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Daily Asia Gaming eBrief: Galaxy sees strong 3Q24 results, strong hotel occupancy

AGBrief Editorial
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Daily Asia Gaming eBrief: Galaxy sees strong 3Q24 results, strong hotel occupancy
Good morning. Results, results, and more results. Looking at Macau, Galaxy Entertainment Group saw strong revenue growth, rising to $1.38 billion in 3Q24. This was boosted by steady hotel occupancy, which helped boost the group’s financial performance. Moving to Singapore, Genting Singapore saw its net profit plunge by 63 percent, with less visitation and more competition from MBS. In the Philippines, Belle Corp’s share of gaming revenue from City of Dreams Manila dropped during the first nine months of the year, but its leasing revenue from the property increased.

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RESULTS

Galaxy Entertainment Group. Macau

Galaxy Entertainment revenue up 11% to $1.38 billion in 3Q24

Galaxy Entertainment Group delivered a strong financial performance in the third quarter, increasing group revenue by 11 percent yearly to $1.38 billion. Adjusted EBITDA was also up yearly, as Galaxy’s flagship property on the Cotai Strip saw strong hotel occupancy, leading to increases in revenue. The group’s peninsula property also fared well during the quarter, helping boost the group’s bottom line.

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.

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Entain appoints Dafne Guisard as new Chief Operations Officer, effective January

Kelsey Wilhelm
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Entain appoints Dafne Guisard as new Chief Operations Officer, effective January

Global sports betting and gaming group Entain has announced the appointment of Dafne Guisard as Chief Operations Officer, effective from January 13th, 2025.

Dafne joins Entain following her role as Chief Strategy, Transformation and Digital Officer for The Kraft Heinz Company.

Speaking of the appointment, Guisard noted “To everyone across Entain—our teams, partners, and customers—I’m ready to embrace this transformative journey together, elevate customer experiences, and make the extraordinary possible.”

Dafne had also previously held roles with AB InBev and worked with Goldman Sachs and Roland Berger Strategy Consultants.

She holds a Master of Business Administration from MIT Sloan School of Management.

Gavin Isaacs, Entain
Gavin Isaacs, CEO of Entain

Entain indicates that Guisard ‘will drive operational excellence, leading global strategic planning, the customer service organization, and M&A integration’.

Speaking of the appointment, Gavin Isaacs, CEO of Entain, noted “Dafne brings a wealth of experience in driving strategic growth and delivering transformation on a global scale. Her appointment will help place Entain at the leading edge of innovation, as well as strengthen the executive management team as we build on a period of stronger-than-expected revenue growth and key market expansion”.

Jumbo Interactive sees lottery revenue fall on ‘subdued jackpot environment’

Kelsey Wilhelm
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Jumbo Interactive sees lottery revenue fall on ‘subdued jackpot environment’

Australia-based Jumbo Interactive has announced a revenue drop of 8.1 percent during the four months to October 31st, ‘mainly due to the subdued jackpot environment’.

In results released on Friday morning, the group indicated that the large jackpot environment in the first four months of the group’s fiscal was ‘subdued’, with 14 large jackpots of AU$15 million ($10 million) or above, an aggregate division 1 prize value of AU$440 million ($294 million). This is equivalent to an average value per jackpot of AU$31.4 million ($21 million), a 9.4 percent drop. Also, there were only two large jackpots greater than or equal to AU$50 million ($33.4 million) during the period, compared to three in the previous period.

This caused a drop in lottery retailing total transaction value (TTV) of 11.8 percent and a segment revenue drop of 10.3 percent.

Mike Veverka, Jumbo Interactive
Mike Veverka, CEO of Jumbo Interactive

‘Despite the unfavorable run of jackpots, player health metrics remain robust, with average TTV per draw for like-for-like jackpots continuing to trend positively for Powerball and stable for OzLotto,’ indicated CEO and founder Mike Veverka.

The results come after Jumbo Interactive posted its ‘most successful’ fiscal year to date, posting over AU$1 billion ($670 million) in annual ticket sales.

The group on Friday reaffirmed its Outlook for the 2025 fiscal year, assuming a ‘return to the historical number of large jackpots’ and a ‘flat/slightly higher lottery retailing revenue margin’ compared to fiscal FY24 of 22.7 percent.

Belle Corp sees gaming share from CoD Manila contract but leasing revenue increase

Kelsey Wilhelm
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Belle Corp sees gaming share from CoD Manila contract but leasing revenue increase

Belle Corp, the Philippine-listed parent company of Premium Leisure Corp (PLC) saw a 17 percent contraction in its share of gaming revenue from City of Dreams Manila during the first nine months of the year.

Belle Corp, City of Dreams Manila, Philippines

According to results published on Thursday, gaming revenue for the group amounted to PHP1.49 billion ($25.67 million), amounting to 37 percent of the group’s total revenues, down from 42 percent in the same period of 2023.

However, the group saw an increase in its revenues from leasing City of Dreams Manila to a Melco Resorts subsidiary, with revenue up 16 percent yearly, to PHP1.74 billion ($29.83 million).

Melco results strong with revenue at $1.18 billion for 3Q24

While total revenues of the group fell by just 5 percent yearly, to PHP4.1 billion ($70.34 million), net income fell by some 22 percent, to nearly PHP1.53 billion ($26.22 million), which the group notes ‘is mainly attributed to lower revenues from the gaming units’.

The group also has a 50 percent joint venture with Pacific Online Systems Corporation (POSC) through which it leases online betting equipment to the Philippine Charity Sweepstakes Office (PCSO) for their lottery operations.

During the nine months, the segment generated revenues of PHP398 million ($6.83 million), a 21 percent drop from the same period in 2023.

Belle Corp also operates real estate and property management operations. The group’s segment revenue fell by some 7 percent yearly during the period, to PHP464.2 million ($7.96 million).

Genting Singapore reports sharp decline in net profit for 3Q24, citing slow recovery

Viviana Chan
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Genting Singapore reports sharp decline in net profit for 3Q24, citing slow recovery

Genting Singapore, the operator of Resorts World Sentosa (RWS) in Singapore, reported a net profit after tax of SG$79.4 million ($59.8 million) for the third quarter of FY2024, ending September 30th.

This represents a 63 percent year-on-year decline and a 27 percent quarter-on-quarter drop, reflecting a slower-than-expected recovery in international visitor arrivals to Singapore, increased competition, and global uncertainty.

According to the financial results released on Thursday, the company’s total revenue for the quarter decreased by 19 percent year-on-year to SG$561.9 million ($423.5 million). The decline was primarily driven by a 28 percent year-on-year drop in gaming revenue from the integrated resort (IR), Resorts World Sentosa (RWS).

However, non-gaming revenue saw a slight increase, rising by 1 percent year-on-year to SG$231.8 million ($174.7 million). Revenue from other segments, including the group’s investment business and support services, rose by 2 percent year-on-year to SG$144,000 ($108,529).

Total revenue dropped by 2 percent quarter-on-quarter, mainly due to lower VIP rolling volume and win rates. Despite the closure of the Hard Rock Hotel for renovations and rebranding and the SEA Aquarium’s reduced schedule (it was closed two days a week for expansion into the Singapore Oceanarium), the group saw a 22 percent quarter-on-quarter increase in non-gaming revenue, largely driven by seasonality.

SEA Aquarium, Resorts World Sentosa, Singapore
SEA Aquarium

For the quarter, EBITDA fell by 56 percent year-on-year to SG$152.4 million ($114.9 million), while adjusted EBITDA dropped by 53 percent year-on-year to SG$163.9 million ($123.5 million).

According to official statistics, Singapore’s visitor arrivals for the first nine months of this year reached 10.14 million, marking a 171.0 percent year-on-year increase. This figure represents approximately 70.8 percent of the total arrivals for the same period in 2019, the last pre-pandemic year, when the city-state recorded 14.33 million visitors. The largest source markets for Singapore were Indonesia, China, and Malaysia.

In its press release accompanying the financial results, Genting Singapore announced that RWS had awarded the construction contract for its Waterfront development, with work scheduled to commence in November 2024.

The Waterfront development will include two new luxury hotels featuring 700 rooms, a four-story podium housing entertainment offerings, as well as retail and dining outlets.

Resorts World Sentosa, Genting Singapore
Resorts World Sentosa

Meanwhile, Genting Singapore emphasized that progress on the RWS 2.0 developments is ongoing, with a total investment of $5 billion planned by 2028. Management affirmed that RWS will unveil new and enhanced visitor experiences progressively in phases.

Singapore’s casino resort market is dominated by a duopoly: Resorts World Sentosa, operated by Genting Singapore, and Marina Bay Sands, run by a subsidiary of Las Vegas Sands.

Macau predicts 400k visitors during four-day Grand Prix

Viviana Chan
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Macau predicts 400k visitors during four-day Grand Prix

Macau’s tourism authorities predict that the four-day Macau Grand Prix will attract over 400,000 visitor arrivals, with hotel occupancy rates expected to exceed 90 percent during the event.

This forecast is similar to the number of visitors seen during the second weekend of the previous edition. The 71st Macau Grand Prix will take place next Thursday (14th) through Sunday (17th), marking a shift from previous years, as the event has been shortened from two weeks to one. The previous edition was the 70th special anniversary edition, which spanned two weekends.

Macau Grand Prix

According to local media, Maria Helena de Senna Fernandes, Director of the Macao Government Tourism Office (MGTO), expects a significant influx of visitors during the Grand Prix. Various local associations and organizations will host Grand Prix-themed activities. Additionally, the six gaming operators have partnered with the Grand Prix Museum to launch a range of events, further promoting the racing culture in Macau.

Fernandes also mentioned that to amplify the event’s reach, the government plans to invite influencers from mainland China and other regions to cover the Grand Prix, helping to sustain excitement and attract even more tourists.

Meanwhile, Luis Gomes, Director of the Sports Bureau and Coordinator of the Grand Prix organizing committee revealed on Thursday that Grand Prix tickets are almost sold out. However, 200 to 300 tickets will be reserved each day for same-day sales.

The Macau Grand Prix is typically expected to impact Macau’s gross gaming revenue (GGR) figures, based on historical trends.

According to the latest projections from Bank of America, November’s GGR is forecast to reach MOP18 billion ($2.25 billion), reflecting a 13.5 percent month-on-month decline but a 12.1 percent year-on-year increase.

Pragmatic Play introduces expanded grids in Wolf Gold Ultimate

AGBrief Editorial
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Pragmatic Play introduces expanded grids in Wolf Gold Ultimate

Pragmatic Play, a leading content supplier to the iGaming industry, has boosted its iconic Wolf Gold series with the release of Wolf Gold Ultimate. 

Set against the stunning North American canyons, the latest addition to the popular game series takes players on a thrilling journey across 5×3 reels, where mustangs, mountain lions, and wolves roam free. 

Landing six or more moon money symbols triggers the money respin feature with three initial respins. During the feature, whenever a money symbol lands, it resets the number of respins to three.  

Money symbols can appear on all reels, each hitting with a random value of up to 15x or a fixed jackpot prize: the 20x Mini, 50x Minor, 100x Major, or 1,000x Grand. Money symbols also help to unlock multiple bonus game grids, with four available in total. On the fourth grid, money symbols hit with special values that apply to the corresponding reel on all grids. These include 2x-5x multipliers and boosted money values of up to +15x.  

Wolf Gold Ultimate is the latest addition to Pragmatic Play’s popular series, following the success of Wolf Gold and Wolf Gold Power Jackpot. 

Irina Cornides, Chief Operating Officer at Pragmatic Play, said: “Wolf Gold Ultimate takes Pragmatic Play’s classic game series to new heights with an enhanced money respin feature and wins of up to 5,000x.” 

QTech Games expands Endorphina’s reach globally following swift integration success

AGBrief Editorial
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QTech Games expands Endorphina’s reach globally following swift integration success

QTech Games, a top game distributor in emerging markets, has expanded its partnership with Endorphina, a rising star in slot game provision worldwide.

And while Endorphina is a well-established brand in many emerging markets, this Rest of the World (ROW) extension naturally deepens that global footprint, unlocking untapped jurisdictions (beyond QTech Games’ home continent of Asia) across Africa, Latin America and Eastern Europe for diversified growth.

Integrating content from one of the most innovative and creative online slots suppliers adds yet more creative muscle to QTech Games’ burgeoning platform, which is taking the widest range of online games to emerging territories with established names, such as Playtech and Aviator, sitting alongside the industry’s most exciting up-and-coming providers.

Among the games made available to its partners via the Endorphina deal are hits like Book of Vlad, Water Tiger, Ultra Fresh, Glory of Egypt, and Dynamite Miner, which run off unique maths modeling that can drive varying volatility gears, defining some truly engaging gameplay.

Endorphina is an iGaming provider dedicated to delivering unrivaled gaming experiences, as evidenced by a strong 2024 in which the supplier released 28 new games and successfully retained its ISO 27001 certificate, the independent gold standard for third-party verification, bolstering its credentials around security and provable fairness.

Endorphina’s gaming portfolio has been optimized for mobile, a cornerstone of QTech’s RNG model, which is founded on its fully owned and customized technical platform, affording games providers and operators the fastest integration available. Through this leading platform, which has sealed its definitive status as a global gaming one-stop shop, clients enjoy the best performance and customer support available, localized to every region across both developing and more mature markets.

Philip Doftvik, CEO at QTech Games, said: “After a swift and successful integration into our Asia partner network, we’re delighted to take the next logical step with Endorphina in making their games available globally to our ever-growing group of emerging-markets operators. We can’t wait to see how these games connect with more audiences worldwide.”

Lusine Khudaverdyan, Endorphina’s Operations Director for ES Games, added: “It’s been a landmark year, and we will continue to reimagine the iGaming space in 2025 with ever more immersive gaming experiences. Partnering with QTech has already strengthened our product distribution across emerging territories, delivering our fantastic games to a range of untapped operators. Needless to add, we’re thrilled that the distributional scope has now been widened to include their ROW sector.”

Altenar launches upgraded Intelligence Platform to boost player personalization and safety

AGBrief Editorial
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Altenar launches upgraded Intelligence Platform to boost player personalization and safety

Altenar, a top sportsbook and iGaming software provider, has enhanced its Intelligence Platform to offer advanced personalization, improved efficiency, and robust player protection for optimized sportsbook operations.

Developed in-house, the enhanced Intelligence Platform enables operators to leverage data more effectively through a centralized interface that supports automated user segmentation, audience group creation, and real-time reporting.

By consolidating data sources into a single repository, the platform streamlines analysis, enabling operators to quickly gain actionable insights and respond to market demands.

The platform’s behavioral analysis feature supports targeted marketing by personalizing offers based on each player’s betting habits and preferences. Historical data tracking further enables operators to monitor long-term trends, guiding data-driven decision-making that supports strategic growth.

Additionally, the solution strengthens responsible gambling efforts by detecting patterns linked to potential problem gambling and fraudulent activities, thereby safeguarding player safety and operator interests alike.

Dinos Doxiadis, Altenar’s Sportsbook Product Manager, commented: “Our Intelligence Platform is one of the most advanced data solutions available, offering ultra-fast reporting, real-time liability analysis, and robust ad-hoc analytics. With this foundation, we’re excited to expand into AI-driven advancements in 2025 and beyond. We invite attendees at SiGMA Europe 2024 in Malta from November 12-14 to visit us at Booth 1070 and discover how our Intelligence Platform can transform sportsbook operations and provide a true competitive edge.”

Kambi Group and VIP Play ink multi-year online sportsbook deal

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Kambi Group and VIP Play ink multi-year online sportsbook deal

Kambi Group (“Kambi”), a premium provider of sports betting solutions, has signed a multi-year agreement with VIP Play, Inc. (VIPZ) to provide its market-leading Turnkey Sportsbook technology to US sports betting operator ZenSports across multiple markets.

ZenSports

ZenSports, which is owned by VIP Play, Inc. (formerly KeyStar Corp), a public company that acquired ZenSports in 2022, will initially deploy Kambi’s market-leading technology in Tennessee, where it has been operational since its 2023 launch and is actively licensed to provide mobile sports betting services. The company also has ambitious plans to expand its footprint across various markets, aiming to enter several additional US states in the future.

Under the terms of the agreement, ZenSports will upgrade its current mobile sportsbook offering by leveraging Kambi’s cutting-edge Turnkey Sportsbook solution, proven to deliver speed, stability, and flexibility in highly competitive markets across the globe. ZenSports aims to utilize Kambi’s comprehensive sportsbook solution to create a premium, customer-centric experience by delivering an interactive front end inclusive of market-leading customer acquisition tools.

Werner Becher, Kambi Group CEO, said: “We are excited to welcome VIP Play, Inc. to the Kambi network as they adopt our trusted Turnkey Sportsbook solution. They have ambitious growth goals, and we look forward to supporting these efforts with Kambi’s market-leading sportsbook technology and services. This collaboration exemplifies our commitment to empowering operators focused on creating innovative, customer-centered experiences.”

Bruce Cassidy, VIP Play, Inc. CEO & Chairman of the Board, said: “This partnership with Kambi is a pivotal step for VIP Play, Inc. as we work towards establishing a premier sportsbook presence in the US. Kambi’s market-leading technology, and our internal ability to build proprietary technology on top of the Kambi platform, will enable us to deliver a first-class, interactive sports betting experience and a mutually beneficial partnership for years to come.”

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