Australian gambling group Tabcorp has announced the appointment of Michael Fitzsimons as its new Chief Wagering Officer.
Fitzsimons had previously served as the Executive Director of Wagering at the Hong Kong Jockey Club (HKJC) – handling strategy, trading, marketing and product development for fixed odds, parimutuel and lottery products.
Fitzsimons had also previously served as the Director of International Trading and Operations at The Stars Group – launching the PokerStars Sportsbook and relaunching SkyBet in Germany and Italy.
Speaking of the appointment, Tabcorp’s CEO elect Gillon McLachlan, noted that “Fitzsimons is one of the world’s most sought after wagering executives and brings extensive global sports betting experience to Tabcorp. He has a deep knowledge of international sports betting, trading and tote. Michael is a rare find – he knows digital and retail wagering and is one of the few people in the world who can connect both to grow a wagering product.”
The group created the role specifically for Fitzsimons, noting that it is a “significant uplift in wagering capability within our executive team”.
The hiring comes after a major restructuring of the group’s Executive Leadership Team, announced in December of 2024, including the creation of the Chief Wagering Officer role and this of Chief Commercial and Media Officer.
Okada Manila operator Tiger Resort, Leisure and Entertainment (TRLEI) saw a 3.7 percent drop in its 4Q24 gross gaming revenue results, falling to PHP8.97 billion ($153 million), with falls in both gaming machine revenue and VIP table games.
According to the group’s most recent results, overall GGR for 2024 fell by 21.8 percent yearly, reaching nearly PHP34.82 billion ($594.5 million) – with drops in GGR from all gaming segments compared to 2023.
VIP rolling chip volume saw significant deterioration in the fourth quarter, on a yearly basis, falling to nearly PHP76.88 billion ($1.31 billion), compared to PHP126.33 billion ($2.16 billion) in 4Q23. Total revenue from the VIP segment amounted to PHP3.15 billion ($53.78 million) during the fourth quarter, down by 9.4 percent yearly.
Okada Manila Casino floor
Gaming machine revenue was down by 1.38 percent yearly, topping out at just PHP3.26 billion in the quarter.
Mass market table games actually saw a yearly improvement, up by just 1 percent, totaling PHP2.55 billion ($55.66 million).
Other revenue – encompassing hotel, F&B, retail, entertainment, and others rose during the quarter, hitting PHP1.2 billion ($20.5 million) – an increase of 16.2 percent yearly.
Looking at the year overall, total revenue for the TRLEI, a subsidiary of Universal Entertainment, amounted to PHP38.93 billion ($66.47 million) – the majority derived from its gaming operations.
VIP revenue fell by a hefty 34 percent, clocking in at just PHP11.1 billion ($18.95 million), while mass market table games revenue dropped by nearly 15 percent yearly, to just PHP10.93 billion ($18.66 million).
Gaming machine revenue in 2024 similarly saw a decrease, topping out at just PHP12.77 billion ($21.8 million), an annual decrease of nearly 14 percent.
Hotel occupancy during the quarter actually increased, reaching 84 percent, compared to 75.1 percent in 4Q23, despite a slight increase in the average daily room rate.
During the fourth quarter, Okada Manila saw 1.71 million visitors, compared to 1.6 million in 4Q23. For the whole year, the property welcomed 6.03 million visitors, up from 5.98 million in 2023.
In a year marked by macroeconomic headwinds, the Macau gaming sector continues to demonstrate resilience. According to an investment memo from JP Morgan, 4Q24 posted the highest gross gaming revenue (GGR) in 20 quarters despite challenging conditions.
Analysts DS Kim, Mufan Chi, and Selina Li note that valuations in the sector remain low, and while the results were in line with estimates, ‘a sector-wide rally seems unlikely’ without a clear catalyst or broader market excitement.
Macau’s GGR in 4Q24 showed a solid 3 percent quarter-on-quarter growth and a 6 percent year-on-year increase, aligning with expectations and seasonal trends. JP Morgan notes that the performance across segments reflected stability, with mass GGR, which includes slot machines, rising by 5 percent quarter-on-quarter. This was an all-time high, sitting 11 percent above pre-COVID levels. In contrast, VIP GGR remained largely flat quarter-on-quarter, still around 20 percent of pre-pandemic numbers.
These results are ‘respectable’, particularly given the ongoing macroeconomic challenges and the impact of President Xi Jinping’s visit to Macau, which caused some disruptions.
Macau operators are scheduled to report 4Q24 results between late January and early March, with expectations for modest industry-wide earnings growth.
JP Morgan notes that industry EBITDA is projected to edge up by 2-3 percent quarter-on-quarter, with margins expected to remain stable. Despite this overall outlook, there will be variations between operators, with the market closely monitoring market share shifts and operational expenditure changes.
Market share shifts
JP Morgan predicts MGM and Galaxy will be the main winners in the market, with share gains expected for both. MGM is projected to gain an additional 90 basis points (bps) quarter-on-quarter, reaching a market share of 15.6 percent, which aligns with its target of a ‘mid-teens’ market share.
Galaxy is expected to gain 80bps, reaching 19.7 percent, a post-reopening high, as it continues to expand its Phase III hotels and revamped gaming areas.
On the other hand, Sands is expected to experience a significant drop in market share, losing nearly 100bps quarter-on-quarter to around 23.5 percent. This decline is attributed to disruptions caused by the Londoner hotel’s room renovation, which resulted in 100 percent of Sheraton rooms being taken offline at the end of last year. This disruption is expected to ease from Chinese New Year (CNY) through May, as renovated suites are gradually rolled out.
SJM is also expected to lose around 30bps, dropping to 13.6 percent, reversing some of its gains from 3Q24 due to normalizing VIP luck and other factors. Wynn and Melco’s market shares are expected to remain stable in 4Q24.
Flat EBITDA momentum
Analysts from JP Morgan indicate that while the industry as a whole is expected to see relatively flat EBITDA momentum, Galaxy is forecast to be the standout performer. The operator’s EBITDA is projected to grow by 8 percent quarter-on-quarter, reaching post-pandemic highs and achieving 80 percent of its pre-COVID-19 EBITDA. This growth could make Galaxy the only meaningful outperformer in 4Q24.
Modest expectations for Chinese New Year
For Chinese New Year (CNY) Golden Week, JP Morgan does not anticipate a major shift in industry trends. While bookings for the holiday are nearly full, with 99 percent of casino hotel rooms sold out for peak days, the firm expects only modest year-on-year GGR growth in the low to mid-single digits.
The brokerage reminds that last year’s solid performance makes for tough year-on-year comparisons, especially from January through May 2025.
As a result, industry GGR is expected to grow by 4 percent year-on-year in 1H25, compared to a stronger 7 percent growth in 2H25. JP Morgan maintains its FY25 GGR growth forecast at 5 percent, with mass and VIP growth rates of 7 percent and 4 percent, respectively.
Orix Corp, the primary local partner of MGM Resorts International in MGM Osaka project, has expressed confidence in its ability to contribute to Japan’s goal of attracting 60 million international visitors annually.
The company highlights how its diverse businesses—spanning airports, hotels, and leisure facilities—play a daily role in boosting the regional economy while serving both business travelers and tourists.
In addition to its role in the MGM Osaka project, Orix is actively supporting the upcoming Expo 2025 Osaka, which will take place next spring on Yumeshima Island in Osaka Bay.
The site of Expo 2025 on the artificial Yumeshima island in Osaka Bay
In a January 16th comment on the company’s website, Toyonori Takahashi, Executive Officer and Kansai Representative for Orix Group, underscored the company’s focus on making a meaningful impact. He explained that Orix can create jobs and boost the income of the Kansai region by showcasing Japanese culture and the friendliness of its people, aligning with the company’s guiding philosophy of ‘Finding Paths. Making Impact.’
Takahashi also emphasized Orix’s collaborative approach, highlighting partnerships with foreign firms such as VINCI and MGM as key to importing global expertise. He noted that through joint ventures with VINCI in airports and MGM for the integrated resort (IR), he has learned a lot about how international partners conduct business, which differs from practices in Japan. This, he stated, has provided valuable opportunities.
Toyonori Takahashi, Executive Officer and Kansai Representative for Orix Group
The company further highlighted its strength as one of Japan’s largest and most diversified corporate groups. Orix operates 10 business divisions worldwide, generating JPY2.8 trillion ($18.8 billion) in annual revenue for 2023/24.
In earlier comments on January 9th, Takahashi expressed strong belief in the attractiveness of the MGM Osaka project, forecasting that it will draw both domestic and international visitors. He also discussed the competitive landscape, asserting that there is little to no national competition for MGM Osaka in the short term, as it will be Japan’s first integrated resort (IR) with a casino.
Takahashi says he believes that MGM Osaka will stand up to established integrated resorts in Asia, particularly those in Macau and Singapore.
The number of Suspicious Transaction Reports (STRs) filed by gaming operators in Macau increased by 11.8 percent in 2024, reaching a total of 3,847.
According to official data from Macau’s Financial Intelligence Office (GIF), the overall number of STRs in 2024 was 5,245, representing a 13.7 percent increase compared to 2023.
Reports from the gaming industry accounted for 73.2 percent of the total submissions in 2024, while the financial sector contributed 20.9 percent.
During 2024, GIF forwarded 142 STRs to the Public Prosecutions Office.
Good morning. The Thai gaming train keeps speeding up. Thailand’s casino bill could be enacted as early as early 2026, according to Julapun Amornvivat, Deputy Minister of Finance. Bidding for integrated resorts could open then open later in 2026 and construction initiated in 2027. Meanwhile, MGM China’s growth is expected to outpace the industry average in Macau thanks to VIP play, while hotels in the city prepare for a crowded Chinese New Year.
MGM China’s growth should outpace the Macau gaming industry average in the last quarter of 2024 thanks to a strong VIP segment, Jefferies’ analysts predict.
With 60K multiple-entry visas issued in two weeks, Macau sees a 26% rise in visitors and nearly full hotel bookings for the Chinese New Year.
Thailand’s casino bill is expected to be enacted in early 2026, as announced by Deputy Finance Minister Julapun Amornvivat. Following Cabinet approval, the draft law will be reviewed by the Council of State for 45 days, returning to the Cabinet before being submitted to Parliament by March 2025. Bidding for entertainment complexes, meanwhile, could open later in 2026 and construction starting in 2027.
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.
Altenar, a leading sportsbook provider is bringing its global expertise to Asia, looking to expand its operations. Since 2011, Altenar has powered hundreds of online sports betting sites worldwide and is a major B2B provider in Europe and Latin America licensed markets.
Macau gaming operator Galaxy Entertainment Group (GEG) has announced a salary increase for all eligible team members at the senior manager grade and below, effective April 1st, 2025.
This adjustment will benefit approximately 98 percent of Galaxy Entertainment Group’s workforce.
According to Wednesday’s announcement, team members who joined GEG before January 1st, 2025, will receive the following salary adjustments: those earning a monthly base salary and guaranteed tips (if applicable) of MOP16,000 ($2,006) or below will receive an increment of MOP600 ($75.2). Meanwhile, team members with a monthly base salary and guaranteed tips (if applicable) exceeding MOP16,000 ($2,006) will see a 2.5 percent salary increase.
In its statement, Galaxy Entertainment expressed gratitude to its team members for their efforts and contributions over the past year.
Galaxy Entertainment is the second gaming operator in Macau to announce a pay raise for 2025. Sands China was the first to unveil its salary increase in December 2024, alongside announcing a bonus. Sands China’s salary adjustments, which range between 2.5 percent and 5 percent, will take effect on March 1st, 2025.
According to an investment bank, similar salary increases are expected to be implemented by all six gaming operators in Macau.
Registered online bookmaker VicBet has been fined AU$130,000 ($83,000) for two violations of its customer care obligations, as announced by of the Victorian Gambling and Casino Control Commission (VGCCC).
According to VGCCC’s CEO, Annette Kimmitt AM, the serious consequences of non-compliance, not just for the companies involved but also for individuals at risk of significant harm due to irresponsible practices.
“It is an egregious betrayal of trust to continue sending marketing materials to someone who has self-excluded from gambling or closed their betting account,” Kimmitt stated, underscoring the importance of adhering to industry regulations.
The VGCCC’s investigation revealed that VicBet had committed two specific breaches. First, the bookmaker offered a AU$1,800 ($1,200) bonus bet to a customer after they requested the closure of their betting account in September 2022, resulting in a AU$50,000 ($33,000) fine.
Second, VicBet repeatedly sent promotional materials to a customer who had permanently self-excluded from the platform in March 2020, leading to an AU$80,000 ($53,000) penalty.
Under Victorian law, it is prohibited for bookmakers to provide incentives, such as credits or bonuses, to customers who wish to close their accounts. Additionally, sending promotional communications to self-excluded individuals violates the Victorian Bookmakers’ Association Code of Conduct.
“On these occasions, VicBet failed to uphold its legal and social responsibilities, which include minimizing harm to customers,” Kimmitt added. “The industry must respect the decisions of individuals who choose to take a break from or quit gambling, ensuring that all reasonable measures are taken to enforce harm prevention initiatives like self-exclusion programs.”
In less than two weeks, over 66,000 multiple-entry visas have been issued for travel to Macau’s neighboring cities, according to official data.
Since January 1st, 2025, Zhuhai residents have made 257,000 trips to Macau, representing a year-on-year increase of 26.1 percent, according to Lyu Ning, spokesperson for China’s National Immigration Administration.
In Tuesday’s press conference, Lyu revealed that 59,000 “One Trip Per Week” endorsements for travel to Macau have been issued, along with over 6,000 “Multiple-Entry” endorsements.
The “One Trip Per Week” visa, as well as the “Multiple-Entry” visa, are both recognized as tourist visas that allow for multiple entries.
The new visa policy, implemented on January 1st, 2025, allows Zhuhai residents to apply for a travel permit to visit Macau once a week, while Hengqin residents can apply for a multiple-entry visa. This initiative marks a pioneering move, as it is the first time Chinese authorities have introduced a multiple-entry visa for tourism to Macau.
The policy is also regarded as a “gift” to commemorate the 25th anniversary of the establishment of the Macau Special Administrative Region (SAR).
The spokesperson for the National Immigration Administration highlighted the significant growth in travel from mainland China to Macau following the introduction of the new visa scheme, which aligns with observations made by Macau authorities.
Earlier last week, Helena de Senna Fernandes, Head of the Macao Government Tourism Office (MGTO), confirmed that the newly implemented visa policy for residents of neighboring cities has already had a positive impact on Macau’s visitor numbers.
The official revealed that from January 3rd to 5th, 2025, daily visitor arrivals remained above 100,000. She believes that these encouraging numbers are a result of the new, more relaxed visa policy.
With nearly two weeks remaining before the start of Chinese New Year and Golden Week (January 28th to February 4th), according to AGB’s check, Macau’s hotel bookings are nearly full, especially in the Cotai area.
Most hotels at Galaxy Macau, an integrated resort by Galaxy Entertainment Group, are fully booked for the Chinese New Year period, with no rooms available after January 31st. Only Broadway, Okura, and Andaz offer availability from Chinese New Year’s Eve (January 28th) to the second day of the New Year, with prices ranging from MOP 2,000 ($251) to MOP 3,000 ($376).
The Venetian Macao, part of Sands China’s integrated resorts, is also fully booked, except for Chinese New Year’s Eve, January 29th, and February 4th. Room rates range from MOP 1,800 ($226) to MOP 2,000 ($251). The Londoner still has rooms available from Chinese New Year’s Eve to January 31st, but prices start from MOP 6,000 ($752) to MOP 13,000 ($1,630).
Melco’s hotels have availability until January 31st. Grand Hyatt has rooms available throughout the holiday, starting at MOP 4,000 ($502), while Studio City requires a two-night minimum stay at rates starting from MOP 6,000 ($752).
Wynn Palace is fully booked except for Chinese New Year’s Eve, with rates starting from MOP 2,000 ($251). MGM’s rooms are also fully booked, except for New Year’s Eve, with rates starting from MOP 4,300 ($539).
SJM’s Grand Lisboa has limited availability on January 29th and February 4th, with prices ranging from MOP 2,000 ($251) to MOP 3,500 ($439).
Thailand’s casino bill is anticipated to be enacted in early 2026, according to Julapun Amornvivat, Deputy Minister of Finance.
Julapun Amornvivat, Thailand’s Deputy Finance Minister
Local media outlet Post Today reported, citing Amornvivat, that the government has outlined a comprehensive schedule for the Entertainment Complex Business Act.
After Cabinet approval, the draft law will be sent to the Council of State for review. This process is expected to take 45 days before the law returns to the Cabinet and is subsequently submitted to Parliament by March 2025.
The bill will undergo further deliberation before being finalized into law, with enactment projected for the first quarter of 2026.
The approval of the bill will pave the way for the Integrated Entertainment Policy Committee to assess and announce investment conditions later in 2026. Following this, bidding for the entertainment complex projects will open, with construction expected to begin in 2027. The timeline is ambitious, as the government aims to complete construction within 3 to 4 years, ideally before the end of its current term.
Lertsuridej stated that these complexes are envisioned to be state-of-the-art, with the country prepared to host large-scale developments across multiple sectors.
“The investment conditions will focus on new construction in a designated government area, approximately 300 rai in size. The entertainment complexes will include 4 to 5 hotels, totaling 5,000 rooms, a large theme park, an international convention center, and year-round events such as concerts. The casino portion will comprise only 3 to 5 percent of the total area,” said Lertsuridej.
The unit “rai” is a traditional Thai unit of area, commonly used to measure land in Thailand. One rai is equivalent to 1,600 square meters, which means 300 rai represents 480,000 square meters.
The Secretary-General to the Prime Minister also emphasized that each investment will exceed THB 100 billion ($2.9 billion), with the first services expected to be operational by 2029—just ahead of the 2030 launch of a similar entertainment complex in Osaka, Japan.
