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Light & Wonder says five-year overhaul has made company “leaner, stronger”

Viviana Chan
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Light & Wonder says five-year overhaul has made company “leaner, stronger”

Light & Wonder chairman Jamie Odell said the company has become “leaner, stronger, more focused” after a five-year transformation that reshaped its governance, balance sheet, portfolio and listing structure, according to his address at the company’s first annual meeting as a sole ASX-listed company.

SG appoints former Aristocrat execs to board after investor changes
Jamie Odell

Odell said the period since he and Toni Korsanos joined the board as chair and vice chair had been one of “profound and deliberate transformation,” beginning with a change of control from a private equity-led stockholder structure to a 100 percent free float. The company also moved to a majority non-executive board and added seven new board members.

“Five years ago, this was a different company,” Odell said. “Today, Light & Wonder is leaner, stronger, more focused and better positioned than at any point in its history.”

The chairman said the group restructured its operations by consolidating five separate companies into one organization focused on gaming, operating across three reportable business segments. As part of that strategy, Light & Wonder exited its former lotteries and sports betting businesses, sharpening its focus on technology and content as its core growth drivers.

The company also reduced leverage, which Odell said had previously peaked at 10.5 times, and set a net debt leverage ratio target range of 2.5 times to 3.5 times. He said the company has recently stayed below 3.5 times.

Light & Wonder has also maintained a share buyback program, returning approximately $1.9 billion to stockholders between the launch of the program in March 2022 and March 31st, 2026. The company repurchased about 25 percent of its total outstanding shares prior to the start of the program.

Odell said Light & Wonder also strengthened its portfolio through the acquisition of iGaming studios, the remaining minority interest in SciPlay, and Grover. He said these businesses were cash flow generative, accretive to earnings per share, and improved the quality and resilience of the group’s cash flows.

The chairman also defended the company’s move to a sole primary ASX listing after exiting its dual Nasdaq/ASX structure. Light & Wonder launched its secondary ASX listing in May 2023, with the ASX later accounting for about 37 percent of total equity trading.

“The Board concluded that the ASX — with its deep investor base, strong understanding of the global gaming sector, and highly liquid market — was the right long-term home for Light & Wonder,” Odell said.

Light & Wonder remains incorporated in Nevada, with its common stock trading on the ASX as CHESS Depositary Interests, each representing beneficial ownership of one share of common stock.

Looking ahead, Odell said the company entered 2026 as a structurally simpler, strategically focused and financially stronger business. Subject to external uncertainties, including geopolitical developments and potential regulatory changes, Light & Wonder is forecasting mid-to-high single-digit consolidated AEBITDA growth for 2026.

The company also remains committed to its long-term targets, including consolidated AEBITDA of $2 billion in 2028 and adjusted earnings per share of more than $10.55.

Zitro introduces its FANTASY cabinet to the Colombian market

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Zitro introduces its FANTASY cabinet to the Colombian market

Following the success across multiple markets, Zitro has announced the arrival of its FANTASY cabinet in Colombia, featuring ‘Lion Falls’, with the first installation now live at Casino San Remo, operated by Sociedad Promotora Turística de Medellín.

FANTASY’s debut in Colombia marks another significant step in Zitro’s expansion strategy throughout Latin America. The country represents a key market where Zitro has built a strong presence over the years, and this launch reinforces its commitment to delivering innovative, high-performing products to both operators and players in the region.

ZITRO’s FANTASY cabinet debuts in Spain at Casino Barcelona
Lion Falls by Zitro

Ivan Gomez, Sales Manager at Zitro Colombia, shared: “FANTASY has established itself as one of Zitro’s most advanced cabinets thanks to its spectacular graphics and immersive multimedia features. The offering is complemented by ‘Lion Falls’, an exclusive title that has consistently performed and earned excellent feedback from both players and operators.”

“Adding FANTASY to our gaming floor reflects our commitment to delivering the best entertainment experiences to our players. Early results have been positive, and partnering with an industry leader like Zitro gives us confidence that it will be another success with our customers,” said Nilson Bustamante, Manager at Sociedad Promotora Turística de Medellín.

“FANTASY’s first installation in Colombia represents another important milestone for Zitro in the region,” added Alejandra Burato, Regional Director for Latin America at Zitro. “We are delighted to launch our cabinet in another country and are confident it will resonate strongly with Colombian players. We thank Sociedad Promotora Turística de Medellín for their trust and support, and we look forward to expanding FANTASY’s presence across Colombia in the months ahead.”

Brightstar Lottery: Renato Ascoli to step down as Global Lottery CEO

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Brightstar Lottery: Renato Ascoli to step down as Global Lottery CEO

Brightstar Lottery has announced a senior leadership transition, with Global Lottery CEO Renato Ascoli stepping down on June 30, 2026, after a distinguished 20-year career, and Marco Tasso being promoted to Executive Vice President and Chief Operating Officer, Global Lottery, effective July 1, 2026.

Marco Tasso, Brightstar Lottery
Marco Tasso

The company stated that the changes are part of Brightstar’s evolution into a standalone, pure-play lottery business and are aimed at optimizing operations for future growth. 

Mr. Tasso, currently COO, International and Italy Operations, brings more than 20 years of experience across the company’s B2C and B2B businesses and deep end-to-end knowledge of the lottery ecosystem. In his role, Tasso will have responsibility for all of Brightstar’s global lottery operations, including technology, product development, marketing, sales and product management, supply chain, customer support and field services. He will report directly to Brightstar CEO, Vince Sadusky.

“Renato has made a tremendous impact on our company and the lottery industry,” said Marco Sala, Executive Chair of the Board, Brightstar. “His broad experience across lottery product development, technology and commercial strategy helped us to continuously deliver innovative solutions and services to our lottery customers. I want to thank and congratulate him for his many career accomplishments.”

Marco Sala
 Marco Sala, Executive Chair of the Board
Vince Sadusky, CEO at Brightstar Lottery
Vince Sadusky, CEO at Brightstar Lottery

“As Renato prepares to step down, I want to thank him for his many years of service and steadfast commitment to our business and people,” added Vince Sadusky, CEO of Brightstar. “Having Marco as a part of our senior leadership team supports the company’s vision and strategic goals. As we strengthen our focus on growth, transformation and operational execution, Marco’s insights and experience will help shape the lottery operating organization and optimize it to deliver results.”

Marco Tasso is a seasoned professional with more than two decades of experience in senior leadership roles across lottery management, global supply chains, strategy, product development, retail execution and consulting in both Europe and the United States. He has held various senior leadership roles at Brightstar and its predecessor company, IGT, including his current position of COO, International and Italy Operations; SVP of Global Supply Chain and Services; and SVP of Global Lottery Marketing.

Marco also previously served as CEO of Northstar Lottery Group, where he managed the first-ever private lottery management contract for the Illinois Lottery, and he later oversaw similar private manager agreements in Indiana and New Jersey. Before that, Marco held leadership positions at Lottomatica, where he managed different business units, including instant lotteries, lotto, and commercial services.

Earlier in his career, Marco consulted in roles at Bain and Company and Ernst & Young Consultants, where he developed a specialization in strategic planning, production, and cost-saving initiatives. In this capacity, he worked with prestigious clients such as Telecom Italia, Fiat, and Bridgepoint Capital.

Prediction Markets for iGaming: SOFTSWISS announces live industry panel

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Prediction Markets for iGaming: SOFTSWISS announces live industry panel

SOFTSWISS will host a LinkedIn Live panel titled “Prediction Markets for iGaming: Risks and Opportunities” on 25 June at 14:00 CET, bringing together experts from Deloitte, NEXT.io, and SOFTSWISS to delve into one of the industry’s most talked-about emerging verticals.

Prediction Markets are attracting growing attention across the iGaming industry, with global trading volume exceeding 55 million euro in 2025. At the same time, operators face important questions around product positioning, risk management, liquidity models, and regulatory compliance.

The webinar will cover several key topics:

  • New Vertical vs Engagement Tool – should operators treat Prediction Markets as a standalone product or a sportsbook add-on?
  • P2P vs Fixed Odds – which pricing model works better for operators and players?
  • Operator Risk vs Market Opportunity – what regulatory and operational risks are at stake, and how can they be managed?
  • EU vs US Model Clash – which regulatory and commercial approach will shape the global Prediction Markets landscape, and what can operators learn from each market?

Live On LinkedIn: 25 June 2026

The session, Prediction Markets for iGaming: Risks and Opportunities, will be held on LinkedIn Live on 25 June at 14:00 CET. The panel is open to all iGaming professionals with free registration.

Prediction Markets for iGaming: SOFTSWISS announces live industry panel

Alexander Kamenetskyi, Head of Operations at SOFTSWISS Sportsbook, shared: “Many operators are still trying to understand where the real opportunities in Prediction Markets lie and what risks come with them. Through this discussion, we want to help businesses cut through the hype and focus on the practical realities. The panel will provide a clearer view of what launching Prediction Markets actually involves and how this model can fit operators’ business goals.” 

Industry professionals can submit their most critical Prediction Markets inquiries, which the panel will address during the live discussion.

Ahead of the webinar, anyone interested in the topic can also explore SOFTSWISS’ latest report, ‘Prediction Markets: From Trading to Betting.’ It examines key prediction market platforms and regulatory developments across major jurisdictions, providing practical guidance on launching this category as an iGaming product.

Yggdrasil releases Giga Zombies GigaBlox: a must-play slot

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Yggdrasil releases Giga Zombies GigaBlox: a must-play slot

The Horror Blockbuster of the Summer is here. The renowned game supplier, Yggdrasil, celebrated for its striking visuals and innovative mechanics, has launched Giga Zombies GigaBlox™ globally, a thrilling video slot designed for fans of horror movies and players looking to escape from the ordinary. 

Set in a lost ancient temple swallowed by the jungle, the game follows a beautiful red-haired treasure hunter battling relentless zombie hordes in a post-apocalyptic world. The Progress Bar serves as her lifeline, the Wilds become her weapons, and the Gigablox™ symbols represent the rare moments to stand against the overwhelming armies of undead. 
 
The game features a dynamic 6×5 reel setup with pay-anywhere wins, delivering an engaging experience for players who enjoy modern, feature-rich slots. A variety of mechanics combine to create high-impact gameplay, including a Progress Bar, Avalanche wins, GigaBlox™ symbols, Wild Rain, Free Spins with multipliers of up to x50, and Rescue Features that can transform dead spins into winning opportunities. 
 
The star of the game is the GigaBloxTM Game Engagement Mechanic. A massive super-sized symbols crashing onto the reels that can appear in 2×2, 3×3 or 4×4 sizes. Upon participating in a win, the Gigablox™ symbol splits into 1×1 Symbols of the same kind, creating additional opportunities for consecutive wins.​ 
 
Designed for players who enjoy pop-culture-inspired themes and scaled gameplay, Giga Zombies GigaBlox™ delivers high volatility alongside a maximum win potential of up to 6,260x stake. 
 
The game carries Yggdrasil’s distinctive visual signature, combining cinematic effects with high-contrast artwork to immerse players in a rich post-apocalyptic universe. The result is a premium video slot experience that appeals to players seeking modern gameplay, compelling features, and atmospheric storytelling. 
 
Marcin Tomala, Senior Game Designer at Yggdrasil, said: “We had a lot of fun brainstorming this game’s vision. The main inspiration behind Giga Zombies was to combine the excitement of classic adventure movies with the action and chaos of a zombie shooter. We wanted players to feel like they’re joining a treasure hunt deep in an ancient Aztec world, blasting through hordes of undead on the way to hidden riches. The game’s higher volatility really supports that fantasy too—every spin feels like taking another risk in search of a big reward, and I’m excited to see how players react to that experience.”

POGO-linked Alice Guo charged over $16.3M estimated tax deficiency

Viviana Chan
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POGO-linked Alice Guo charged over $16.3M estimated tax deficiency

The Philippine Bureau of Internal Revenue (BIR) on Thursday filed a criminal case with the Department of Justice against Alice Guo for alleged tax evasion and failure to file Annual Income Tax Returns for taxable years 2019 to 2023, the Philippine News Agency reported. 

The case involves an estimated income tax deficiency of more than PHP1.008 billion ($16.3 million), inclusive of surcharges and interest.

The Guo case is the largest of five criminal tax cases filed by the BIR, which together involve an aggregate estimated tax deficiency of more than PHP1.46 billion ($23.7 million).

The investigation was prompted by Guo’s testimony during a May 22nd, 2024 Senate hearing concerning a raid on a Philippine Offshore Gaming Operator (POGO) compound in Bamban, Tarlac, during which she admitted to owning various real properties, vehicles, and interests in several corporations.

Subsequent investigation identified significant assets and financial transactions associated with Guo, including real properties, motor vehicles, a helicopter, bank transactions, and shares of stock. BIR records showed that Guo failed to file Annual Income Tax Returns for five consecutive years beginning in 2019, despite substantial documented expenditures during the period.

Using the expenditure method to reconstruct income, the bureau found the submitted documents insufficient to explain the magnitude of the transactions identified, concluding that Guo had undeclared income.

Waterfront Manila Hotel reconstruction suspended on cost concerns, restart eyed for 2028

Viviana Chan
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Waterfront Manila Hotel reconstruction suspended on cost concerns, restart eyed for 2028

Acesite (Phils.) Hotel Corporation has suspended the reconstruction of the Waterfront Manila Hotel & Casino, citing ballooning costs and weak tourism prospects, according to a Thursday filing to the Philippine Stock Exchange.

The property, formerly known as the Manila Pavilion Hotel and referred to in the filing as the Waterfront Manila Pavilion Hotel, is located along United Nations Avenue in Ermita, Manila. It burned down in March 2018 in a fire attributed to faulty electrical wiring, which ignited in the casino’s slot machine area and claimed the lives of six PAGCOR employees.

The company said revised reconstruction estimates have reached PHP3.6 billion ($58.5 million), a marked increase from pre-pandemic projections, as materials and labor costs surged alongside rising fuel prices, pushing the budget ‘way beyond the scope of the insurance collected.’ Structural and civil corrective measures, together with re-layout additions, have driven the budget higher still.

Reconstruction began in 2019 with PHP1.5 billion ($24.4 million) provided by the hotel’s insurance carriers, before slowing as the pandemic progressed.

A phasing plan previously submitted to regulators had targeted a soft opening in 2026. However, management pointed to the local market’s inability to generate sufficient foreign room sales this year, as well as weak indications of a tourism uptick in 2027 amid the ongoing US-Israel-Iran war.

The company also noted that Manila’s gaming market is facing a ‘serious plateau‘ as online gaming expands, while inbound tour operators from China have been reluctant to bring in players who frequented the city during the POGO era, despite a no-visa policy for Chinese tourists.

Management said it will adopt a ‘cautious stance’ toward committing sizeable investments until tourist arrivals stabilize and projected gains in room rates, occupancy, and gaming revenue cover loan repayment and investment returns. The earliest estimate for restarting construction is 2028.

To strengthen its balance sheet, the company has appropriated PHP764 million ($12.4 million) in retained earnings for the reconstruction, and will set an annual maintenance budget to keep the superstructure safe and usable.

FBI says Cambodia provided key access in online scam compound probes

Viviana Chan
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FBI says Cambodia provided key access in online scam compound probes

The Federal Bureau of Investigation (FBI) is working closely with Cambodian authorities to disrupt online scam compounds, with Cambodia’s anti-scam commission providing what FBI Co-Deputy Director Andrew Bailey described as “unprecedented access” to raided sites, according to a June 10th virtual press briefing hosted by the U.S. Department of State’s Asia Pacific Media Hub.

Bailey said the FBI’s legal attaché, or LEGAT, office in Phnom Penh has been cooperating with Cambodia’s Commission for Combating Online Scams, or CCOS, to share intelligence and dismantle scam centers. He said the evidence collected from raided compounds was “remarkable,” adding that the FBI would continue to encourage Cambodia to intensify efforts against criminal networks operating such sites.

“Our LEGAT office in Cambodia has worked closely with the Cambodian Commission for Combating Online Scams, or CCOS, in order to share intelligence and dismantle the scam centers there,” Bailey said. “CCOS has provided our LEGAT with unprecedented access to raided scam compounds.”

Bailey made the comments in response to a question about Cambodia’s crackdown on the local scam industry and concerns over sanctioned alleged scam bosses who have not faced legal proceedings in the country.

The comments come amid growing U.S. concern over Southeast Asia-based scam centers targeting Americans, including operations linked to Cambodia. In April, the U.S. Department of Justice said its Scam Center Strike Force had taken coordinated actions against Southeast Asian criminal organizations operating scam centers that defrauded Americans of billions of dollars, including the seizure of a Telegram channel used to recruit human trafficking victims to a scam compound in Cambodia.

Bailey said the FBI’s focus remains on disrupting and dismantling the criminal networks behind the compounds and protecting victims. The agency will continue to expand collaboration with CCOS and the Cambodian government, he added.

Bailey described scam compounds as part of a wider transnational organized crime threat across Southeast Asia, involving large-scale fraud, cryptocurrency exploitation, money laundering and human trafficking.

He said the FBI is using an intelligence-driven strategy focused not only on individual compounds, but also on major actors, hidden networks and “linchpins in the criminal ecosystem.”

NagaCorp proposes 10-year share option scheme for directors, staff

Viviana Chan
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NagaCorp proposes 10-year share option scheme for directors, staff

Cambodia casino operator NagaCorp is asking shareholders to approve a new share option scheme that would let the company grant equity incentives to directors and employees over the next 10 years.

The proposal is due to be put to a vote at the Hong Kong-listed firm’s annual general meeting on June 25th, and would also require the Hong Kong Stock Exchange’s Listing Committee to approve the listing of any shares issued when options are exercised.

NagaCorp said the scheme is intended to “provide incentive or reward” to participants for their contribution to the group and their continuing efforts to promote its interests. Eligibility would extend to directors across the group and employees of the company and its subsidiaries, including new recruits offered options as a hiring incentive.

The board would have full discretion over who receives options, weighing factors such as performance, length of service, and potential contribution to the group’s growth. Grantees would pay nothing to accept an option, and the rights could not be transferred or sold.

Shares issued under the scheme — together with any other share plans — would be capped at 10 percent of NagaCorp’s issued share capital as of the adoption date, excluding treasury shares. Any individual receiving more than 1 percent of issued shares within a 12-month period would need separate shareholder approval, while grants to directors, the chief executive, or substantial shareholders would face additional sign-off requirements.

Options would carry a minimum 12-month vesting period, though the board could shorten this in limited cases, such as “make-whole” grants compensating new hires for options forfeited at a previous employer. The exercise price could not fall below the higher of the closing price on the grant date or the five-day average before it.

Notably, the scheme attaches no mandatory performance targets and no clawback mechanism, unless the board chooses to impose such conditions on individual grants.

Asia Gaming eBrief: IEC partners DigiPlus unit for Philippine online gaming launch

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Asia Gaming eBrief: IEC partners DigiPlus unit for Philippine online gaming launch
Good morning. The shortcut is the strategy. International Entertainment is taking a quicker route into Philippine online gaming, signing with DigiPlus subsidiary TGXI to connect LaVie Resort & Casino Manila to an approved online platform. The setup gives the company speed but not a free pass: the LaVie operator remains responsible for licenses, reporting, audits, and compliance, with operations limited to Philippine IP addresses. Meanwhile, Citigroup expects Macau GGR to dip during the World Cup before bouncing back swiftly in mid-July, helped by a packed calendar of concerts and NBA China Games. The brokerage still forecasts 6.5 percent GGR growth for 2026. And in Cambodia, the government has rejected Amnesty’s claims that its scam crackdown is superficial, citing action against 25 casino licenses.

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ONLINE GAMING

International Entertainment upgrades Manila casino hotel with $9.2M construction deal

IEC partners DigiPlus unit for Philippine iGaming launch

International Entertainment Corporation is moving into Philippine online gaming through a non-exclusive partnership with Total Gamezone Xtreme Incorporated, a wholly owned DigiPlus subsidiary. The agreement will allow IEC’s New Coast Leisure Inc., operator of LaVie Resort & Casino Manila, to use TGXI’s online gaming infrastructure and certified content. The company said the arrangement would reduce the time and resources needed to build a platform from scratch.

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How Crypto Adoption in Asia is Changing iGaming Payments

Yevhen Krazhan, CSO for GR8 Tech

Yevhen Krazhan, CSO at GR8 Tech, explores how surging crypto adoption across Asia is revolutionizing iGaming payments, stating: “When I look at what’s changing fastest in Asia, it’s payment behavior,” as wallets, stablecoins, and seamless cross-border transfers become deeply ingrained in player habits. The winning operators will be those that offer fast, reliable, and local deposits and withdrawals. To make sense of it, Yevhen breaks Asia into two crypto realities.

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