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Pronet Gaming Insights: Revolutionizing iGaming Industry Events

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Jade Sienna Ricciardi, Events Coordinator at Pronet Gaming, the award-winning full turnkey platform provider operating across all global markets from Asia, LATAM, Europe, and Africa, has had the privilege of organizing and managing the company’s presence at major industry events like ICE London and, most recently, SiGMA Asia in Manila.

In this piece, she discusses the importance of these events for networking and highlighting innovations that propel both the brand and the industry.


What are the key characteristics of the iGaming industry, and how do they influence the planning of major events?

The iGaming industry is characterized by its dynamic nature. Huge events like ICE and SiGMA attract a diverse mix of stakeholders, from game developers and operators to regulatory bodies and affiliates. With such a wide array of participants, the importance of crafting a tailored experience cannot be overstated. Each event presents a unique opportunity to engage with different facets of the industry, and understanding this landscape is crucial for effective event planning.

How do you determine the objectives for your stand at events, and why are these objectives important for your approach?

Before embarking on the logistics of setting up our stand, we begin by establishing clear goals. Are we looking to generate leads, build brand awareness, or introduce a new product? Each goal requires a different approach, and aligning our stand’s design and activities with these objectives is essential. For instance, when launching a new product, we focus on interactive experiences via demo pods that encourage attendees to engage with the product directly.

Pronet Gaming

What strategies do you use in the design of your event stand to attract attendees and differentiate your brand from competitors?

The design of our stand plays a critical role in attracting attendees. With so many exhibitors competing for attention, our space must stand out. We typically use bold graphics, innovative lighting, and interactive elements to create an inviting atmosphere. Earlier this year at SiGMA, we integrated fun elements like a photo booth and a spin-to-win wheel with exciting prizes up for grabs. This not only caught the eye of passers-by but also provided a memorable interaction that kept our brand top-of-mind.

How do you engage attendees at your events beyond just the design elements?

In addition to an eye-catching design, the content we present is equally important. We host “fireside chats” featuring our CEO and panel discussions with industry leaders, offering insights into emerging trends and best practices. This not only positions our brand as a thought leader but also draws in attendees who are eager to learn. By promoting discussions around relevant topics such as regulatory compliance and technological advancements, we create a space that encourages dialogue and connection.

How do you fit in networking at these events while also showcasing your products?

Pronet Gaming

Events like ICE and SiGMA are as much about networking as they are about showcasing products and so we ensure that our stand serves as a hub for meaningful interactions. This means strategically planning our schedule to allow our team members to engage with key partners, clients, and the press while also building new connections. We also harness the power of social media to invite industry peers to visit our stand for informal meet-and-greets, where attendees can engage with our team in a relaxed setting over coffee or a cocktail, fostering relationships that can lead to future collaborations.

What steps do you take after an event to ensure that the connections made are developed into lasting partnerships?

Yes, the work doesn’t end once the event concludes! Follow-up is crucial for building upon the connections made during the two to three hectic days of the event. We collect and compile contact information via business cards and digital tools at our stand, which allows us to reach out to attendees after the event, and vice versa. 

How are you adapting your event strategies to keep up with changes in the iGaming industry?

As the iGaming industry continues to evolve, so too must our approach to events. Being in-the-know of technological advancements and player trends is essential. Innovating events in the iGaming industry is a team effort that requires creativity, strategic thinking, and an understanding of our audience. By continually adapting to new trends and embracing innovative solutions, we ensure that our presence at major events remains impactful and relevant. 

Director exodus leaves Andrew Lo as LET Group’s sole board member

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LET Group has lost another director, leaving Andrew Lo, the company’s Chairman and owner, as the only remaining member of its board—marking the second time in less than a year that Lo has been the sole director.

The resignation was announced after trading hours on Monday via a filing to the Hong Kong Stock Exchange (HKEX).

Bennie Kwok Kai Bun, who had recently stepped down, officially tendered his resignation on November 11, citing personal reasons. According to the filing, Kwok stepped down to ‘devote more time to his other pursuits and family commitments’.

Following his resignation, LET Group disclosed that it now has no independent non-executive directors and is without members on its key board committees, including the audit, remuneration, and nomination committees. As a result, Lo Kai Bong, the company’s chairman, has become the sole member of the risk management committee.

Kwok’s departure follows the resignations of two other non-executive directors, Tou Kin Chuen and John Lo Wai, on November 5, 2024.

This marks the second time in less than a year that LET Group’s board has been reduced to just Lo. In January 2024, five out of six directors resigned in protest over the proposed sale of the Tigre de Cristal casino in Russia. 

While three directors returned in May, LET Group’s shares remain suspended by the Hong Kong Securities and Futures Commission (SFC), which raised concerns about the legitimacy of the sale of the company’s stake in Tigre de Cristal, particularly the lack of proper shareholder approval.

LET Group is currently seeking candidates to fill these critical board positions to restore compliance and resume trading. However, with board committees underrepresented, there is increasing pressure for swift appointments.

Aristocrat sells Plarium mobile gaming business to MTG for up to $820M

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Australian gaming machine group Aristocrat Leisure Limited has announced the sale of its mobile gaming business, Plarium, to Modern Times Group (MTG) for a total enterprise value of up to $820 million. 

Plarium Games

According to a Tuesday filing with the Australian Stock Exchange (ASX), the transaction includes a fixed consideration of $620 million, with the potential for an additional $200 million based on the achievement of financial targets between 2025 and 2028.

Aristocrat’s subsidiary, Pixel United Holdings Limited, entered into a binding agreement with MTG, a leading international mobile-first gaming group known for its popular game franchises. The fixed payment of $620 million consists of $600 million payable upon completion of the deal, with a deferred $20 million payment due in April 2026.

The decision to sell Plarium follows a strategic review initiated by Aristocrat in May 2024, marking a key step in the company’s focus on strengthening its core areas, including land-based gaming, real-money gaming, and social casino operations. The proceeds from the sale will be reinvested to fund Aristocrat’s long-term growth strategy.

Trevor Croker, Aristocrat
Aristocrat CEO Trevor Croker

Aristocrat CEO Trevor Croker explained, “The sale of Plarium is a result of our review of our casual and mid-core gaming assets. As Aristocrat continues to expand its interactive business alongside Aristocrat Gaming and our leading mobile social casino offerings, we are increasingly focused on leveraging our strengths in regulated gaming and social slots.”

Plarium, acquired by Aristocrat in October 2017, contributed to the company’s portfolio diversification during the COVID-19 pandemic and has delivered a mid-teens internal rate of return (IRR) under Aristocrat’s ownership. The sale is part of Aristocrat’s ongoing strategy to streamline its operations and focus on its most promising growth areas.

Endeavor sells OpenBet and IMG Arena to OB Global Holdings in management buyout for $450M

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Endeavor Group Holdings (NYSE: EDR), a global sports and entertainment company, has announced that it has agreed to sell OpenBet and IMG ARENA to OB Global Holdings LLC.

The management buyout is backed by Ariel Emanuel and includes participation from OpenBet executives, including CEO Jordan Levin.

Commenting on the deal, OpenBet’s CEO Jordan Levin said: “This management buyout allows us to continue executing our vision for increased market expansion and product innovation. Our group is extremely confident in OpenBet’s future considering the premium product offering, superior talent, and solid foundation we already have in place following a strong period of business growth.”

Endeavor Group Holdings

Under the terms of the transaction, OB Global Holdings will acquire the businesses for approximately $450 million, subject to certain adjustments, financed through a mix of cash and debt.

During the sign-to-close period and after closing, Endeavor will continue to market IMG ARENA for sale to a third-party purchaser.

IMG ARENA, Endeavor Group

OpenBet powers responsible betting and gaming entertainment for more than 200 market-leading operators around the globe. Following the close of the transaction, Levin will continue to lead the business as CEO.

The transaction is being pursued and is a necessary step, for the closing of the proposed Endeavor take-private by Silver Lake. The transaction is subject to customary closing conditions, including approvals required under applicable gaming regulatory authority, and is conditioned on and expected to close immediately prior to the closing of the Endeavor take-private.

Oakvale Capital LLP and The Raine Group acted as financial advisors to Endeavor.

Daily Asia Gaming eBrief: The legacy of Lui Che Woo continues

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Good morning. Flags fly at half mast today, after the passing of one of Macau’s most prominent casino moguls, Lui Che Woo, at the age of 95. His legacy, however, will continue, as evidenced by the massive footprint that the company has in Macau and its continual push for more. Meanwhile, in the Philippines, the POGO ban causes further backlash, with an expansion of illegal betting networks elsewhere ongoing and expected. And in results, Maybank analysts curtail their Bloomberry estimates on low GGR turnout.

What you need to know


On the radar


AGB Intelligence

GALAXY ENTERTAINMENT GROUP

Dr. Lui Che Woo, Galaxy Entertainment Group-

Chairman Lui Che Woo has passed at 95

Galaxy Entertainment Group’s leading light, Chairman Lui Che Woo has passed. The businessman leaves behind a heady legacy after his 95 years of progress, which included the listing of one of Macau’s most prominent casino businesses and one of the highest-performing companies worldwide. Shareholders and friends mourn his passing but reflect positively on the legacy he left behind. 


Corporate Spotlight

1xBet: Capitalize on Asian teams’ World Cup qualifier struggles

Profit from the challenges faced by top Asian teams in World Cup qualifiers

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 brings premium sportsbook solution to Asia

Altenar brings premium sportsbook solution to Asia

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.


Industry Updates


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Maybank trims Bloomberry net revenue forecasts due to softness in GGR

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Maybank has revised its net revenue forecasts for Bloomberry Resorts Corporation, lowering its projections by 12 percent for both FY24 and FY25, now estimating PHP51.0 billion ($870 million) and PHP60.3 billion ($1.03 billion), respectively.

This revision is attributed to weaker-than-expected gaming gross revenues (GGR) from Entertainment City, despite an overall 25 percent year-on-year (YoY) growth in the local gambling industry during the first half of 2024.

The investment bank continues to maintain its “Buy” rating on Bloomberry stock but has revised its earnings expectations, forecasting a 30 percent YoY decline to PHP6.7 billion ($114 million) in FY24, followed by a strong 75 percent YoY increase to PHP11.7 billion ($200 million) in FY25.

Maybank notes the uneven growth within the gaming industry in the country, highlighting that while the overall Philippine gambling sector has seen robust growth, largely driven by electronic gaming (e-games), the performance of traditional gaming operations in Entertainment City has been lackluster. GGR from SEC was down 13 percent YoY in the first half of 2024, primarily due to fewer Chinese VIP players, who have historically contributed significantly to the region’s gaming revenues.

According to an investment memo on Monday, despite the short-term weakness in SEC, Maybank sees a promising outlook for Bloomberry as the company continues to focus on its mass gaming segment through its Solaire Resort North property, which is expected to perform better in the coming year.

The $1 billion property, Solaire Resort North, officially opened on May 25th of this year. The group had previously revealed the ramp-up of Solaire Resort North, which achieved a positive EBITDA of PHP250 million ($4.32 million) in its first 37 days of operation.

Bloomberry, Solaire Resorts & Casino

Loan refinancing enhances cash flow

Bloomberry’s recent loan refinancing is expected to boost its cash flow, which could help the company navigate short-term challenges. On October 15th, 2024, Bloomberry, the operator of Solaire Resorts, secured a PHP72 billion ($1.24 billion) syndicated loan refinancing facility, replacing outstanding balances from previous term loans. The new facility comes with a 10-year term and a back-ended principal payment structure, with over 65 percent of the principal due in the last five years.

The loan is priced 75 basis points lower than its previous loans and includes an option to fix the interest rate within the next 12 months, allowing Bloomberry to benefit from any future interest rate cuts. This refinancing is expected to reduce debt service pressures and provide more financial flexibility, particularly as the company’s SRN property ramps up operations.

Despite recent setbacks, including a 40 percent decline in Bloomberry’s share price from its March 2024 peak of PHP12.00 ($0.20) to PHP7.16 ($0.12), Maybank sees this as a potential buying opportunity. The investment bank cites the stock’s current value, trading at a measure of EV/EBITDA below its historical average.

Shin Hwa World to issue $25.7M bonds for business development

South Korean integrated resort operator Shin Hwa World announced on Monday that it plans to issue bonds valued at HK$200 million ($25.7 million) to raise long-term funds for its business development.

The company’s Directors stated that the proposed bond issue presents an opportunity to secure long-term financing while broadening its sources of capital. They believe the bond terms are fair and reasonable, given the current market conditions, and that the issuance is in the best interests of both the company and its shareholders.

The bonds are expected to carry an annual interest rate ranging from 5 percent to 8 percent. The maturity period will be up to 96 months from the date of issuance, with the option for a further 24-month extension at the sole discretion of the company.

However, Shin Hwa World clarified that the bonds will not be listed on the Hong Kong Stock Exchange or any other stock exchange, meaning they will be issued privately and not publicly traded.

The funds raised from the bond issuance will support Shin Hwa World’s ongoing business development, particularly in the integrated resort sector. The company plans to use the capital to expand its resort offerings and explore new growth opportunities.

By issuing bonds, Shin Hwa World aims to enhance its financial flexibility and ensure it has the necessary resources for long-term development.

In the first half of 2024, Shin Hwa World managed to reduce its loss by nearly 32 percent, largely due to an increase in gaming revenue from Jeju Shinhwa World. The company reported a loss of HK$231.54 million ($29.8 million) for the period, despite a 25.5 percent rise in consolidated revenue, which reached HK$418.1 million ($53.8 million).

Currently, the group is looking forward to further developing a residential area within the Jeju Shinhwa World land (zone R) and exploring other opportunities to better utilize the land at Jeju Shinhwa World.

South Korea’s GKL sees net income drop by nearly half in 3Q24

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Grand Korea Leisure (GKL), South Korea’s operator of foreigner-only casinos, reported a 49.5 percent year-on-year decline in its third-quarter 2024 net income, which fell to KRW6.04 billion ($4.3 million).

The company disclosed this information in its unaudited quarterly financial results, filed with the Korea Exchange on Monday.

On a sequential basis, GKL’s net income for the quarter ending in September was down 46.6 percent compared to the second quarter, when it had reached KRW11.33 billion ($8.1 million).

In terms of overall sales, the company posted KRW93.77 billion ($67 million) in the third quarter, reflecting a 5.1 percent decrease from the previous quarter and a 2.9 percent decline compared to the same period in 2023.

For the first nine months of 2024, Grand Korea Leisure reported cumulative sales of KRW290.54 billion ($208 million), marking a 5.0 percent decline from the same period in 2023, according to the filing.

The operator also reported a 6.1 percent year-on-year decline in casino net sales for the first nine months of the year, which totaled KRW287.3 billion ($206 million). This decline occurred despite an increase in casino drop—the amount customers paid for gaming chips—and a rise in visitors compared to the previous year, according to the company’s supplementary data.

From January to September, the company’s casino drop reached nearly KRW2.77 trillion ($1.98 billion), marking a 13.5 percent year-on-year increase.

Marketing activity expenses, one of Grand Korea Leisure’s main cost items, amounted to KRW47.6 billion ($34 million) in the first nine months of 2024, reflecting an 18.1 percent year-on-year increase.

GKL operates three foreigner-only Seven Luck casinos: two in Seoul, including one in the Gangnam district, and one in Busan, located in the southeastern part of the country.

Paradise Co reports decline in 3Q24 earnings

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Prominent South Korean operator of foreigner-only casinos Paradise Co has released its financial results for the third quarter of 2024, revealing significant declines compared to both the previous quarter and the same period last year.

For the third quarter of 2024, Paradise Co reported sales of KRW268.2 billion ($192.3 million), a decline of 1.8 percent from KRW273.3 billion ($195.7 million) in the second quarter of 2024 and a 6.1 percent decrease from KRW285.6 billion ($204.2 million) in the third quarter of 2023.

Cumulatively, the company achieved sales of KRW806.3 billion ($577.7 million), reflecting a 7.2 percent increase from KRW752.4 billion ($539.5 million) in the same period last year.

The company operates several prominent casinos, including Walkerhill, Jeju, Incheon Paradise City, and Busan Casino. Paradise Co now plans to enhance its appeal to international guests by developing a luxury hotel in Seoul and upgrading its VIP gaming areas.

Operating income for the current quarter reached KRW36.2 billion ($25.9 million), marking a 13.1 percent increase from KRW32.0 billion ($22.9 million) in the previous quarter. However, this figure represents a steep 36.6 percent decline compared to KRW57.1 billion ($40.9 million) in Q3 2023.

Cumulative operating income stood at KRW116.6 billion ($83.5 million), down 11 percent from KRW131 billion ($94.0 million) year-on-year.

Net income from continuing operations before income tax was KRW20.9 billion ($15.0 million), a 7.0 percent decrease from KRW22.4 billion ($16.0 million) in Q2 2024 and a dramatic 59.6 percent drop from KRW51.6 billion ($37.0 million) in the same quarter last year.

Cumulatively, net income before tax totaled KRW84.3 billion ($60.5 million), down 20.7 percent from KRW106.3 billion ($76.1 million) in the previous year.

Nearly 10K arrested in South Korean police crackdown on youth gambling

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A recent report from South Korea’s National Police Agency has revealed a troubling trend in underage online gambling, with 4,715 individuals under 19 years old identified as participants during a special enforcement operation from September 2023 to October 2024.

This alarming figure accounts for 47.2 percent of all individuals involved in the crackdown, prompting significant concern among law enforcement and the public alike.

According to Korean news agency Yonhap, over the past year, police have conducted a comprehensive cyber gambling crackdown, resulting in nearly 10,000 arrests, with almost half of those being teenagers.

The National Police Agency’s National Investigation Headquarters announced the arrest of 297 operating organizations and 9,971 gambling participants during a 13-month operation, which focused on cybercrime investigations from September 25, 2023, to the end of October 2024.

Authorities seized KRW126 billion ($90.4 million) in proceeds from gambling crimes.

Initially, the crackdown targeted illegal gambling operations and high-stakes players, but the alarming rise in youth involvement shifted the focus of the campaign. The number of underage gambling cases skyrocketed by an astonishing 2,784 percent compared to just 162 cases reported the previous year.

Among those identified, 17-year-olds made up the largest segment with 1,763 participants, followed by 16-year-olds at 1,241, and 15-year-olds at 560.

The data indicates that online casino games have become the most prevalent form of gambling among youth, representing 82.6 percent of the total cases. The total amount wagered during this period reached KRW3.7 billion ($2.64 million), with the average bet per participant estimated at KRW780,000 ($560).

Notably, a 16-year-old male student reportedly wagered KRW190 million ($136,000) on baccarat, one of the casino games.

Among the arrested adolescents, 4,672, or 99 percent, were classified as simple gamblers. However, authorities also uncovered deeper involvement in illegal activities, including site operation (16 individuals), development and management (13), provision of gambling products (8), and gambling advertisements (6).

By age, the breakdown of participants shows that 17-year-olds accounted for 38 percent, followed by 16-year-olds at 26 percent, 18-year-olds at 11 percent, and even younger ages represented, including 12-year-olds and a 9-year-old elementary school student.

The primary motivations for youth gambling were curiosity (42.7 percent) and peer influence (33.6 percent), with online and offline advertising also playing a role. In response, the police have referred 1,733 minors to professional counseling services, which represents 37 percent of the youth arrests.

The National Police Agency has extended the special crackdown period by another year, emphasizing the seriousness of the youth gambling issue.