The Star Entertainment Group has announced the appointment of a new Group Chief Financial Officer, Frank Krile.
According to a Tuesday announcement, Krile will ‘commence with The Star immediately’, with current Interim Group CFO Neale O’Connell to continue in his role until March 28th, 2025.
O’Connell is to ‘assist in an orderly transition to Frank Krile over the coming months’.
Krile joins the Australian gaming operator after over 18 years with multinational construction and real estate group Lendlease. At the firm Krile served most recently as Group Chief Risk Officer, having previously held roles as Acting Group Chief Financial Officer and Group Deputy Chief Financial Officer.
Krile also served as an Associate Director of the ABN AMRO Bank and as a Manager with PriceWaterhouseCoopers (PwC).
The move follows a raft of executive changes at The Star, amongst its ongoing financial and regulatory difficulties as it aims to prove it is worth of maintaining its casino licenses.
Indonesia’s Foreign Affairs Ministry has reported a sharp rise in nationals moving to Cambodia to work in the online gambling industry.
According to statistics cited by the Jakarta Globe, it’s expected that some 123,000 Indonesians entered Cambodia by September 2024, while Cambodian authorities say about 89,000 hold residence permits in the country.
Judha Nugraha, Director of Indonesian Citizen Protection
During a press conference on Monday, Judha Nugraha, Director of Indonesian Citizen Protection, indicated that many of those voluntarily moving to the country were also being attracted by online gaming operators offering lucrative jobs managing online scams.
This comes even as online gambling within Indonesia, while illegal, is on the rise.
According to Indonesia’s Online Gambling Task Force, there are some 4 million online gamblers in the country, including 80,000 children under 10 and 440,000 aged 11-20.
Gambling-related transactions in the nation in the first three quarters of this year totaled IDR280 trillion ($17.5 billion), while circulating funds from online gambling could reach IDR980 trillion ($61.17 billion) for FY24, much of which flows out to Thailand or Cambodia.
Nugraha noted that “Clearly, there needs to be a coordinated effort among all stakeholders in Indonesia to prevent this issue from spreading further in society”.
The Australian Securities and Investment Commission (ASIC) is suing HSBC Australia for allegedly failing to ‘adequately protect customers scammed out of millions of dollars’.
The corporate regulator claims the bank did not have sufficient controls in place to prevent and detect unauthorized payments and failed to comply with obligations to investigate customer reports of unauthorized transactions within required timeframes.
In the period between January 2020 and August 2024, HSBC received some 950 reports of unauthorized transactions, causing customer losses of about AU$23 million ($14.65 million). Nearly AU$16 million ($10.2 million) of this was from the period between October 2023 and March 2024.
“We know scammers are constantly looking for new ways to exploit people. Customers can lose their life savings in an instant. Scammers do not discriminate,” stated ASIC Deputy Chair Sarah Court.
“We allege that from at least January 2023, HSBC Australia was aware of the risks of unauthorized transactions occurring and that there were gaps in their fraud controls,” noted Court.
“We will not hesitate to take court action where we consider banks fail to comply with their obligations to protect their customers,” furthered the official.
ASIC says that it is now ‘seeking declarations of contraventions, pecuniary penalties, adverse publicity orders, and costs’.
While scamming activities come in various forms, many have been linked to online gambling and cryptocurrency.
A Singaporean national has been arrested in Thailand over suspected involvement in crypto scam activities that cheated investors out of over THB22.4 million ($657,700).
According to the Straits Times, the man was part of a ring which created a fake app that resembled the Tidex digital crypto trading platform.
The ring offered high investment returns, ensnaring numerous victims with at least 17 fund transfers recorded without any actual investments made.
The 32-year-old is suspected of opening digital wallets to store the proceeds from victims.
The Singaporean national’s arrest comes after police operations netted 13 members of the transnational syndicate across four Thai provinces: Bangkok, Chiang Rai, Rayong and Phuket.
Among those arrested were two supposed ringleaders, a 29-year-old Chinese national and a 38-year-old Thai man.
According to Thai police, the group was linked to the Lock Star gang, which operated call center scams. Six of the group’s members were arrested in July, including two Chinese nationals a four Thai nationals.
Assets seized by police include land deeds, a luxury house and cars worth more than THB14 million ($411,000).
The MongolZ boasts a storied and dynamic history. Established over a decade ago, the organization has experienced numerous roster changes and even faced dissolution at one point. However, in 2023, The MongolZ made a triumphant return, fueled by a robust partnership with 1xBet and the emergence of a new generation of talented Mongolian players.
Just one year later, the squad soared to the top, earning over $1,000,000 in prize money, reaching third place in the Valve global ranking, and making it to the playoffs of the prestigious Perfect World Shanghai Major 2024!
2013-2015: the beginning of the journey
The organization was founded on August 20, 2013, and the name The MongolZ reflected the founders’ desire to represent their country on the international stage. First, they formed a Dota 2 team, and two years later, they created a squad for online shooter Counter-Strike: Global Offensive.
The team’s first CS:GO tournament failed—it lost both matches in the qualifier for the ESL One: Cologne 2015 Major. The MongolZ learned from their mistakes and by the end of 2015, they started achieving positive results. They earned silver at the MixBOT Pro-League Invite Season 1 and the D!ngIT CS:GO Asia Invitational Season 1, and won gold at the D!ngIT CS:GO Asia Invitational Season 2.
2016-2022: victory at IEM Season X Taipei, rises and falls
The real breakthrough for The MongolZ came the following year. At the East Asian Qualifier for IEM Season X Taipei, the team arrived as underdogs but ended up winning every map, taking first place, and earning a record $30,000 in prize money.
A strong performance at the tournament earned The MongolZ an invitation to the larger IEM Season X World Championship in Katowice, Poland. However, the level of European squads proved too much for The MongolZ—the team lost all 5 of their group-stage games. The most notable defeats came from Fnatic (4-16) and Ninjas in Pyjamas (5-16). At that time, no one could have predicted that The MongolZ would one day get a spectacular revenge on them! Especially since, for several years after, the team struggled with good results, frequently changed its roster, and was disbanded in 2022 after the project was frozen.
During The MongolZ’s period of setbacks, a young team called IHC Esports was making waves. In 2022, the organization signed the former Checkmate roster, consisting of players bLitz, Techno4K, Bart4k, kabal, nin9, sk0R, and coaches maaRaa and kaz. Shortly after, Annihilation and Hasteka replaced nin9 and sk0R. Just one month after forming, the team won the Asia-Pacific RMR for PGL Major Antwerp 2022 and qualified for their first Major.
This marked the beginning of the legendary The MongolZ’s revival.
2023: The MongolZ 2.0—project reboot in partnership with 1xBet
In early April 2023, a major event took place in the world of Mongolian esports: The MongolZ, in partnership with 1xBet, announced the revival of the project and introduced a new roster. Fans saw the stars of the former IHC Esports team—bLitz, Techno4K, Bart4k, Annihilation, hasteka, as well as coaches kaz and maaRaa.
The old project didn’t align with the players’ ambitions to win on the world stage, so they decided to build a new team based on the well-known name The MongolZ. The leadership of IHC Esports highly valued the interests of Mongolian esports and allowed the players with active contracts to join the new team. A significant role in this decision was played by 1xBet: the globally recognized bookmaker had long been working with IHC Esports, and its experience in promoting projects earned trust.
1xBet has accumulated this experience over years of collaboration with esports teams (MIBR, Beastcoast, IHC Esports), tournament operators (ESL, PGL, MESA), and media outlets (HLTV). The partner not only responds to any request from the team but also proactively offers development options for The MongolZ. This includes purchasing uniforms, covering flight and accommodation expenses for tournaments, and providing financial support for creating a modern training facility. 1xBet organizes regular boot camps in Europe for The MongolZ and helps increase their audience by promoting them on social media and arranging live fan meet-ups.
To celebrate The MongolZ’s qualification for the Perfect World Shanghai Major 2024, the team received a heartwarming surprise. 1xBet hired top street artists to create a vibrant mural featuring the players in the heart of Ulaanbaatar.
In its first year, the team successfully qualified for the Asia-Pacific RMR for the BLAST.tv Paris Major 2023 but was eliminated in the first stage. The management learned from the experience and, instead of Bart4k and Annihilation, brought in two new players—sniper 910 and rifler mzinho, who was only 15 at the time of the invitation. In the fall of 2023, another young talent, 17-year-old rifler Senzu, joined the team. After this, the average age of the players dropped to 18.8 years, but the youth quickly showed their potential and started winning.
2024: victories at YaLLa Compass and Thunderpick World Championship, qualification for Perfect World Shanghai Major
At the beginning of the year, the team qualified for PGL Major Copenhagen 2024 and successfully passed the tournament’s first stage with a 3-2 record. In June, The MongolZ won the local tournament MESA Nomadic Masters Spring 2024, earning $50,000, and a week later became champions of the international YaLLa Compass 2024, securing a record $200,000 in prize money! It was at this tournament that the Mongols got their revenge, defeating Ninjas in Pyjamas twice.
In the same season, the team secured silver at the Skyesports Championship 2024, bronze at the Elisa Masters Espoo 2024, and performed well at top tournaments such as IEM Cologne 2024, ESL Pro League Season 20, and IEM Rio 2024. In the fall, The MongolZ traveled to Berlin for the Thunderpick World Championship 2024, where they took home the winner’s trophy along with $500,000 in prize money. During the tournament, the Mongols avenged another European team, defeating their old rivals, Fnatic, with a 2-0 score.
In mid-November, The MongolZ secured first place at the Asia-Pacific RMR and successfully qualified for the Perfect World Shanghai Major 2024. But the players didn’t stop there—first, they completed the Opening Stage of the Major with a 3-0 record, defeating Rare Atom, MIBR, and GamerLegion. Just a week later, they repeated the same dominant 3-0 score in the Elimination Stage, with victories over G2 Esports, MOUZ, and HEROIC!
This is where the story reaches its current peak—The MongolZ fulfill their dream and make it to the playoffs of the Perfect World Shanghai Major 2024 for the first time! The team rises to the Top 3 of the global rankings, securing at least 8th place and $45,000 in prize money from the Major. However, judging by their winning spirit and excellent shape, even higher results are within their reach—possibly even a Major victory!
The success of The MongolZ inspires esports players worldwide. The stunning rise of the young team is a reason to believe in the impossible, and a significant part of this story is thanks to 1xBet. With the brand’s support, The MongolZ managed to focus on their training and reach a new level.
FeedConstruct, a leading data-providing company that delivers the most precise sports data for sporting events worldwide, has announced its new Exclusive, Multi-dimensional Partnership with the Football Federation of Armenia (FFA), marking a significant collaboration after a one-year pause.
We are entering a new, multi-layered contract with the FFA at this challenging but promising stage, providing a variety of solutions such as audio-visual, data, SaaS, and integrity-focused. The company aims to equip the FFA with the means to develop sports with its innovative solutions and protect from integrity risks.
As part of the partnership, FeedConstruct will secure exclusive video streaming and data rights for the FastEx Armenian Premier League, Armenian Cup, and Armenian Supercup, covering around 190 matches.
This agreement reinforces FeedConstruct’s commitment to delivering high-quality, real-time sports data and video content to its partners. Additionally, rich odds data will be provided through FeedConstruct’s BetGuard – a combination of comprehensive Odds Feed and risk management service designed to deliver the highest level of data accuracy and security.
Founded in 1992, the Football Federation of Armenia is the governing body of football in the country and plays a crucial role in shaping Armenia’s football landscape. In this comparatively challenging but promising period for the Football Federation of Armenia, FeedConstruct aims to assist the FFA in protecting the integrity of sport and commercialize exclusive data and video rights for iGaming, global expansion and fan engagement purposes, supporting the federation’s continued success.
On December 10th, Macau gaming operator SJM hosted the SJM Resorts, S.A. Jakarta Product Seminar, the latest stop in its “The Legend of Macau” travel trade series. Held in Jakarta, this seminar follows successful events in Shenzhen, Shanghai, Beijing, Taiwan, Bangkok, Singapore, Tokyo, and Malaysia.
During the seminar, SJM presented its premier resort, hotels, tourism products, and exclusive time-limited offers to about 100 participants from local travel agencies, airlines, MICE planners, and corporate clients.
SJM Resorts, S.A. Jakarta Product Seminar 2024 drew an enthusiastic crowd, with about 100 industry professionals in attendance.
SJM Resorts, S.A. (“SJM”) continues to lead efforts in promoting Macau and expanding its global visitor base. In addition to supporting the Macao Government Tourism Office’s (MGTO) initiatives, SJM has hosted a series of overseas seminars to promote Macau’s diverse tourism offerings in key markets.
SJM’s management team inaugurated the seminar alongside Indonesian travel industry representatives.
Ms. Daisy Ho, Managing Director of SJM, remarked, “Indonesia is Macau’s fourth largest international source market and a key focus within Southeast Asia. Following our product seminar last year in Indonesia, and participation in the ‘Experience Macao’ Roadshow in Jakarta in May, this seminar provided an excellent opportunity to further deepen local awareness of Macau’s diverse tourism offerings and strengthen our partnerships with local industry stakeholders.”
“With a 33% year-on-year increase in visitors from Indonesia in the first three quarters of 2024, we are excited to present SJM’s world-class tourism products to this high-potential market. From luxury resort to a vibrant calendar of cultural, festive, and culinary events in the coming months, we look forward to welcoming more Indonesian friends to enjoy the full spectrum of Macau’s unique charm and cultural heritage.”
At the event, SJM introduced its flagship properties, the Grand Lisboa Palace and Grand Lisboa Macau to the participants, as well as the long-rooted tourism assets under its parent entity, Sociedade de Turismo e Diversões de Macau, S.A. (“STDM”), that resonate with both heritage and innovation.
Industry partners were showcased with a range of SJM’s exceptional accommodations, international dining, rejuvenating spa treatments, shopping options, cand aptivating cultural and “Tourism + Education” experiences, including the two unique themed experience zones at Grand Lisboa Palace, the “Martial Arts Arena” and “AI Wonderland,” along with art workshops in “GLP Arte.” During the seminar, a number of lucky draw winners were awarded exclusive accommodation packages at SJM’s flagship properties, adding an extra layer of excitement to their future Macau adventures.
SJM also showcased a series of events in the upcoming months to celebrate the festive season and beyond. The excitement includes a variety of themed activities held at Grand Lisboa Palace:
The “Snoopy Winter Holidays” themed installations that spread festive cheer with special editions for Christmas and Chinese New Year;
The “FORTUNE REALMS: Pop-Up Museum of Chinese Culture & Arts (Macau Station)” art installations highlighting the transformation of China’s magnificent traditional culture and its innovative development through time;
“SJM presents: Macau Art City · NAKED OCEAN,” a captivating journey through an immersive light and shadow art-themed amusement set against a vibrant underwater world, all bringing Indonesian visitors delightful surprises and unforgettable memories at SJM’s world-class facilities, offering a fresh perspective on the city as a vibrant crossroads of Eastern and Western cultures.
Moving forward, SJM will continue to fully support the Macao SAR Government’s tourism initiatives. SJM will showcase Macau’s diverse “Tourism+” offerings and multicultural appeal, encouraging Indonesian visitors to gain a fresh appreciation of its culture, and heritage and reinforcing the city’s status as a “World Centre of Tourism and Leisure.”
SOFTSWISS, the international iGaming company supplying certified software solutions to manage gambling operations, is inviting operators to join the current Prime Network Jackpot, which began with an initial prize pool of over 1,000,000 euro.
This base amount is ten times larger than the starting pool of the first Prime Network Jackpot launched in October 2023.
Operators can join the current Prime Network Jackpot at any time before the drop. The prize pool will continue to grow as more participating casinos contribute to it. Ultimately, one lucky winner from a single casino will claim the grand prize of over 1,000,000 euro.
The Prime Network Jackpot is especially appealing due to its collaborative approach: a shared prize pool is formed across participating operators, significantly increasing the jackpot’s appeal to players.
The SOFTSWISS Jackpot Aggregator, a player engagement management solution, launched the Prime Network Jackpot feature last year. Since its launch, the feature has attracted a growing number of operators, resulting in larger prize pools with every draw.
“It’s a very exciting milestone for us. Over the past year, the SOFTSWISS Jackpot Aggregator and its Prime Network Jackpot feature have evolved significantly. Beyond the hard work of our professional team, this success reflects the high interest in engagement tools within the market. In iGaming, prize size matters. I’m proud that we’ve reached a level where we can offer the best solutions,” said Anhelina Stasiuk, Head of Business Line at SOFTSWISS Jackpot Aggregator.
Recently, the SOFTSWISS Jackpot Aggregator announced the improvement of its product by introducing the Multi-Prizes feature. This new functionality enables operators to split winnings among several players or groups, offering customisable distribution methods tailored to various engagement strategies.
The SOFTSWISS Jackpot Aggregator continues to set the standard for collaboration and innovation in the iGaming industry.
Angela Leong, Chairman, Lisboeta Macau Board of Directors
The decision comes ahead of the Macau Outdoor Performance Venue’s debut, located next to Lisboeta Macau, which will host a concert on December 28th, expected to attract 15,000 spectators.
Angela Leong, Chairman of Lisboeta Macau’s Board of Directors, expressed excitement about the large-scale venue, which can accommodate up to 50,000 spectators. She believes it will become a key attraction for tourists attending concerts in Macau.
The company has been actively planning for next year’s events and is fully committed to supporting the development of cultural and tourism initiatives, indicated the executive,
Lisboeta Macau is a hotel managed by Macau Theme Park and Resort, an entity founded by Angela Leong’s son, Arnaldo Ho. The hotel does not feature gaming facilities.
The hotel, which opened in April 2021, features three themed hotels with a total of 820 rooms.
Leong further revealed that hotel occupancy rates are expected to remain stable during this year’s Christmas, New Year, and next year’s Chinese New Year. She remains optimistic about the market outlook, anticipating gradual improvements over time.
The Macau gaming sector is expected to adopt a more cautious approach to bond issuance in 2025, following strong performance in 2024.
According to HSBC’s Macau gaming operators credit watch report, gross bond issuance in the sector is projected to reach around $2.25 billion for FY25, with net issuance anticipated to be significantly lower.
‘After another strong year, we turn less bullish on Macau gaming, as we believe the potential upside in 2025 is largely priced in,’ the report states.
Commenting on the sector’s performance this year, HSBC concludes that the Macau gaming sector has performed well, with Macau gaming bonds showing a year-to-date unannualized return of 8 percent, outperforming the Asia ex-Japan benchmark index, which stands at 5.7 percent. After maintaining an overweight stance for two years, HSBC is adjusting its credit strategy for Macau to a slight overweight heading into 2025.
HSBC analysts Cathy Cheng and Keith Chan outline three key themes likely to shape the gaming sector in 2025: growth normalization, dividends, and uncertainties surrounding satellite casinos.
HSBC notes that after rapid post-pandemic growth in both gross gaming revenue (GGR) and EBITDA, it is not surprising to see growth beginning to normalize. Year-on-year EBITDA growth has already slowed, dropping from 80 percent in 1Q24 to 21 percent in 2Q24 and just 5 percent in 3Q24.
This trend of slower growth could negatively affect credit metrics, especially as, except for SJM and Studio City, most operators have seen their net debt-to-EBITDA ratios remain flat or trend slightly upwards in recent quarters.
For 2025, the Macau SAR Government forecasts GGR to reach MOP240 billion ($29.7 billion), marking a 5.3 percent increase from the estimated MOP228 billion for 2024, a significant slowdown from the 27 percent year-on-year growth in GGR seen through November 2024.
While HSBC acknowledges the conservative nature of the government’s growth target, it believes the trend toward normalization will persist. This suggests that any improvements in credit profiles will depend heavily on the pace of debt deleveraging across the sector.
Dividends and debt deleveraging
The return of dividends to the sector could slow the pace of debt deleveraging. MGM China and Wynn Macau were the first two operators covered by HSBC to resume dividend payouts in 2024, distributing $342 million and $101 million, respectively.
With stable cash flow generation, more operators are expected to follow suit. Melco Resorts plans to resume dividends in the second half of 2025, depending on its debt repayment schedule. Similarly, Las Vegas Sands, the parent company of Sands China, has indicated the possibility of paying dividends next year.
Despite the return of dividends, HSBC does not foresee any significant changes to sector fundamentals, given the generally strong liquidity of Macau operators. The analysts also do not expect any major releveraging of balance sheets.
However, when comparing cash inflows and outflows for each operator in 2025, HSBC suggests that the pace of net debt deleveraging at Sands China, MGM China, and Melco Resorts may be constrained by dividend payments. These operators will likely continue to rely on internal cash resources, undrawn banking facilities, or USD bond refinancing to meet their cash outflows, which would likely keep their net-debt positions neutral.
Satellite casinos: Credit impact on SJM ‘manageable’
Macau’s satellite casinos are now well into their three-year transition period, set to conclude on December 31st, 2025. With the clock ticking, the key question is how the new Macau SAR government will manage the remaining 11 satellite casinos. Of these, SJM operates nine, while Galaxy and Melco Resorts each manage one.
Regarding credit impact, the research team believes the situation for SJM is ‘manageable.’ Although satellite casinos contributed 38 percent, or HK$8 billion ($1.03 billion), of the company’s 9M24 GGR, they accounted for just HK$5 million ($643,000) of SJM’s HK$2.9 billion ($373 million) adjusted property EBITDA during the same period.
For SJM, the more pressing concerns are likely to revolve around the reallocation of gaming tables and the future structure of management fees. Currently, SJM operates approximately 220 gaming tables at the Grand Lisboa Palace casino, with the capacity to host up to 350. The government’s decision on the future of satellite casinos could significantly impact how these resources are managed.
