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PAGCOR announces financial support for the PMA facility enhancements

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The Philippine Amusement & Gaming Corporation (PAGCOR) Chairman and CEO Alejandro H. Tengco has announced the commitment to fund the construction and upgrade of key facilities at the Philippine Military Academy (PMA). 

During this year’s PMA Alumni Homecoming ceremony where he served as guest of honor, Mr. Tengco pledged funding for the construction of a new Candidate Control Liaison Office, a modern warfare laboratory, more facilities for the PMA Sports Complex and patient transport vehicles.

PAGCOR announces financial support for the PMA facility enhancements

The Candidate Control Liaison Office at the Armed Forces of the Philippines (AFP) Medical Center compound in Quezon City, is where successful PMA applicants undergo a complete physical exam before entering the academy in Baguio. 

“We were informed that this office is now in a serious state of deterioration and is in dire need of renovation,” Mr. Tengco said. “So today, we are affirming our commitment to help fund the construction of the new PMA Candidate Control Liaison Office even if the PMA management has not yet formally requested it.” 

PAGCOR announces financial support for the PMA facility enhancements

Mr. Tengco also pledged funding for a new warfare laboratory that will help integrate modern combat strategies and cutting-edge technologies into the academy’s curriculum. 

In addition, he promised to finance the construction of a martial arts studio and an Olympic-size heated swimming pool as essential enhancements to the PMA Sports Complex.

Although funding details are yet to be finalized, Mr. Tengco assured the PMA community that PAGCOR will help provide future cadets with facilities that foster both learning and skills development.

“These projects are proof of our commitment to protect the welfare of the brave men and women of the PMA and the Armed Forces who risk their lives for our nation,” Chairman Tengco said. “With grateful hearts, we will ensure that your sacrifices are never taken for granted and that you can always count on our cooperation and support.”

PMA Superintendent Vice Admiral Caesar Bernard Valencia said the grants from PAGCOR will be of big help to the academy.

PAGCOR announces financial support for the PMA facility enhancements

“We are ecstatic that PMA will be continuing its collaboration with PAGCOR,” he said. “As Chairman Tengco said, PMA and PAGCOR share a strong history of collaboration, and we are happy to continue that partnership.”

“Next year, we will be working on a new curriculum and we will delve mainly into electronic warfare, cyber warfare and artificial intelligence,” the PMA chief said. “For us to do that, we need a bigger venue where cadets can test theories they learn in class.”

Mr. Tengco also highlighted PAGCOR’s longstanding support for the PMA and the broader AFP community. 

Some of the state gaming agency’s key contributions were the Php105-million grant in 2012 for the rehabilitation of the PMA Sports Complex and the Php600 million donations from PAGCOR’s licensees Solaire Resort & Casino and Newport World Resorts for the construction and improvement of cadet barracks between 2016 and 2019.

In 2019, Solaire’s Bloomberry Cultural Foundation donated an additional Php80 million for the repair of the PMA cadet barracks which started to show signs of wear and tear.

PAGCOR and its licensees likewise funded the construction of the Veterans Memorial Medical Center Magiting Veterans Wing; the Php 53.22-million watchers’ dormitory at V. Luna Medical Center; and the Multi-Purpose Office Building for the PMA Alumni Association.

 

SOFTSWISS Sportsbook upgrades CMS to optimize operator efficiency

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SOFTSWISS, a premier global provider of innovative iGaming software solutions, is introducing an upgrade to its content management system (CMS) for the SOFTSWISS Sportsbook platform.

This update enhances sportsbook content management, offering operators greater control, streamlined workflows, and an improved user experience.

The new CMS introduces advanced customisation capabilities, optimised locale management, and an upgraded interface, allowing operators to manage their projects more efficiently. These improvements reduce manual work, minimise errors, and speed up content updates, ensuring a seamless experience for both sportsbook teams and players.

One key advantage of the new CMS is its improved flexibility in managing complex configurations. Operators can now customise settings with greater precision, enabling tailored adjustments based on their business requirements. The system allows for deeper content control, making it easier to fine-tune sportsbook offerings, promotions, and betting options. 

With enhanced locale management, teams can now reduce manual work when localising content for different markets, ensuring a smoother and more accurate experience when expanding into new regions. The improved interface also enhances usability, allowing teams to update key sections of their sportsbook more quickly and efficiently.

Alexander Kamenetskyi, Head of SOFTSWISS Sportsbook, commented: “This CMS is a massive upgrade for our Sportsbook’s operators. Our goal has always been to provide partners with the most agile and efficient tools for managing their projects. The latest improvements streamline content updates and enhance accuracy and scalability, allowing operators to focus on creating the best possible experience for players. As we continue to enhance our product, we’re excited about the new features we plan to introduce in the coming months.”

Recently the Sportsbook celebrated its fourth anniversary, reporting an 183% year-on-year increase in bets placed and expanding to 112 projects across 30 casino platforms.

SOFTSWISS is actively enhancing the system with new features planned for upcoming updates. One of the key improvements is a preview function, which will allow operators to preview page updates to prevent misconfigurations before content goes live. Another major upgrade will focus on mobile optimisation, enabling a more app-like experience. Instead of the traditional vertical scrolling, in-play events will be displayed in a side-scrolling format, making the interface more intuitive and engaging for mobile users.

The SOFTSWISS Sportsbook continues to deliver cutting-edge solutions to enhance both operator efficiency and player engagement. Recently, the SOFTSWISS Sportsbook Network Jackpot became the first cross-brand jackpot in the industry, boosting player engagement across multiple operators. 

The SOFTSWISS team will be available to discuss new features and partnerships at the SBC Summit Rio from 25 to 27 February.

Proposed NZ racing bill could make TAB sole online betting operator

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A new bill aimed at amending New Zealand’s Racing Industry Act 2020 is currently under scrutiny, which would designate TAB New Zealand as the only legal online operator for racing and sports betting.

The New Zealand Herald BusinessDesk’s Gregor Thompson discussed the implications on The Front Page podcast, noting that proponents believe a government-run entity can better regulate the industry, promote responsible gambling, and funnel revenue back into public use.

Currently, Kiwis are estimated to lose around NZ$185 million ($105.4 million) annually to offshore gambling operators, and this bill aims to retain that revenue within the country.

However, critics argue that establishing a monopoly could limit consumer choice and lead to unfavorable betting odds due to reduced competition. The Commerce Commission is actively working to enhance competition in other sectors, which makes this proposed monopoly controversial.

In parallel, TAB NZ’s operator, Entain, faces allegations regarding inadequate measures to combat money laundering and corruption in Australia. Australia’s financial crimes regulator has initiated civil penalty proceedings against Entain, which could mirror previous high-profile penalties in the industry.

Racing Minister Winston Peters has been briefed on the situation, and TAB NZ has reportedly sought reassurances from Entain regarding compliance with Australian laws.

Concerns have been raised that a monopoly could inadvertently increase gambling harm by offering worse odds, potentially leading to quicker losses for vulnerable gamblers. Additionally, there are fears that restricting legal betting options may push Kiwis towards black market alternatives, including cryptocurrency betting.

Macau gov’t gaming tax volume in January drops 2% Y-o-Y

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The Government of the Macau SAR has announced that it collected MOP7.1 billion ($889.7 million) in gaming taxes for the month of January.

According to data provided in the section on the Financial Services Bureau Central Account regarding Budget Execution, the January revenue marks a 2 percent decline compared to the same month last year, when the government recorded MOP7.3 billion ($913.5 million) in gaming taxes.

Gaming revenue last year reached MOP226.8 billion ($28.35 billion), up 23.9 percent from 2023, according to data published by the Gaming Inspection and Coordination Bureau (DICJ).

Total tax on gaming revenue during the first 11 months of 2024 totaled MOP81 billion ($10.12 billion), a 37.2 percent yearly rise, and 80.64 percent of the total revenue for the government during this period. The tax collection information for December 2024 has not yet been published, despite January’s already being released,

Macau gaming concessionaires are required to pay a special gaming tax of 35 percent of the gross gaming revenue, plus 2 percent of their gross gaming revenue for public funds that promote cultural, scientific, social, economic and educational development, as well as 3 percent for urban development, tourism promotion and social security. 

QTech Games boosts its premium platform with Upgaming’s Mini Games

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QTech Games, a leading game distributor worldwide, keeps building strong momentum in its premium pipeline, thanks to its latest deal with enterprise solutions provider Upgaming.

Under terms of this new agreement, Upgaming’s mini-games are now available on the QTech Games’ pre-eminent platform, coalescing its huge reach with Upgaming’s own engaging and innovative mini-games to deliver an elevated experience to iGaming operators and their players worldwide.

Upgaming’s mini games provide a unique mix of entertainment and challenge, appealing to players with their engaging gameplay and thrilling experience. The current deal includes over 20 such mini games, with notable highlights like Chicken and Dino, which have become fan favorites, the award-winning Aero, as well as new hits such as SpeedX and Doors.

Chicken and Dino, above all, have gained remarkable traction, especially throughout 2024. Their easy-to-grasp yet compelling gameplay has made these mini games widely accessible, leading to their adoption across more than 600 platforms.

This partnership offers strategic benefits for both companies. For QTech Games, adding Upgaming’s mini games enhances its platform’s content diversity, which has traditionally focused on slot games, live casino games and instant wins.

For Upgaming, this progressive partnership opens the gateway to QTech Games’ extensive scope, increasing exposure and player engagement on a global scale and unlocking untapped jurisdictions from Asia, through Africa and Eastern Europe, and on to Latin America for diversified growth. Thanks to this rapid-fire integration, Upgaming’s mini games are now connecting with new audiences, fostering brand loyalty and broadening the brand’s impact in the competitive iGaming landscape.

Philip Doftvik, CEO at QTech Games, said: “With innovative content like their quick-fire mini games, Upgaming was an obvious value-add to our platform. These games are a perfect fit for players looking for fast and fun action. Together, we will continue to raise the bar and shape a new experience for global players. We can’t wait to track how these games perform across a range of untapped markets which, in many cases, represent new territory for Upgaming.”

George Davlianidze, Commercial Director of Upgaming, stated: “By bringing our mini games to QTech Games’ platform, we’re reaching new players in key emerging markets, like Asia and Africa. Our games, known for their quick engagement and fun appeal, are a perfect addition to QTech’s content line-up. We’re looking forward to seeing the positive impact of this collaboration.”

Mohegan facing loan repayment acceleration for INSPIRE Resort

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Lenders have demanded the immediate repayment of a loan used to finance Mohegan’s $1.6 billion INSPIRE integrated resort in Incheon, South Korea.

The notice of loan acceleration was delivered to Mohegan shortly before their quarterly earnings call on Thursday.

Ari Glazer, Mohegan’s Chief Financial Officer, revealed during the call that the agent representing the lenders of MGE Korea Limited, the parent company of INSPIRE, had “accelerated the (holding company) debt.”

He added that the agent and Bain Capital, the primary lender, had “purported to take certain remedies, including the appropriation of shares in MGE Korea Limited.”

Mohegan is currently assessing the legitimacy of these actions and considering its response.

An acceleration clause in the loan agreement allows the lender to demand full repayment if the borrower fails to meet specific contract terms. While Glazer noted that this acceleration does not trigger a cross-default on other Mohegan debts, he acknowledged the need to evaluate the broader financial impact. He reassured investors that this event is unlikely to have a material effect on their North American properties in the first quarter.

Previously, Mohegan disclosed its efforts to refinance the approximately $275 million Bain-backed loan and other obligations related to INSPIRE in its New Year’s Eve annual report, aiming to avoid default.

Meanwhile, as reported by AGB, concerns have been raised about the company’s financial stability due to the slower-than-expected ramp-up of the INSPIRE integrated resort. The underlying issue appears to be high operating expenses tied to non-gaming facilities, such as the 15,000-seat arena, a multi-purpose indoor water park, a large-scale food court, and MICE facilities, as well as underwhelming gaming revenue. These factors may have contributed to a negative cash flow from both the gaming and non-gaming segments at INSPIRE Resort.

Despite these financial challenges, Mohegan officials expressed continued commitment to the INSPIRE project during the earnings call.

INSPIRE Resort generated $63.52 million in net revenue for 4Q24, with a negative adjusted EBITDA of $4.19 million for the quarter—a significant decline from the $10.89 million recorded in the final three months of 2023.

Daily Asia Gaming eBrief: Wynn’s Macau operations perform well in 4Q24

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Good morning. Results season is fully underway, with Wynn now in focus. Looking at the group’s Macau operations, Wynn Palace continued to prop up the group’s other property on the peninsula, with strong revenue in 4Q24. Looking at the full year, both properties performed well, despite significant drops in VIP. Looking at M&A, Aristocrat has announced the completion of the $820 million sale of its Plarium business, now restructuring to eliminate Pixel United. And back in Macau, analysts have high hopes that Sands China will resume dividends after a five-year dry spell.

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RESULTS

Wynn Palace helps boost Macau operations in 4Q24

Macau continued to be a cash cow for Wynn Resorts, with its two properties contributing a combined $926 million in the fourth quarter of 2024. This was largely due to the performance of Wynn Palace, which helped offset revenue drops at the group’s peninsula property. For the full year, Macau contributed some $3.68 billion in revenue to the operator, as both properties saw rises in their casino segment.


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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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Universal Entertainment reports $101M loss in 2024

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Universal Entertainment, the operator of Okada Manila, reported a net loss of JPY15.57 billion ($101.1 million) for the fiscal year ending December 31st, 2024.

This marks a significant decline from the previous fiscal year, when the company posted positive net income of JPY 28.44 billion ($184.7 million).

In addition to the loss, the company saw sharp declines in both net sales and operating profits compared to 2023. Net sales dropped by 29.4 percent yearly, from JPY 179 billion ($1.16 billion) in 2023 to JPY126.33 billion ($820.3 million) in 2024. Operating profits plummeted 90.1 percent, to just JPY3.02 billion ($19.6 million) in 2024.

Universal Entertainment attributes the loss to several factors, particularly the slowdown in the junket business in the Philippines, which adversely affected the overall market conditions for its casino operations.

In its integrated resort business segment, net sales fell by 15.4 percent year-on-year to JPY 81.98 billion ($532 million), and operating profit dropped by 80 percent to JPY2.87 billion ($19 million). Adjusted segment EBITDA also decreased by 34.8 percent, reaching JPY19.56 billion ($127 million) in 2024.

Okada-Manila

The company notes that Okada Manila’s fiscal year 2024 performance lagged behind the previous year. The number of VIP guests continued to decline due to the slowdown in the junket business, which hurts the overall market conditions for the Philippine casino industry. 

While sales in the mass market and gaming machines have steadily increased since pre-pandemic levels, performance in 2024 was lower compared to the post-pandemic surge seen in 2023. However, the hotel and food and beverage sectors maintained strong performance, with high guest numbers and increasing revenue.

Shareholder benefits withheld

In a separate announcement made on Thursday, Universal Entertainment confirmed that it will not implement its Shareholder Benefit Program for the 2024 fiscal year, citing its current financial position.

The program, intended for shareholders registered in the company’s shareholder register as of December 31st, 2024, and holding at least one unit (100 shares) of common stock, will not proceed. 

The company added that it will continue to review the possibility of implementing the Shareholder Benefit Program for the fiscal year ending December 31st, 2025, and in future years.

Mohegan INSPIRE nets $63.5M in net revenue in 4Q24

Casino operator Mohegan saw strong results from its INSPIRE resort in South Korea in the final three months of 2024, bringing in $63.52 million in net revenue.

According to the group’s most recent financial results, the property, however, generated negative adjusted EBITDA of $4.19 million during the quarter – a significant reduction from the $10.89 million registered in the final three months of 2023.

During the quarter, hotel occupancy at Mohegan INSPIRE amounted to 71 percent.

Mohegan INSPIRE held a soft opening on November 30th, 2023, while holding its grand opening in March of 2024.

For the company overall, net revenues rose by 17.3 percent yearly, to $498.9 million in 4Q24. The group managed to slightly reduce its net loss by 11.4 percent during the quarter, to $85.94 million, while adjusted EBITDA rose by 7.6 percent, to $85.09 million.

Speaking of the results, Mohegan’s Chief Executive Officer Raymond Pineault indicated that “During 2024, Mohegan rolled out a number of important initiatives as part of our strategy to become one of the premier global omnichannel resort operators. Our success in accomplishing these transformational objectives is a credit to our incredible team, and as I look forward to 2025, I’m optimistic about the trends I see emerging within our omnichannel business and from the increased contributions by our non-gaming segments”.

Wynn Palace driving Macau operations in 4Q24, as peninsula property revenue fell

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Wynn Resorts’ Macau operations brought in a total of $926.6 million in the fourth quarter of last year, a slight uptick of about 1.7 percent, as revenue improved at the group’s Cotai property Wynn Palace, but fell at its Macau peninsula property.

According to the group’s most recent financials, published by its parent company Wynn Resorts, adjusted property EBITDAR from both properties totaled $292.76 million, down slightly by 1.4 percent year-on-year.

Wynn Macau
Wynn Macau peninsula

This comes as casino revenues at Wynn Macau fell by 4.4 percent yearly, to $306.5 million during the quarter, in contrast to the 10 percent uptick at Wynn Palace – which rose to $458.81 million.

This drove an overall revenue increase of 7.4 percent at Wynn Palace, while Wynn Macau revenue fell by 5.8 percent yearly.

Adjusted property EBITDAR at the peninsula property dropped by 14 percent yearly – to $108.16 million, as all operating segments saw drops in revenue – including a 17 percent fall in rooms revenue – which totaled just $24.51 million.

In contrast, Wynn Palace recorded a 7.9 percent uptick in adjusted property EBITDAR, but also experienced a slight contraction in rooms revenue of 1.6 percent – to $49.65 million.

VIP turnover for both properties contracted on a yearly basis, down by 22.3 percent at Wynn Macau – to $1.09 billion. At Wynn Palace, figures were better – with VIP turnover at $3.06 billion – a yearly drop of 3.2 percent.

Mass market table drop fell by 2 percent at the Cotai property, to nearly $1.68 billion, in contrast to the Wynn Macau which decreased by just 1 percent, to $1.54 billion.

In contrast, Wynn Macau’s slot machine handle was better than Wynn Palace – at $785.97 million, a yearly increase of 20.5 percent. Wynn Palace’s slot machine handle increased by just 12.8 percent yearly, to $704.36 million.

Both properties benefited from strong hotel room occupancy – at 98.4 percent in Cotai and 99.4 percent on the Macau peninsula.

FY24

For the year, Wynn’s Macau operations brought in $3.68 billion, an 18.77 percent yearly rise. Wynn Palace contributed nearly $2.22 billion in revenue – up by 17.5 percent yearly, while Wynn Macau brought in $1.46 billion – up by 20.7 percent yearly.

Both properties saw yearly rises in casino revenue for FY24 – up by 22 percent in Cotai – to $1.79 billion, and by 26.8 percent on the peninsula, to $1.23 billion.

Adjusted property EBITDAR for Wynn’s Macau properties increased by 23.23 percent yearly in FY24, to $1.17 billion – on the backs of a 30.7 percent increase at Wynn Macau ($338.09 million) and a 19.1 percent rise at Wynn Palace ($615.84 million)

Speaking of the results, Wynn Resorts CEO Craig Billings noted that “We delivered strong quarterly performance in Las Vegas on very tough comparables and drove healthy market share in Macau led by strength in both premium mass and VIP”.

Las Vegas operations

Wynn Resorts’ Las Vegas operations were fairly flat in the fourth quarter – with revenue up by 0.4 percent yearly to $699.54 million, and adjusted property EBITDAR down by 1.2 percent yearly to $267.44 million.

Wynn Las Vegas, Wynn Resorts

Casino revenues increased by 13.4 percent yearly, to $190.06 million, being outshone by its rooms revenue – which totaled $228.59 million, a 5.9 percent yearly drop.

For the full year, total revenue for the Las Vegas operations was up by 3.7 percent, to $2.57 billion, while adjusted property EBITDAR increased by just 0.1 percent, tp $946.76 million.

Casino revenues decreased by 4.5 percent yearly, to $600 million, while rooms revenue increased by 7.8 percent to $845.66 million.

Group-wide

Overall, group revenue was flat year-on-year in the fourth quarter, topping out at nearly $1.84 billion, however net income fell significantly from $729.2 million in 4Q23 to just $277 million in 4Q24.

Adjusted property EBITDAR was down by $11.3 million, to $630.4 million in 4Q24.

For the full year, operating revenues totaled $7.13 billion, compared to $6.53 billion in 2023. Adjusted property EBITDAR increased by $250 million in 2024, to $2.36 billion.

The group ended 2024 with net income of $501.1 million, down from $730 million in 2023.