to expand its industry accolades this year following the recent recognition of Affilka by SOFTSWISS at IGA 2025.

Macau GGR to reach $30.6B in 2025: CreditSights

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Macau’s gross gaming revenue (GGR) is expected to slightly exceed targets and potentially reach MOP245 billion ($30.6 billion) in 2025, according to CreditSights.

The financial services company, part of the Fitch Group, has published a comprehensive outlook for Macau’s gaming sector, highlighting a robust recovery trajectory for the industry.

According to the report, Macau’s GGR for fiscal year 2024 (FY24) is projected to rise by 24 percent year-on-year, reaching MOP227 billion ($28.4 billion).

This figure surpasses the FY24 target of MOP216 billion ($27 billion), although it still represents only 78 percent of the pre-pandemic levels seen in 2019. Notably, the mass market segment continues to dominate, accounting for 76 percent of overall GGR.

Visitor arrivals in Macau have also seen significant improvement, with a total of 34.9 million tourists recorded in FY24, marking a 24 percent increase compared to the previous year and reaching 89 percent of 2019 levels.

Macau Visitor arrivals December 2024

Mainland Chinese tourists remain the largest group, making up 70 percent of total arrivals. However, GGR per visitor remains 12.5 percent below 2019 figures, standing at MOP6,493 ($810).

In terms of non-gaming revenue, Macau’s non-gaming spending for the first nine months of 2024 reached MOP56.2 billion ($7.0 billion), an 8 percent increase year-on-year and 118 percent of the levels recorded in the same period of 2019.

CreditSights anticipates continued growth in non-gaming expenditures, driven by increased investments from casino operators and ongoing efforts to diversify the economy.

Looking ahead, the brokerage forecasts that Macau’s GGR will slightly exceed the FY25 target of MOP240 billion ($29.9 billion), potentially reaching MOP245 billion ($30.6 billion).

This optimistic projection is contingent on further improvements in tourist arrivals and a modest increase in GGR per visitor in 2025. The report also notes that hotel occupancy is expected to improve as casino renovations and room conversions are completed.

For 2025, CreditSights identifies several positive catalysts for the gaming sector in Macau, including the further easing of travel restrictions, the completion of casino renovations and enhanced entertainment offerings, and macroeconomic support measures implemented by Chinese authorities that are likely to boost domestic consumption and consumer sentiment.

Bangkok Port among potential locations for Thailand’s IR plans

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Thailand’s Transport Ministry has added Bangkok Port to its list of potential locations for an entertainment complex.

Bangkok Port, also known as the Khlong Toei Terminal, is situated on the Chao Phraya River in Bangkok. This port serves as a significant seaport and is managed by the Port Authority of Thailand. It has a medium size and features a large harbor capable of accommodating vessels over 500 feet in length, making it an essential hub for maritime activities in the region.

Last Friday, Transport Minister Suriya Jungrungreangkit revealed that his deputy, Manaporn Charoensri, had instructed the formation of a committee to assess the feasibility of developing entertainment complexes at various sites, including ports. Multiple locations are currently under evaluation.

In discussing the potential of Bangkok Port, Minister Suriya emphasized the site’s considerable promise. The large plot of land, with scenic river views, could also be transformed into a yacht marina, making it an ideal candidate for development.

As Deputy Prime Minister, Suriya also pointed out that Bangkok itself is an excellent location for such a project. When asked about Laem Chabang or Pattaya as potential sites for an entertainment complex in the eastern region, which might include a casino, Suriya clarified that the decision rests with a national committee. The Transport Ministry, he said, does not have the authority to select the location.

Promising Pattaya

Meanwhile, Pattaya Mail reports that Pattaya’s Mayor Poramet Ngampichet has strongly supported the government’s initiative to establish “Entertainment Complexes” in key tourist cities, including Bangkok, Chiang Mai, Phuket, and Pattaya, with the goal of boosting the economy and tourism. This proposal aligns with Pattaya’s existing policies under the “We Love Pattaya” group, which campaigned for such developments during the election.

Pattaya, Thailand

Pattaya’s strategic objectives include creating a comprehensive entertainment complex that goes beyond a casino to feature theaters, water parks, amusement parks, shopping malls, and other attractions aimed at diverse tourist groups. Mayor Poramet emphasized the importance of diversifying Pattaya’s offerings to attract a broader range of visitors, including families and those attending conferences and exhibitions. The complex would contribute to the city’s overall appeal and economic growth.

However, the mayor stressed the need for clear regulations to ensure the complex does not encourage harmful gambling practices. While awaiting more detailed government policies, Mayor Poramet reaffirmed his full support for the development of a multifaceted entertainment complex to enhance Pattaya’s reputation as a premier tourist destination.

The race is on

Earlier this month, reports indicated that six to seven major international investors have already expressed interest in developing full-service entertainment complexes in Thailand.

The Thai government has mentioned several prominent names, including Las Vegas Sands, Wynn Resorts, Caesars Entertainment, MGM China, Hard Rock Group, and Melco Resorts & Entertainment.

Meanwhile, Macau gaming operator Galaxy Entertainment has told investment bank Goldman Sachs that it is set to enter the bidding process for an integrated resort (IR) license in Thailand, with plans to initiate a Request for Proposal (RFP) as early as mid-2025. Galaxy Entertainment has also expressed strong interest in participating in the competitive IR license bidding process, focusing exclusively on the Bangkok site.

Kendoo ignites the scene with Wild Cats Fire: Hold and Win

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Kendoo, a rising star in the iGaming industry providing online casino platforms and game aggregators, has launched its most feature-rich title to date with the release of jungle adventure slot Wild Cats Fire: Hold and Win.

Set against an exotic jungle backdrop teeming with hidden treasures, the game delivers a visually stunning and immersive slot experience.

Wild Cats Fire offers untamed excitement with 20 pay lines, a jackpot accumulation mechanic and engaging features that keep players entertained with every spin.

The game’s standout features include Bonus Tokens and Mystery Symbols, which activate the Hold and Win Bonus round. Respins reset with each new symbol added, while Mystery Symbols transform into Jackpot Tokens, allowing players to win Mini, Minor, Major, or the coveted Grand Jackpot.

Players who fill all 40 positions on the expanded 5×8 reel layout will claim the Royal Jackpot, worth an incredible 10,000x their bet.

The Free Spins feature adds another layer of excitement, during which Bonus Tokens and Mystery Symbols dominate the reels, with the possibility of retriggering for even bigger wins.

Wild Cats Fire is a game that embodies Kendoo’s commitment to delivering captivating experiences,” said Polina Koltunova, Chief Product Officer at Kendoo. “With its engaging mechanics, stunning visuals, and generous jackpots, we are confident this release will resonate with players worldwide.”

Wild Cats Fire is now available to players across Kendoo’s partner platforms. With its mix of excitement and untamed charm, this slot promises to be a game-changer in the jungle-themed slot genre.