Las Vegas-based gaming operator Wynn Resorts has increased the budget for its casino project in the UAE – Wynn Al Marjan Island to $5.1 billion.
The new budget is $1.2 billion higher than the previous estimate, as outlined in a presentation to investors and analysts on Tuesday.
The budget includes land, fees, and capitalized interest – around $4.55 billion would come from direct construction costs – and would be largely funded by $2.4 billion of debt, with Wynn adding that debt raising is already oversubscribed amid “strong demand from local and international investors.”
Wynn Al Marjan Island, scheduled to open in 2027, represents a significant financial and operational undertaking for the company. Located in Ras Al Khaimah, the fourth largest of the UAE’s seven emirates, the project will span most of Marjan Island’s third section.
Wynn Al Marjan Island construction works*Wynn Al Marjan Island construction works**as of 30 September 2024. Source: Wynn Resorts
Last Friday, Wynn Resorts made a key announcement confirming that it had secured the UAE’s first commercial gaming license, clearing the way for legal gaming activities at the resort.
The update was shared during the company’s Analyst & Investor Update Meeting, where a 99-slide presentation outlined the latest development plans.
Wynn Al Marjan Island is located about 50 minutes from Dubai International Airport, offering convenient access and placing the resort within an eight-hour flight for a large portion of the global population.
Hotel arrival at Wynn Al Marjan IslandView from the pool at Wynn Al Marjan IslandWynn Al Marjan Island TowerSource: Wynn Resorts
The resort will feature 1,542 rooms, with the gaming area occupying nearly 4 percent of the total space.
Wynn Resorts is targeting high-net-worth customers for this project. According to the company’s presentation, 9.7 million high-net-worth individuals live in the UAE, accounting for nearly 20 percent of the world’s total millionaires. This group is seen as a key customer base for the resort.
Wynn expects a significant portion of its gross gaming revenues to come from international VIP customers, projecting that 37 percent of its revenue will come from “international VVIPs,” a category defined as ultra-high-net-worth individuals.
Another 29 percent of revenues are expected from other international travelers, while 34 percent will come from the domestic market. The nine million non-Emiratis living in the UAE represent an important segment that Wynn believes could benefit from the new gaming offering.
Although federal gaming laws have yet to be finalized in the UAE, current regulations prohibit the use of national symbols and traditional Emirati dress in gaming advertisements, suggesting that marketing efforts will likely focus on expatriates and foreign visitors.
Rendering of Wynn Al Marjan Island – aerial viewRendering of Wynn Al Marjan Island – Interior viewRendering of Wynn Al Marjan – view from the beach
Core markets
Wynn Resorts sees its core markets as Europe, India, the Gulf Cooperation Council (GCC) countries, and the UAE itself. Wynn Resorts CEO Craig Billings previously has noted that India, in particular, represents a critical market due to its large population and considerable wealth. Indian travelers, along with those from Europe and the GCC, are expected to be key sources of business for Wynn Al Marjan Island.
The company also expects to maintain a monopoly on gaming in Ras Al Khaimah for the foreseeable future. According to Wynn’s projections, only one casino license will be granted per emirate, which would give them exclusive control of the gaming market in RAK for several years.
Over time, the landscape may evolve into a duopoly or oligopoly, with a limited number of competitors entering the UAE market, potentially in Dubai or Abu Dhabi.
Wynn Resorts assumes the UAE gaming market will be worth approximately $3 to $5 billion. Meanwhile, the operator predicts it will hold a 33 percent market share in gross gaming revenue across the country, even as other integrated resorts open.
Southeast Asia is facing an alarming rise in cyber-enabled fraud and organized crime, with casinos and online gambling platforms playing a central role, a recent United Nations report says.
A United Nations Office on Drugs and Crime (UNODC) report on Transnational Organized Crime reveals how underground casinos, junkets, and high-risk virtual asset service providers (VASPs) are driving the convergence of cybercrime and money laundering.
Financial losses attributed to scams targeting victims in East and Southeast Asia are staggering, with UNODC estimating losses between $18 billion and $37 billion in 2023 alone. A significant portion of these losses is linked to organized crime activities in the region.
Criminal organizations were said to be increasingly using these venues for money laundering and other illicit activities, exacerbating the challenges for law enforcement across the region.
At the same time, illegal online casinos remain key channels for transnational crime groups to integrate illicit funds into the formal economy.
These platforms have been linked to money laundering, human trafficking, and cyber fraud, generating vast profits for organized crime syndicates in the region. Sophisticated underground banking networks and cryptocurrencies have further complicated enforcement efforts.
As cyber-enabled fraud continues to evolve, the proliferation of deepfake technology and AI-driven scams is on the rise, enhancing the sophistication of criminal operations. The report warns of the growing threats posed by these developments, which are shifting criminal activity into more hidden, tech-driven spaces.
According to UNODC, this has become particularly prevalent in border regions and Special Economic Zones (SEZs) like the Golden Triangle and parts of Myanmar, Cambodia, and Lao PDR.
The Philippines and Cambodia, previously major hubs for regulated offshore gambling operations, have seen a rapid spillover into illegal operations. Despite an official ban on online gambling, Cambodia continues to struggle with unregulated platforms, while illegal online gambling thrives in regions controlled by criminal networks.
Originally driven by junket operators in Macau, the industry’s expansion into unregulated online platforms has created lucrative opportunities for transnational criminal organizations. These groups have exploited loopholes in jurisdictions like Cambodia and the Philippines, where gambling operations flourished until government crackdowns in the late 2010s.
Despite efforts by Southeast Asian governments to control the illicit industry, organized crime syndicates have managed to adapt. These groups have utilized the infrastructure of physical casinos, particularly in Cambodia’s Sihanoukville, to house online gambling operations that continue to thrive underground.
Scam losses mounting
According to to the UNODC report, the rise of cyber-enabled fraud and related criminal enterprises has generated billions in losses for victims across East and Southeast Asia.
“Organized crime groups are converging and exploiting vulnerabilities, and the evolving situation is rapidly outpacing governments’ capacity to contain it,” stated Masood Karimipour, UNODC Regional Representative for Southeast Asia and the Pacific.
Masood Karimipour, UNODC Regional Representative for Southeast Asia and the Pacific
Karimipour emphasized the scale of the challenge, noting that “leveraging technological advances, criminal groups are producing larger-scale and harder-to-detect fraud, money laundering, underground banking, and online scams.”
According to the UN representative, this has resulted in the emergence of “a criminal service economy” in the region, which is now a critical testing ground for transnational criminal networks looking to expand their influence.
The report details recent cases illustrating how underregulated online gambling platforms and high-risk virtual asset service providers (VASPs) are being exploited by major organized crime groups.
These platforms allow criminals to move, launder, and integrate billions of dollars in illicit proceeds into the financial system with minimal accountability. The findings indicate that illegal online casino operators are diversifying their activities to include cyber-enabled fraud and crypto-based money laundering services.
Extensive evidence has uncovered organized crime networks operating within casino compounds, special economic zones, and border areas to conceal their illicit activities. “It is more critical than ever for governments to recognize the severity, scale, and reach of this truly global threat,” Karimipour added.
The report also highlights the alarming issue of human trafficking, where organized crime groups forcibly recruit thousands of workers to carry out scams. These victims are often lured into illegal scam compounds through fake job advertisements, only to find themselves trapped in exploitative situations.
Additionally, the report notes a disturbing rise in AI-driven crimes involving deepfakes, with mentions of deepfake-related content targeting criminal groups in Southeast Asia increasing by over 600 percent in the first half of 2024 across monitored online platforms.
Authorities have struggled to contain the spread of illegal online casinos. In Indonesia, over 3 million citizens are believed to be engaged in illegal gambling, prompting the government to form a task force aimed at eradicating the practice.
Similarly, the Philippines, once a hub for legalized offshore gambling under its Philippine Offshore Gaming Operator (POGO) system, saw the industry collapse under widespread criminality.
The POGO industry, which was designed to regulate online gambling targeting foreign markets, has been rife with corruption, leading to a nationwide ban. Nevertheless, illegal POGOs continue to flourish.
‘This ultimately led to President Marcos of the Philippines declaring a nationwide ban on POGOs. Despite the ban, authorities have expressed concerns over how entrenched illegal offshore gaming operators have become, with hundreds of POGOs continuing to operate despite previously having their licenses canceled’, the report adds.
Proximity to China turned the Mekong River region into an online gambling and money laundering hub
UN recommendations
To combat the evolving threats of organized crime, a set of recommendations has been proposed by the UNODC to enhance the awareness, understanding, and capacity of governments, oversight authorities, and law enforcement in Southeast Asia, particularly in the Mekong region.
These recommendations stem from ongoing dialogues with regional governments and align with the ASEAN + China Roadmap to Address Transnational Organized Crime and Trafficking in Persons.
Myanmar hands suspected heads of cyber scam criminal group to Chinese authorities
First, UNODC considered it essential to conduct thorough analyses of organized crime activities related to online gambling, cyber-enabled fraud, and the integration of AI technologies, including their infiltration into legitimate business sectors.
Establishing a platform for intelligence sharing and threat monitoring focused on these crimes is crucial. Collaborative research should be undertaken to better understand illicit financial flows within the region, with a focus on facilitators and offshore jurisdictions.
Additionally, regular monitoring of organized crime activities in casinos and high-risk areas, such as Special Economic Zones (SEZs), is necessary. Public awareness campaigns should also be promoted to highlight the connections between underregulated industries and organized crime.
On the policy and legislative front, national action plans and a regional strategy should be developed to address organized crime, money laundering, and related issues.
It is important to revise and strengthen legislation concerning money laundering, virtual assets, and casino management. Mechanisms should be established to review investor profiles in casinos and online platforms to identify beneficial ownership. Furthermore, adapting mutual legal assistance frameworks will facilitate the freezing and seizure of assets, the report adds.
In terms of enforcement and regulatory responses, creating a regional forum for sharing information about the use of casinos and virtual assets in money laundering is essential. Authorities must identify and prevent the operation of unlicensed casinos and high-risk virtual asset service providers.
Efforts should be made to increase the identification of trafficking victims and strengthen cross-border investigations, while enhancing capabilities for recovering and analyzing digital forensic evidence is also necessary, along with providing specialized training for authorities on online gambling operations and advanced money laundering methods.
Alice Guo announced on Tuesday that she would not seek reelection as mayor of Bamban in 2025 in an effort to clear her name amid the ongoing cases filed against her.
According to local media outlet Inquirer.net, Senate President Pro Tempore Jinggoy Estrada raised the issue during the Senate panel’s 15th hearing regarding Guo’s connections to Philippine offshore gaming operators (POGOs).
Guo expressed her commitment to confronting the accusations against her and emphasized her dedication to her constituents.
During the hearing, Senator Joel Villanueva cautioned that POGOs might be sponsoring candidates for the 2025 elections, highlighting that this phenomenon of “POGO politics” represents a new form of corruption.
Guo, who is currently detained at the Pasig City Jail, faces charges including graft, qualified human trafficking, money laundering, and tax evasion related to her alleged involvement with the illegal activities of a POGO hub in her town.
She was dismissed from her position as mayor of Bamban in August.
The Department of Foreign Affairs revoked Guo’s Philippine passport after discovering that her biometrics matched those of Guo Hua Ping, a Chinese passport holder, in the National Bureau of Investigation’s records.
FeedConstruct, a data-providing company that delivers the most precise sports data and streaming from sporting events globally, has announced a new partnership with the Korean Handball Leagues, securing exclusive worldwide streaming and data collection rights for the prestigious handball competitions.
Through this partnership, FeedConstruct will provide comprehensive coverage of more than 160 matches for each upcoming season throughout the partnership. Companies worldwide will have access to high-quality streaming and precise data, ensuring they capture every moment of the action.
Established in 2011, the Korean Handball League is entering its 14th edition, and the upcoming season promises to be highly competitive. In the women’s tournament, all eyes will be on the SK Sugar Gliders, the reigning back-to-back champions of the Asian Women’s Club League Handball Championship. On the men’s side, the Doosan Handball Club, which has claimed the league title an impressive 12 times, will be a dominant force.
South Korea is recognized as the most successful handball nation in Asia, boasting a combined total of 25 titles in the Asian Handball Championship between its Men’s and Women’s National Teams. This partnership with the Korean Handball League aims to enhance the visibility of handball, offering unparalleled access to the excitement and intensity of H League matches.
Provisional tourism data from the Macao Government Tourism Office (MGTO) shows that during the seven days of October Golden Week (October 1st-7th), a total of 993,000 visitors arrived in Macau, averaging nearly 142,000 visitors per day.
This represents a 22.9 percent increase compared to the same period last year.
Daily visitor arrivals surpassed MGTO’s earlier projection of 130,000 visitors per day.
Macau October Golden Week 2024 stats as of 08/10/2024-MGTO
Of the total visitor arrivals, 826,000 were from Mainland China, averaging 118,000 per day—a year-on-year increase of 34.7 percent. Visitors from Hong Kong totaled 117,000, averaging 16,000 per day, reflecting a year-on-year decrease of 21.8 percent.
October Golden Week is a seven-day public holiday in Mainland China, which is the main tourist feeder for Macau. In Hong Kong, however, only October 1st is recognized as a public holiday.
Seaport Research Partners previously projected that Macau’s daily gross gaming revenue (GGR) during October Golden Week could reach MOP950 million ($118.5 million), representing a 4 percent increase compared to May’s Golden Week and a 25 percent rise over the Chinese New Year period.
Looking ahead, Seaport forecasts that Macau’s total GGR for October will reach MOP21.5 billion ($2.68 billion), reflecting a 10.3 percent year-on-year increase and a 24.6 percent month-on-month rise. This estimate is supported by strong hotel bookings and positive market sentiment, in line with historical trends.
Slotegrator, a gaming content aggregator and provider of solutions for online casinos and sportsbooks Slotegrator has announced a new partnership with game developer TopSpin.
TopSpin brings to the industry its impressive portfolio of 20+ online casino games. Founded with a vision to blend Asian culture with top-performing games, TopSpin’s offerings are intricately designed around Asian folklore and culture, promising a unique and captivating gaming experience.
Featuring simple yet engaging mechanics, TopSpin’s games cater to a diverse global audience, with availability in eight languages, including 21 International and Indian languages. This localization ensures an immersive and culturally rich experience for Indian players worldwide. The adaptability of the titles extends to support 92 major currencies and crypto.
TopSpin’s user-friendly game interface introduces exciting features such as free spins and configurable promotions, enhancing the overall gaming experience for players. A robust reporting tool provides detailed insights into player game preferences, sessions, history, bets/wins, and player retention statistics, empowering operators with valuable data for strategic decision-making.
Committed to excellence, TopSpin Games sets a high standard by aiming for a 99.99% uptime for its services. This commitment is upheld through continuous monitoring and optimization of game performance, ensuring players enjoy a seamless and uninterrupted gaming experience. With a focus on a mobile-first approach and multiplatform compatibility, TopSpin’s games are optimized for peak performance on a variety of devices.
“We greatly appreciate our partnership with Slotegrator. Their exceptional cooperation and vast operator network has been a crucial part of our constant growth, and we’re excited for what the future holds as we continue to grow together.” — team of TopSpin.
“This partnership between TopSpin and Slotegrator represents an important milestone in our commitment to pioneering in iGaming but also promises a fusion of experience and innovation.” — Khoren Ispiryan, Senior Sales Manager at Slotegrator.
Evoplay, the award-winning game development studio, is expanding the availability of its flagship 3D racing title Adrenaline Rush to all of its operator partners, following a successful exclusive release.
Adrenaline Rush combines the thrill of high-speed racing with skill-based gaming mechanics, providing an immersive experience for players who enjoy a strategic and competitive edge in their gameplay. Players can engage in intense races where success is determined by both speed and skill, making it a standout title in Evoplay’s diverse portfolio.
Following its main global release on October 8th, Evoplay is set to launch two additional versions of the game, slot title Adrenaline Rush: Super Boost on October 22nd, and crash game Adrenaline Rush: XCrash on November 5th, creating an expanded offering that caters to a variety of player preferences.
Released initially as an exclusive, Adrenaline Rush has already garnered attention for its innovative mechanics and immersive gameplay, earning the Skill Games Supplier award at the prestigious EGR B2B Awards. With this wider release, Evoplay’s global operator network will now be able to offer the title to an even broader audience.
Ivan Kravchuk, CEO at Evoplay, said: “Adrenaline Rush is a one-of-a-kind experience that perfectly blends competitive racing with skill-based gaming. Since its launch, it has resonated strongly with players, and we’re thrilled to now offer this exciting title to all of our operator partners globally. The upcoming releases of the equally popular slot and crash versions will ensure that Adrenaline Rush remains a fan favorite across multiple formats.”
Aristocrat Gaming was awarded by the gaming industry with The Land-Based Industry Supplier of the Year for the sixth consecutive year at the annual Global Gaming Awards Americas.
Aristocrat Gaming was also recognized for Slot of the Year for the seventh year in a row for NFL Super Bowl Jackpots™, and the MarsX™ Flex and Cyclone Sign Package was awarded Best Land-Based Product, the second time the company has received the recognition.
Hector Fernandez, CEO of Aristocrat Gaming
“We are humbled to once again be recognized by our peers for our ongoing commitments to moving the gaming industry forward,” said Hector Fernandez, CEO of Aristocrat Gaming.
Innovation is in the DNA of Aristocrat Gaming and the company’s customer-centric approach delivers top-performing game titles, unique mechanics, groundbreaking sports partnerships and player favorite licenses. Aristocrat Gaming recently announced the second season of NFL Slots which will incorporate three new titles, the House of the Dragon™ slot game based off of the hit TV series and a multi-year partnership with the Dallas Cowboys.
NFL Super Bowl Jackpots on the King Max™ cabinet launched a new era in gaming. It was the most anticipated game of the year and was the first of several NFL-themed games in the NFL Slots lineup. Players can select their favorite team from any of the NFL’s 32 clubs. The game has a 63” high-definition display, integrated LED edge lighting and feature-rich gameplay including game footage, licensed fan-favorite stadium anthems and a $1 million dollar progressive jackpot.
NFL Super Bowl Jackpots by Aristocrat GamingBuffalo Ultimate Stampede on MarsX Cyclone Package by Aristocrat Gaming
The MarsX™ Flex and the Cyclone Sign Package is the next level of innovation in both placement configuration and premium quality content. Its large box top cabinet has an expansive 55” top monitor that towers over the casino floor visible for all to see and can be placed anywhere. The all-new 4-pod LED sign package completely surrounds each game in the pod – top and sides, expanding the branding and providing a seamless player experience for customers.
Experience innovations from Aristocrat Gaming this week at booth #1133 at the Global Gaming Expo (G2E).
Despite the recent Dragon Train injunction, Deutsche Bank notes that the gaming equipment and services group, Light & Wonder, had a solid 3Q24.
Analysts Carlo Santarelli and Steven Pizzella expressed this optimism following their meeting with Light & Wonder management during the Global Gaming Expo (G2E).
According to the investment memo, Deutsche Bank emphasizes that management appears confident it can mitigate the headwinds posed by the Dragon Train removals, which are expected to impact unit sales by approximately $70 million in the upcoming fourth quarter and beyond.
Analysts anticipate that Light & Wonder will effectively backfill this projected $70 million shortfall within its broader guidance of $1.4 billion. The strategy involves a deeper dive into the gaming title portfolio, along with growth from SciPlay and the iGaming segments.
The Dragon Train titles are required to be removed from casino floors by October 23rd due to the injunction. Deutsche Bank expects the company to adjust its mathematical models while retaining most of the secondary features. To compensate for the removal of fixed daily fee Dragon Train titles, Light & Wonder is likely to rely on popular franchises such as the Huff N’ Puff Money Mansion, as well as other top performers.
Additionally, Light & Wonder is expected to optimize its costs, although the analysts do not foresee these reductions being a significant aspect of the overall strategy.
Furthermore, management remains open to the prospect of smaller-scale mergers and acquisitions (M&A), though Deutsche Bank views this as an incremental component rather than a core strategy. Management reaffirmed its belief that it is still in the early innings of its growth strategy after years of investments in non-traditional slot adjacencies.
Deutsche Bank also mentions that one area worth monitoring is the potential for larger-scale replacement opportunities in Macau due to evolving technology standards. Additionally, there are ongoing discussions regarding Historical Horse Racing (HHR) in several international markets, presenting further opportunities for growth.
Good morning. Let’s roll the dice! Thailand’s casino bill may change after the Fiscal Policy Office presented 45 recommendations following public hearings. These include renaming it the “Integrated Resort Act” and adjusting ownership, license durations, and location options. Meanwhile, Macau’s premium mass wagers surged to record levels during the October Golden Week, with the number of high-rollers and table utilization rates reaching all-time highs. In the Philippines, some observers are warning that the country’s effort to shut down POGOs faces challenges from deep-rooted corruption, which may allow the industry to persist or relocate to other countries.
What you need to know
Thailand’s Fiscal Policy Office compiled a report with 45 significant recommendations on the entertainment complex bill currently under review.
Macau’s premium mass gaming hit historic highs in October, with a significant rise in wagers and record participation from high-rollers.
Despite a nationwide POGO ban, insiders warn that corruption may allow them to persist illegally or shift to other countries.
Thailand’s casino bill could face considerable overhaul in light of the Fiscal Policy Office (FPO)’s extensive recommendations. Among these changes, one significant suggestion is to rename the law from the “Entertainment Complex with Casino” to the “Integrated Resort Act”. This name change aims to convey the broader scope of the proposed developments. Additionally, the FPO recommends adjusting the shareholder structure to ensure that Thai ownership ranges from 30 to 51 percent, encouraging local participation and investment in the entertainment sector.
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.
For global betting company 1xBet, Asia is a key market for several reasons. This is why 1xBet pays special attention to the Asian market and actively promotes its sports betting platform and the most popular gambling games on the continent.
