Digital entertainment group DigiPlus Interactive Corp has reiterated that it does not yet have plans to develop its 24-hectare property in Boracay, Philippines.
According to statements in a briefing by the group’s president Andy Tsui, there are no “imminent plans” to develop the property into an integrated resort.
Tsui highlighted that the group will “remain focused on executing our digital transformation strategies, which give us a higher margin,” cited Business World.
DigiPlus was initially awarded a provisional gaming license by PAGCOR in 2018, alongside Macau casino concessionaire Galaxy Entertainment Group.
But in October of last year, Galaxy made it clear it was “not considering re-entering Boracay of the Philippines to develop a resort”.
Recent financial results from the group also made no mention of the Boracay project.
The envisioned Boracay IR was first estimated to cost around $500 million, but it’s unclear what the final fate of the expansive land will be.
DigiPlus recently also countered reports that it was planning on acquiring CasinoPlus, which holds a gaming license for an integrated resort in Clark.
It also expressed its keen interest in the Brazil iGaming market, announcing it had secured a federal license to operate.
Hann Resorts has broken ground on a new 10-hectare public park as part of the group’s 450-hectar ‘eco-luxury sanctuary resort’ Hann Reserve in New Clark City, Tarlac, Philippines.
According to a company release, the park is part of a commitment to ‘serve the community’ and will be open to residents and visitors.
The park is divided in phases, with Phase 1 featuring mountain biking trails, fitness areas and elevated treetop bridges. The area is themed to include folklore elements and is expected to be completed by the end of 2026. In total, it has a committed land area of 3.45 hectares. This even includes a mini golf area – in line with the resorts’ focus on attracting top-tier golf professionals and enthusiasts – evidenced by the three 18-hole championship golf courses the resort will feature.
Phase 2, dubbed the ‘Passive Zone’, provides shaded walkways, seating, and relaxation areas ‘in a setting that celebrates cultural and natural harmony’. The zone is slated for completion by the end of 2028.
Zone 3 is expected to be completed by the end of 2030 and is labeled the ‘Kid Zone’. The area includes ‘folklore-inspired stick structures with volcanic rock formations’, including slides, climbing areas and other interactive elements.
The opening of the areas corresponds with the ramp-up of Hann Reserve, which is expected to be open to guests starting in 2026.
The property features luxury hotel brands including Banyan Tree, Sofitel, Emblem, Westin and InterContinental Hotels & Resorts (IHG). In mid-2024, IHG announced that it would be returning to the Philippines via a franchise agreement with Hann Philippines, starting construction on a 250-key property in 2027 and welcoming guests in 2031.
The cost of the overall project could top $4 billion, with its casino expected to open sometime in 2028 if timelines aren’t further adjusted.
Ground breaking ceremony on November 22nd
According to previous timelines outlined by Hann Resorts Chairman and CEO Daesik Han at the ASEAN Gaming Summit, the first golf course is scheduled to be completed by the end of 2025, while the clubhouse, Banyan Tree and Angsana targeted for 2026, the Nick Faldo golf course in 2027, the casino and retail in 2028 – possibly accompanied by Sofitel. The next phase would include residences and an international school – utilizing golf as an extracurricular activity, with students eligible to be certified by the PGA.
The group aims to focus on the Korean market for the project, leveraging its first-mover advantage in Clark to ramp-up before competition can come into play.
In related news, Hann Resorts is likely to be postponing its initial public offering (IPO) until mid-2025, to secure new funding for Hann Reserve and continue upgrades to its Hann Casino Resort.
Hann Casino Resort currently operates some 147 gaming tables, 868 slot machines, two VIP clubs and two five-star hotels.
Macau Legend Development Limited has announced that it will contest the decision by the Cape Verde government to terminate contracts previously awarded to the gaming company for the development of an integrated resort in the African country.
Last week the Cape Verde government announced it had terminated its contracts with Macau Legend Development (MLD), claiming repeated violations of obligations related to a €250 million ($264.7 million) tourism and gaming investment in Praia.
The government stated that MLD “also violated” the legal framework for gaming operations, “by transferring, without the authorization of the Government of Cape Verde, ownership of more than 20 percent of the share capital.”
The project, initially announced in 2015, has not progressed since construction began in 2016, leading to significant local opposition, particularly from environmental groups. The government plans to reverse the assets involved in the project, which remains largely incomplete, with only minimal construction visible.
Macau Legend project renderAerial view from project site in 2024
In a statement issued by Macau Legend’s board, the gaming company stated it was informed by the Government of Cape Verde on November 19th, 2024, about the termination of an agreement established by its indirect subsidiaries, MLD Cabo Verde Resorts SA and MLD Cabo Verde Entretenimento SA.
These subsidiaries are primarily involved in the hotel and gaming industry in Cape Verde and had agreements with the state concerning the construction and operation of a hotel casino and residential infrastructure in Cidade da Praia Bay.
‘The Cape Verdean government claims that the subsidiaries have failed to meet project deadlines and have not completed the Investment Project as stipulated in the Convention. Consequently, the government asserts its right to terminate both the Convention and the associated Concessions, allowing it to take control of all assets linked to the subsidiaries, including those already constructed’, Macau Legend noted.
‘In response to this development, Macau Legend is actively seeking legal counsel in Cape Verde and plans to vigorously contest the government’s allegations to protect the interests of the Company and its shareholders.’
The announcement signed by Macau legend CEO Li Chu Kwan indicated that, as of June 30th of this year, the estimated carrying value of the affected assets was approximately HK$47 million ($6 million).
‘The management will assess potential impairments related to these assets, although they do not expect a significant negative impact on the Group’s overall financial position’, the company added.
Macau Legend received a 25-year license from the Cape Verde government, 15 of which were for exclusive operation on the island of Santiago. This gaming concession cost CV Entertainment Co., a subsidiary of Macau Legend, approximately €1.2 million ($1.25 million).
Macau Legend also received a special license to exclusively operate online gambling throughout the country and the sports betting market for ten years.
Good morning. Setting the ground. Galaxy Entertainment Group has confirmed its exclusive interest in an IR project in Bangkok, with an estimated total capital expenditure of $3 billion. Meanwhile, gaming expert Daniel Cheng advises caution for casino investors after Thailand’s Constitutional Court dismissed a petition against former Prime Minister Thaksin Shinawatra claiming he attempted to undermine the monarchy and exert control over the Pheu Thai Party. In the UAE, more than half of the $5.1 billion Wynn Al Marjan Island project, the region’s first IR, is said to have been completed.
Galaxy Entertainment Group has expressed its intent to focus solely on a proposed integrated resort (IR) project in Bangkok, despite Thailand’s plan to issue five gaming licenses nationwide, including three outside the capital. Management believes that Bangkok’s status as a premier travel destination offers greater certainty for investment returns. This information was shared by Goldman Sachs after meetings with Galaxy executives in Singapore, where they indicated a willingness to collaborate with local partners.
Asia is the most populated continent on the planet and Football is the No. 1 sport in most countries. The World Cup qualifying matches are traditionally watched by billions of fans in the region, but FIFA has decided to reward Asia with a significant representation at the tournament only now.
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.
A Senator in the Philippines has accused certain government officials of aiding individuals behind the now-prohibited Philippine offshore gaming operators (POGOs), helping them circumvent the ban by adopting deceptive strategies.
Senator Risa Hontiveros, who spearheaded Senate inquiries into POGOs’ alleged links to organized crime, revealed on Thursday that reports had surfaced about officials advising illegal POGO operators on how to conceal their ongoing operations.
Interior Secretary Jonvic Remulla had earlier confirmed that some POGOs were defying the ban by disguising themselves as restaurants and resorts. Hontiveros warned that others were taking it a step further, pretending to operate as legitimate business process outsourcing (BPO) firms.
“POGOs are still operating, and they are getting more creative. They are finding ways to change or conceal their identity,” Hontiveros said during a Senate forum. “We received reports that some government officials were the ones giving them such advice.”
According to Hontiveros, these officials allegedly coached operators on how to rebrand their businesses legally, transforming into “BPOs” while continuing to run illegal gaming operations in secret.
Bamban POGO hub, Philippines
“It’s the phenomenon we are observing. No names have been given to us, but it’s clear that this is happening,” she said. “Let this serve as a warning: If you’re involved, you know who you are. Stop it now.”
Hontiveros emphasized the gravity of government officials violating the POGO ban, saying they could face heavier consequences for obstructing justice. She also called on local governments to stay vigilant against illegal POGO operations within their jurisdictions, warning that they too could face accountability for providing legal cover or failing to detect such activities.
“If the regulators and members of the executive mandated to enforce the law are the ones violating it, their accountability is even heavier,” she added.
While consulting her legal team on possible actions to address these issues, Hontiveros urged the public to remain vigilant and hold leaders accountable for any complicity in illegal POGO activities.
“This is not just a legal issue; it’s a question of who we trust to uphold the law. We cannot let this go unchallenged.”
Despite Thailand’s Constitutional Court dismissing a petition against former Prime Minister Thaksin Shinawatra, gaming expert Daniel Cheng notes that casino investors will have to remain cautious as they await further steps by the current Prime Minister, Paetongtarn Shinawatra.
Gaming expert Daniel Cheng
Speaking to AGB, Cheng highlighted that the court’s ruling to reject the petition, which alleged government interference, has “wider implications of the weakening influence of loyalists in the old political establishment. The powerful top court, often viewed as a branch of the previous government, seems to have diminished in its role of furthering political objectives.” He added, “However, the old guard may still have a card to play through the Election Commission, which continues to pursue investigations.”
Cheng emphasized that the primary challenge facing Prime Minister Paetongtarn is the potential destabilization of her government, a risk that could derail her policy agenda. He compared it to the setbacks that disrupted casino legislation efforts in Japan.
“Until that risk is mitigated, casino investors will need to remain patient, awaiting a clearer path for the Paetongtarn government to advance its goal of passing the entertainment complex legislation by mid-next year,” Cheng explained.
According to the Bangkok Post, Thailand’s Constitutional Court dismissed a petition claiming that former Prime Minister Thaksin Shinawatra and the Pheu Thai Party sought to undermine the country’s democratic system, specifically by challenging the monarchy’s role as head of state.
The decision, made on Friday, removes part of a political hurdle for the Thai government’s efforts to push forward with legislation related to casinos.
Former Thailand Prime Minister, Thaksin Shinawatra
The court found insufficient evidence to support five of the six allegations, with the remaining claim rejected by a 7-2 vote. The Attorney General’s Office also sided with the court, concluding that the actions described did not meet the criteria for regime change.
The petition, filed by lawyer Teerayut Suwankesorn, accused Thaksin of attempting to undermine the monarchy and exert influence over the Pheu Thai Party for personal gain. However, all nine judges on the Constitutional Court agreed that the petition did not meet the required conditions for consideration.
Thaksin, the father of current Prime Minister Paetongtarn Shinawatra, has consistently denied exerting influence over Pheu Thai since his return from 15 years of self-imposed exile in 2023.
Currently, the draft law on entertainment complexes in Thailand is expected to be submitted to the cabinet for consideration later this year, with further deliberation in Parliament expected in the first half of 2025.
According to a prediction made by Maybank in the first half of this year, Thailand could see its first entertainment complexes by 2029.
Galaxy Entertainment Group has confirmed its interest in pursuing an integrated resort (IR) project only in Bangkok, despite Thailand’s plans to issue around five gaming licenses across the country, three of which will be located outside of Bangkok.
The reason cited by Galaxy’s management is that Bangkok is seen as one of the world’s top travel destinations, which would provide itself with ‘more certainty on its investment return’.
This information was disclosed by Goldman Sachs following a roadshow in Singapore earlier last week, where Galaxy’s CFO Ted Chan and Senior Vice President of Investor Relations Peter Caveny met with investors.
‘They are open to partnering with local businessmen or companies with strong connections and relationships,’ the report states.
According to previous reports, the Thai government plans to issue five IR licenses, including two in Bangkok, and one each in Phuket, Chiang Mai, and Pattaya. These licenses will be granted for 30 years, with the possibility of renewal for up to an additional 10 years. Gaming taxes are expected to be set at 17 percent, which is relatively low compared to other gaming jurisdictions, except for Cambodia.
PhuketChiang MaiPattaya
Goldman Sachs highlights the strong potential of Thailand’s tourism industry for gaming growth. The country welcomed 28 million international visitors last year, a figure comparable to Macau’s inbound tourism. The majority of these visitors came from ASEAN countries, providing a solid foundation for growth in the gaming sector.
The process for legalizing casinos in Thailand is progressing steadily. The draft bill for the IR initiative is expected to be presented to the Cabinet by the end of this year, with further deliberation in Parliament expected in the first half of 2025. If approved, the government may issue a Request for Proposal (RFP) by mid-FY25.
Galaxy’s Thai IR estimated to contribute up to $300M in EBITDA annually
With a projected $3 billion total capital expenditure (capex) for the project—slightly above the minimum requirement of THB100 billion ($2.9 billion)—Galaxy estimates a potential $0.8 billion initial equity investment.
The brokerage notes that this funding would be supported by Galaxy’s strong balance sheet and cash flow, with half of the investment to be shared with a local partner, following the common 50/50 equity/debt funding model.
In addition, analysts from Goldman Sachs note that, given the scope and complexity of such projects, it could take several years for the casino resort to reach completion. Upon completion, Galaxy anticipates generating $225-300 million in EBITDA annually, assuming a 15-20 percent return on invested capital (ROIC)—a benchmark derived from other regional casino projects. This would represent a substantial contribution to the company’s future earnings, given that projected EBITDA for FY24 is $1.5 billion.
Regarding future market development the brokerage notes that, compared to other Asian markets, Macau remains the largest casino hub in the region, with a projected $28 billion in GGR for 2024. Singapore is the second-largest market, having recorded $5.1 billion in GGR for FY23, followed by the Philippines at $3 billion, and Malaysia and South Korea, each with $1 billion.
AGTech Holdings Limited reported a 2.3 percent year-on-year decline in total revenue for the six-month period ending September 30th, 2024, amounting to approximately HK$271.4 million ($36.7 million).
The group is mainly involved in gaming technologies and lottery management, with its lottery services covering over 80 percent of the provinces and municipalities across China. In Macau, the group also owns digital Ant Bank (Macao) and the electronic payment services platform Mpay.
The lottery segment demonstrated resilience, with revenue increasing by approximately HK$12.4 million ($1.7 million) to HK$126.4 million ($17.1 million). This growth was primarily driven by a surge in sales of lottery hardware, which rose by about HK$18.9 million ($2.6 million) due to successful tender awards and timely deliveries.
However, this increase was partially offset by a HK$6.0 million ($0.8 million) decrease in revenue from lottery distribution and ancillary services, attributed to supply shortages of instant scratch tickets across several provinces in China.
AGTech remains a key player in the lottery terminal market in China, successfully securing multiple tenders to supply lottery hardware across various provinces. During this period, it won several lottery hardware tenders to supply terminals to the Sports Lottery Administration Centres in Jiangsu, Zhejiang, Guizhou, Jiangxi, Shandong, Hainan, Shaanxi, Hubei, and in the Shanghai Municipality.
In the electronic payment sector, AGTech’s revenue dropped by approximately HK$25.6 million ($3.5 million), bringing in around HK$138.2 million ($18.7 million). This decline was linked to reduced spending by tourists in Macau and the conclusion of the 2022 Electronic Consumption Benefits Plan’s living subsidies in June 2023.
Electronic payments and banking
The group’s banking arm, Ant Bank (Macao), contributed approximately HK$6.8 million ($0.9 million) in revenue following the acquisition of a controlling stake on September 2nd, 2024.
Revenue streams included HK$5.4 million ($0.7 million) from interest income and HK$0.5 million ($0.07 million) from fees and commissions related to various financial services.
AGTech reported a loss of approximately HK$1.6 million ($0.2 million) for the period, a significant improvement from the HK$10.5 million ($1.4 million) loss recorded in the previous year.
This positive shift was largely due to reduced operational losses and a fair value gain of approximately HK$3.1 million ($0.4 million) from convertible loan facilities extended to its joint venture in India.
Macau Pass, a subsidiary of AGTech, continues to dominate the contactless payment landscape, with over 5 million “mCards” in circulation. The e-wallet service, MPay, saw a 17 percent increase in registered users, facilitating around 80 percent of all electronic payment transactions in Macau.
Significant enhancements have been made to MPay, including expanded transaction limits and the introduction of cross-border payment services.
With its recent acquisition, Ant Bank (Macao) has broadened its digital financial offerings, achieving a 33 percent increase in its customer base and a 142 percent growth in deposits. The bank has also focused on supporting local SMEs, leading to a 193 percent increase in corporate lending.
Tiger Palace Resort, in Nepal, has rebranded to ‘Tiger Palace by Soaltee’, as it joins hands with the international The Soaltee Hotels & Resorts brand.
The property is one of the two in Nepal operated by Silver Heritage, located in Bhairahawa – just 20 minutes from the Indian border with Uttar Pradesh.
The Soaltee is a ‘hospitality trailblazer in Nepal’, operating in six different locations – Kathmandu, Nepalgunj, Itahari, Chitwan, Nagarkot and now Bhairahawa.
According to its website, the property features three gaming zones and a sports betting facility, with a special VIP area ‘for seasoned high-stakes players’.
The main floor of the casino features over 50 tables divided between Baccarat, Blackjack, Roulette, Poker and others, as well as nearly 200 electronic gaming machines.
The VIP area, above the main gaming floor, is accessible via a separate VIP entrance and ‘is in effect a casino within a casino, for those in the know’.
While the rebranding has been indicated via social media, the property’s name has yet to change on its official website.
The Star investor and Hong Kong Stock Exchange-listed Far East Consortium (FEC) has warned of a possible HK$900 million ($115.6 million) loss for the six months ended September 30th, 2024.
According to a recent filing, the company expects the figure will be ‘not more’ than the figure but compares it to a profit of HK$232.24 million ($29.8 million) in the same period of the previous year.
The expected loss is attributed to ‘a change in fair value of investment properties and share of impairment loss recognized by an associate and a joint venture […] as well as currency exchange losses’.
The group notes that the figure could still be adjusted before the release of its unaudited interim results on November 28th.
Far East Consortium, alongside HKEX-listed Chow Tai Fook, hold a 50 percent interest in the Queen’s Wharf Brisbane in Australia– the group’s multi-billion-dollar project which opened in late August of this year.
FEC and Chow Tai Fook had been rumored to assume up to 20 percent ownership of The Star during its recent financial difficulties, but the acquisition never materialized.
The casino venture is just one aspect of Far East Consortium’s global network, primarily built on real estate and development.
