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RGB eyes record growth, backed by expansions in Philippines and Cambodia

Malaysian casino equipment supplier and distributor RGB International Bhd is on track to report its strongest quarterly earnings since its founding, driven by strategic expansions in the Philippines and Cambodia.

This is according to an investment memo from Singaporean financial services firm Philip Capital, as reported by The Edge Malaysia.

The company is expected to report core earnings of RM51 million ($11.4 million) for 4Q24, pushing its total earnings for the year to RM108 million — a remarkable 91 percent year-on-year increase. The growth is attributed to the delivery of 1,968 electronic gaming machines (EGMs) to the Philippine Amusement and Gaming Corporation (PAGCOR), valued at $81 million.

This order, completed in the fourth quarter, was a major contributor to RGB’s strong profits.

Philip Capital has projected a compound annual growth rate (CAGR) of 32 percent in profits from 2023 to 2026 for the company.

In addition to strong earnings growth, RGB’s improving profit margins, solid balance sheet, and an expected 10 percent dividend yield for 2024 make it a compelling investment opportunity.

RGB’s dominant position in the Philippines, where it is expected to capture 60 percent to 70 percent of new EGM orders, will drive its continued growth. Furthermore, global market expansions in the UAE and Japan, where gambling has recently been legalized, are expected to increase the total addressable market for EGMs by 17,000 units over the next few years.

The company’s projected sales of 4,500 to 5,500 units from 2024 to 2026 reflect strong demand in these growing markets.

In Thailand, RGB is positioning itself to benefit from the government’s approval of new casinos, with plans to establish a subsidiary in the country. In Cambodia, RGB has secured an exclusive agreement with FIRM 614, the only licensed EGM importer. The country’s new regulations, requiring casinos to upgrade outdated gaming equipment by the end of 2024, present a promising growth opportunity for RGB.

With exclusive distribution rights in the Philippines and participation in the country’s expanding integrated resorts, RGB is well-positioned to capitalize on the expected growth in the Philippines’ gross gaming revenue (GGR), which is projected to surpass $6 billion.

Looking further ahead, Philip Capital noted that the privatization of PAGCOR’s casino operations, scheduled to begin in 2026, could result in a higher valuation for RGB’s interests in the Philippine market, ranging from $1 billion to $1.4 billion.

China’s President cautions Thailand over casino plans 

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China’s President Xi Jinping has expressed concerns over Thailand’s plan to legalize casinos, according to Thailand’s Prime Minister, Paetongtarn Shinawatra.

The official confirmation came during a press conference at the Government House on Tuesday, as reported by the Bangkok Post. Paetongtarn mentioned that Xi had cautioned that legalizing casinos could lead to various social problems.

This marks the first time that China’s top official has commented on Thailand’s plans to legalize casinos.

During her visit to China last week, Paetongtarn met with President Xi to discuss the government’s proposed casino-entertainment complex—a project that could significantly reshape Thailand’s tourism landscape. Paetongtarn mentioned that Xi sought more information about the project during the meeting. 

Xi’s input is significant not only because of China’s longstanding influence on regional tourism but also due to its strict policies on gambling. The country has consistently cracked down on illegal gambling operations, including cross-border gaming activities. Currently, Macau is the only region in China where casinos are legal, and it remains a critical hub for Chinese gamblers.

Xi’s comment carries substantial weight, particularly as Chinese tourists have long been one of the largest sources of visitors to Thailand. With the Thai government now relying on tourism to revive its post-pandemic economy, the proposed casino project is seen as a crucial element in these efforts.

Thailand is expecting a surge in visitors in the coming years, with projections estimating that the country will welcome between 39 and 40 million tourists in 2025, including up to 9 million from China. Given the strong ties between the two countries, the issue of casino legalization is particularly sensitive.

Currently, China and Thailand have a visa-free agreement, allowing Chinese tourists to visit Thailand freely.

During the meeting, Paetongtarn defended the casino plan, emphasizing that Thailand’s proposed entertainment complex, which would feature a casino occupying less than 10 percent of its total area, has generated significant attention both domestically and abroad.

Thailand with the potential to become the world's third-largest gaming market

Family-friendly destination

Prime Minister Paetongtarn also clarified that the entertainment complex would not be focused on gambling. Instead, it would be a family-friendly destination offering a variety of entertainment and leisure options, aiming to attract international tourists while providing employment opportunities and benefiting local communities.

The Thai government has argued that legalizing casinos within special economic zones could help curb the influence of illegal gambling dens that already operate in the country. These underground establishments, which contribute nothing to public welfare, could be replaced by properly regulated casinos that would generate tax revenue for national development, including education and infrastructure.

However, despite the potential benefits and Xi’s warning about social problems, Paetongtarn assured Xi that the government would carefully consider these risks, taking China’s perspective into account.

She emphasized that further studies were underway to evaluate the full impact of the project before it moves forward. This cautious approach reflects Thailand’s desire to balance the economic benefits of legalized gambling with the social and political risks associated with it.

Thailand’s cabinet approved a bill in principle on January 13th, which would pave the way for the establishment of such complexes. The government has given the Council of State, its legal body, 50 days to review the bill before it is sent to the House for further deliberation.

According to local media outlets, Pakorn Nilprapunt, the Council’s secretary-general, stated on Tuesday that revisions to the bill are expected to be completed by early next month, with the deadline set for March 6th. He noted that the revised version differs from the original, though the key points remain unchanged.

Bloomberry secures $688M syndicated refinancing facility to optimize cash flow

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Bloomberry Resorts Corporation has secured a PHP40 billion ($688 million) syndicated refinancing facility, marking a key step in its ongoing financial strategy.

According to a filing with the Philippine Stock Exchange on Wednesday, the new facility—signed by Bloomberry’s subsidiaries, Bloomberry Resorts and Hotels, Inc. (BRHI) and Sureste Properties Inc. (SPI), with a group of banks—is documented as the sixth amendment to an existing syndicated term loan facility obtained in February 2019. The original loan was used to help finance the construction of Solaire Resort North.

This marks Bloomberry’s second refinancing initiative in just four months, following a PHP72 billion ($1.24 billion) refinancing secured in October of the previous year.

The PHP40 billion ($688 million) syndicated facility carries a 10-year term, extending until February 2035. While the loan’s principal repayment schedule remains front-loaded, with heavier payments due in the last three years, the facility brings several improvements to Bloomberry’s financial position.

Notably, the interest margin has been reduced by 75 basis points compared to the original facility, enabling the company to benefit from anticipated interest rate cuts in the near future. Additionally, the new facility provides the option for Bloomberry to fix the interest rate for the next 12 months, further enhancing its cash flow management capabilities.

Bloomberry is one of the Philippines’ leading land-based gaming operators, with its flagship property, Solaire Resort & Casino, located in Manila’s Entertainment City. Its footprint expanded to Quezon City with the launch of Solaire Resort North in May 2024.

Enrique K. Razon Jr., Chairman and CEO of Bloomberry, emphasized the strategic nature of this refinancing effort: “Our recent refinancing activities optimize our cash flow by reducing annual interest and principal payments. The timely refinancing of our PHP40 billion facility demonstrates our proactive financial management stance and our commitment to providing a consistent return of capital to our shareholders.”

The syndicated loan facility was arranged with the backing of several key banks, including BDO Unibank, Inc., Bank of Commerce, Bank of the Philippine Islands, China Banking Corporation, Metropolitan Bank and Trust Co., Philippine National Bank, and Union Bank of the Philippines. BDO Capital & Investment Corporation acted as the lead arranger and sole bookrunner, while BDO Unibank, Inc. – Trust and Investments Group served as the security trustee, facility agent, and paying agent for the transaction.

MGM secures seven 5-Star Awards from the Forbes Travel Guide 2025

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Macau gaming operator MGM has announced that it has been recognized with 7 Forbes Travel Guide’s 5-Star Awards, highlighting the MGM team’s unwavering commitment to providing outstanding experiences.

While MGM MACAU achieved its tenth consecutive Five-Star rating, Tria spas at both MGM MACAU and MGM COTAI earned a distinction for the sixth consecutive year. The Company continues its prestigious status with four Five-Star Awards across both properties for the fourth consecutive year: the Emerald Tower, the Skylofts and Sichuanese restaurant Five Foot Road at MGM COTAI, alongside the newly renovated Chinese Lingnan restaurant Imperial Court at MGM MACAU.

MGM secures seven 5-Star Awards from the Forbes Travel Guide 2025
The fourth-time Forbes Five-Star Award winner, Emerald Tower of MGM COTAI, highlights the art of contemporary elegance.

Mr. Hubert Wang, President and Chief Operating Officer of MGM China Holdings Limited, said, “As MGM MACAU celebrates its tenth consecutive Forbes Travel Guide Five-Star award, this milestone reflects our commitment in delivering world-class experiences. The fresh new look of our award-winning Imperial Court restaurant and Tria spa at MGM MACAU, featuring exclusive therapies, treatments and facilities, demonstrates our continuous innovation. These achievements not only reinforce our leading position in Macau’s luxury hospitality sector but also strengthen Macau’s appeal as a premier global destination for international travelers.”

Skylofts at MGM COTAI, now a four-time Five-Star Award winner, continues to epitomize luxury with its distinctive loft-style accommodations atop the resort’s M Tower. Its one-of-a-kind design elements, inspired by New York City’s lofts, reimagines exceptional moments for discerning guests through unique facilities, impeccable services, and multi-sensory experiences. The Emerald Tower with its Five-Star recognition, showcases its perfect blend of modern luxury with east-meets-west cultural elements across its 547 guest rooms, suites and villas.

Another Forbes Travel Guide’s Five-Star Award winner in MGM COTAI, Five Foot Road continues to embrace refined Sichuanese culinary craftsmanship while honoring century-old traditional recipes from Chengdu. Meanwhile, the Forbes Five-Star Imperial Court at MGM MACAU offers an elevated interpretation of Lingnan cuisine that celebrates the culinary heritage of Guangdong, Guangxi, Hainan, and Hakka regions.

Having earned the Forbes Travel Guide’s Five-Star honor for the tenth consecutive year, MGM MACAU boasts distinguished features and world-class facilities including the iconic European-inspired Grande Praça, seven signature restaurants and bars, and the newly opened POLY MGM MUSEUM spanning almost 2,000 square meters which is constructed in accordance with Chinese national standards for the exhibition of Grade-One cultural relics. 

The two spas at both MGM properties – Tria at MGM MACAU and MGM COTAI – have secured their Five-Star ratings for the sixth consecutive year. Following its recent transformation, Tria at MGM MACAU now exclusively offers Macau’s only Hyperbaric Hydrogen Oxygen Capsule therapy, holistic WATSU Pool therapy treatment and Experience Pool, setting new benchmarks in wellness care.

MGM secures seven 5-Star Awards from the Forbes Travel Guide 2025
The spa concept Tria at both MGM MACAU and MGM COTAI received Five-Star honors for the sixth consecutive year.

MGM received the following 2025 Forbes Travel Guide’s Five-Star Awards:

MGM MACAUMGM COTAI
MGM MACAU Imperial Court
Tria
Emerald TowerSkyloftsFive Foot Road
Tria

For a detailed explanation of how Forbes Travel Guide compiles its Star ratings, follow the link: www.forbestravelguide.com/about.

1xBet to drive industry innovations at SBC Summit Rio 2025

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The global bookmaker 1xBet will join SBC Summit Rio 2025 in Rio de Janeiro, Brazil, from February 25 to 27. The brand is actively strengthening its presence in Latin America and has become a Premium Sponsor of the event.

As part of the sponsorship, the 1xBet team will actively participate in all conference events and welcome guests at booth B850. There, they will discuss unique business opportunities with the brand’s affiliate program. The company has also prepared delicious designer cocktails and exciting activities, including Giant Buzz Wire, and will host a giveaway featuring a MacBook Pro and an iPhone 16. The prize draw will be held on February 26 and 27 at 3:00 PM.

1xBet is a global leader in the betting and gambling industry, offering a localized product for players in Latin America. The company is actively expanding partnerships with leading regional sports organizations, including the Brazil national football team during the 2026 World Cup qualifiers, Brazil’s Serie A and Serie B football leagues, WTA tennis tournaments, and much more.

One of the key topics of the exhibition will be the regulation of the gambling market in Brazil. 1xBet was among the first companies to apply for a license under the new legal framework. Additionally, this year, the bookmaker completed the licensing process in Peru, reaffirming its commitment to operating within the law.

A representative at 1xBet said: “1xBet is an iGaming giant, so we couldn’t miss SBC Summit Rio 2025. Our Premium Sponsor role in this major event will help strengthen our position as a key market player. We’re sure the forum will be a great platform for ideas exchange and a boost for industry growth. Our team plans to showcase our product at the highest level and kick off new fruitful collaborations.”

3 Oaks Gaming partners with CrystalBet to expand footprint in Georgia

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3 Oaks Gaming, a top distributor of iGaming content, has secured a strategic partnership with CrystalBet in Georgia, one of the country’s leading operators and a subsidiary of global gaming giant Entain.

As part of the agreement, 3 Oaks Gaming’s renowned slot titles, such as Sun of Egypt 4, Sky Pearls, and 3 Hot Chillies, have been seamlessly integrated into CrystalBet’s expansive online casino offering. 

With CrystalBet’s reputation for offering top-quality gaming experiences across sports betting, poker, and casino games, this partnership paves the way for Georgian players to enjoy a new wave of premium entertainment. 

For 3 Oaks Gaming, the partnership with CrystalBet aligns with its ongoing expansion plans. With its portfolio of feature-rich, engaging slot games, the company is poised to capture the attention of Georgian players and further solidify its position as a leading content supplier.

Yuriy Muratov, Chief Commercial Officer at 3 Oaks Gaming, said: “We are thrilled collaborate with a trusted and innovative operator like CrystalBet. Their dominance in the region and focus on delivering exceptional gaming experiences make them an ideal partner for our market debut. We’re eager to see how our games resonate with CrystalBet players and look forward to driving mutual success.”

Rufat Mammadyarov, Head of Online Casino Department at CrystalBet, added: “CrystalBet is committed to staying ahead by offering a diverse and exciting range of games. Partnering with 3 Oaks Gaming brings a fresh dimension to our portfolio, and their high-quality slots will undoubtedly appeal to our audience. We’re excited to embark on this partnership and further enhance the entertainment we provide to our loyal customers.” 

SpinOn and Yggdrasil begin a legendary journey with 9 Arrows of Odysseus

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Embark on an exhilarating journey through Greek mythology with 9 Arrows of Odysseus, the latest high-volatility 5×3 slot release from SpinOn, powered by Yggdrasil.

Inspired by the legendary tale of Odysseus’ epic journey, this action-packed game is brimming with scatter pays, free spins, and powerful multipliers, all offering players the chance to win up to 3,500x their bet.

Landing three Penelope scatter symbols triggers the Free Spins Wheel. Spin to determine the number of free spins and the win multiplier, setting the stage for potentially massive rewards.

The Bonus Scatter Pays feature rewards instant wins following landing three or more respective symbols. Cash prizes can also increase, with bigger rewards awaiting those who dare to collect more.

The experience of Odysseus’ adventure can also be enjoyed in either the light of day or the darkness of night. The game transitions to a dramatic night-time setting during free spins, enhancing the immersive gameplay.

9 Arrows of Odysseus is powered by GATI, Yggdrasil’s state-of-the-art technology that enables partners to consistently employ the preconfigured, regulation-ready, standardised development toolkit to produce cutting-edge content followed by rapid distribution.

Zoe Bird, Head of Masters at Yggdrasil, said: “9 Arrows of Odysseus is another beautifully crafted SpinOn game. We’re confident that players will be captivated by its stunning visuals, exciting features, and the potential for epic wins.”

The Marketing Team at SpinOn said: 9 Arrows of Odysseus perfectly blends captivating gameplay with a rich, engaging theme that players will love. Combining the Free Spins Wheel, Instant Scatter Pays, and the potential for huge multipliers creates a truly thrilling experience with every spin.”

Daily Asia Gaming eBrief: L&W gets Dragon Train reprieve in Australia

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Good morning. The devil’s in the details. And a court in Australia has ruled that Light & Wonder can maintain its Dragon Train slot machines on Aussie floors. The decision is controversial after a US court took a contrary opinion, but it means that 10,000 units can remain in operation across the country – a significant win for the operator. Meanwhile, change is afoot at Entain, as the company’s new CEO Gavin Isaacs has decided to step down, with Stella David stepping in as interim CEO.

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Light & Wonder gets reprieve in Australia over Dragon Train

Gaming equipment and services giant Light & Wonder has been granted a slight reprieve in Australia, as courts rejected an injunction by rival Aristocrat over its Dragon Train slots. While other litigation does exist in differing jurisdictions, the move means that L&W can retain its slot machine series on Australian gaming floors. However, it falls in contrast to similar rulings in the United States, which did not fall in favor of L&W.


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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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Light & Wonder launches new $1B revolving credit facility

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Gaming equipment and services group Light & Wonder has announced a new revolving credit commitment amounting to $1 billion.

The agreement, secured with several banks and financial institutions, replaces the company’s existing revolving commitments of $750 million and extends the maturity of these commitments from 2027 to 2030, in a strategic enhancement of the company’s financial flexibility.

On February 10th, 2025, Light and Wonder International, Inc. (L&WPI), a wholly-owned subsidiary of Light & Wonder, entered into an amendment to its existing Credit Agreement.

This amendment includes new revolving commitments of $1 billion, it also extends the maturity to February 10th, 2030, and introduces a reduction in the applicable margin for revolving loans based on certain leverage tests.

With this new financial arrangement, Light & Wonder aims to solidify its position in a competitive gaming industry, while navigating ongoing legal challenges.

In September of last year, Aristocrat Technologies a preliminary injunction, prohibiting Light & Wonder from selling or leasing its Dragon Train game.

The court sided with Aristocrat’s allegations of trade secret misappropriation, accusing Light & Wonder of copying elements from Aristocrat’s popular Dragon Link game.

However, just yesterday, the gaming equipment and services giant was granted a slight reprieve in Australia, as the courts rejected an injunction by rival Aristocrat over its Dragon Train slots.

Light & Wonder’s Dragon Train slots stay on Australian floors after court ruling

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Gaming equipment and services group Light & Wonder’s Dragon Train slot machine series will remain operational on Australian gaming floors after the Federal Court of Australia rejected a request from Aristocrat Leisure for an interlocutory injunction.

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Light & Wonder’s Dragon Train

The news was initially published in a research note by Macquarie, which argued that the ruling had dispelled investor concerns about the Dragon Train units previously sold in Australia.

According to the report, Justice Stephen Burley issued the ruling on February 7th, denying Aristocrat’s application for the injunction. However, the judgment included a restriction on disclosing or publishing the reasons for the decision until further notice.

Benchmark Company analyst Mike Hickey commented that the ruling has alleviated concerns that ongoing litigation could affect games already sold in the Australian market. He added that the decision means Light & Wonder’s customers won’t need to take any action regarding their gaming floors, allowing the company to focus on its upcoming content for 2025. Approximately 10,000 units of Dragon Train are currently installed across Australia.

The ruling contrasts with one from the US District Court for the District of Nevada, which, in September, granted Aristocrat a preliminary injunction. This injunction temporarily blocked Light & Wonder from continuing or planning the sale, lease, or commercialization of Dragon Train in the US. The US court found that Aristocrat was likely to succeed in demonstrating that Light & Wonder had misappropriated its trade secrets in the development of Dragon Train.

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The dispute, which began in March 2024, centers around Aristocrat’s claims that Dragon Train bears significant similarities to its own Dragon Link series. Aristocrat has accused Light & Wonder of intellectual property theft, including the copying of audio-visual elements, gameplay mechanics, and other deceptive trade practices. They also highlighted the presence of several former Aristocrat executives in senior roles at Light & Wonder, particularly two former designers involved in the development of Dragon Train.

In response to the US ruling, Light & Wonder announced plans to release a new version of the game, Dragon Train 2.0, to address the IP concerns raised by the Nevada court.