SJM Resorts, S.A. is joining hands with its long-term partner Theodore Racing to present “SJM x Theodore Racing Exhibition” from 6 November 2024 to 4 February 2025.
The event follows the “Celebration of the 75th Anniversary of the Founding of the People’s Republic of China and the 25th Anniversary of the Establishment of the Macao Special Administrative Region – 71st Macau Grand Prix.”
The exhibition will showcase the valuable collections from famous drivers, as well as the Grand Prix’s historical legacy created by SJM and Theodore Racing.
Committed to nurturing local youth talents, SJM is also inviting Macau’s homegrown racer Charles Leong to share his experience in representing Macau to race under the international spotlight.
Lotte Tour Development has released its financial results for October 2024, showcasing a considerable improvement in gaming revenue when compared to the same month last year.
The operator of the Jeju Dream Tower casino resort on South Korea’s Jeju Island reported hotel revenue of KRW7.6 billion ($5.5 million) in October, reflecting a 13.0 percent increase from KRW6.8 billion ($4.9 million) in September. However, hotel revenue showed a decline of 12.9 percent compared to KRW8.8 billion ($6.4 million) recorded in October 2023.
On the casino side, Lotte Tour reported casino revenue of KRW24.2 billion ($17.6 million), marking a significant 14.9 percent decrease from KRW28.4 billion ($20.6 million) in September 2024. Year-on-year, casino revenue increased by 22.2 percent from KRW19.7 billion ($14.3 million) in October 2023.
Breaking down the casino revenue further, table games generated KRW23.1 billion ($16.8 million), down 14.8 percent from KRW27.1 billion ($19.6 million) in the previous month, while also showing a 25.0 percent increase compared to KRW18.5 billion ($13.4 million) in the same month last year.
Machine revenue fell to KRW1.1 billion ($800,000), a 16.5 percent decrease from KRW1.2 billion ($870,000) in September, and down 17.3 percent from KRW1.2 billion ($870,000) year-on-year.
For the year-to-date, Lotte Tour reported accumulated hotel revenue of KRW73.5 billion ($53.3 million), a 5.8 percent decrease from KRW78.1 billion ($56.7 million) in the same period last year.
In contrast, casino revenue for the January to October period surged to KRW244.9 billion ($177.5 million), representing a remarkable 103.9 percent increase from KRW120.1 billion ($87.0 million) during the same timeframe in 2023.
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Former junket investor Rich Goldman Holdings Limited revealed that its management has decided to cease its gaming and entertainment business, which involved introducing customers to VIP rooms in casinos, as part of a ‘strategic realignment’.
According to its latest annual report, the company noted this significant shift in focus as it transitioned away from previous operations. Rich Goldman was formerly known as Neptune Group, which operated various VIP rooms in Macau before China’s crackdown on the junket business in the region.
The Hong Kong-listed company is now primarily engaged in money lending, hotel operations, and property leasing in Hong Kong and mainland China. The company reported a significant revenue increase of approximately 28.9 percent year-on-year for the year ending June 30, 2024, rising to about HK$126.8 million ($16.5 million).
Despite this growth, the company faced a substantial loss of approximately HK$49 million ($6.36 million) in the same period, compared to a loss of HK$6.6 million ($857,143) during the same period ending June 30, 2023.
This dramatic increase in losses was primarily attributed to a rise in provisions for impairment and write-offs of loans receivable and interest receivables, which surged by about HK$23.4 million ($3.04 million).
“In the coming year, we will continue to pay attention to the impact of economic changes, commit to the implementation of a diversification strategy, prioritize the development of the more profitable money lending business, and make timely adjustments to the hotel operations and property leasing businesses to steadily improve operating results,” Rich Goldman stated.
The group’s money lending business segment focuses on providing unsecured personal loans and property mortgages via its platform ‘Funki Finance,’ with gross loans receivable as of June 30, 2024, amounting to approximately HK$402.3 million ($52.2 million). Additionally, the group experienced a fair value loss on its investment properties, which increased by approximately HK$22.4 million ($2.91 million).
Rich Goldman’s property leasing business consists of leasing shops and venue spaces in properties situated in the Pudong New District, Shanghai. Despite the losses, Rich Goldman stated that it has maintained healthy cash flow through diversification efforts, enabling the company to navigate the complex and volatile economic landscape.
The Philippines Bureau of Immigration (BI) announced on Friday that eight (8) foreign nationals apprehended for illegally residing in a village in Muntinlupa City are set to be deported.
In a news release, Commissioner Joel Anthony Viado reported that seven Chinese and one Vietnamese national were arrested on October 22 by BI’s intelligence division agents across three different streets within the village.
“The Ayala Alabang Village homeowner association representatives were instrumental in helping us identify target areas,” Viado stated.
All of the individuals were found to be undocumented, with two of them overstaying and one suspected of illegal entry into the country.
The Department of Justice (DOJ) and the National Bureau of Investigation (NBI) previously disclosed that items used for online scamming were seized from the suspects during the operation.
Viado noted that information suggests smaller “pockets” of scamming operations are emerging after the closure of larger Philippine offshore gaming operator (POGO) hubs in the country.
“We have grounds to file deportation cases against these individuals. Once resolved, they will be classified as undesirables and will face deportation,” he added.
The operation was carried out with the Inter-Agency Council Against Trafficking (IACAT) and the NBI National Capital Region (NCR).
In October, the mass gross gaming revenue (GGR) of Macau’s gaming sector reached a new high, including slots, recovering to 113 percent of pre-COVID levels, notes JP Morgan.
This achievement is particularly impressive given the headwinds posed by weak macroeconomic conditions and consumer sentiment, notes the brokerage.
In addition, while December may experience a softer-than-usual performance—especially with President Xi expected to visit Macau to celebrate the 25th anniversary of the city’s return to China—GGR is projected to rise quarter-on-quarter in the fourth quarter, with JP Morgan forecasting an increase of 2-3 percent. This would mark the first sequential rebound in three quarters.
Overall, the in-line third-quarter earnings and margins suggest that downside risks to consensus estimates are currently ‘limited’.
October also saw Macau record its highest GGR in 57 months, with total revenue growing 7 percent year-on-year and 20 percent month-on-month, reaching MOP20.8 billion ($2.5 billion), or approximately MOP671 million ($83.8 million) per day.
This represents a 79 percent recovery compared to pre-COVID levels, slightly exceeding the 77 percent recovery observed in the first nine months of 2024. This robust performance was anticipated, particularly due to strong demand during the Golden Week holiday.
Base mass recovery remains ‘subdued’
In another investment note from Seaport Research, senior analyst Vitaly Umansky highlights that year-to-date through October, base mass recovery remains ‘subdued’, with estimates suggesting that base mass is still only around 80 percent of 2019 levels, while premium mass has been strong, exceeding 45 percent above 2019 levels.
With junkets largely removed from Macau, year-to-date VIP revenues are running at approximately 24 percent of the same period in 2019, primarily from direct VIP play.
Despite the challenges posed by soft consumer confidence, weak retail sales, and significant declines in luxury retail, gaming spend per customer remains robust. Seaport continues to view Macau gaming expenditure—particularly in the premium segment—as ‘resilient’, as the concentrated premium mass customer base continues to invest in the Macau experience.
Impact of crackdown on illicit money exchange
Beginning in early June, there has been a crackdown on money changers in Macau and their networks in China. Many of these networks utilize cryptocurrency for money transfers, an area that has gained increased scrutiny from authorities in China, alongside concerns about loan sharking activities.
Macau has seen a rise in criminal activity related to illegal money exchange over the past year. This issue has reached a national level, as Chinese authorities focus on the continued use of cryptocurrency to facilitate money movement, not solely tied to Macau.
Seaport notes that this crackdown may have a negative impact on money flows into Macau, leading some individuals to postpone their visits. However, the overall impact is likely to be minimal. There is no expectation of significant effects on GGR growth prospects going forward, although the next few months may witness ‘more conservative cash movements’ into Macau.
Continued announcements of new stimulus provisions from China are expected to enhance economic activity and consumer confidence in 2025. This could lead to stronger base mass recovery, alongside ongoing premium growth, resulting in an estimated GGR growth of 8 percent for 2025.
Despite concerns regarding GGR growth and geopolitical developments, gaming stock valuations remain ‘largely depressed’, creating a favorable risk/reward position. Seaport notes that at current valuation levels, investors are being compensated for taking on China-related risks.
His last day in this position was November 1st, as indicated in a filing by Genting Singapore dated November 2nd.
MacDonald had been appointed to the role on February 22nd of this year, marking just over two years of service with the company. In his role at RWS, MacDonald was responsible for overseeing the overall casino operations.
It has been reported that he resigned to pursue personal interests. AGB has learned that MacDonald resigned on November 1st and left his position with immediate effect.
As an industry veteran who is widely respected in the gaming sector, his resignation may attract interest from other major operators, particularly in Macau, where industry players are realigning their operational strategies in response to a wave of new regulations and the potential for stricter controls under Macau’s new Chief Executive.
Prior to joining Genting Singapore, MacDonald served as chief casino officer and senior vice president at Marina Bay Sands for more than nine years.
In August of this year, he received a Persona Non-Grata (PNG) notice, resulting in a ban from entering Marina Bay Sands (MBS). This action was reportedly due to his attempts to poach high rollers, a move seen by industry experts as unprecedented.
As part of the ban, MacDonald is prohibited from accessing any area of the MBS Integrated Resort, including the hotel, mall, convention center, and casino.
Max Tappeiner, president of Wynn Al Marjan Island, believes the resort will elevate Ras Al Khaimah to the status of the fourth major gaming market worldwide.
Max Tappeiner, president of Wynn Al Marjan Island
Scheduled to open in the first quarter of 2027, this multi-billion-dollar project is the first integrated gaming resort in the Middle East North Africa (MENA) region and aims to redefine luxury and entertainment not only in the UAE but globally.
Tappeiner emphasized the significance of this development, marking it as Wynn Resorts’ inaugural gaming destination in the UAE and a major milestone for Ras Al Khaimah.
According to the local media Khaleej Times, Tappeiner expressed excitement about the opportunity with Al Marjan, noting that currently, there are only three major gaming markets in the world and this resort has the potential to become the fourth.
During a presentation at the ‘Future of Ras Al Khaimah Conference’ on Friday, Tappeiner shared images of the ongoing construction and highlighted the unique amenities that will set Wynn Al Marjan Island apart from other resorts. The facility will include luxury suites, a large casino, and a variety of entertainment options, such as top-tier restaurants, bars, a spa, and a beachfront day club. It will also feature a significant conference center for weddings and corporate events, attracting both leisure and business travelers.
Hotel arrival at Wynn Al Marjan IslandView from the pool at Wynn Al Marjan IslandWynn Al Marjan Island TowerSource: Wynn Resorts
Tappeiner pointed out the advantageous location of Wynn Al Marjan Island, which allows it to reach a vast population. With its opening, the resort will be able to connect with 96 percent of the world’s population within an eight-hour flight, with 76 percent of the global population within that range from Al Marjan itself. He noted the area’s high spending potential and concentration of wealth, providing a solid foundation for the resort’s success.
Initially budgeted at $3.9 billion, the project’s costs have increased to $5.1 billion. The construction of Wynn Al Marjan Island has already transformed the emirate’s skyline.
The building has surpassed 90 meters in height, making it the tallest structure in Ras Al Khaimah. Work is progressing swiftly beyond the 15th floor as the resort takes shape on its prime beachfront location.
The Presidential Anti-Organized Crime Commission (PAOCC) distanced itself from a recent anti-POGO operation at the Century Peak Tower in Ermita, Manila.
The agency cited concerns over the “flawed” handling of the raid, particularly regarding the reported release of foreign suspects.
The raid, led by the Philippine National Police Anti-Cybercrime Group (PNP-ACG), targeted the 40-story Century Peak Tower, where employees of previously closed Philippine Offshore Gaming Operator (POGO) hubs were reportedly working.
Manila Mayor Honey Lacuna was notified as the operation commenced; however, the PAOCC stated that it had not been consulted on the raid.
“The PAOCC was not involved in the raid conducted by the PNP NCRPO (National Capital Region Police Office) and PNP-ACG. We were neither informed nor consulted about this operation, and we do not authorize the release of foreign nationals apprehended in POGO operations,” PAOCC said in an official statement issued Saturday.
The commission stressed that it operates in close coordination with the Department of Justice’s Inter-Agency Council Against Trafficking (DOJ-IACAT) and the Bureau of Immigration (BI) for all its activities.
PAOCC also clarified that it had not described the raided POGO as the “mother of all POGOs” and emphasized its lack of involvement in the operation, declining to comment further on any ongoing investigation.
Century Peak Tower, Manila, Philippines
The Century Peak Tower raid took place just two days before another operation led by PAOCC, together with the PNP Special Action Force and Criminal Investigation and Detection Group, targeted Central One Bataan PH, Inc. at CentroPark in Bagac, Bataan.
This October 31 operation was based on a search warrant from a Malolos, Bulacan court, with evidence pointing to illegal online gambling and cryptocurrency scams, despite the firm’s registered license as a business process outsourcing company.
PAOCC spokesperson Winston Casio stated that intelligence reports suggest Central One was potentially involved in fraudulent activities, including illegal online gambling and cryptocurrency scams.
Meanwhile, the PNP-ACG reported that the Manila operation was conducted in coordination with the Manila Police District’s District Mobile Force Battalion, the Securities and Exchange Commission, and the Philippine Amusement and Gaming Corporation (PAGCOR). A total of 69 individuals—34 Indonesians, 10 Malaysians, and 25 Chinese nationals—were taken into custody for alleged involvement in cryptocurrency and romance scams.
The Bureau of Immigration stated it is actively coordinating with the PNP for the formal turnover of the 69 detainees, pending necessary documentation, including identification records and an affidavit of arrest.
The IACAT will assess foreign human trafficking victims among those apprehended, the BI noted.
Global bookmaker 1xBet has announced its participation in SiGMA Europe 2024—a prestigious forum for iGaming industry representatives, taking place from November 11 to 14 at the Mediterranean Maritime Hub in Malta.
At booth 2154, the 1xBet team will welcome guests, share valuable insights on market prospects, and present the opportunities of the 1xPartners affiliate program.
The booth visitors can expect a relaxed atmosphere, cocktails, and entertainment, including digital football and a reaction desk. Among our partners, we will be drawing branded gifts: FC Barcelona jerseys, customized AirPods, Nintendo gaming consoles, and Nike Air Force sneakers.
And that’s not all—everyone will have a chance to win an iPhone 16 Pro Max, iPad Pro, AirPods Max, Apple Watch Series 10, and a Yamaguchi Air Travel pillow. Participants can also win VIP tickets to the Paris Saint-Germain vs FC Barcelona match. The draws will occur on November 12, 13, and 14, and a Polaroid photo zone will be set up for memorable pictures.
“We look forward to meeting with partners to share experiences and discuss potential collaborations. Our team has prepared a top-level product presentation,” said a 1xBet representative.
The 1xPartners program is rightly considered one of the best in the industry, bringing together over 100,000 partners who attract more than 3,000,000 users to the brand’s platform.
Contact your 1xBet manager to schedule a meeting and seize new opportunities for business growth! See you at SiGMA Europe 2024!
