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

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

Trusted betting platform 1xBet highlights October’s major events in Asian World Cup qualifiers.

Saudi Arabia and Qatar are lagging behind

In group A, Iran and Uzbekistan have solidified their positions. Both teams have gained 10 points and are now sharing the first place. Their H2H match, held on October 10, ended 0-0. Nevertheless, Uzbekistan and Iran have won the rest of the games in the group. Iran wants to make it to the World Cup for the 4th consecutive time, while Uzbekistan has never performed in the tournaments of such level.

But the coach Srečko Katanec, who once had considerable success with Slovenia, wants to achieve something with his new team. Qatar, on the other hand, can hardly be satisfied with the October matches. Despite their victory over Kyrgyzstan, the winners of the last 2 AFC Asian Cups were crushed by Iran 1-4 and are 6 points behind the leaders. 

In group C, the October matches worsened the position of Saudi Arabia, which lost 0-2 to Japan at home and then failed to beat Bahrain (0-0). Roberto Mancini has been the Green Falcons’ coach for more than a year, but his achievements haven’t been impressive: after 4 matches, Saudi Arabia has 5 points and is sharing 2nd place with Australia and Bahrain. As we see, the invitation of a famous European coach doesn’t guarantee high results.

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It’s worth mentioning that Saudi Arabia has a worse goal difference than Australia. After a poor start in the 3rd round in September, the Socceroos hired Tony Popovic as head coach. Under his guidance, the Australians defeated China 3-1 and became the first team in group C to get points from Japan (1-1). Nonetheless, Japan’s lead is indisputable after 4 games: the Samurai Blue have got 10 points with 15-1 goal difference. The Japanese are determined to make it to their 8th consecutive World Cup.

The Korean stars Son Heung-min and Hwang Hee-chan missed the October games. But even without the top forwards, South Korea beat Jordan (2-0) and Iraq (3-2) securing their lead in group B with 10 points. The Tigers of Asia have taken important steps to qualify for their 11th World Cup in a row. The main contenders for the second ticket to the Mundial are Jordan and Iraq, who have 7 points each. As you may remember, the Jordan national team played in the 2023 AFC Asian Cup final and dreams of going to the World Cup for the first time.

New opportunities for Asia

At the 2026 World Cup, the AFC zone will have 8 direct slots for the first time:

  • 6 teams that will take the 1st and 2nd places in the third round groups;
  • 2 more teams will win the fourth qualification round;
  • A 9th ticket to the World Cup can be won by an AFC team in the inter-confederation playoff.

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. In the meantime, 1xBet Partners has been creating truly favorable conditions for its participants for many years:

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Many Asian fans like supporting their national teams with bets, and 1xBet offers high odds for such matches. Besides, we guarantee the most profitable fees for the 1xPartners members because the excitement around the World Cup qualification in Asia is huge.

PH House Quad Committee investigates POGO-related fund movements

Viviana Chan
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PH House Quad Committee investigates POGO-related fund movements

The Philippines’ House Quad Committee (Quadcom) plans to summon several banks, the Anti-Money Laundering Council (AMLC), and the Philippine Anti-Organized Crime Commission (PAOCC) to its upcoming hearing.

The objective is to investigate the substantial movement of funds associated with individuals or companies under scrutiny related to Philippine Offshore Gaming Operators (POGOs).

This announcement was made on Monday by Quadcom co-chairman Bienvenido “Benny” Abante during a meeting with the Monday Circle at the Westin Hotel Manila. According to Philstar, while Abante publicly called for the AMLC and the banks to participate in the hearing, he noted that some banks are aware of his intentions and are reportedly asking the Bankers Association of the Philippines (BAP) to oppose this “invitation” under the guise of bank secrecy laws.

Rep. Abante emphasized the necessity of summoning banks and the AMLC to address the suspicious fund movements of those being investigated. He highlighted the significant amounts of POGO-related funds that have been said to stimulate the local economy, claiming that Chinese money is “flowing like crazy,” with approximately PHP8 billion ($138 million) identified so far.

He believes the AMLC and the banks should clarify their roles in managing these suspicious transactions, particularly since some individuals have been able to swiftly transfer their funds right after congressional inquiries.

Market analysts have observed unusual stock market activity in recent weeks, following a prolonged bearish period. This could indicate attempts to funnel departing POGO funds and legally cash out stock market gains, especially as the Marcos government is determined to terminate all legal POGO operations by December.

However, Rep. Abante pointed out that there were only 43 legal POGOs before the ban order, despite estimates suggesting nearly 400 POGOs are clandestinely operating across the country, often in provinces and gated communities. He specifically mentioned Alabang, where residents have protested against the influx of Chinese tenants accompanied by bodyguards.

Daily Asia Gaming eBrief: Macau GGR to rise 5% yearly in 4Q24

AGBrief Editorial
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Daily Asia Gaming eBrief: Macau GGR to rise 5% yearly in 4Q24
Good morning. Macau will have a lot to celebrate in the fourth quarter, with its 25th anniversary welcoming the top brass from the mainland and ringing in a new Chief Executive. Analysts are already predicting a 5 percent yearly increase in GGR, boosted more by Golden Week than the likely downturn in punter visitation during the political commemorations. Meanwhile, in Thailand, casino legalization has hit yet another road bump, as top political figures differ on their views over the country’s need for casinos in the proposed entertainment complexes that it hopes to help boost the economy.

What you need to know

On the radar

AGB Intelligence

MACAU

Macau, Cotai strip

Macau GGR expected to rise by 5% in 4Q24

Consumer confidence appears to be on the rise, as punters flood back into Macau’s casinos, boosting estimates by analysts for fourth-quarter earnings. CICC is now anticipating a 5 percent yearly increase in GGR for the period, bolstered by operators’ strong investment in events. Mass continues to lead the recovery, with heavy footfall, particularly at major integrated resorts such as Galaxy.

Corporate Spotlight

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Industry Updates

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Baha Mar original developer awarded $1.6B due to fraud by contractor

Kelsey Wilhelm
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Baha Mar original developer awarded $1.6B due to fraud by contractor

The original developer behind the Baha Mar casino, in the Bahamas, has been awarded $1.6 billion after a US judge found that a contractor had “committed fraud beyond any doubt”.

According to Bloomberg, China Construction America (CCA) engaged in fraud and breached its contract, costing the developer – BML Properties – its $845 million investment in the resort. BML was also awarded interest on the figure dating to May of 2014.

The company is led by businessman Sarkis Izmirlian, who issued a suit against the CCA in 2017 claiming “massive fraud” which led to the collapse of the project in 2015.

The project was later sold to Hong Kong-based conglomerate Chow Tai Fook – a major investor in The Star Entertainment and particularly in Queen’s Wharf Brisbane.

BML’s lawyer noted that the ruling is a “major vindication”, while a CCA spokesperson called the ruling “deeply flawed”.

Baha Mar was taken over by Chow Tai Fook Enterprises in 2016, investing some $200 million into its completion. It was formally opened in 2017 and features the biggest casino in the Caribbean, according to its website. The total figure that CTFE paid for the resort was not disclosed at the time.

Inside the heated debate over legalizing casinos in Thailand

Frank Schuengel
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Inside the heated debate over legalizing casinos in Thailand

In a key political twist, Newin Chidchob, a prominent figure in Thai politics, has firmly rejected Thaksin Shinawatra’s proposal to legalize casinos.

The decision came to light following a private discussion between the two influential leaders earlier this month. This exchange has significant implications for the future of gambling legislation in Thailand, a country where gambling remains largely prohibited.

Thaksin, the father of current Prime Minister Paetongtarn Shinawatra, has been advocating for the legalization of casinos as part of larger entertainment complexes. His vision includes the establishment of casino resorts in major tourist hubs like Bangkok, Phuket, and Pattaya. The proposed projects aim to draw international tourists and stimulate economic growth, offering a new avenue for revenue in Thailand’s already thriving tourism sector.

However, despite Thaksin’s efforts to gain support, Newin has stood firm in his opposition to the plan. His primary concerns revolve around the potential social and economic risks that legalized casinos could bring, such as increased debt and addiction among Thai citizens. Newin’s position holds significant weight, given that his Bhumjaithai Party plays a crucial role within Thailand’s ruling coalition, which also includes Thaksin’s Pheu Thai Party.

Interestingly, Newin’s opposition isn’t against the broader idea of developing entertainment complexes. He appears open to the concept of such projects, provided they exclude gambling activities. This difference in vision highlights a key point of contention between the two political figures, illustrating the delicate balance within Thailand’s current coalition government.

Thaksin’s push for casinos comes amid scrutiny over his potential influence on his daughter’s administration. Critics argue that he may be wielding undue sway over the government and its coalition partners, potentially overstepping legal and political boundaries. These allegations have prompted investigations by Thailand’s Election Commission and the Constitutional Court, as reported by Thai Newsroom and Reuters.

While Thaksin remains focused on ambitious economic ventures, including a joint Thai-Cambodian development in the Gulf of Thailand, the rejection of his casino initiative represents a major hurdle. The proposal, intended to be a cornerstone of Thailand’s tourism growth strategy, now faces significant resistance from within the coalition itself.

As the situation unfolds, the rift between Newin and Thaksin over the casino plan could have broader implications for Thailand’s legal and economic landscape. The outcome of this debate will not only shape the future of gambling in Thailand but could also influence the dynamics of the coalition government and the country’s overall economic direction. For now, the spotlight remains on these political heavyweights as they navigate this contentious issue, with the potential for further developments to impact the Thai gambling industry and its regional connections.

Authorities observe surge in illegal gambling dens in parts of Myanmar

Frank Schuengel
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Authorities observe surge in illegal gambling dens in parts of Myanmar

Authorities in Myanmar are witnessing a rise in illegal gambling dens in parts of the country, with the latest surge observed in Bhamo, a town in the country’s Kachin State.

Despite the countrywide ban on gambling, local authorities have not yet made any arrests related to these operations.

Myanmar strictly prohibits all forms of gambling but illegal outlets appear to be thriving. Local media reported about concerned citizens in the town who said that gambling is fueling family disputes amidst widespread economic hardship. Meanwhile, local authorities seem more focused on minor offenses like unlicensed motorcycle use, rather than targeting the gambling issue, according to locals.

In September, only two illegal gambling dens were known to operate in Bhamo. However, by October, that number had surged, with even more currently under construction. The growing presence of these establishments has led to an increase in gambling activity, resulting in rising crime rates, such as robberies and thefts, as individuals seek money to fuel their addiction.

Residents also highlighted the town’s struggles, explaining that many of its inhabitants face job shortages, with women seeking work in border areas while many men remain in Bhamo, fearing forced conscription if they venture out. The lack of employment has driven people, including desperate youths, to frequent these gambling dens despite severe food shortages.

The political landscape in Bhamo is complex, with the town under the control of Myanmar’s military junta. Surrounding rural areas, however, are under the influence of the Kachin Independence Army (KIA) and local defense groups known as PDFs. This instability further complicates efforts to address issues like illegal gambling and economic hardships.

Over 5,000 POGO foreign workers failed to downgrade visas

Nelson Moura
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Over 5,000 POGO foreign workers failed to downgrade visas

More than 5,000 foreign workers employed by Philippine offshore gaming operators (POGOs) have not downgraded their visas by the October 15th deadline, as the government moves to shut down these businesses by the end of the year, according to the Department of Justice (DOJ).

President Ferdinand Marcos Jr. imposed a ban on all POGOs in July due to their involvement in illegal activities, including torture and scams. A deadline has been set by the Marcos administration to wind up all POGO operations before December 31st of this year.

As reported by Filipino media, Justice Secretary Jesus Crispin Remulla stated that these workers are prohibited from engaging in business activities but may assist in winding down operations.

Visa downgrading allows foreign workers to shift from work visas to temporary visitor visas, permitting them to remain in the Philippines for up to 59 days.

In contrast, over 12,000 foreign workers from closed POGOs have successfully applied for visa downgrades.

Remulla noted that many of the foreign workers, predominantly Chinese citizens, are reluctant to return home, presenting a challenge for the government. He indicated that the situation could lead to a humanitarian crisis if not managed properly.

As a response to the non-compliance, the DOJ is considering fugitive recovery operations to address those who failed to downgrade their visas. However, Remulla assured that the government can handle the situation, emphasizing the importance of ensuring that workers can reclaim their funds during the winding down process of POGO operations.

Bloomberry CEO Thomas Arasi increases personal stake in the group

Nelson Moura
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Bloomberry CEO Thomas Arasi increases personal stake in the group

The President and Chief Operating Officer of Bloomberry Resorts, Thomas Arasi, has seen a significant change in his shareholdings under the company’s stock incentive plan.

According to a Philippines Stock Exchange filing, on October 18th, 2024, Arasi acquired an additional 9,272,613 shares of Bloomberry, increasing his direct ownership to a total of 16,578,248 shares.

Following this transaction, his indirect ownership now stands at 21,904,835 shares, reflecting his substantial stake in the company.

The shares were acquired at a price of PHP7.78 ($0.13) each under the terms of the stock incentive plan, or PHP72.1 million ($1.2 million) in total.

Bloomberry Resorts recently successfully completed the refinancing of a $1.24 billion loan, in order to help lighten its debt burden as Solaire Resort North ramps up.

Marriott partners with Shum Yip Holdings to launch Luxury Collection and AC Hotels in Shenzhen

Nelson Moura
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0
Marriott partners with Shum Yip Holdings to launch Luxury Collection and AC Hotels in Shenzhen

Marriott International has announced a partnership with Shum Yip Holdings to introduce two new hotel brands, the Luxury Collection Hotel and AC Hotel, in Shenzhen, with plans for both properties to open in November 2028.

This new venture enhances Marriott International’s growing portfolio in Shenzhen, where the company currently operates over 20 properties across 13 brands. Recently, Marriott signed agreements with Sands China to launch its first Luxury Collection hotel in Macau, further expanding its presence in the region.

The Londoner Macau, Sands China, Marriott partners with Shum Yip Holdings to launch Luxury Collection and AC Hotels in Shenzhen
Sands China, in collaboration with Marriott International, has announced the launch of the Londoner Grand Hotel, the first hotel in Macau to be entitled “Luxury Collection Hotel”.

The hotels will cater to the needs of both business and leisure travelers, strategically located near Shenzhen North Railway Station, which offers access to 20 high-speed railway lines connecting to major cities such as Shanghai, Xi’an, and Changsha. Guests will also find convenient access to Shenzhen Bao’an International Airport.

The Luxury Collection Hotel, designed by Shenzhen Cheng Chung Design, aims to provide a luxurious experience that reflects local culture.

It will feature 173 guest rooms and suites, a variety of dining options, and recreational facilities, including both indoor and outdoor pools, as well as a fitness center. Additionally, the hotel will offer extensive event space, including a ballroom, junior ballroom, and multiple meeting rooms totaling 1,600 square meters.

The AC Hotel by Marriott Shenzhen North Station will complement this offering with 207 guest rooms and suites. Amenities will include an all-day dining restaurant, the AC Lounge, and a 24-hour AC Store for snacks and beverages. This hotel will also share conference and event facilities with the Luxury Collection Hotel.

“This signing not only strengthens our portfolio in southern China but also exemplifies our commitment to catering to today’s luxury travelers”, Gavin Yu, Marriott International’s Chief Development Officer for Greater China, said in an announcement.

Macau GGR to increase 5% YoY in 4Q24: CICC

Viviana Chan
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Macau GGR to increase 5% YoY in 4Q24: CICC

Investment bank China International Capital Corporation (CICC) is optimistic about the growth of Macau’s gaming industry in the fourth quarter of 2024. Analysts predict a quarter-on-quarter increase of 4 percent and a year-on-year increase of 5 percent in total gross gaming revenue (GGR).

CICC’s report highlights several key factors supporting this anticipated growth. First, the appreciation of the Renminbi against the Hong Kong Dollar is expected to attract more visitors and enhance their spending capacity. Second, consumer confidence is projected to strengthen in 4Q24, bolstered by a series of stimulus policies introduced by the Chinese government.

Additionally, non-gaming activities, such as the Andy Lau concert, are likely to boost visitor numbers.

However, industry growth might face slight challenges from travel restrictions during the 25th-anniversary celebrations of the Macau SAR. According to local media reports, President Xi Jinping may attend the celebrations, which could lead some visitors to avoid traveling during that period. Macau’s anniversary falls on December 20th, which is a public holiday in the region.

CICC’s expectations align with those of local tourism authorities, who anticipate a busy event schedule in the fourth quarter, along with the Christmas holidays, typically a peak season for tourism. 

In June, Macau’s tourism authorities set a goal to welcome 33 million visitors in 2024, representing a nearly 17 percent increase from 2023. This projection is based on the fact that the Chinese government has added 10 more cities to the Individual Visit Scheme (IVS).

Galaxy Entertainment, Macau, Capella Hotel

Galaxy is a top pick 

CICC reaffirms a “buy” rating on several stocks, including Galaxy Entertainment, bolstered by the continued ramp-up of Galaxy Phase 3 and the planned mid-2025 opening of the Galaxy Capella Hotel, featuring 36 sky villas and 57 suites. 

Wynn Macau is also highlighted, as the company possesses ‘top-tier customer resources’, potentially allowing it to benefit more from the wealth effect compared to its peers.

Data from the Gaming Inspection and Coordination Bureau (DICJ) of Macau show that total gross gaming revenue for 3Q24 increased by 13.9 percent year-on-year but decreased by 1.5 percent quarter-on-quarter, reaching 78.5 percent of 3Q19’s total.

Macau September GGR 2024
MACAU September GGR-2024

The mass gaming sector saw a slight quarter-on-quarter decline of 1 percent, recovering to 107 percent of 3Q19 levels. Meanwhile, the VIP sector experienced a 3 percent decline quarter-on-quarter, recovering to just 42 percent of Q3 2019 levels.

CICC forecasts a 5 percent year-on-year increase in industry EBITDA for 3Q24, but a 2 percent decrease quarter-on-quarter, amounting to $1.93 billion and recovering to 83 percent of 3Q19 levels.

This projection takes into account the slightly weak performance of total gaming revenue, although the reinvestment rate within the industry remains stable.

For the Macau gaming industry, based on adjustments to revenue forecasts, CICC has lowered industry EBITDA predictions for 2024 and 2025 by 2 percent and 6 percent, respectively, expecting a recovery to 86 percent and 97 percent of 2019 levels.

Meanwhile, analysts also note that the recovery of the Macau gaming industry is slower than expected, and competition in the Asian gaming market is intensifying.

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